TDC PROJECTS
ActiveFinancials · financial year 2025, micro format
2025 annual accounts filed 7 days after the deadline Filed on 7 May 2026, deadline 30 April 2026 (7 months after the close on 30 September 2025, Companies Code art. 3:10). Source: NBB, 2026-00108427.
Annual accounts 2025 filed on 07-05-2026 PDF all 10 filings
Turnover
≈ €63,000
Estimated: probably between €51,000 and €99,000
Total assets
€455,320▲ 1.3%
2024 · €449,489
Net result
€6,451▼ 76.0%
2024 · €26,856
Working capital
€58,207▲ 3.0%
2024 · €56,529
Multi-year overview
2019 to 2025, 7 financial yearsOperating result
€16,927
▼ 60.5%
2025
20192025
Net result
€6,451
▼ 76.0%
2025
middle half of the sector
20192025
Equity
€148,515
▲ 4.5%
2025
middle half of the sector
20192025
Total assets
€455,320
▲ 1.3%
2025
highest quarter of the sector
20192025
Debt
€306,805
▼ 0.2%
2025
20192025
Working capital
€58,207
▲ 3.0%
2025
middle half of the sector
20192025
Solvency
32.6%
▲ 1.0pp
2025
middle half of the sector
20192025
Current ratio
1.52
▼ 0.08
2025
middle half of the sector
20192025
Return on assets (ROA)
1.4%
▼ 4.6pp
2025
middle half of the sector
20192025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line2019202020212022202320242025
Operating result€23,583-€25,926▲ 9.9%€29,777▲ 14.9%€31,600▲ 6.1%€46,260▲ 46.4%€42,805▼ 7.5%€16,927▼ 60.5%
Net result€11,053-€11,783within the sector's middle half▲ 6.6%€16,325within the sector's middle half▲ 38.5%€17,904within the sector's middle half▲ 9.7%€28,022within the sector's middle half▲ 56.5%€26,856within the sector's middle half▼ 4.2%€6,451within the sector's middle half▼ 76.0%
Equity€33,706-€45,489within the sector's middle half▲ 35.0%€61,814within the sector's middle half▲ 35.9%€78,119within the sector's middle half▲ 26.4%€104,474within the sector's middle half▲ 33.7%€142,064within the sector's middle half▲ 36.0%€148,515within the sector's middle half▲ 4.5%
Total assets€374,147-€391,771within the sector's middle half▲ 4.7%€400,244above the sector's middle half▲ 2.2%€415,541above the sector's middle half▲ 3.8%€444,878above the sector's middle half▲ 7.1%€449,489above the sector's middle half▲ 1.0%€455,320above the sector's middle half▲ 1.3%
Debt€340,441-€346,282▲ 1.7%€338,429▼ 2.3%€337,422▼ 0.3%€340,404▲ 0.9%€307,425▼ 9.7%€306,805▼ 0.2%
Working capital€2,224-€10,204within the sector's middle half▲ 359%€20,959within the sector's middle half▲ 105%-€928within the sector's middle half€22,186within the sector's middle half€56,529within the sector's middle half▲ 155%€58,207within the sector's middle half▲ 3.0%
Solvency9.0%-11.6%below the sector's middle half▲ 2.6pp15.4%below the sector's middle half▲ 3.8pp18.8%within the sector's middle half▲ 3.4pp23.5%within the sector's middle half▲ 4.7pp31.6%within the sector's middle half▲ 8.1pp32.6%within the sector's middle half▲ 1.0pp
Current ratio1.05-1.15within the sector's middle half▲ 0.101.28within the sector's middle half▲ 0.120.99within the sector's middle half▼ 0.291.20within the sector's middle half▲ 0.211.60within the sector's middle half▲ 0.401.52within the sector's middle half▼ 0.08
Return on assets (ROA)3.0%-3.0%within the sector's middle half▲ 0.1pp4.1%within the sector's middle half▲ 1.1pp4.3%within the sector's middle half▲ 0.2pp6.3%within the sector's middle half▲ 2.0pp6.0%within the sector's middle half▼ 0.3pp1.4%within the sector's middle half▼ 4.6pp
above
within
below
The sector band is the middle half of the companies in Office administrative, office support and other business support activities (NACE 82). A quarter of them sit below it, a quarter above. Each year counts only accounts in the same format, and only where there are at least 30.
