T&D GROUP: what changed
Two fiscal 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&D GROUP
Largest movements
- Receivables within one year +€25,480
up €25,480 (+9.8%), from €258,764 to €284,244
of which Trade receivables: +€23,042
- Reserves +€18,000
new in 2025: €18,000
- Tax, wage and social debts +€11,505
up €11,505 (+58.2%), from €19,768 to €31,273
of which Taxes: +€6,671
- Staff costs -€29,564
down €29,564 (-30.1%), from €98,076 to €68,512
- Gross operating margin -€29,262
down €29,262 (-22.9%), from €127,736 to €98,474
- Taxes +€2,490
up €2,490 (+30.0%), from €8,307 to €10,798
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 | €259,404 | €286,801 | +€27,397 | +10.6% |
| Fixed assets | 21/28 | €356 | €356 | = | 0.0% |
| Financial fixed assets | 28 | €356 | €356 | = | 0.0% |
| Current assets | 29/58 | €259,048 | €286,445 | +€27,397 | +10.6% |
| Amounts receivable within one year | 40/41 | €258,764 | €284,244 | +€25,480 | +9.8% |
| Trade receivables | 40 | €254,762 | €277,804 | +€23,042 | +9.0% |
| Other amounts receivable | 41 | €4,002 | €6,441 | +€2,439 | +60.9% |
| Cash at bank and in hand | 54/58 | €284 | €1,997 | +€1,713 | +602.5% |
| Deferred charges and accrued income | 490/1 | - | €204 | +€204 | |
| Total equity and liabilities | 10/49 | €259,404 | €286,801 | +€27,397 | +10.6% |
| Equity | 10/15 | €41,617 | €59,765 | +€18,148 | +43.6% |
| Contributions | 10/11 | €2,500 | €2,500 | = | 0.0% |
| Reserves | 13 | - | €18,000 | +€18,000 | |
| Distributable reserves | 133 | - | €18,000 | +€18,000 | |
| Profit (loss) carried forward | 14 | €39,117 | €39,265 | +€148 | +0.4% |
| Amounts payable | 17/49 | €217,787 | €227,036 | +€9,249 | +4.2% |
| Amounts payable within one year | 42/48 | €217,787 | €227,036 | +€9,249 | +4.2% |
| Trade debts | 44 | €186,377 | €184,508 | -€1,869 | -1.0% |
| Suppliers | 440/4 | €186,377 | €184,508 | -€1,869 | -1.0% |
| Taxes, remuneration and social security | 45 | €19,768 | €31,273 | +€11,505 | +58.2% |
| Taxes | 450/3 | €13,435 | €20,105 | +€6,671 | +49.7% |
| Remuneration and social security | 454/9 | €6,333 | €11,167 | +€4,834 | +76.3% |
| Other amounts payable | 47/48 | €11,642 | €11,255 | -€387 | -3.3% |
| Remuneration, social security and pensions | 62 | €98,076 | €68,512 | -€29,564 | -30.1% |
| Other operating charges | 640/8 | €624 | €870 | +€246 | +39.4% |
| Gross operating margin | 9900 | €127,736 | €98,474 | -€29,262 | -22.9% |
| Operating profit (loss) | 9901 | €29,035 | €29,091 | +€56 | +0.2% |
| Financial charges | 65/66B | €213 | €146 | -€67 | -31.5% |
| Recurring financial charges | 65 | €213 | €146 | -€67 | -31.5% |
| Profit (loss) for the period before taxes | 9903 | €28,823 | €28,945 | +€123 | +0.4% |
| Income taxes | 67/77 | €8,307 | €10,798 | +€2,490 | +30.0% |
| Profit (loss) for the period | 9904 | €20,515 | €18,148 | -€2,367 | -11.5% |
| Profit (loss) for the period to be appropriated | 9905 | €20,515 | €18,148 | -€2,367 | -11.5% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 7 October 2026 via checked.be.