T.D. Williamson: 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.
What changed
T.D. Williamson
NACE 30.990, Manufacture of other transport equipment
fiscal year 2024 against 2025filed annual accounts (NBB)
Net result for the year
€3.2m
2024 · -€4.5m+€7.7m
Equity
-€12.4m
2024 · -€15.6m+€3.2m
Cash
€2.1m
2024 · €74,058+€2.0m
Balance sheet total
€26.0m
2024 · €28.3m-€2.2m
Largest movements
Assets
- Cash +€2.0m
up €2.0m (+2699.3%), from €74,058 to €2.1m
mainly Net result for the year (+€3.2m) and Receivables within one year (+€1.9m)
- Receivables within one year -€1.9m
down €1.9m (-12.9%), from €14.8m to €12.9m
of which Trade receivables: -€2.0m
- Stocks and contracts -€1.5m
down €1.5m (-18.9%), from €7.8m to €6.3m
of which Stocks: -€1.0m
- Financial fixed assets -€499,552
down €499,552 (-40.3%), from €1.2m to €740,114
of which Affiliated companies: -€555,000
- Tangible fixed assets -€306,651
down €306,651 (-8.1%), from €3.8m to €3.5m
of which Plant, machinery and equipment: -€195,462
Equity and liabilities
- Profit (loss) carried forward +€3.2m
up €3.2m (+15.3%), from -€20.8m to -€17.6m
- Advances received -€2.4m
down €2.4m (-66.7%), from €3.7m to €1.2m
- Trade debts -€1.9m
down €1.9m (-23.4%), from €8.0m to €6.1m
- Accrued charges and deferred income -€523,298
down €523,298 (-80.0%), from €653,966 to €130,668
Income statement
- Turnover +€7.6m
up €7.6m (+30.9%), from €24.6m to €32.2m
- Goods and materials +€1.9m
up €1.9m (+29.2%), from €6.5m to €8.4m
of which Purchases: +€2.4m
- Write-downs +€1.9m
up €1.9m (+96.4%), from -€2.0m to -€71,155
- Financial income +€1.5m
up €1.5m (+80243.3%), from €1,924 to €1.5m
- Staff costs -€460,188
down €460,188 (-3.2%), from €14.5m to €14.0m
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
-€4.5m
Turnover
+€7.6m
Other operating income
+€29,758
Goods and materials
-€1.9m
Services and other goods
+€359,368
Staff costs
+€460,188
Depreciation
+€56,760
Write-downs
-€1.9m
Provisions
-€192
Other operating charges
+€135,189
Other operating items
+€1.0m
Financial income
+€1.5m
Financial charges
+€62,429
Taxes
+€210,121
Result 2025
€3.2m
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
+€1.9m
Investment
+€241,898
Financing
-€125,585
Cash 2024
€74,058
From operations (derived)
+€1.9m
Net result for the year
+€3.2m
Depreciation
+€564,306
Stocks and contracts
+€1.5m
Receivables within one year
+€1.9m
Deferred charges and accrued income
+€13,010
Provisions
-€179,557
Trade debts
-€1.9m
Tax, wage and social debts
-€234,410
Advances received
-€2.4m
Other debts
-€1,981
Accrued charges and deferred income
-€523,298
Investment (derived)
+€241,898
Investment in fixed assets (net)
+€241,898
Financing
-€125,585
Short-term financial debts
-€115,950
Contributions, distributions and other
-€9,635
Cash 2025
€2.1m
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €28,251,094 | €26,033,986 | -€2.2m | -7.8% |
| Fixed assets | 21/28 | €5,007,763 | €4,201,560 | -€806,204 | -16.1% |
| Intangible fixed assets | 21 | €0 | €0 | = | 0.0% |
| Tangible fixed assets | 22/27 | €3,768,097 | €3,461,445 | -€306,651 | -8.1% |
| Land and buildings | 22 | €1,687,246 | €1,603,984 | -€83,262 | -4.9% |
