T.D.H.: 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.D.H.
Largest movements
- Receivables after one year -€171,714
no longer reported in 2025 (was €171,714)
- Cash +€152,123
up €152,123 (+115%), from €132,657 to €284,780
mainly Receivables after one year (+€171,714) and Trade debts (+€57,276)
- Receivables within one year -€35,480
down €35,480 (-46.1%), from €76,961 to €41,481
of which Trade receivables: -€44,404
- Tangible fixed assets -€24,715
down €24,715 (-14.0%), from €176,692 to €151,978
of which Leasing and similar rights: -€14,656
- Short-term financial debts -€115,045
down €115,045 (-59.5%), from €193,251 to €78,206
- Trade debts +€57,276
up €57,276 (+170%), from €33,763 to €91,039
- Other debts -€45,588
down €45,588 (-69.5%), from €65,588 to €20,000
- Reserves +€26,733
up €26,733 (+9.7%), from €274,475 to €301,208
- Taxes -€34,377
down €34,377 (-75.4%), from €45,567 to €11,189
- Depreciation -€16,900
down €16,900 (-40.6%), from €41,615 to €24,714
- Staff costs +€8,891
up €8,891 (+10.9%), from €81,734 to €90,625
- Other operating charges -€6,603
down €6,603 (-67.0%), from €9,853 to €3,250
- Financial income -€3,355
down €3,355 (-72.9%), from €4,600 to €1,245
of which Financial income: -€2,638
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 | €615,044 | €541,167 | -€73,877 | -12.0% |
| Fixed assets | 21/28 | €176,692 | €151,978 | -€24,715 | -14.0% |
| Tangible fixed assets | 22/27 | €176,692 | €151,978 | -€24,715 | -14.0% |
| Plant, machinery and equipment | 23 | €1,084 | €542 | -€542 | -50.0% |
| Furniture and vehicles | 24 | €14,389 | €4,872 | -€9,516 | -66.1% |
| Leasing and similar rights | 25 | €161,219 | €146,563 | -€14,656 | -9.1% |
| Current assets | 29/58 | €438,351 | €389,189 | -€49,162 | -11.2% |
| Amounts receivable after more than one year | 29 | €171,714 | - | -€171,714 | |
| Other amounts receivable | 291 | €171,714 | - | -€171,714 | |
| Stocks and contracts in progress | 3 | €57,019 | €62,928 | +€5,909 | +10.4% |
| Stocks | 30/36 | €57,019 | €62,928 | +€5,909 | +10.4% |
| Amounts receivable within one year | 40/41 | €76,961 | €41,481 | -€35,480 | -46.1% |
| Trade receivables | 40 | €57,811 | €13,407 | -€44,404 | -76.8% |
| Other amounts receivable | 41 | €19,150 | €28,074 | +€8,924 | +46.6% |
| Cash at bank and in hand | 54/58 | €132,657 | €284,780 | +€152,123 | +115% |
| Total equity and liabilities | 10/49 | €615,044 | €541,167 | -€73,877 | -12.0% |
| Equity | 10/15 | €274,550 | €301,283 | +€26,733 | +9.7% |
| Contributions | 10/11 | €75 | €75 | = | 0.0% |
| Reserves | 13 | €274,475 | €301,208 | +€26,733 | +9.7% |
| Distributable reserves | 133 | €274,475 | €301,208 | +€26,733 | +9.7% |
| Amounts payable | 17/49 | €340,493 | €239,884 | -€100,610 | -29.5% |
| Amounts payable within one year | 42/48 | €340,493 | €239,884 | -€100,610 | -29.5% |
| Financial debts | 43 | €193,251 | €78,206 | -€115,045 | -59.5% |
| Credit institutions | 430/8 | €193,251 | €78,206 | -€115,045 | -59.5% |
| Trade debts | 44 | €33,763 | €91,039 | +€57,276 | +170% |
| Suppliers | 440/4 | €33,763 | €91,039 | +€57,276 | +170% |
| Taxes, remuneration and social security | 45 | €47,890 | €50,638 | +€2,748 | +5.7% |
| Taxes | 450/3 | €25,332 | €39,374 | +€14,042 | +55.4% |
| Remuneration and social security | 454/9 | €22,558 | €11,264 | -€11,294 | -50.1% |
| Other amounts payable | 47/48 | €65,588 | €20,000 | -€45,588 | -69.5% |
| Remuneration, social security and pensions | 62 | €81,734 | €90,625 | +€8,891 | +10.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €41,615 | €24,714 | -€16,900 | -40.6% |
| Other operating charges | 640/8 | €9,853 | €3,250 | -€6,603 | -67.0% |
| Gross operating margin | 9900 | €178,634 | €180,288 | +€1,654 | +0.9% |
| Operating profit (loss) | 9901 | €45,432 | €61,699 | +€16,267 | +35.8% |
| Financial income | 75/76B | €4,600 | €1,245 | -€3,355 | -72.9% |
| Recurring financial income | 75 | €3,532 | €895 | -€2,638 | -74.7% |
| Non-recurring financial income | 76B | €1,068 | €351 | -€717 | -67.2% |
| Financial charges | 65/66B | €5,136 | €5,022 | -€114 | -2.2% |
| Recurring financial charges | 65 | €5,136 | €5,022 | -€114 | -2.2% |
| Profit (loss) for the period before taxes | 9903 | €44,896 | €57,922 | +€13,026 | +29.0% |
| Transfer from deferred taxes | 780 | €1,100 | - | -€1,100 | |
| Income taxes | 67/77 | €45,567 | €11,189 | -€34,377 | -75.4% |
| Profit (loss) for the period | 9904 | €430 | €46,733 | +€46,303 | +10,770% |
| Profit (loss) for the period to be appropriated | 9905 | €430 | €46,733 | +€46,303 | +10,770% |
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 14 October 2026 via checked.be.