T.D.S.: 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.S.
financial year 2024 against 2025filed annual accounts (NBB)
Net result for the year
-€69,168
2024 · -€85,642+€16,474
Equity
€3.2m
2024 · €2.8m+€430,559
Cash
€28
2024 · €29-€1
Balance sheet total
€6.3m
2024 · €6.0m+€388,976
Largest movements
Assets
- Tangible fixed assets +€389,163
up €389,163 (+6.5%), from €5.9m to €6.3m
Equity and liabilities
- Revaluation surpluses +€499,727
up €499,727 (+19.8%), from €2.5m to €3.0m
- Debts after one year -€75,829
down €75,829 (-3.2%), from €2.4m to €2.3m
- Profit (loss) carried forward -€64,755
down €64,755 (-86.6%), from €74,783 to €10,028
Income statement
- Gross operating margin +€49,853
up €49,853 (+32.2%), from €154,975 to €204,829
- Financial charges -€8,922
down €8,922 (-9.5%), from €93,539 to €84,617
- Depreciation -€7,428
down €7,428 (-5.4%), from €136,761 to €129,333
- Other operating charges -€3,637
down €3,637 (-27.1%), from €13,444 to €9,807
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
-€85,642
Gross operating margin
+€49,853
Depreciation
+€7,428
Write-downs
+€7
Other operating charges
+€3,637
Other operating items
-€52,043
Financial income
-€1,331
Financial charges
+€8,922
Result 2025
-€69,168
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.
From operations
+€97,013
Investment
-€518,496
Financing
+€421,482
Cash 2024
€29
From operations (derived)
+€97,013
Net result for the year
-€69,168
Depreciation
+€129,333
Receivables within one year
-€1,933
Deferred charges and accrued income
+€2,118
Provisions
-€1,803
Trade debts
+€551
Other debts
+€43,947
Accrued charges and deferred income
-€6,032
Investment (derived)
-€518,496
Investment in fixed assets (net)
-€518,496
Financing
+€421,482
Debts after one year
-€75,829
Current portion of long-term debt
-€2,416
Contributions, distributions and other
+€499,727
Cash 2025
€28
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €5,952,946 | €6,341,923 | +€388,976 | +6.5% |
| Fixed assets | 21/28 | €5,942,700 | €6,331,863 | +€389,163 | +6.5% |
| Tangible fixed assets | 22/27 | €5,941,450 | €6,330,613 | +€389,163 | +6.5% |
| Land and buildings | 22 | €5,941,450 | €6,330,613 | +€389,163 | +6.5% |
| Financial fixed assets | 28 | €1,250 | €1,250 | = | 0.0% |
| Current assets | 29/58 | €10,246 | €10,060 | -€186 | -1.8% |
| Amounts receivable within one year | 40/41 | €3,600 | €5,533 | +€1,933 | +53.7% |
| Trade receivables | 40 | - | €2,413 | +€2,413 | |
| Other amounts receivable | 41 | €3,600 | €3,120 | -€480 | -13.3% |
| Cash at bank and in hand | 54/58 | €29 | €28 | -€1 | -4.4% |
| Deferred charges and accrued income | 490/1 | €6,617 | €4,499 | -€2,118 | -32.0% |
| Total equity and liabilities | 10/49 | €5,952,946 | €6,341,923 | +€388,976 | +6.5% |
| Equity | 10/15 | €2,775,236 | €3,205,794 | +€430,559 | +15.5% |
| Contributions | 10/11 | €75,000 | €75,000 | = | 0.0% |
| Capital | 10 | €75,000 | €75,000 | = | 0.0% |
| Issued capital | 100 | €75,000 | €75,000 | = | 0.0% |
| Revaluation surpluses | 12 | €2,517,643 | €3,017,370 | +€499,727 | +19.8% |
| Reserves | 13 | €107,809 | €103,396 | -€4,413 | -4.1% |
| Non-distributable reserves | 130/1 | €6,173 | €6,173 | = | 0.0% |
| Legal reserve | 130 | €6,173 | €6,173 | = | 0.0% |
| Tax-exempt reserves | 132 | €101,636 | €97,223 | -€4,413 | -4.3% |
| Profit (loss) carried forward | 14 | €74,783 | €10,028 | -€64,755 | -86.6% |
| Provisions and deferred taxes | 16 | €41,513 | €39,711 | -€1,803 | -4.3% |
| Deferred taxes | 168 | €41,513 | €39,711 | -€1,803 | -4.3% |
| Amounts payable | 17/49 | €3,136,197 | €3,096,418 | -€39,780 | -1.3% |
| Amounts payable after more than one year | 17 | €2,372,985 | €2,297,156 | -€75,829 | -3.2% |
| Financial debts | 170/4 | €2,372,985 | €2,297,156 | -€75,829 | -3.2% |
| Amounts payable within one year | 42/48 | €756,377 | €798,458 | +€42,081 | +5.6% |
| Current portion of amounts payable after more than one year | 42 | €157,740 | €155,324 | -€2,416 | -1.5% |
| Financial debts | 43 | €498,000 | €498,000 | = | 0.0% |
| Credit institutions | 430/8 | €498,000 | €498,000 | = | 0.0% |
| Trade debts | 44 | €17,261 | €17,812 | +€551 | +3.2% |
| Suppliers | 440/4 | €17,261 | €17,812 | +€551 | +3.2% |
| Other amounts payable | 47/48 | €83,376 | €127,323 | +€43,947 | +52.7% |
| Accrued charges and deferred income | 492/3 | €6,835 | €803 | -€6,032 | -88.3% |
| Non-recurring operating income | 76A | - | €34,687 | +€34,687 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €136,761 | €129,333 | -€7,428 | -5.4% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €7 | - | -€7 | |
| Other operating charges | 640/8 | €13,444 | €9,807 | -€3,637 | -27.1% |
| Non-recurring operating charges | 66A | - | €52,043 | +€52,043 | |
| Gross operating margin | 9900 | €154,975 | €204,829 | +€49,853 | +32.2% |
| Operating profit (loss) | 9901 | €4,763 | €13,646 | +€8,883 | +186.5% |
| Financial income | 75/76B | €1,331 | - | -€1,331 | |
| Recurring financial income | 75 | €1,331 | - | -€1,331 | |
| Financial charges | 65/66B | €93,539 | €84,617 | -€8,922 | -9.5% |
| Recurring financial charges | 65 | €93,539 | €84,617 | -€8,922 | -9.5% |
| Profit (loss) for the period before taxes | 9903 | -€87,445 | -€70,971 | +€16,474 | +18.8% |
| Transfer from deferred taxes | 780 | €1,803 | €1,803 | = | 0.0% |
| Profit (loss) for the period | 9904 | -€85,642 | -€69,168 | +€16,474 | +19.2% |
| Transfer from tax-exempt reserves | 789 | €4,413 | €4,413 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | -€81,229 | -€64,755 | +€16,474 | +20.3% |
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 9 October 2026 via checked.be.