TBD Invest: 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 Invest
Largest movements
- Financial fixed assets +€3.0m
new in 2025: €3.0m
- Contributions +€1.5m
up €1.5m (+25,000%), from €6,000 to €1.5m
- Debts after one year +€1.3m
new in 2025: €1.3m
- Other debts +€142,921
up €142,921 (+11,489%), from €1,244 to €144,165
- Current portion of long-term debt +€131,344
new in 2025: €131,344
- Profit (loss) carried forward -€65,686
down €65,686 (-22,808%), from -€288 to -€65,974
- Financial charges +€35,293
new in 2025: €35,293
- Gross operating margin -€15,280
down €15,280 (-6,791%), from -€225 to -€15,505
- Depreciation +€960
up €960 (+7,385%), from €13 to €973
- Other operating charges +€500
up €500 (+1,000%), from €50 to €550
- Purchases and services -€225
no longer reported in 2025 (was €225)
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 | €7,181 | €3,016,885 | +€3.0m | +41,912% |
| Formation expenses | 20 | €973 | €644 | -€329 | -33.8% |
| Fixed assets | 21/28 | - | €3,002,082 | +€3.0m | |
| Tangible fixed assets | 22/27 | - | €2,082 | +€2,082 | |
| Furniture and vehicles | 24 | - | €2,082 | +€2,082 | |
| Financial fixed assets | 28 | - | €3,000,000 | +€3.0m | |
| Current assets | 29/58 | €6,208 | €14,159 | +€7,951 | +128% |
| Amounts receivable within one year | 40/41 | €208 | €12,100 | +€11,892 | +5,717% |
| Trade receivables | 40 | - | €12,100 | +€12,100 | |
| Other amounts receivable | 41 | €208 | - | -€208 | |
| Cash at bank and in hand | 54/58 | €6,000 | €2,059 | -€3,941 | -65.7% |
| Total equity and liabilities | 10/49 | €7,181 | €3,016,885 | +€3.0m | +41,912% |
| Equity | 10/15 | €5,712 | €1,440,026 | +€1.4m | +25,111% |
| Contributions | 10/11 | €6,000 | €1,506,000 | +€1.5m | +25,000% |
| Profit (loss) carried forward | 14 | -€288 | -€65,974 | -€65,686 | -22,808% |
| Amounts payable | 17/49 | €1,469 | €1,576,859 | +€1.6m | +107,242% |
| Amounts payable after more than one year | 17 | - | €1,283,738 | +€1.3m | |
| Financial debts | 170/4 | - | €1,283,738 | +€1.3m | |
| Amounts payable within one year | 42/48 | €1,469 | €293,121 | +€291,652 | +19,854% |
| Current portion of amounts payable after more than one year | 42 | - | €131,344 | +€131,344 | |
| Trade debts | 44 | €225 | €6,901 | +€6,676 | +2,967% |
| Suppliers | 440/4 | €225 | €6,901 | +€6,676 | +2,967% |
| Taxes, remuneration and social security | 45 | - | €10,711 | +€10,711 | |
| Taxes | 450/3 | - | €5,311 | +€5,311 | |
| Remuneration and social security | 454/9 | - | €5,400 | +€5,400 | |
| Other amounts payable | 47/48 | €1,244 | €144,165 | +€142,921 | +11,489% |
| Goods, raw materials, services and sundry goods | 60/61 | €225 | - | -€225 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €13 | €973 | +€960 | +7,385% |
| Other operating charges | 640/8 | €50 | €550 | +€500 | +1,000% |
| Non-recurring operating charges | 66A | - | €13,365 | +€13,365 | |
| Gross operating margin | 9900 | -€225 | -€15,505 | -€15,280 | -6,791% |
| Operating profit (loss) | 9901 | -€288 | -€30,393 | -€30,105 | -10,453% |
| Financial charges | 65/66B | - | €35,293 | +€35,293 | |
| Recurring financial charges | 65 | - | €35,293 | +€35,293 | |
| Profit (loss) for the period before taxes | 9903 | -€288 | -€65,686 | -€65,398 | -22,708% |
| Profit (loss) for the period | 9904 | -€288 | -€65,686 | -€65,398 | -22,708% |
| Profit (loss) for the period to be appropriated | 9905 | -€288 | -€65,686 | -€65,398 | -22,708% |
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 28 October 2026 via checked.be.