The operating result for 2025 is 60% lower than in 2024 and the lowest since 2021. It is the second fall in a row.
Turnover and EBIT margin are not published. The micro format does not require them. The turnover shown is an estimate from the gross margin.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €455,320
Fixed assets
€284,329 ▼ 4.6%
Current assets
€170,991 ▲ 12.9%
Equity and liabilities €455,320
Equity
€148,515 ▲ 4.5%
Debt
€306,805 ▼ 0.2%
Debt's share of the balance-sheet total falls from 68.4% to 67.4%. Equity is higher and debt is lower.
Key figures and ratios
EBITDA
€30,647▼
2024 · €56,526
Cash flow
€20,172▼
2024 · €40,577
Debt to equity
2.07▼
2024 · 2.16
ROE
4.3%▼
2024 · 18.9%
Interest coverage
3.48▼
2024 · 6.58
Debt ≤ 1 year
€112,784▲
2024 · €94,910
Debt > 1 year
€188,581▼
2024 · €207,466
Income taxes
€2,759▼
2024 · €10,177
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Securities and guarantees
| Item | 30-09-2021 | 30-09-2022 | 30-09-2023 | 30-09-2024 | 30-09-2025 |
|---|---|---|---|---|---|
| Mortgages, amount registered | - | - | - | €365,000 | €365,000 |
| Mortgage mandates | - | - | - | €365,000 | €365,000 |
| Carrying value of the mortgaged assets | - | - | - | €287,921 | €278,565 |
| Pledge on other assets, amount secured | €365,000 | - | - | - | - |
| Carrying value of the other pledged assets | €301,035 | - | - | - | - |
Source: notes to the 2021 to 2025 annual accounts (statement of debts and off-balance-sheet rights and commitments)
Investments
| Item | 30-09-2021 | 30-09-2022 | 30-09-2023 | 30-09-2024 | 30-09-2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | - | €36,779 | - | - | - |
| Depreciation and write-downs of the year | €11,467 | €14,433 | €13,895 | €13,721 | €13,721 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Subsidies and aid
Flemish government
2025 · 1 entry · €6,168 awarded · €6,168 paidAnnual accounts
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Non-recurring operating income76A | - | - | - | - | - | €922 | €0 | ▼ 100% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €11,467 | €11,467 | €11,467 | €14,433 | €13,895 | €13,721 | €13,721 | = |
| Other operating charges640/8 | - | - | €1,503 | €1,267 | €2,178 | €2,140 | €2,112 | ▼ 1.3% |
| Gross operating margin9900 | €36,474 | €38,899 | €42,748 | €47,300 | €62,333 | €58,666 | €32,759 | ▼ 44.2% |
| Operating profit (loss)9901 | €23,583 | €25,926 | €29,777 | €31,600 | €46,260 | €42,805 | €16,927 | ▼ 60.5% |
| Financial income75/76B | - | - | €0 | - | €574 | €2,821 | €1,092 | ▼ 61.3% |
| Recurring financial income75 | - | - | €0 | - | €574 | €2,821 | €1,092 | ▼ 61.3% |
| Financial charges65/66B | - | - | €8,037 | €6,328 | €7,290 | €8,593 | €8,808 | ▲ 2.5% |
| Recurring financial charges65 | €6,957 | €8,081 | €8,037 | €6,328 | €7,290 | €8,593 | €8,808 | ▲ 2.5% |
| Profit (loss) for the period before taxes9903 | €16,626 | €17,846 | €21,740 | €25,272 | €39,544 | €37,032 | €9,211 | ▼ 75.1% |
| Income taxes67/77 | €5,574 | €6,062 | €5,415 | €7,368 | €11,523 | €10,177 | €2,759 | ▼ 72.9% |
| Profit (loss) for the period9904 | €11,053 | €11,783 | €16,325 | €17,904 | €28,022 | €26,856 | €6,451 | ▼ 76.0% |
