T & L Projects: 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 Projects
Largest movements
- Tangible fixed assets -€76,453
down €76,453 (-61.1%), from €125,086 to €48,633
- Receivables within one year -€43,796
down €43,796 (-38.6%), from €113,598 to €69,802
of which Trade receivables: -€32,506
- Cash -€15,327
down €15,327 (-24.7%), from €61,961 to €46,633
mainly Net result for the year (-€143,289) and Advances received (-€13,075)
- Deferred charges and accrued income -€9,248
down €9,248 (-87.6%), from €10,562 to €1,315
- Profit (loss) carried forward -€143,289
down €143,289 (-48.8%), from -€293,381 to -€436,670
- Other debts +€19,596
up €19,596 (+42.0%), from €46,649 to €66,244
- Advances received -€13,075
no longer reported in 2025 (was €13,075)
- Tax, wage and social debts -€11,595
no longer reported in 2025 (was €11,595)
- Depreciation -€87,275
down €87,275 (-83.5%), from €104,483 to €17,208
- Gross operating margin +€85,888
up €85,888 (+72.9%), from -€117,873 to -€31,985
- Staff costs -€50,791
down €50,791 (-72.8%), from €69,816 to €19,024
- Other operating charges +€6,131
up €6,131 (+517%), from €1,186 to €7,318
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 | €311,207 | €166,383 | -€144,824 | -46.5% |
| Fixed assets | 21/28 | €125,086 | €48,633 | -€76,453 | -61.1% |
| Tangible fixed assets | 22/27 | €125,086 | €48,633 | -€76,453 | -61.1% |
| Furniture and vehicles | 24 | €125,086 | €48,633 | -€76,453 | -61.1% |
| Current assets | 29/58 | €186,121 | €117,750 | -€68,371 | -36.7% |
| Amounts receivable within one year | 40/41 | €113,598 | €69,802 | -€43,796 | -38.6% |
| Trade receivables | 40 | €92,027 | €59,521 | -€32,506 | -35.3% |
| Other amounts receivable | 41 | €21,571 | €10,281 | -€11,290 | -52.3% |
| Cash at bank and in hand | 54/58 | €61,961 | €46,633 | -€15,327 | -24.7% |
| Deferred charges and accrued income | 490/1 | €10,562 | €1,315 | -€9,248 | -87.6% |
| Total equity and liabilities | 10/49 | €311,207 | €166,383 | -€144,824 | -46.5% |
| Equity | 10/15 | €3,396 | -€139,893 | -€143,289 | |
| Contributions | 10/11 | €100,000 | €100,000 | = | 0.0% |
| Reserves | 13 | €196,777 | €196,777 | = | 0.0% |
| Distributable reserves | 133 | €196,777 | €196,777 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€293,381 | -€436,670 | -€143,289 | -48.8% |
| Amounts payable | 17/49 | €307,811 | €306,276 | -€1,535 | -0.5% |
| Amounts payable after more than one year | 17 | €150,000 | €150,000 | = | 0.0% |
| Financial debts | 170/4 | €150,000 | €150,000 | = | 0.0% |
| Amounts payable within one year | 42/48 | €157,321 | €155,199 | -€2,122 | -1.3% |
| Trade debts | 44 | €86,002 | €88,954 | +€2,953 | +3.4% |
| Suppliers | 440/4 | €86,002 | €88,954 | +€2,953 | +3.4% |
| Advances received on contracts in progress | 46 | €13,075 | - | -€13,075 | |
| Taxes, remuneration and social security | 45 | €11,595 | - | -€11,595 | |
| Remuneration and social security | 454/9 | €11,595 | - | -€11,595 | |
| Other amounts payable | 47/48 | €46,649 | €66,244 | +€19,596 | +42.0% |
| Accrued charges and deferred income | 492/3 | €490 | €1,077 | +€587 | +120% |
| Non-recurring operating income | 76A | €1,744 | - | -€1,744 | |
| Remuneration, social security and pensions | 62 | €69,816 | €19,024 | -€50,791 | -72.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €104,483 | €17,208 | -€87,275 | -83.5% |
| Other operating charges | 640/8 | €1,186 | €7,318 | +€6,131 | +517% |
| Non-recurring operating charges | 66A | - | €67,461 | +€67,461 | |
| Gross operating margin | 9900 | -€117,873 | -€31,985 | +€85,888 | +72.9% |
| Operating profit (loss) | 9901 | -€293,358 | -€142,996 | +€150,363 | +51.3% |
| Financial income | 75/76B | €208 | €146 | -€61 | -29.6% |
| Recurring financial income | 75 | €208 | €146 | -€61 | -29.6% |
| Financial charges | 65/66B | €866 | €440 | -€426 | -49.2% |
| Recurring financial charges | 65 | €866 | €440 | -€426 | -49.2% |
| Profit (loss) for the period before taxes | 9903 | -€294,016 | -€143,289 | +€150,727 | +51.3% |
| Profit (loss) for the period | 9904 | -€294,016 | -€143,289 | +€150,727 | +51.3% |
| Profit (loss) for the period to be appropriated | 9905 | -€294,016 | -€143,289 | +€150,727 | +51.3% |
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 15 October 2026 via checked.be.