T&D DISTRIBUTIE: 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.
What changed
T&D DISTRIBUTIE
NACE 68.201, Renting and operating of own or leased residential real estate, excluding social housing
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€53,029
2024 · €160,736-€107,707
Equity
€1.5m
2024 · €1.5m+€53,029
Cash
€12,741
2024 · €53,858-€41,117
Balance sheet total
€2.9m
2024 · €2.9m-€31,402
Largest movements
Assets
- Cash -€41,117
down €41,117 (-76.3%), from €53,858 to €12,741
mainly Investment in fixed assets (net) (-€101,620) and Other debts (-€88,501)
Equity and liabilities
- Other debts -€88,501
down €88,501 (-9.3%), from €956,470 to €867,969
- Reserves +€53,029
up €53,029 (+4.1%), from €1.3m to €1.4m
of which Distributable reserves: +€53,029
Income statement
- Financial income -€100,360
down €100,360 (-100.0%), from €100,387 to €27
- Taxes -€18,896
down €18,896 (-43.1%), from €43,884 to €24,988
- Gross operating margin -€14,351
down €14,351 (-6.1%), from €236,055 to €221,704
- Depreciation +€12,721
up €12,721 (+17.4%), from €73,310 to €86,031
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.
Result 2024
€160,736
Gross operating margin
-€14,351
Depreciation
-€12,721
Other operating charges
+€272
Financial income
-€100,360
Financial charges
+€557
Taxes
+€18,896
Result 2025
€53,029
raises the resultlowers the result
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.
From operations
+€38,356
Investment
-€101,620
Financing
+€22,147
Cash 2024
€53,858
From operations (derived)
+€38,356
Net result for the year
+€53,029
Depreciation
+€86,031
Receivables within one year
+€6,091
Deferred charges and accrued income
-€217
Trade debts
-€6,868
Tax, wage and social debts
-€11,104
Advances received
-€1,000
Other debts
-€88,501
Accrued charges and deferred income
+€895
Investment (derived)
-€101,620
Investment in fixed assets (net)
-€101,620
Financing
+€22,147
Debts after one year
+€22,987
Current portion of long-term debt
+€17,395
Short-term financial debts
-€18,235
Cash 2025
€12,741
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €2,911,656 | €2,880,254 | -€31,402 | -1.1% |
| Fixed assets | 21/28 | €2,840,031 | €2,855,620 | +€15,589 | +0.5% |
| Tangible fixed assets | 22/27 | €751,086 | €766,687 | +€15,601 | +2.1% |
| Land and buildings | 22 | €743,937 | €682,431 | -€61,506 | -8.3% |
| Furniture and vehicles | 24 | €7,148 | €84,256 | +€77,107 | +1,079% |
| Financial fixed assets | 28 | €2,088,946 | €2,088,933 | -€12 | 0.0% |
| Current assets | 29/58 | €71,625 | €24,634 | -€46,991 | -65.6% |
| Amounts receivable within one year | 40/41 | €11,297 | €5,205 | -€6,091 | -53.9% |
| Trade receivables | 40 | €11,297 | - | -€11,297 | |
| Other amounts receivable | 41 | - | €5,205 | +€5,205 | |
| Cash at bank and in hand | 54/58 | €53,858 | €12,741 | -€41,117 | -76.3% |
| Deferred charges and accrued income | 490/1 | €6,470 | €6,688 | +€217 | +3.4% |
| Total equity and liabilities | 10/49 | €2,911,656 | €2,880,254 | -€31,402 | -1.1% |
| Equity | 10/15 | €1,485,587 | €1,538,616 | +€53,029 | +3.6% |
| Contributions | 10/11 | €147,221 | €147,221 | = | 0.0% |
| Capital | 10 | €147,221 | €147,221 | = | 0.0% |
| Issued capital | 100 | €147,221 | €147,221 | = | 0.0% |
| Reserves | 13 | €1,304,266 | €1,357,295 | +€53,029 | +4.1% |
| Non-distributable reserves | 130/1 | €14,722 | €14,722 | = | 0.0% |
| Legal reserve | 130 | €14,722 | €14,722 | = | 0.0% |
| Distributable reserves | 133 | €1,289,544 | €1,342,572 | +€53,029 | +4.1% |
| Profit (loss) carried forward | 14 | €34,101 | €34,101 | = | 0.0% |
| Amounts payable | 17/49 | €1,426,069 | €1,341,638 | -€84,431 | -5.9% |
| Amounts payable after more than one year | 17 | €325,882 | €348,869 | +€22,987 | +7.1% |
| Financial debts | 170/4 | €270,882 | €293,869 | +€22,987 | +8.5% |
| Other amounts payable | 178/9 | €55,000 | €55,000 | = | 0.0% |
| Amounts payable within one year | 42/48 | €1,081,271 | €972,958 | -€108,313 | -10.0% |
| Current portion of amounts payable after more than one year | 42 | €37,672 | €55,066 | +€17,395 | +46.2% |
| Financial debts | 43 | €50,000 | €31,765 | -€18,235 | -36.5% |
| Credit institutions | 430/8 | €50,000 | €31,765 | -€18,235 | -36.5% |
| Trade debts | 44 | €12,296 | €5,428 | -€6,868 | -55.9% |
| Suppliers | 440/4 | €12,296 | €5,428 | -€6,868 | -55.9% |
| Advances received on contracts in progress | 46 | €1,000 | - | -€1,000 | |
| Taxes, remuneration and social security | 45 | €23,833 | €12,730 | -€11,104 | -46.6% |
| Taxes | 450/3 | €23,833 | €12,730 | -€11,104 | -46.6% |
| Other amounts payable | 47/48 | €956,470 | €867,969 | -€88,501 | -9.3% |
| Accrued charges and deferred income | 492/3 | €18,916 | €19,811 | +€895 | +4.7% |
| Non-recurring operating income | 76A | - | €6,942 | +€6,942 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €73,310 | €86,031 | +€12,721 | +17.4% |
| Other operating charges | 640/8 | €7,108 | €6,836 | -€272 | -3.8% |
| Gross operating margin | 9900 | €236,055 | €221,704 | -€14,351 | -6.1% |
| Operating profit (loss) | 9901 | €155,636 | €128,837 | -€26,799 | -17.2% |
| Financial income | 75/76B | €100,387 | €27 | -€100,360 | -100.0% |
| Recurring financial income | 75 | €100,387 | €27 | -€100,360 | -100.0% |
| Financial charges | 65/66B | €51,404 | €50,847 | -€557 | -1.1% |
| Recurring financial charges | 65 | €51,404 | €50,847 | -€557 | -1.1% |
| Profit (loss) for the period before taxes | 9903 | €204,620 | €78,016 | -€126,603 | -61.9% |
| Income taxes | 67/77 | €43,884 | €24,988 | -€18,896 | -43.1% |
| Profit (loss) for the period | 9904 | €160,736 | €53,029 | -€107,707 | -67.0% |
| Profit (loss) for the period to be appropriated | 9905 | €160,736 | €53,029 | -€107,707 | -67.0% |
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 21 October 2026 via checked.be.