T-CO: 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.
T-CO
Largest movements
- Receivables within one year -€45,299
down €45,299 (-51.2%), from €88,418 to €43,119
of which Trade receivables: -€43,250
- Cash +€5,776
up €5,776 (+16.9%), from €34,131 to €39,907
mainly Receivables within one year (+€45,299) and Net result for the year (+€18,919)
- Intangible fixed assets -€2,715
down €2,715 (-13.9%), from €19,543 to €16,828
- Stocks and contracts +€1,887
up €1,887 (+47.1%), from €4,009 to €5,896
- Trade debts -€48,848
down €48,848 (-61.1%), from €79,934 to €31,086
- Reserves +€14,563
up €14,563 (+25.3%), from €57,663 to €72,226
- Other debts -€11,592
down €11,592 (-45.3%), from €25,585 to €13,992
- Profit (loss) carried forward +€4,356
up €4,356, from -€4,356 to €0
- Gross operating margin +€32,883
up €32,883 (+397.2%), from €8,279 to €41,161
- Taxes +€6,200
up €6,200 (+2998.9%), from €207 to €6,406
- Financial charges +€2,120
up €2,120 (+90.1%), from €2,354 to €4,474
- Depreciation +€1,331
up €1,331 (+17.1%), from €7,807 to €9,138
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.
Cash bridge derived
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 | €174,814 | €134,149 | -€40,665 | -23.3% |
| Fixed assets | 21/28 | €41,577 | €39,909 | -€1,668 | -4.0% |
| Intangible fixed assets | 21 | €19,543 | €16,828 | -€2,715 | -13.9% |
| Tangible fixed assets | 22/27 | €21,534 | €22,581 | +€1,047 | +4.9% |
| Plant, machinery and equipment | 23 | €953 | €701 | -€253 | -26.5% |
| Furniture and vehicles | 24 | €11,668 | €11,808 | +€140 | +1.2% |
| Other tangible fixed assets | 26 | €8,913 | €10,072 | +€1,160 | +13.0% |
| Financial fixed assets | 28 | €500 | €500 | = | 0.0% |
| Current assets | 29/58 | €133,237 | €94,240 | -€38,997 | -29.3% |
| Stocks and contracts in progress | 3 | €4,009 | €5,896 | +€1,887 | +47.1% |
| Stocks | 30/36 | €4,009 | €5,896 | +€1,887 | +47.1% |
| Amounts receivable within one year | 40/41 | €88,418 | €43,119 | -€45,299 | -51.2% |
| Trade receivables | 40 | €84,933 | €41,683 | -€43,250 | -50.9% |
| Other amounts receivable | 41 | €3,485 | €1,436 | -€2,049 | -58.8% |
| Cash at bank and in hand | 54/58 | €34,131 | €39,907 | +€5,776 | +16.9% |
| Deferred charges and accrued income | 490/1 | €6,680 | €5,318 | -€1,361 | -20.4% |
| Total equity and liabilities | 10/49 | €174,814 | €134,149 | -€40,665 | -23.3% |
| Equity | 10/15 | €58,307 | €77,226 | +€18,919 | +32.4% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Reserves | 13 | €57,663 | €72,226 | +€14,563 | +25.3% |
| Distributable reserves | 133 | €57,663 | €72,226 | +€14,563 | +25.3% |
| Profit (loss) carried forward | 14 | -€4,356 | €0 | +€4,356 | |
| Amounts payable | 17/49 | €116,507 | €56,923 | -€59,584 | -51.1% |
| Amounts payable within one year | 42/48 | €114,303 | €53,369 | -€60,934 | -53.3% |
| Financial debts | 43 | €0 | €24 | +€24 | |
| Credit institutions | 430/8 | €0 | €24 | +€24 | |
| Trade debts | 44 | €79,934 | €31,086 | -€48,848 | -61.1% |
| Suppliers | 440/4 | €79,934 | €31,086 | -€48,848 | -61.1% |
| Taxes, remuneration and social security | 45 | €8,784 | €8,266 | -€518 | -5.9% |
| Taxes | 450/3 | €8,784 | €8,266 | -€518 | -5.9% |
| Other amounts payable | 47/48 | €25,585 | €13,992 | -€11,592 | -45.3% |
| Accrued charges and deferred income | 492/3 | €2,204 | €3,554 | +€1,350 | +61.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €7,807 | €9,138 | +€1,331 | +17.1% |
| Other operating charges | 640/8 | €2,267 | €2,224 | -€43 | -1.9% |
| Gross operating margin | 9900 | €8,279 | €41,161 | +€32,883 | +397.2% |
| Operating profit (loss) | 9901 | -€1,795 | €29,799 | +€31,594 | |
| Financial income | 75/76B | €0 | €0 | +€0 | |
| Recurring financial income | 75 | €0 | €0 | +€0 | |
| Financial charges | 65/66B | €2,354 | €4,474 | +€2,120 | +90.1% |
| Recurring financial charges | 65 | €2,354 | €4,474 | +€2,120 | +90.1% |
| Profit (loss) for the period before taxes | 9903 | -€4,149 | €25,325 | +€29,474 | |
| Income taxes | 67/77 | €207 | €6,406 | +€6,200 | +2998.9% |
| Profit (loss) for the period | 9904 | -€4,356 | €18,919 | +€23,275 | |
| Profit (loss) for the period to be appropriated | 9905 | -€4,356 | €18,919 | +€23,275 |
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 12 October 2026 via checked.be.