TPF BELGIUM: what changed
Two financial years side by side, explained: what moved most in the balance sheet and the result, why the result rose or fell, and where the money went.
TPF BELGIUM
Largest movements
- Tangible fixed assets +€411,466
up €411,466 (+190%), from €216,317 to €627,782
of which Land and buildings: +€361,749
- Cash -€93,779
down €93,779 (-30.1%), from €311,150 to €217,371
mainly Investment in fixed assets (net) (-€458,373) and Contributions, distributions and other (-€74,018)
- Receivables within one year -€90,262
down €90,262 (-67.8%), from €133,212 to €42,950
of which Other amounts receivable: -€75,823
- Debts after one year +€316,979
new in 2025: €316,979
- Tax, wage and social debts -€66,981
down €66,981 (-92.9%), from €72,073 to €5,092
- Reserves -€14,204
down €14,204 (-2.6%), from €546,839 to €532,634
- Gross operating margin -€97,320
down €97,320 (-39.2%), from €248,445 to €151,125
- Taxes -€59,480
down €59,480 (-72.1%), from €82,459 to €22,979
- Depreciation +€45,164
up €45,164 (+2,591%), from €1,743 to €46,908
- Other operating charges +€10,828
up €10,828 (+268%), from €4,033 to €14,861
- Financial charges +€4,660
up €4,660 (+79.3%), from €5,880 to €10,539
From the 2024 result to the 2025 result
Each bar is the change in one income-statement line, as its effect on the result: higher costs pull it down, higher income lifts it.
Derived cash bridge
Derived from the 2024 and 2025 balance sheets and the 2025 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €730,678 | €958,103 | +€227,425 | +31.1% |
| Fixed assets | 21/28 | €216,317 | €627,782 | +€411,466 | +190% |
| Tangible fixed assets | 22/27 | €216,317 | €627,782 | +€411,466 | +190% |
| Land and buildings | 22 | €215,048 | €576,797 | +€361,749 | +168% |
| Furniture and vehicles | 24 | €1,269 | €50,986 | +€49,717 | +3,918% |
| Current assets | 29/58 | €514,362 | €330,321 | -€184,041 | -35.8% |
| Amounts receivable after more than one year | 29 | €70,000 | €70,000 | = | 0.0% |
| Other amounts receivable | 291 | €70,000 | €70,000 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €133,212 | €42,950 | -€90,262 | -67.8% |
| Trade receivables | 40 | €39,712 | €25,272 | -€14,439 | -36.4% |
| Other amounts receivable | 41 | €93,500 | €17,677 | -€75,823 | -81.1% |
| Cash at bank and in hand | 54/58 | €311,150 | €217,371 | -€93,779 | -30.1% |
| Total equity and liabilities | 10/49 | €730,678 | €958,103 | +€227,425 | +31.1% |
| Equity | 10/15 | €575,551 | €561,346 | -€14,204 | -2.5% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €546,839 | €532,634 | -€14,204 | -2.6% |
| Distributable reserves | 133 | €546,839 | €532,634 | -€14,204 | -2.6% |
| Profit (loss) carried forward | 14 | €10,112 | €10,112 | = | 0.0% |
| Amounts payable | 17/49 | €155,128 | €396,757 | +€241,629 | +156% |
| Amounts payable after more than one year | 17 | - | €316,979 | +€316,979 | |
| Financial debts | 170/4 | - | €316,979 | +€316,979 | |
| Amounts payable within one year | 42/48 | €151,874 | €79,778 | -€72,097 | -47.5% |
| Trade debts | 44 | €673 | €301 | -€372 | -55.2% |
| Suppliers | 440/4 | €673 | €301 | -€372 | -55.2% |
| Taxes, remuneration and social security | 45 | €72,073 | €5,092 | -€66,981 | -92.9% |
| Taxes | 450/3 | €72,073 | €5,092 | -€66,981 | -92.9% |
| Other amounts payable | 47/48 | €79,128 | €74,384 | -€4,744 | -6.0% |
| Accrued charges and deferred income | 492/3 | €3,254 | - | -€3,254 | |
| Non-recurring operating income | 76A | €101,188 | - | -€101,188 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,743 | €46,908 | +€45,164 | +2,591% |
| Other operating charges | 640/8 | €4,033 | €14,861 | +€10,828 | +268% |
| Gross operating margin | 9900 | €248,445 | €151,125 | -€97,320 | -39.2% |
| Operating profit (loss) | 9901 | €242,669 | €89,357 | -€153,312 | -63.2% |
| Financial income | 75/76B | €6,970 | €3,975 | -€2,995 | -43.0% |
| Recurring financial income | 75 | €6,970 | €3,975 | -€2,995 | -43.0% |
| Financial charges | 65/66B | €5,880 | €10,539 | +€4,660 | +79.3% |
| Recurring financial charges | 65 | €5,880 | €10,539 | +€4,660 | +79.3% |
| Profit (loss) for the period before taxes | 9903 | €243,759 | €82,793 | -€160,966 | -66.0% |
| Income taxes | 67/77 | €82,459 | €22,979 | -€59,480 | -72.1% |
| Profit (loss) for the period | 9904 | €161,300 | €59,814 | -€101,486 | -62.9% |
| Profit (loss) for the period to be appropriated | 9905 | €161,300 | €59,814 | -€101,486 | -62.9% |
Source: filed annual accounts (NBB), financial years ended 30 November 2024 and 30 November 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 23 October 2026 via checked.be.