TBR EXPERTISE: 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.
TBR EXPERTISE
Largest movements
- Cash +€30,783
up €30,783 (+23.1%), from €133,051 to €163,834
mainly Net result for the year (+€107,821) and Depreciation (+€8,209)
- Receivables within one year +€13,444
up €13,444 (+22.5%), from €59,682 to €73,126
of which Trade receivables: +€13,444
- Tangible fixed assets -€4,664
down €4,664 (-12.7%), from €36,692 to €32,028
of which Other tangible fixed assets: -€2,825
- Reserves +€28,835
up €28,835 (+17.9%), from €160,707 to €189,543
- Tax, wage and social debts +€4,948
up €4,948 (+12.3%), from €40,259 to €45,206
of which Taxes: +€4,877
- Taxes +€10,648
up €10,648 (+29.2%), from €36,428 to €47,076
- Gross operating margin +€9,851
up €9,851 (+6.3%), from €156,900 to €166,751
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 | €232,758 | €269,660 | +€36,903 | +15.9% |
| Fixed assets | 21/28 | €37,267 | €32,603 | -€4,664 | -12.5% |
| Tangible fixed assets | 22/27 | €36,692 | €32,028 | -€4,664 | -12.7% |
| Plant, machinery and equipment | 23 | €2,353 | €819 | -€1,534 | -65.2% |
| Furniture and vehicles | 24 | €11,064 | €10,758 | -€306 | -2.8% |
| Other tangible fixed assets | 26 | €23,276 | €20,451 | -€2,825 | -12.1% |
| Financial fixed assets | 28 | €575 | €575 | = | 0.0% |
| Current assets | 29/58 | €195,490 | €237,057 | +€41,567 | +21.3% |
| Amounts receivable within one year | 40/41 | €59,682 | €73,126 | +€13,444 | +22.5% |
| Trade receivables | 40 | €59,619 | €73,063 | +€13,444 | +22.6% |
| Other amounts receivable | 41 | €63 | €63 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €133,051 | €163,834 | +€30,783 | +23.1% |
| Deferred charges and accrued income | 490/1 | €2,757 | €97 | -€2,661 | -96.5% |
| Total equity and liabilities | 10/49 | €232,758 | €269,660 | +€36,903 | +15.9% |
| Equity | 10/15 | €179,307 | €208,143 | +€28,835 | +16.1% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €160,707 | €189,543 | +€28,835 | +17.9% |
| Distributable reserves | 133 | €160,707 | €189,543 | +€28,835 | +17.9% |
| Amounts payable | 17/49 | €53,450 | €61,518 | +€8,067 | +15.1% |
| Amounts payable within one year | 42/48 | €53,450 | €59,518 | +€6,067 | +11.4% |
| Current portion of amounts payable after more than one year | 42 | €4,167 | €5,859 | +€1,692 | +40.6% |
| Trade debts | 44 | €4,439 | €2,636 | -€1,803 | -40.6% |
| Suppliers | 440/4 | €4,439 | €2,636 | -€1,803 | -40.6% |
| Taxes, remuneration and social security | 45 | €40,259 | €45,206 | +€4,948 | +12.3% |
| Taxes | 450/3 | €34,810 | €39,687 | +€4,877 | +14.0% |
| Remuneration and social security | 454/9 | €5,449 | €5,519 | +€70 | +1.3% |
| Other amounts payable | 47/48 | €4,586 | €5,816 | +€1,230 | +26.8% |
| Accrued charges and deferred income | 492/3 | - | €2,000 | +€2,000 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €6,698 | €8,209 | +€1,511 | +22.6% |
| Other operating charges | 640/8 | €996 | €1,041 | +€44 | +4.5% |
| Gross operating margin | 9900 | €156,900 | €166,751 | +€9,851 | +6.3% |
| Operating profit (loss) | 9901 | €149,205 | €157,501 | +€8,295 | +5.6% |
| Financial income | 75/76B | €20 | €64 | +€44 | +218% |
| Recurring financial income | 75 | €20 | €64 | +€44 | +218% |
| Financial charges | 65/66B | €3,574 | €2,668 | -€906 | -25.3% |
| Recurring financial charges | 65 | €3,574 | €2,668 | -€906 | -25.3% |
| Profit (loss) for the period before taxes | 9903 | €145,652 | €154,897 | +€9,246 | +6.3% |
| Income taxes | 67/77 | €36,428 | €47,076 | +€10,648 | +29.2% |
| Profit (loss) for the period | 9904 | €109,224 | €107,821 | -€1,403 | -1.3% |
| Profit (loss) for the period to be appropriated | 9905 | €109,224 | €107,821 | -€1,403 | -1.3% |
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 1 November 2026 via checked.be.