T.L.D.: 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.L.D.
Largest movements
- Cash -€268,973
down €268,973 (-35.1%), from €766,509 to €497,536
mainly Other debts (-€334,113) and Investment in fixed assets (net) (-€107,296)
- Receivables within one year -€196,183
down €196,183 (-58.9%), from €333,278 to €137,096
of which Trade receivables: -€207,882
- Tangible fixed assets +€91,458
up €91,458 (+30.7%), from €297,700 to €389,158
of which Land and buildings: +€55,308
- Other debts -€334,113
down €334,113 (-65.9%), from €506,897 to €172,784
- Trade debts -€32,160
down €32,160 (-54.2%), from €59,313 to €27,153
- Accrued charges and deferred income -€28,296
down €28,296 (-100%), from €28,296 to €0
- Reserves +€20,699
up €20,699 (+5.4%), from €380,538 to €401,238
of which Distributable reserves: +€20,699
- Taxes -€68,727
down €68,727 (-87.5%), from €78,559 to €9,832
- Gross operating margin -€43,451
down €43,451 (-45.2%), from €96,122 to €52,671
- Financial charges -€21,853
down €21,853 (-98.7%), from €22,144 to €291
of which Financial charges: -€18,315
- Other operating charges -€16,874
down €16,874 (-73.5%), from €22,961 to €6,086
- Depreciation +€10,000
up €10,000 (+171%), from €5,838 to €15,838
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 | €1,398,488 | €1,024,790 | -€373,697 | -26.7% |
| Fixed assets | 21/28 | €298,700 | €390,158 | +€91,458 | +30.6% |
| Tangible fixed assets | 22/27 | €297,700 | €389,158 | +€91,458 | +30.7% |
| Land and buildings | 22 | €297,700 | €353,008 | +€55,308 | +18.6% |
| Furniture and vehicles | 24 | - | €36,150 | +€36,150 | |
| Financial fixed assets | 28 | €1,000 | €1,000 | = | 0.0% |
| Current assets | 29/58 | €1,099,787 | €634,632 | -€465,155 | -42.3% |
| Amounts receivable within one year | 40/41 | €333,278 | €137,096 | -€196,183 | -58.9% |
| Trade receivables | 40 | €324,516 | €116,634 | -€207,882 | -64.1% |
| Other amounts receivable | 41 | €8,762 | €20,462 | +€11,700 | +134% |
| Current investments | 50/53 | €0 | - | = | |
| Cash at bank and in hand | 54/58 | €766,509 | €497,536 | -€268,973 | -35.1% |
| Total equity and liabilities | 10/49 | €1,398,488 | €1,024,790 | -€373,697 | -26.7% |
| Equity | 10/15 | €667,512 | €688,211 | +€20,699 | +3.1% |
| Contributions | 10/11 | €286,973 | €286,973 | = | 0.0% |
| Reserves | 13 | €380,538 | €401,238 | +€20,699 | +5.4% |
| Non-distributable reserves | 130/1 | €28,697 | €28,697 | = | 0.0% |
| Reserves not available under the articles | 1311 | €28,697 | €28,697 | = | 0.0% |
| Tax-exempt reserves | 132 | €0 | - | = | |
| Distributable reserves | 133 | €351,841 | €372,540 | +€20,699 | +5.9% |
| Profit (loss) carried forward | 14 | €0 | - | = | |
| Provisions and deferred taxes | 16 | €0 | - | = | |
| Deferred taxes | 168 | €0 | - | = | |
| Amounts payable | 17/49 | €730,976 | €336,579 | -€394,397 | -54.0% |
| Amounts payable after more than one year | 17 | €0 | - | = | |
| Financial debts | 170/4 | €0 | - | = | |
| Amounts payable within one year | 42/48 | €702,679 | €336,579 | -€366,100 | -52.1% |
| Current portion of amounts payable after more than one year | 42 | €0 | - | = | |
| Trade debts | 44 | €59,313 | €27,153 | -€32,160 | -54.2% |
| Suppliers | 440/4 | €59,313 | €27,153 | -€32,160 | -54.2% |
| Taxes, remuneration and social security | 45 | €136,470 | €136,642 | +€173 | +0.1% |
| Taxes | 450/3 | €119,608 | €136,642 | +€17,034 | +14.2% |
| Remuneration and social security | 454/9 | €16,861 | €0 | -€16,861 | -100% |
| Other amounts payable | 47/48 | €506,897 | €172,784 | -€334,113 | -65.9% |
| Accrued charges and deferred income | 492/3 | €28,296 | €0 | -€28,296 | -100% |
| Remuneration, social security and pensions | 62 | €0 | €73 | +€73 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €5,838 | €15,838 | +€10,000 | +171% |
| Other operating charges | 640/8 | €22,961 | €6,086 | -€16,874 | -73.5% |
| Gross operating margin | 9900 | €96,122 | €52,671 | -€43,451 | -45.2% |
| Operating profit (loss) | 9901 | €67,323 | €30,674 | -€36,650 | -54.4% |
| Financial income | 75/76B | - | €148 | +€148 | |
| Recurring financial income | 75 | - | €148 | +€148 | |
| Financial charges | 65/66B | €22,144 | €291 | -€21,853 | -98.7% |
| Recurring financial charges | 65 | €18,606 | €291 | -€18,315 | -98.4% |
| Non-recurring financial charges | 66B | €3,538 | €0 | -€3,538 | -100% |
| Profit (loss) for the period before taxes | 9903 | €45,179 | €30,531 | -€14,648 | -32.4% |
| Transfer from deferred taxes | 780 | €59,893 | €0 | -€59,893 | -100% |
| Income taxes | 67/77 | €78,559 | €9,832 | -€68,727 | -87.5% |
| Profit (loss) for the period | 9904 | €26,514 | €20,699 | -€5,814 | -21.9% |
| Transfer from tax-exempt reserves | 789 | €179,679 | €0 | -€179,679 | -100% |
| Profit (loss) for the period to be appropriated | 9905 | €206,193 | €20,699 | -€185,493 | -90.0% |
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 27 October 2026 via checked.be.