Tb-Projects: 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.
Tb-Projects
Largest movements
- Current investments -€50,000
no longer reported in 2025 (was €50,000)
- Cash +€43,332
up €43,332 (+67.9%), from €63,804 to €107,136
mainly Current investments (+€50,000) and Depreciation (+€35,016)
- Receivables within one year -€34,270
down €34,270 (-58.4%), from €58,698 to €24,428
of which Trade receivables: -€43,931
- Stocks and contracts -€13,497
down €13,497 (-71.6%), from €18,862 to €5,365
- Tangible fixed assets +€11,714
up €11,714 (+25.1%), from €46,611 to €58,325
of which Other tangible fixed assets: +€26,787
- Other debts -€35,540
down €35,540 (-98.7%), from €36,000 to €460
- Reserves +€10,358
up €10,358 (+6.7%), from €153,718 to €164,076
- Debts after one year -€10,168
down €10,168 (-57.8%), from €17,583 to €7,415
of which Financial debts: -€10,168
- Tax, wage and social debts -€5,412
down €5,412 (-81.9%), from €6,612 to €1,200
- Current portion of long-term debt -€3,723
down €3,723 (-26.8%), from €13,891 to €10,168
- Gross operating margin -€104,151
down €104,151 (-71.8%), from €145,157 to €41,006
- Write-downs -€30,000
down €30,000, from €15,000 to -€15,000
- Depreciation +€15,258
up €15,258 (+77.2%), from €19,758 to €35,016
- Taxes -€14,032
down €14,032 (-56.7%), from €24,759 to €10,727
- Financial income +€4,458
up €4,458 (+6297.8%), from €71 to €4,529
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.
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.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €245,945 | €203,213 | -€42,732 | -17.4% |
| Fixed assets | 21/28 | €49,526 | €63,125 | +€13,599 | +27.5% |
| Tangible fixed assets | 22/27 | €46,611 | €58,325 | +€11,714 | +25.1% |
| Plant, machinery and equipment | 23 | €3,706 | €1,436 | -€2,270 | -61.3% |
| Furniture and vehicles | 24 | €3,067 | €3,620 | +€553 | +18.0% |
| Leasing and similar rights | 25 | €30,120 | €16,763 | -€13,357 | -44.3% |
| Other tangible fixed assets | 26 | €9,719 | €36,506 | +€26,787 | +275.6% |
| Financial fixed assets | 28 | €2,915 | €4,800 | +€1,885 | +64.7% |
| Current assets | 29/58 | €196,418 | €140,088 | -€56,330 | -28.7% |
| Stocks and contracts in progress | 3 | €18,862 | €5,365 | -€13,497 | -71.6% |
| Stocks | 30/36 | €18,862 | €5,365 | -€13,497 | -71.6% |
| Amounts receivable within one year | 40/41 | €58,698 | €24,428 | -€34,270 | -58.4% |
| Trade receivables | 40 | €55,070 | €11,139 | -€43,931 | -79.8% |
| Other amounts receivable | 41 | €3,628 | €13,289 | +€9,661 | +266.3% |
| Current investments | 50/53 | €50,000 | - | -€50,000 | |
| Cash at bank and in hand | 54/58 | €63,804 | €107,136 | +€43,332 | +67.9% |
| Deferred charges and accrued income | 490/1 | €5,054 | €3,159 | -€1,895 | -37.5% |
| Total equity and liabilities | 10/49 | €245,945 | €203,213 | -€42,732 | -17.4% |
| Equity | 10/15 | €171,218 | €181,576 | +€10,358 | +6.0% |
| Contributions | 10/11 | €17,500 | €17,500 | = | 0.0% |
| Reserves | 13 | €153,718 | €164,076 | +€10,358 | +6.7% |
| Distributable reserves | 133 | €153,718 | €164,076 | +€10,358 | +6.7% |
| Profit (loss) carried forward | 14 | €0 | - | = | |
| Amounts payable | 17/49 | €74,727 | €21,637 | -€53,090 | -71.0% |
| Amounts payable after more than one year | 17 | €17,583 | €7,415 | -€10,168 | -57.8% |
| Financial debts | 170/4 | €17,583 | €7,415 | -€10,168 | -57.8% |
| Other amounts payable | 178/9 | €0 | - | = | |
| Amounts payable within one year | 42/48 | €57,144 | €14,222 | -€42,922 | -75.1% |
| Current portion of amounts payable after more than one year | 42 | €13,891 | €10,168 | -€3,723 | -26.8% |
| Trade debts | 44 | €641 | €2,394 | +€1,753 | +273.3% |
| Suppliers | 440/4 | €641 | €2,394 | +€1,753 | +273.3% |
| Taxes, remuneration and social security | 45 | €6,612 | €1,200 | -€5,412 | -81.9% |
| Taxes | 450/3 | €6,612 | €1,200 | -€5,412 | -81.9% |
| Other amounts payable | 47/48 | €36,000 | €460 | -€35,540 | -98.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €19,758 | €35,016 | +€15,258 | +77.2% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €15,000 | -€15,000 | -€30,000 | |
| Other operating charges | 640/8 | €3,919 | €2,360 | -€1,559 | -39.8% |
| Non-recurring operating charges | 66A | €60 | - | -€60 | |
| Gross operating margin | 9900 | €145,157 | €41,006 | -€104,151 | -71.8% |
| Operating profit (loss) | 9901 | €106,420 | €18,630 | -€87,790 | -82.5% |
| Financial income | 75/76B | €71 | €4,529 | +€4,458 | +6297.8% |
| Recurring financial income | 75 | €71 | €4,529 | +€4,458 | +6297.8% |
| Financial charges | 65/66B | €2,535 | €2,073 | -€462 | -18.2% |
| Recurring financial charges | 65 | €2,535 | €2,073 | -€462 | -18.2% |
| Profit (loss) for the period before taxes | 9903 | €103,956 | €21,086 | -€82,870 | -79.7% |
| Income taxes | 67/77 | €24,759 | €10,727 | -€14,032 | -56.7% |
| Profit (loss) for the period | 9904 | €79,197 | €10,359 | -€68,838 | -86.9% |
| Profit (loss) for the period to be appropriated | 9905 | €79,197 | €10,359 | -€68,838 | -86.9% |
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 6 October 2026 via checked.be.