TUGRA: 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.
TUGRA
Largest movements
- Receivables within one year +€81,417
up €81,417 (+32.3%), from €252,416 to €333,833
of which Trade receivables: +€56,897
- Cash +€73,363
up €73,363 (+95.9%), from €76,482 to €149,846
mainly Trade debts (+€60,038) and Debts after one year (+€42,962)
- Stocks and contracts +€25,230
up €25,230 (+19.1%), from €132,121 to €157,350
- Trade debts +€60,038
up €60,038 (+47.1%), from €127,554 to €187,592
of which Suppliers: +€187,592
- Debts after one year +€42,962
up €42,962 (+17.5%), from €245,259 to €288,222
- Current portion of long-term debt +€29,826
up €29,826 (+15.2%), from €196,023 to €225,849
- Other debts +€22,315
up €22,315 (+434,135%), from €5 to €22,320
- Profit (loss) carried forward +€20,333
up €20,333 (+13.2%), from €154,443 to €174,776
- Gross operating margin +€109,139
up €109,139 (+75.8%), from €144,012 to €253,151
- Financial charges +€24,301
up €24,301 (+151%), from €16,115 to €40,416
- Staff costs +€9,351
up €9,351 (+43.6%), from €21,424 to €30,776
- Taxes -€5,711
down €5,711 (-33.6%), from €16,979 to €11,268
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 | €752,852 | €931,645 | +€178,792 | +23.7% |
| Fixed assets | 21/28 | €289,731 | €288,233 | -€1,497 | -0.5% |
| Tangible fixed assets | 22/27 | €285,181 | €283,683 | -€1,497 | -0.5% |
| Land and buildings | 22 | €198,789 | €192,577 | -€6,212 | -3.1% |
| Plant, machinery and equipment | 23 | - | €14,072 | +€14,072 | |
| Furniture and vehicles | 24 | €80,861 | €54,527 | -€26,334 | -32.6% |
| Other tangible fixed assets | 26 | €5,531 | €22,507 | +€16,976 | +307% |
| Financial fixed assets | 28 | €4,550 | €4,550 | = | 0.0% |
| Current assets | 29/58 | €463,122 | €643,411 | +€180,289 | +38.9% |
| Stocks and contracts in progress | 3 | €132,121 | €157,350 | +€25,230 | +19.1% |
| Stocks | 30/36 | €132,121 | €157,350 | +€25,230 | +19.1% |
| Amounts receivable within one year | 40/41 | €252,416 | €333,833 | +€81,417 | +32.3% |
| Trade receivables | 40 | €251,744 | €308,641 | +€56,897 | +22.6% |
| Other amounts receivable | 41 | €672 | €25,192 | +€24,520 | +3,650% |
| Cash at bank and in hand | 54/58 | €76,482 | €149,846 | +€73,363 | +95.9% |
| Deferred charges and accrued income | 490/1 | €2,103 | €2,382 | +€279 | +13.3% |
| Total equity and liabilities | 10/49 | €752,852 | €931,645 | +€178,792 | +23.7% |
| Equity | 10/15 | €181,943 | €202,276 | +€20,333 | +11.2% |
| Contributions | 10/11 | €25,000 | €25,000 | = | 0.0% |
| Reserves | 13 | €2,500 | €2,500 | = | 0.0% |
| Non-distributable reserves | 130/1 | €2,500 | €2,500 | = | 0.0% |
| Reserves not available under the articles | 1311 | €2,500 | €2,500 | = | 0.0% |
| Profit (loss) carried forward | 14 | €154,443 | €174,776 | +€20,333 | +13.2% |
| Amounts payable | 17/49 | €570,909 | €729,369 | +€158,460 | +27.8% |
| Amounts payable after more than one year | 17 | €245,259 | €288,222 | +€42,962 | +17.5% |
| Financial debts | 170/4 | €245,259 | €288,222 | +€42,962 | +17.5% |
| Amounts payable within one year | 42/48 | €325,650 | €435,761 | +€110,111 | +33.8% |
| Current portion of amounts payable after more than one year | 42 | €196,023 | €225,849 | +€29,826 | +15.2% |
| Trade debts | 44 | €127,554 | €187,592 | +€60,038 | +47.1% |
| Suppliers | 440/4 | - | €187,592 | +€187,592 | |
| Bills of exchange payable | 441 | €127,554 | - | -€127,554 | |
| Taxes, remuneration and social security | 45 | €2,067 | - | -€2,067 | |
| Taxes | 450/3 | €1,845 | - | -€1,845 | |
| Remuneration and social security | 454/9 | €222 | - | -€222 | |
| Other amounts payable | 47/48 | €5 | €22,320 | +€22,315 | +434,135% |
| Accrued charges and deferred income | 492/3 | - | €5,387 | +€5,387 | |
| Remuneration, social security and pensions | 62 | €21,424 | €30,776 | +€9,351 | +43.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €29,288 | €31,801 | +€2,513 | +8.6% |
| Other operating charges | 640/8 | €7,689 | €5,233 | -€2,456 | -31.9% |
| Non-recurring operating charges | 66A | - | €113,325 | +€113,325 | |
| Gross operating margin | 9900 | €144,012 | €253,151 | +€109,139 | +75.8% |
| Operating profit (loss) | 9901 | €85,610 | €72,016 | -€13,594 | -15.9% |
| Financial income | 75/76B | €1 | €0 | -€1 | -85.8% |
| Recurring financial income | 75 | €1 | €0 | -€1 | -85.8% |
| Financial charges | 65/66B | €16,115 | €40,416 | +€24,301 | +151% |
| Recurring financial charges | 65 | €16,115 | €40,416 | +€24,301 | +151% |
| Profit (loss) for the period before taxes | 9903 | €69,497 | €31,601 | -€37,896 | -54.5% |
| Income taxes | 67/77 | €16,979 | €11,268 | -€5,711 | -33.6% |
| Profit (loss) for the period | 9904 | €52,517 | €20,333 | -€32,185 | -61.3% |
| Profit (loss) for the period to be appropriated | 9905 | €52,517 | €20,333 | -€32,185 | -61.3% |
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 17 October 2026 via checked.be.