TBL MANAGEMENT: 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.
TBL MANAGEMENT
Largest movements
- Receivables within one year +€378,852
up €378,852 (+98.5%), from €384,496 to €763,348
of which Other amounts receivable: +€212,168
- Stocks and contracts -€370,800
down €370,800 (-34.7%), from €1.1m to €697,200
- Cash -€20,904
down €20,904 (-69.0%), from €30,298 to €9,394
mainly Receivables within one year (-€378,852) and Other debts (-€70,336)
- Current portion of long-term debt +€75,000
up €75,000, from €0 to €75,000
- Other debts -€70,336
down €70,336 (-100.0%), from €70,336 to €0
- Tax, wage and social debts -€57,586
down €57,586 (-95.4%), from €60,348 to €2,761
- Short-term financial debts +€35,719
up €35,719, from €0 to €35,719
of which Credit institutions: +€35,719
- Reserves -€19,909
down €19,909 (-1.5%), from €1.3m to €1.3m
of which Distributable reserves: -€19,909
- Gross operating margin -€375,768
down €375,768, from €349,752 to -€26,016
- Write-downs -€82,400
down €82,400, from €41,200 to -€41,200
- Taxes -€70,920
down €70,920 (-99.3%), from €71,435 to €515
- Financial charges +€3,710
up €3,710 (+32.3%), from €11,471 to €15,181
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 | €1,538,803 | €1,520,289 | -€18,514 | -1.2% |
| Fixed assets | 21/28 | €48,438 | €44,360 | -€4,078 | -8.4% |
| Intangible fixed assets | 21 | - | €11,245 | +€11,245 | |
| Tangible fixed assets | 22/27 | €45,838 | €30,515 | -€15,322 | -33.4% |
| Plant, machinery and equipment | 23 | €3,587 | €1,780 | -€1,807 | -50.4% |
| Furniture and vehicles | 24 | €42,250 | €28,735 | -€13,516 | -32.0% |
| Financial fixed assets | 28 | €2,600 | €2,600 | = | 0.0% |
| Current assets | 29/58 | €1,490,366 | €1,475,929 | -€14,436 | -1.0% |
| Stocks and contracts in progress | 3 | €1,068,000 | €697,200 | -€370,800 | -34.7% |
| Stocks | 30/36 | €1,068,000 | €697,200 | -€370,800 | -34.7% |
| Amounts receivable within one year | 40/41 | €384,496 | €763,348 | +€378,852 | +98.5% |
| Trade receivables | 40 | €347,354 | €514,039 | +€166,685 | +48.0% |
| Other amounts receivable | 41 | €37,142 | €249,309 | +€212,168 | +571.2% |
| Cash at bank and in hand | 54/58 | €30,298 | €9,394 | -€20,904 | -69.0% |
| Deferred charges and accrued income | 490/1 | €7,572 | €5,987 | -€1,584 | -20.9% |
| Total equity and liabilities | 10/49 | €1,538,803 | €1,520,289 | -€18,514 | -1.2% |
| Equity | 10/15 | €1,371,755 | €1,351,846 | -€19,909 | -1.5% |
| Contributions | 10/11 | €80,000 | €80,000 | = | 0.0% |
| Capital | 10 | €80,000 | €80,000 | = | 0.0% |
| Issued capital | 100 | €80,000 | €80,000 | = | 0.0% |
| Reserves | 13 | €1,291,755 | €1,271,846 | -€19,909 | -1.5% |
| Non-distributable reserves | 130/1 | €22,425 | €22,425 | = | 0.0% |
| Legal reserve | 130 | €22,425 | €22,425 | = | 0.0% |
| Distributable reserves | 133 | €1,269,330 | €1,249,421 | -€19,909 | -1.6% |
| Amounts payable | 17/49 | €167,048 | €168,443 | +€1,395 | +0.8% |
| Amounts payable within one year | 42/48 | €167,048 | €168,443 | +€1,395 | +0.8% |
| Current portion of amounts payable after more than one year | 42 | €0 | €75,000 | +€75,000 | |
| Financial debts | 43 | €0 | €35,719 | +€35,719 | |
| Credit institutions | 430/8 | - | €35,719 | +€35,719 | |
| Other loans | 439 | €0 | - | = | |
| Trade debts | 44 | €36,364 | €54,962 | +€18,598 | +51.1% |
| Suppliers | 440/4 | €36,364 | €54,962 | +€18,598 | +51.1% |
| Taxes, remuneration and social security | 45 | €60,348 | €2,761 | -€57,586 | -95.4% |
| Taxes | 450/3 | €60,348 | €2,761 | -€57,586 | -95.4% |
| Other amounts payable | 47/48 | €70,336 | €0 | -€70,336 | -100.0% |
| Remuneration, social security and pensions | 62 | €0 | €146 | +€146 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €15,322 | €15,333 | +€10 | +0.1% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €41,200 | -€41,200 | -€82,400 | |
| Other operating charges | 640/8 | €2,311 | €3,948 | +€1,637 | +70.8% |
| Gross operating margin | 9900 | €349,752 | -€26,016 | -€375,768 | |
| Operating profit (loss) | 9901 | €290,919 | -€4,242 | -€295,161 | |
| Financial income | 75/76B | €1 | €30 | +€30 | +5006.8% |
| Recurring financial income | 75 | €1 | €30 | +€30 | +5006.8% |
| Financial charges | 65/66B | €11,471 | €15,181 | +€3,710 | +32.3% |
| Recurring financial charges | 65 | €11,471 | €15,181 | +€3,710 | +32.3% |
| Profit (loss) for the period before taxes | 9903 | €279,448 | -€19,394 | -€298,842 | |
| Income taxes | 67/77 | €71,435 | €515 | -€70,920 | -99.3% |
| Profit (loss) for the period | 9904 | €208,014 | -€19,909 | -€227,923 | |
| Profit (loss) for the period to be appropriated | 9905 | €208,014 | -€19,909 | -€227,923 |
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 7 October 2026 via checked.be.