T.D.O.: 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.O.
Largest movements
- Cash -€832,425
down €832,425 (-94.1%), from €884,989 to €52,565
mainly Current investments (-€554,415) and Other debts (-€257,691)
- Current investments +€554,415
up €554,415 (+3054628.8%), from €18 to €554,433
- Receivables within one year +€143,946
up €143,946 (+130.2%), from €110,530 to €254,475
of which Trade receivables: +€183,920
- Tangible fixed assets -€18,988
down €18,988 (-29.1%), from €65,290 to €46,303
of which Furniture and vehicles: -€16,583
- Other debts -€257,691
down €257,691 (-47.0%), from €548,329 to €290,637
- Trade debts +€162,973
up €162,973 (+4748.8%), from €3,432 to €166,405
- Reserves -€58,971
down €58,971 (-12.9%), from €456,938 to €397,966
- Financial income -€254,340
down €254,340 (-99.1%), from €256,640 to €2,300
- Gross operating margin +€73,253
up €73,253, from -€39,975 to €33,278
- Taxes +€39,300
up €39,300 (+15936.8%), from €247 to €39,547
- Financial charges +€2,414
up €2,414 (+7.2%), from €33,446 to €35,860
- Depreciation -€440
down €440 (-2.4%), from €18,418 to €17,978
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 | €1,060,828 | €907,776 | -€153,051 | -14.4% |
| Fixed assets | 21/28 | €65,290 | €46,303 | -€18,988 | -29.1% |
| Tangible fixed assets | 22/27 | €65,290 | €46,303 | -€18,988 | -29.1% |
| Land and buildings | 22 | €4,177 | €3,054 | -€1,123 | -26.9% |
| Plant, machinery and equipment | 23 | €2,097 | €815 | -€1,282 | -61.1% |
| Furniture and vehicles | 24 | €59,017 | €42,434 | -€16,583 | -28.1% |
| Current assets | 29/58 | €995,537 | €861,473 | -€134,064 | -13.5% |
| Amounts receivable within one year | 40/41 | €110,530 | €254,475 | +€143,946 | +130.2% |
| Trade receivables | 40 | €750 | €184,670 | +€183,920 | +24522.7% |
| Other amounts receivable | 41 | €109,780 | €69,805 | -€39,975 | -36.4% |
| Current investments | 50/53 | €18 | €554,433 | +€554,415 | +3054628.8% |
| Cash at bank and in hand | 54/58 | €884,989 | €52,565 | -€832,425 | -94.1% |
| Total equity and liabilities | 10/49 | €1,060,828 | €907,776 | -€153,051 | -14.4% |
| Equity | 10/15 | €475,538 | €416,566 | -€58,971 | -12.4% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €456,938 | €397,966 | -€58,971 | -12.9% |
| Distributable reserves | 133 | €456,938 | €397,966 | -€58,971 | -12.9% |
| Amounts payable | 17/49 | €585,290 | €491,210 | -€94,080 | -16.1% |
| Amounts payable within one year | 42/48 | €562,169 | €467,642 | -€94,527 | -16.8% |
| Trade debts | 44 | €3,432 | €166,405 | +€162,973 | +4748.8% |
| Suppliers | 440/4 | €3,432 | €166,405 | +€162,973 | +4748.8% |
| Taxes, remuneration and social security | 45 | €10,409 | €10,600 | +€192 | +1.8% |
| Taxes | 450/3 | €9,909 | €10,100 | +€192 | +1.9% |
| Remuneration and social security | 454/9 | €500 | €500 | = | 0.0% |
| Other amounts payable | 47/48 | €548,329 | €290,637 | -€257,691 | -47.0% |
| Accrued charges and deferred income | 492/3 | €23,121 | €23,568 | +€447 | +1.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €18,418 | €17,978 | -€440 | -2.4% |
| Other operating charges | 640/8 | €859 | €1,165 | +€305 | +35.6% |
| Gross operating margin | 9900 | -€39,975 | €33,278 | +€73,253 | |
| Operating profit (loss) | 9901 | -€59,252 | €14,136 | +€73,388 | |
| Financial income | 75/76B | €256,640 | €2,300 | -€254,340 | -99.1% |
| Recurring financial income | 75 | €256,640 | €2,300 | -€254,340 | -99.1% |
| Financial charges | 65/66B | €33,446 | €35,860 | +€2,414 | +7.2% |
| Recurring financial charges | 65 | €33,446 | €35,860 | +€2,414 | +7.2% |
| Profit (loss) for the period before taxes | 9903 | €163,942 | -€19,424 | -€183,367 | |
| Income taxes | 67/77 | €247 | €39,547 | +€39,300 | +15936.8% |
| Profit (loss) for the period | 9904 | €163,696 | -€58,971 | -€222,667 | |
| Profit (loss) for the period to be appropriated | 9905 | €163,696 | -€58,971 | -€222,667 |
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 4 October 2026 via checked.be.