| Plant, machinery and equipment | 23 | €1,823,402 | €1,627,940 | -€195,462 | -10.7% |
| Furniture and vehicles | 24 | €257,449 | €229,521 | -€27,928 | -10.8% |
| Leasing and similar rights | 25 | €0 | €0 | = | 0.0% |
| Financial fixed assets | 28 | €1,239,666 | €740,114 | -€499,552 | -40.3% |
| Affiliated companies | 280/1 | €973,626 | €418,626 | -€555,000 | -57.0% |
| Participating interests | 280 | €973,626 | €418,626 | -€555,000 | -57.0% |
| Other financial fixed assets | 284/8 | €266,041 | €321,489 | +€55,448 | +20.8% |
| Amounts receivable and cash guarantees | 285/8 | €266,041 | €321,489 | +€55,448 | +20.8% |
| Current assets | 29/58 | €23,243,331 | €21,832,427 | -€1.4m | -6.1% |
| Stocks and contracts in progress | 3 | €7,815,071 | €6,335,003 | -€1.5m | -18.9% |
| Stocks | 30/36 | €6,549,211 | €5,540,963 | -€1.0m | -15.4% |
| Raw materials and consumables | 30/31 | €2,012,015 | €2,483,404 | +€471,389 | +23.4% |
| Work in progress | 32 | €1,077,208 | €498,416 | -€578,792 | -53.7% |
| Finished goods | 33 | €3,200,871 | €2,415,409 | -€785,463 | -24.5% |
| Advance payments | 36 | €259,117 | €143,735 | -€115,382 | -44.5% |
| Contracts in progress | 37 | €1,265,860 | €794,040 | -€471,820 | -37.3% |
| Amounts receivable within one year | 40/41 | €14,843,878 | €12,926,989 | -€1.9m | -12.9% |
| Trade receivables | 40 | €14,157,203 | €12,129,576 | -€2.0m | -14.3% |
| Other amounts receivable | 41 | €686,674 | €797,413 | +€110,739 | +16.1% |
| Cash at bank and in hand | 54/58 | €74,058 | €2,073,122 | +€2.0m | +2699.3% |
| Deferred charges and accrued income | 490/1 | €510,324 | €497,313 | -€13,010 | -2.5% |
| Total equity and liabilities | 10/49 | €28,251,094 | €26,033,986 | -€2.2m | -7.8% |
| Equity | 10/15 | -€15,601,545 | -€12,439,385 | +€3.2m | +20.3% |
| Contributions | 10/11 | €5,033,602 | €5,033,602 | = | 0.0% |
| Reserves | 13 | €104,556 | €104,329 | -€227 | -0.2% |
| Non-distributable reserves | 130/1 | €30,833 | €30,833 | = | 0.0% |
| Reserves not available under the articles | 1311 | €24,789 | €24,789 | = | 0.0% |
| Other | 1319 | €6,043 | €6,043 | = | 0.0% |
| Tax-exempt reserves | 132 | €73,723 | €73,497 | -€227 | -0.3% |
| Profit (loss) carried forward | 14 | -€20,784,268 | -€17,612,245 | +€3.2m | +15.3% |
| Investment grants | 15 | €44,565 | €34,930 | -€9,635 | -21.6% |
| Provisions and deferred taxes | 16 | €256,167 | €76,610 | -€179,557 | -70.1% |
| Provisions for liabilities and charges | 160/5 | €255,712 | €76,307 | -€179,406 | -70.2% |
| Pensions and similar obligations | 160 | €132,635 | €76,307 | -€56,329 | -42.5% |
| Other liabilities and charges | 164/5 | €123,077 | €0 | -€123,077 | -100.0% |
| Deferred taxes | 168 | €454 | €303 | -€151 | -33.3% |
| Amounts payable | 17/49 | €43,596,472 | €38,396,761 | -€5.2m | -11.9% |
| Amounts payable within one year | 42/48 | €42,942,506 | €38,266,093 | -€4.7m | -10.9% |
| Financial debts | 43 | €27,259,387 | €27,143,438 | -€115,950 | -0.4% |
| Other loans | 439 | €27,259,387 | €27,143,438 | -€115,950 | -0.4% |
| Trade debts | 44 | €8,031,498 | €6,149,136 | -€1.9m | -23.4% |
| Suppliers | 440/4 | €8,031,498 | €6,149,136 | -€1.9m | -23.4% |
| Advances received on contracts in progress | 46 | €3,661,831 | €1,220,122 | -€2.4m | -66.7% |
