TBO 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.
TBO PROJECTS
Largest movements
- Cash +€7,307
up €7,307 (+43.9%), from €16,652 to €23,959
mainly Debts after one year (+€6,500) and Net result for the year (+€1,738)
- Tangible fixed assets -€367
down €367 (-42.9%), from €856 to €489
- Receivables within one year -€335
down €335 (-64.5%), from €520 to €185
of which Other amounts receivable: -€335
- Debts after one year +€6,500
new in 2025: €6,500
- Reserves +€1,738
up €1,738 (+96.4%), from €1,804 to €3,542
- Other debts -€1,426
down €1,426 (-15.0%), from €9,502 to €8,076
- Trade debts -€404
down €404 (-71.5%), from €566 to €162
- Accrued charges and deferred income +€268
up €268 (+53.7%), from €500 to €768
- Financial charges +€381
up €381 (+376.5%), from €101 to €482
- Other operating charges -€237
down €237 (-73.9%), from €321 to €84
- Gross operating margin +€203
up €203 (+6.3%), from €3,200 to €3,403
- Depreciation +€122
up €122 (+49.6%), from €245 to €367
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 | €18,101 | €24,792 | +€6,691 | +37.0% |
| Fixed assets | 21/28 | €856 | €489 | -€367 | -42.9% |
| Tangible fixed assets | 22/27 | €856 | €489 | -€367 | -42.9% |
| Furniture and vehicles | 24 | €856 | €489 | -€367 | -42.9% |
| Current assets | 29/58 | €17,246 | €24,303 | +€7,058 | +40.9% |
| Amounts receivable within one year | 40/41 | €520 | €185 | -€335 | -64.5% |
| Trade receivables | 40 | €53 | €53 | = | 0.0% |
| Other amounts receivable | 41 | €467 | €132 | -€335 | -71.8% |
| Cash at bank and in hand | 54/58 | €16,652 | €23,959 | +€7,307 | +43.9% |
| Deferred charges and accrued income | 490/1 | €73 | €160 | +€86 | +117.7% |
| Total equity and liabilities | 10/49 | €18,101 | €24,792 | +€6,691 | +37.0% |
| Equity | 10/15 | €6,804 | €8,542 | +€1,738 | +25.6% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Reserves | 13 | €1,804 | €3,542 | +€1,738 | +96.4% |
| Distributable reserves | 133 | €1,804 | €3,542 | +€1,738 | +96.4% |
| Amounts payable | 17/49 | €11,297 | €16,250 | +€4,952 | +43.8% |
| Amounts payable after more than one year | 17 | - | €6,500 | +€6,500 | |
| Other amounts payable | 178/9 | - | €6,500 | +€6,500 | |
| Amounts payable within one year | 42/48 | €10,797 | €8,981 | -€1,816 | -16.8% |
| Trade debts | 44 | €566 | €162 | -€404 | -71.5% |
| Suppliers | 440/4 | €566 | €162 | -€404 | -71.5% |
| Taxes, remuneration and social security | 45 | €730 | €743 | +€14 | +1.9% |
| Taxes | 450/3 | €730 | €743 | +€14 | +1.9% |
| Other amounts payable | 47/48 | €9,502 | €8,076 | -€1,426 | -15.0% |
| Accrued charges and deferred income | 492/3 | €500 | €768 | +€268 | +53.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €245 | €367 | +€122 | +49.6% |
| Other operating charges | 640/8 | €321 | €84 | -€237 | -73.9% |
| Gross operating margin | 9900 | €3,200 | €3,403 | +€203 | +6.3% |
| Operating profit (loss) | 9901 | €2,634 | €2,952 | +€318 | +12.1% |
| Financial income | 75/76B | €0 | €6 | +€5 | +1278.6% |
| Recurring financial income | 75 | €0 | €6 | +€5 | +1278.6% |
| Financial charges | 65/66B | €101 | €482 | +€381 | +376.5% |
| Recurring financial charges | 65 | €101 | €482 | +€381 | +376.5% |
| Profit (loss) for the period before taxes | 9903 | €2,533 | €2,476 | -€58 | -2.3% |
| Income taxes | 67/77 | €730 | €737 | +€8 | +1.1% |
| Profit (loss) for the period | 9904 | €1,804 | €1,738 | -€65 | -3.6% |
| Profit (loss) for the period to be appropriated | 9905 | €1,804 | €1,738 | -€65 | -3.6% |
Source: filed annual accounts (NBB), fiscal years ended 31 July 2024 and 31 July 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 8 October 2026 via checked.be.