TADELCO: 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
TADELCO
financial year 2024 against 2025filed annual accounts (NBB)
Net result for the year
€51,415
2024 · €52,547-€1,132
Equity
€799,398
2024 · €804,690-€5,292
Cash
€38,402
2024 · €29,359+€9,043
Balance sheet total
€1.0m
2024 · €1.0m-€8,645
Largest movements
Assets
- Tangible fixed assets -€49,411
down €49,411 (-5.3%), from €930,806 to €881,396
of which Land and buildings: -€48,962
- Current investments +€30,000
up €30,000 (+50.0%), from €60,000 to €90,000
Equity and liabilities
No liability line moved by more than 1% of the balance sheet total.
Income statement
- Gross operating margin -€3,811
down €3,811 (-2.4%), from €156,742 to €152,931
- Financial charges -€2,662
down €2,662 (-27.5%), from €9,687 to €7,025
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
€52,547
Gross operating margin
-€3,811
Depreciation
+€28
Other operating charges
-€642
Financial income
+€281
Financial charges
+€2,662
Taxes
+€350
Result 2025
€51,415
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
+€95,749
Investment
-€30,000
Financing
-€56,707
Cash 2024
€29,359
From operations (derived)
+€95,749
Net result for the year
+€51,415
Depreciation
+€49,411
Receivables within one year
-€1,330
Deferred charges and accrued income
-€393
Provisions
-€5,459
Trade debts
+€230
Other debts
+€1,510
Accrued charges and deferred income
+€365
Investment (derived)
-€30,000
Current investments
-€30,000
Financing
-€56,707
Contributions, distributions and other
-€56,707
Cash 2025
€38,402
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €1,024,615 | €1,015,970 | -€8,645 | -0.8% |
| Fixed assets | 21/28 | €930,806 | €881,396 | -€49,411 | -5.3% |
| Tangible fixed assets | 22/27 | €930,806 | €881,396 | -€49,411 | -5.3% |
| Land and buildings | 22 | €929,974 | €881,012 | -€48,962 | -5.3% |
| Furniture and vehicles | 24 | €832 | €384 | -€449 | -53.9% |
| Current assets | 29/58 | €93,809 | €134,574 | +€40,766 | +43.5% |
| Amounts receivable within one year | 40/41 | €2,920 | €4,250 | +€1,330 | +45.5% |
| Trade receivables | 40 | €1,120 | €1,050 | -€70 | -6.3% |
| Other amounts receivable | 41 | €1,800 | €3,200 | +€1,400 | +77.8% |
| Current investments | 50/53 | €60,000 | €90,000 | +€30,000 | +50.0% |
| Cash at bank and in hand | 54/58 | €29,359 | €38,402 | +€9,043 | +30.8% |
| Deferred charges and accrued income | 490/1 | €1,529 | €1,923 | +€393 | +25.7% |
| Total equity and liabilities | 10/49 | €1,024,615 | €1,015,970 | -€8,645 | -0.8% |
| Equity | 10/15 | €804,690 | €799,398 | -€5,292 | -0.7% |
| Contributions | 10/11 | €62,000 | €62,000 | = | 0.0% |
| Capital | 10 | €62,000 | €62,000 | = | 0.0% |
| Issued capital | 100 | €62,000 | €62,000 | = | 0.0% |
| Reserves | 13 | €516,004 | €510,712 | -€5,292 | -1.0% |
| Non-distributable reserves | 130/1 | €6,200 | €6,200 | = | 0.0% |
| Legal reserve | 130 | €6,200 | €6,200 | = | 0.0% |
| Tax-exempt reserves | 132 | €226,887 | €210,512 | -€16,376 | -7.2% |
| Distributable reserves | 133 | €282,917 | €294,001 | +€11,084 | +3.9% |
| Profit (loss) carried forward | 14 | €226,685 | €226,685 | = | 0.0% |
| Provisions and deferred taxes | 16 | €75,629 | €70,171 | -€5,459 | -7.2% |
| Deferred taxes | 168 | €75,629 | €70,171 | -€5,459 | -7.2% |
| Amounts payable | 17/49 | €144,296 | €146,402 | +€2,106 | +1.5% |
| Amounts payable within one year | 42/48 | €139,700 | €141,440 | +€1,740 | +1.2% |
| Trade debts | 44 | €0 | €230 | +€230 | |
| Suppliers | 440/4 | €0 | €230 | +€230 | |
| Taxes, remuneration and social security | 45 | €0 | - | = | |
| Taxes | 450/3 | €0 | - | = | |
| Other amounts payable | 47/48 | €139,700 | €141,210 | +€1,510 | +1.1% |
| Accrued charges and deferred income | 492/3 | €4,596 | €4,961 | +€365 | +7.9% |
| Non-recurring operating income | 76A | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €49,439 | €49,411 | -€28 | -0.1% |
| Other operating charges | 640/8 | €19,206 | €19,849 | +€642 | +3.3% |
| Gross operating margin | 9900 | €156,742 | €152,931 | -€3,811 | -2.4% |
| Operating profit (loss) | 9901 | €88,096 | €83,671 | -€4,425 | -5.0% |
| Financial income | 75/76B | €1,257 | €1,537 | +€281 | +22.3% |
| Recurring financial income | 75 | €1,257 | €1,537 | +€281 | +22.3% |
| Financial charges | 65/66B | €9,687 | €7,025 | -€2,662 | -27.5% |
| Recurring financial charges | 65 | €9,687 | €7,025 | -€2,662 | -27.5% |
| Profit (loss) for the period before taxes | 9903 | €79,666 | €78,184 | -€1,482 | -1.9% |
| Transfer from deferred taxes | 780 | €5,459 | €5,459 | = | 0.0% |
| Income taxes | 67/77 | €32,578 | €32,228 | -€350 | -1.1% |
| Profit (loss) for the period | 9904 | €52,547 | €51,415 | -€1,132 | -2.2% |
| Transfer from tax-exempt reserves | 789 | €16,376 | €16,376 | +€0 | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €68,923 | €67,790 | -€1,132 | -1.6% |
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 11 October 2026 via checked.be.