T.N.C.: 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.N.C.
Largest movements
- Cash -€314,093
down €314,093 (-95.4%), from €329,317 to €15,224
mainly Investment in fixed assets (net) (-€403,677) and Short-term financial debts (-€384,295)
- Tangible fixed assets +€236,251
up €236,251 (+14.7%), from €1.6m to €1.8m
of which Land and buildings: +€238,685
- Stocks and contracts +€195,292
up €195,292 (+110%), from €177,844 to €373,135
- Other debts +€502,094
up €502,094 (+101%), from €495,504 to €997,599
- Short-term financial debts -€384,295
down €384,295 (-29.6%), from €1.3m to €915,294
- Trade debts -€116,446
down €116,446 (-80.4%), from €144,896 to €28,450
- Debts after one year +€113,723
up €113,723 (+6.6%), from €1.7m to €1.8m
- Current portion of long-term debt +€52,539
up €52,539 (+76.5%), from €68,695 to €121,235
- Depreciation +€50,196
up €50,196 (+42.8%), from €117,230 to €167,426
- Financial charges +€14,095
up €14,095 (+11.2%), from €125,488 to €139,583
- Gross operating margin -€11,595
down €11,595 (-3.9%), from €296,534 to €284,938
- Other operating charges +€3,839
up €3,839 (+66.1%), from €5,804 to €9,643
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 | €3,975,428 | €4,112,618 | +€137,190 | +3.5% |
| Fixed assets | 21/28 | €3,381,093 | €3,617,345 | +€236,251 | +7.0% |
| Tangible fixed assets | 22/27 | €1,611,093 | €1,847,345 | +€236,251 | +14.7% |
| Land and buildings | 22 | €1,601,752 | €1,840,437 | +€238,685 | +14.9% |
| Plant, machinery and equipment | 23 | €9,342 | €6,908 | -€2,434 | -26.1% |
| Financial fixed assets | 28 | €1,770,000 | €1,770,000 | = | 0.0% |
| Current assets | 29/58 | €594,335 | €495,273 | -€99,061 | -16.7% |
| Stocks and contracts in progress | 3 | €177,844 | €373,135 | +€195,292 | +110% |
| Stocks | 30/36 | €177,844 | €373,135 | +€195,292 | +110% |
| Amounts receivable within one year | 40/41 | €87,174 | €106,630 | +€19,456 | +22.3% |
| Trade receivables | 40 | €87,174 | €90,750 | +€3,576 | +4.1% |
| Other amounts receivable | 41 | - | €15,880 | +€15,880 | |
| Cash at bank and in hand | 54/58 | €329,317 | €15,224 | -€314,093 | -95.4% |
| Deferred charges and accrued income | 490/1 | - | €285 | +€285 | |
| Total equity and liabilities | 10/49 | €3,975,428 | €4,112,618 | +€137,190 | +3.5% |
| Equity | 10/15 | €217,347 | €189,499 | -€27,847 | -12.8% |
| Contributions | 10/11 | €2,236 | €2,236 | = | 0.0% |
| Reserves | 13 | €224,520 | €224,520 | = | 0.0% |
| Distributable reserves | 133 | €224,520 | €224,520 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€9,409 | -€37,257 | -€27,847 | -296% |
| Provisions and deferred taxes | 16 | €23,414 | €20,836 | -€2,578 | -11.0% |
| Deferred taxes | 168 | €23,414 | €20,836 | -€2,578 | -11.0% |
| Amounts payable | 17/49 | €3,734,668 | €3,902,283 | +€167,615 | +4.5% |
| Amounts payable after more than one year | 17 | €1,725,983 | €1,839,706 | +€113,723 | +6.6% |
| Financial debts | 170/4 | €1,725,983 | €1,839,706 | +€113,723 | +6.6% |
| Amounts payable within one year | 42/48 | €2,008,685 | €2,062,577 | +€53,893 | +2.7% |
| Current portion of amounts payable after more than one year | 42 | €68,695 | €121,235 | +€52,539 | +76.5% |
| Financial debts | 43 | €1,299,590 | €915,294 | -€384,295 | -29.6% |
| Credit institutions | 430/8 | €1,299,590 | €915,294 | -€384,295 | -29.6% |
| Trade debts | 44 | €144,896 | €28,450 | -€116,446 | -80.4% |
| Suppliers | 440/4 | €144,896 | €28,450 | -€116,446 | -80.4% |
| Other amounts payable | 47/48 | €495,504 | €997,599 | +€502,094 | +101% |
| Non-recurring operating income | 76A | €1,781 | - | -€1,781 | |
| Remuneration, social security and pensions | 62 | €378 | - | -€378 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €117,230 | €167,426 | +€50,196 | +42.8% |
| Other operating charges | 640/8 | €5,804 | €9,643 | +€3,839 | +66.1% |
| Gross operating margin | 9900 | €296,534 | €284,938 | -€11,595 | -3.9% |
| Operating profit (loss) | 9901 | €173,122 | €107,869 | -€65,252 | -37.7% |
| Financial income | 75/76B | - | €1,288 | +€1,288 | |
| Recurring financial income | 75 | - | €1,288 | +€1,288 | |
| Financial charges | 65/66B | €125,488 | €139,583 | +€14,095 | +11.2% |
| Recurring financial charges | 65 | €125,488 | €139,583 | +€14,095 | +11.2% |
| Profit (loss) for the period before taxes | 9903 | €47,633 | -€30,425 | -€78,059 | |
| Transfer from deferred taxes | 780 | €2,578 | €2,578 | = | 0.0% |
| Profit (loss) for the period | 9904 | €50,211 | -€27,847 | -€78,059 | |
| Transfer from tax-exempt reserves | 789 | €5,005 | €5,005 | = | 0.0% |
| Transfer to tax-exempt reserves | 689 | €5,005 | €5,005 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €50,211 | -€27,847 | -€78,059 |
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 19 October 2026 via checked.be.