| Profit (loss) for the period to be appropriated9905 | €11,053 | €11,783 | €16,325 | €17,904 | €28,022 | €26,856 | €6,451 | ▼ 76.0% |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||
| Total assets20/58 | €374,147 | €391,771 | €400,244 | €415,541 | €444,878 | €449,489 | €455,320 | ▲ 1.3% |
| Fixed assets21/28 | €326,255 | €314,788 | €303,320 | €325,666 | €311,771 | €298,050 | €284,329 | ▼ 4.6% |
| Tangible fixed assets22/27 | €326,255 | €314,788 | €303,320 | €325,666 | €311,771 | €298,050 | €284,329 | ▼ 4.6% |
| Land and buildings22 | - | - | €301,035 | €306,806 | €297,276 | €287,921 | €278,565 | ▼ 3.2% |
| Furniture and vehicles24 | - | - | - | €18,860 | €14,495 | €10,130 | €5,764 | ▼ 43.1% |
| Other tangible fixed assets26 | - | - | €2,286 | - | - | - | - | - |
| Current assets29/58 | €47,891 | €76,984 | €96,923 | €89,875 | €133,107 | €151,439 | €170,991 | ▲ 12.9% |
| Amounts receivable within one year40/41 | €3 | €1,777 | €113 | €1,010 | €12,265 | €11,316 | €13,459 | ▲ 18.9% |
| Trade receivables40 | - | - | €24 | - | €7,792 | €6,753 | €6,978 | ▲ 3.3% |
| Other amounts receivable41 | - | - | €89 | €1,010 | €4,472 | €4,562 | €6,482 | ▲ 42.1% |
| Current investments50/53 | - | - | - | €87,791 | €118,101 | €138,955 | €100,000 | ▼ 28.0% |
| Cash at bank and in hand54/58 | €47,888 | €75,056 | €96,652 | €804 | €2,148 | €470 | €56,900 | ▲ 121× |
| Deferred charges and accrued income490/1 | - | - | €158 | €270 | €594 | €699 | €632 | ▼ 9.6% |
| Equity and liabilities | ||||||||
| Total equity and liabilities10/49 | €374,147 | €391,771 | €400,244 | €415,541 | €444,878 | €449,489 | €455,320 | ▲ 1.3% |
| Equity10/15 | €33,706 | €45,489 | €61,814 | €78,119 | €104,474 | €142,064 | €148,515 | ▲ 4.5% |
| Contributions10/11 | €6,200 | - | €6,200 | €6,200 | €6,200 | €18,600 | €18,600 | = |
| Reserves13 | €27,506 | €39,289 | €55,614 | €71,860 | €98,274 | €123,464 | €129,915 | ▲ 5.2% |
| Non-distributable reserves130/1 | - | - | €1,860 | €1,860 | €1,860 | - | - | - |
| Reserves not available under the articles1311 | - | - | €1,860 | €1,860 | €1,860 | - | - | - |
| Distributable reserves133 | - | - | €53,754 | €70,000 | €96,414 | €123,464 | €129,915 | ▲ 5.2% |
| Profit (loss) carried forward14 | - | - | - | €59 | - | - | €0 | - |
| Amounts payable17/49 | €340,441 | €346,282 | €338,429 | €337,422 | €340,404 | €307,425 | €306,805 | ▼ 0.2% |
| Amounts payable after more than one year17 | €294,774 | €278,493 | €262,465 | €244,399 | €226,074 | €207,466 | €188,581 | ▼ 9.1% |
| Financial debts170/4 | - | - | €262,465 | €244,399 | €226,074 | €207,466 | €188,581 | ▼ 9.1% |
| Amounts payable within one year42/48 | €45,667 | €66,780 | €75,964 | €90,803 | €110,921 | €94,910 | €112,784 | ▲ 18.8% |
| Current portion of amounts payable after more than one year42 | - | - | €17,800 | €18,065 | €18,325 | €18,608 | €18,885 | ▲ 1.5% |
| Trade debts44 | - | €969 | €361 | €509 | €2,556 | €558 | €3,438 | ▲ 516% |
| Suppliers440/4 | - | - | €361 | €509 | €2,556 | €558 | €3,438 | ▲ 516% |
| Taxes, remuneration and social security45 | - | - | €9,560 | €11,640 | €16,305 | €4,438 | €3,205 | ▼ 27.8% |
