TBD FINANCES: 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.
TBD FINANCES
Largest movements
- Financial fixed assets +€2.5m
up €2.5m (+11.3%), from €21.7m to €24.1m
of which Affiliated companies: +€2.1m
- Cash +€2.4m
up €2.4m (+204%), from €1.2m to €3.6m
mainly Net result for the year (+€3.8m) and Receivables within one year (+€2.3m)
- Receivables within one year -€2.3m
down €2.3m (-80.7%), from €2.8m to €550,414
of which Trade receivables: -€2.5m
- Reserves +€3.8m
up €3.8m (+16.8%), from €22.7m to €26.5m
of which Distributable reserves: +€3.8m
- Other debts -€1.1m
down €1.1m (-48.0%), from €2.2m to €1.2m
- Financial income -€1.4m
down €1.4m (-65.1%), from €2.2m to €758,347
of which Non-recurring financial income: -€881,414
- Turnover +€269,697
up €269,697 (+6.3%), from €4.3m to €4.6m
- Financial charges -€86,649
down €86,649 (-38.3%), from €225,961 to €139,311
of which Non-recurring financial charges: -€77,619
- Taxes +€47,368
up €47,368 (+3.8%), from €1.2m to €1.3m
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 | €25,762,317 | €28,343,402 | +€2.6m | +10.0% |
| Fixed assets | 21/28 | €21,685,407 | €24,141,802 | +€2.5m | +11.3% |
| Financial fixed assets | 28 | €21,685,407 | €24,141,802 | +€2.5m | +11.3% |
| Affiliated companies | 280/1 | €8,302,925 | €10,358,776 | +€2.1m | +24.8% |
| Participating interests | 280 | €1,783,945 | €1,783,945 | = | 0.0% |
| Amounts receivable | 281 | €6,518,980 | €8,574,831 | +€2.1m | +31.5% |
| Other financial fixed assets | 284/8 | €13,382,482 | €13,783,026 | +€400,544 | +3.0% |
| Shares | 284 | €9,565 | €9,565 | = | 0.0% |
| Amounts receivable and cash guarantees | 285/8 | €13,372,917 | €13,773,461 | +€400,544 | +3.0% |
| Current assets | 29/58 | €4,076,910 | €4,201,600 | +€124,690 | +3.1% |
| Amounts receivable after more than one year | 29 | €38,641 | €38,641 | = | 0.0% |
| Other amounts receivable | 291 | €38,641 | €38,641 | = | 0.0% |
| Stocks and contracts in progress | 3 | €0 | €0 | = | |
| Amounts receivable within one year | 40/41 | €2,849,882 | €550,414 | -€2.3m | -80.7% |
| Trade receivables | 40 | €2,485,399 | €12,456 | -€2.5m | -99.5% |
| Other amounts receivable | 41 | €364,483 | €537,958 | +€173,475 | +47.6% |
| Cash at bank and in hand | 54/58 | €1,188,387 | €3,612,546 | +€2.4m | +204% |
| Deferred charges and accrued income | 490/1 | €0 | - | = | |
| Total equity and liabilities | 10/49 | €25,762,317 | €28,343,402 | +€2.6m | +10.0% |
| Equity | 10/15 | €23,041,281 | €26,843,387 | +€3.8m | +16.5% |
| Contributions | 10/11 | €361,379 | €361,379 | = | 0.0% |
| Capital | 10 | €361,379 | €361,379 | = | 0.0% |
| Issued capital | 100 | €361,379 | €361,379 | = | 0.0% |
| Reserves | 13 | €22,679,138 | €26,481,138 | +€3.8m | +16.8% |
| Non-distributable reserves | 130/1 | €36,138 | €36,138 | = | 0.0% |
| Legal reserve | 130 | €36,138 | €36,138 | = | 0.0% |
| Distributable reserves | 133 | €22,643,000 | €26,445,000 | +€3.8m | +16.8% |
| Profit (loss) carried forward | 14 | €764 | €870 | +€105 | +13.8% |
| Amounts payable | 17/49 | €2,721,035 | €1,500,015 | -€1.2m | -44.9% |
| Amounts payable within one year | 42/48 | €2,721,035 | €1,500,015 | -€1.2m | -44.9% |
| Trade debts | 44 | €53,487 | €64,064 | +€10,576 | +19.8% |
| Suppliers | 440/4 | €53,487 | €64,064 | +€10,576 | +19.8% |
| Taxes, remuneration and social security | 45 | €442,032 | €279,608 | -€162,424 | -36.7% |
| Taxes | 450/3 | €442,032 | €279,608 | -€162,424 | -36.7% |
| Other amounts payable | 47/48 | €2,225,516 | €1,156,343 | -€1.1m | -48.0% |
| Operating income | 70/76A | €4,349,195 | €4,566,363 | +€217,168 | +5.0% |
| Turnover | 70 | €4,296,666 | €4,566,363 | +€269,697 | +6.3% |
| Other operating income | 74 | €10,500 | €0 | -€10,500 | -100% |
| Non-recurring operating income | 76A | €42,028 | €0 | -€42,028 | -100% |
| Operating charges | 60/66A | €166,047 | €103,685 | -€62,362 | -37.6% |
| Services and other goods | 61 | €98,293 | €102,687 | +€4,393 | +4.5% |
| Other operating charges | 640/8 | €968 | €998 | +€31 | +3.2% |
| Non-recurring operating charges | 66A | €66,786 | €0 | -€66,786 | -100% |
| Operating profit (loss) | 9901 | €4,183,148 | €4,462,678 | +€279,530 | +6.7% |
| Financial income | 75/76B | €2,169,883 | €758,347 | -€1.4m | -65.1% |
| Recurring financial income | 75 | €1,260,878 | €730,756 | -€530,121 | -42.0% |
| Income from financial fixed assets | 750 | €1,202,654 | €706,641 | -€496,014 | -41.2% |
| Income from current assets | 751 | €58,223 | €24,116 | -€34,108 | -58.6% |
| Non-recurring financial income | 76B | €909,005 | €27,591 | -€881,414 | -97.0% |
| Financial charges | 65/66B | €225,961 | €139,311 | -€86,649 | -38.3% |
| Recurring financial charges | 65 | €83,458 | €74,427 | -€9,030 | -10.8% |
| Debt charges | 650 | €62,827 | €54,981 | -€7,846 | -12.5% |
| Other financial charges | 652/9 | €20,631 | €19,447 | -€1,184 | -5.7% |
| Non-recurring financial charges | 66B | €142,503 | €64,884 | -€77,619 | -54.5% |
| Profit (loss) for the period before taxes | 9903 | €6,127,070 | €5,081,714 | -€1.0m | -17.1% |
| Income taxes | 67/77 | €1,232,240 | €1,279,608 | +€47,368 | +3.8% |
| Taxes | 670/3 | €1,232,240 | €1,279,608 | +€47,368 | +3.8% |
| Profit (loss) for the period | 9904 | €4,894,830 | €3,802,105 | -€1.1m | -22.3% |
| Profit (loss) for the period to be appropriated | 9905 | €4,894,830 | €3,802,105 | -€1.1m | -22.3% |
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 19 October 2026 via checked.be.