| Taxes, remuneration and social security | 45 | €3,982,548 | €3,748,138 | -€234,410 | -5.9% |
| Taxes | 450/3 | €545,716 | €498,771 | -€46,945 | -8.6% |
| Remuneration and social security | 454/9 | €3,436,832 | €3,249,367 | -€187,465 | -5.5% |
| Other amounts payable | 47/48 | €7,241 | €5,260 | -€1,981 | -27.4% |
| Accrued charges and deferred income | 492/3 | €653,966 | €130,668 | -€523,298 | -80.0% |
| Operating income | 70/76A | €25,240,397 | €33,758,368 | +€8.5m | +33.7% |
| Turnover | 70 | €24,603,477 | €32,201,700 | +€7.6m | +30.9% |
| Change in stocks of work in progress, finished goods and contracts in progress | 71 | -€2,862,391 | -€1,957,612 | +€904,779 | +31.6% |
| Own construction capitalised | 72 | €0 | - | = | |
| Other operating income | 74 | €3,483,999 | €3,513,757 | +€29,758 | +0.9% |
| Non-recurring operating income | 76A | €15,312 | €524 | -€14,788 | -96.6% |
| Operating charges | 60/66A | €28,941,361 | €31,571,496 | +€2.6m | +9.1% |
| Goods for resale, raw materials and consumables | 60 | €6,508,886 | €8,407,270 | +€1.9m | +29.2% |
| Purchases | 600/8 | €6,368,886 | €8,726,274 | +€2.4m | +37.0% |
| Change in stocks: decrease (increase) | 609 | €140,000 | -€319,003 | -€459,004 | |
| Services and other goods | 61 | €9,069,256 | €8,709,888 | -€359,368 | -4.0% |
| Remuneration, social security and pensions | 62 | €14,501,512 | €14,041,323 | -€460,188 | -3.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €621,065 | €564,306 | -€56,760 | -9.1% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | -€1,961,129 | -€71,155 | +€1.9m | +96.4% |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | -€45,948 | -€45,756 | +€192 | +0.4% |
| Other operating charges | 640/8 | €217,528 | €82,339 | -€135,189 | -62.1% |
| Non-recurring operating charges | 66A | €30,190 | -€116,719 | -€146,909 | |
| Operating profit (loss) | 9901 | -€3,700,964 | €2,186,872 | +€5.9m | |
| Financial income | 75/76B | €1,924 | €1,546,151 | +€1.5m | +80243.3% |
| Recurring financial income | 75 | €1,924 | €1,546,151 | +€1.5m | +80243.3% |
| Income from financial fixed assets | 750 | €1,260 | €1,437,085 | +€1.4m | +113927.2% |
| Income from current assets | 751 | - | €2,672 | +€2,672 | |
| Other financial income | 752/9 | €664 | €106,394 | +€105,730 | +15920.1% |
| Financial charges | 65/66B | €612,795 | €550,366 | -€62,429 | -10.2% |
| Recurring financial charges | 65 | €612,795 | €550,366 | -€62,429 | -10.2% |
| Debt charges | 650 | €303,736 | €321,666 | +€17,930 | +5.9% |
| Other financial charges | 652/9 | €309,059 | €228,700 | -€80,359 | -26.0% |
| Profit (loss) for the period before taxes | 9903 | -€4,311,835 | €3,182,657 | +€7.5m | |
| Transfer from deferred taxes | 780 | €151 | €151 | = | 0.0% |
| Income taxes | 67/77 | €221,134 | €11,013 | -€210,121 | -95.0% |
| Taxes | 670/3 | €221,134 | €11,013 | -€210,121 | -95.0% |
| Profit (loss) for the period | 9904 | -€4,532,818 | €3,171,796 | +€7.7m | |
| Transfer from tax-exempt reserves | 789 | €227 | €227 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | -€4,532,591 | €3,172,022 | +€7.7m |
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.