| Taxes450/3 | - | - | €8,655 | €11,640 | €16,305 | €4,438 | €3,205 | ▼ 27.8% |
| Remuneration and social security454/9 | - | - | €905 | - | - | - | - | - |
| Other amounts payable47/48 | - | - | €48,244 | €60,589 | €73,735 | €71,306 | €87,255 | ▲ 22.4% |
| Accrued charges and deferred income492/3 | - | - | - | €2,220 | €3,408 | €5,048 | €5,440 | ▲ 7.8% |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €11,053 | €11,783 | €16,325 | €17,904 | €28,022 | €26,856 | €6,451 | ▼ 76.0% |
| + Depreciation and write-downs630 | €11,467 | €11,467 | €11,467 | €14,433 | €13,895 | €13,721 | €13,721 | = |
| Operating cash flow (approximation) | €22,520 | €23,251 | €27,793 | €32,338 | €41,917 | €40,577 | €20,172 | ▼ 50.3% |
| Investment in fixed assets (approximation) | - | €0 | €0 | -€36,779 | €0 | €0 | €0 | - |
| Change in cash | - | €27,168 | €21,597 | -€95,848 | €1,344 | -€1,678 | €56,430 | - |
A Belgian filing has no cash-flow statement. These rows are therefore an approximation, derived from the income statement and the balance-sheet moves.
Historical observation
In July 2024, 6,049 companies had the same profile as TDC PROJECTS has now. Two years later, 95.9% were still going and 0.4% had gone bankrupt.
- Small
- 10 to 20 years old
- solvency 30% or more
- a profit under 5% of the balance sheet
95.9%
was still going
3.6%
stopped otherwise
0.4%
went bankrupt
That fits the bankruptcy probability of TDC PROJECTS itself: 0.1% within 12 months.
Test of the method
The method was tested on the 497,446 companies of July 2024. Each company was given the bankruptcy share of the same profile a year earlier, in July 2023. The expectation was that 1.6% would go bankrupt within 24 months. In fact 1.7% went bankrupt.
| Group | Expected | Actual |
|---|---|---|
| 1 | 0.2% | 0.2% |
| 2 | 0.3% | 0.5% |
| 3 | 0.5% | 0.6% |
| 4 | 0.7% | 0.8% |
| 5 | 0.9% | 0.9% |
| 6 | 1.3% | 1.5% |
| 7 | 1.6% | 1.8% |
| 8 | 1.8% | 1.8% |
| 9 | 3.0% | 3.1% |
| 10 | 5.6% | 6.2% |
A company that went bankrupt had a higher expected share than one that kept going in 74.5% of comparisons. The level depends on the economy. In a year with more bankruptcies than the year before, the actual share is higher than the expected one.
This is an observation about 6,049 companies, not a prediction for TDC PROJECTS. The sector does not count, because the KBO no longer lists a sector for a company that has stopped. By sector, mostly the survivors would count, which would paint too rosy a picture.
Filings with the National Bank (10)
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 30-09-2025 | micro format | 07-05-2026 | 2026-00108427 | |
| 30-09-2024 | micro format | 17-04-2025 | 2025-00070892 | |
| 30-09-2023 | micro format | 08-04-2024 | 2024-00059108 | |
| 30-09-2022 | micro format | 24-04-2023 | 2023-00063395 | |
| 30-09-2021 | micro format | 28-04-2022 | 2022-20016204 | |
| 30-09-2020 | micro format | 26-04-2021 | 2021-12100279 | |
| 30-09-2019 | micro format | 27-04-2020 | 2020-10800339 | |
| 30-09-2018 | micro format | 25-04-2019 | 2019-10800257 | |
| 30-09-2017 | micro format | 16-05-2018 | 2018-13100201 | |
| 30-09-2016 | abbreviated format | 10-05-2017 | 2017-11800247 |