TBR-PROJECTS: 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-PROJECTS
Largest movements
- Receivables within one year +€29,868
up €29,868 (+25.6%), from €116,657 to €146,524
of which Other amounts receivable: +€21,472
- Stocks and contracts +€21,500
up €21,500 (+116%), from €18,500 to €40,000
of which Contracts in progress: +€15,000
- Deferred charges and accrued income -€19,571
down €19,571 (-93.9%), from €20,843 to €1,272
- Tangible fixed assets -€19,183
down €19,183 (-8.5%), from €226,696 to €207,514
of which Land and buildings: -€10,255
- Cash +€12,958
up €12,958 (+18.9%), from €68,587 to €81,545
mainly Debts after one year (+€34,440) and Depreciation (+€20,482)
- Reserves -€48,063
down €48,063 (-40.6%), from €118,318 to €70,255
of which Distributable reserves: -€48,063
- Debts after one year +€34,440
up €34,440 (+23.5%), from €146,754 to €181,194
- Trade debts +€19,323
up €19,323 (+16.3%), from €118,679 to €138,002
- Profit (loss) carried forward -€16,171
down €16,171 (-97.2%), from €16,642 to €471
- Other debts +€16,020
up €16,020 (+392%), from €4,090 to €20,109
- Gross operating margin -€85,340
down €85,340 (-44.8%), from €190,681 to €105,341
- Other operating charges -€31,740
down €31,740 (-91.8%), from €34,593 to €2,852
- Staff costs +€29,125
up €29,125 (+52.5%), from €55,519 to €84,643
- Taxes -€23,420
down €23,420 (-95.5%), from €24,512 to €1,092
- Financial income -€7,067
down €7,067 (-75.8%), from €9,324 to €2,256
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 | €451,284 | €476,855 | +€25,572 | +5.7% |
| Fixed assets | 21/28 | €226,696 | €207,514 | -€19,183 | -8.5% |
| Tangible fixed assets | 22/27 | €226,696 | €207,514 | -€19,183 | -8.5% |
| Land and buildings | 22 | €194,961 | €184,706 | -€10,255 | -5.3% |
| Plant, machinery and equipment | 23 | €17,735 | €12,773 | -€4,962 | -28.0% |
| Furniture and vehicles | 24 | €14,000 | €10,035 | -€3,965 | -28.3% |
| Current assets | 29/58 | €224,588 | €269,342 | +€44,754 | +19.9% |
| Stocks and contracts in progress | 3 | €18,500 | €40,000 | +€21,500 | +116% |
| Stocks | 30/36 | €8,500 | €15,000 | +€6,500 | +76.5% |
| Contracts in progress | 37 | €10,000 | €25,000 | +€15,000 | +150% |
| Amounts receivable within one year | 40/41 | €116,657 | €146,524 | +€29,868 | +25.6% |
| Trade receivables | 40 | €110,205 | €118,601 | +€8,396 | +7.6% |
| Other amounts receivable | 41 | €6,452 | €27,923 | +€21,472 | +333% |
| Cash at bank and in hand | 54/58 | €68,587 | €81,545 | +€12,958 | +18.9% |
| Deferred charges and accrued income | 490/1 | €20,843 | €1,272 | -€19,571 | -93.9% |
| Total equity and liabilities | 10/49 | €451,284 | €476,855 | +€25,572 | +5.7% |
| Equity | 10/15 | €153,560 | €89,326 | -€64,233 | -41.8% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €118,318 | €70,255 | -€48,063 | -40.6% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €116,458 | €68,395 | -€48,063 | -41.3% |
| Profit (loss) carried forward | 14 | €16,642 | €471 | -€16,171 | -97.2% |
| Amounts payable | 17/49 | €297,724 | €387,529 | +€89,805 | +30.2% |
| Amounts payable after more than one year | 17 | €146,754 | €181,194 | +€34,440 | +23.5% |
| Financial debts | 170/4 | €146,754 | €181,194 | +€34,440 | +23.5% |
| Amounts payable within one year | 42/48 | €150,970 | €206,335 | +€55,365 | +36.7% |
| Current portion of amounts payable after more than one year | 42 | €13,140 | €27,732 | +€14,591 | +111% |
| Trade debts | 44 | €118,679 | €138,002 | +€19,323 | +16.3% |
| Suppliers | 440/4 | €118,679 | €138,002 | +€19,323 | +16.3% |
| Taxes, remuneration and social security | 45 | €15,061 | €20,492 | +€5,431 | +36.1% |
| Taxes | 450/3 | €11,769 | €13,043 | +€1,274 | +10.8% |
| Remuneration and social security | 454/9 | €3,292 | €7,449 | +€4,157 | +126% |
| Other amounts payable | 47/48 | €4,090 | €20,109 | +€16,020 | +392% |
| Remuneration, social security and pensions | 62 | €55,519 | €84,643 | +€29,125 | +52.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €19,968 | €20,482 | +€514 | +2.6% |
| Other operating charges | 640/8 | €34,593 | €2,852 | -€31,740 | -91.8% |
| Gross operating margin | 9900 | €190,681 | €105,341 | -€85,340 | -44.8% |
| Operating profit (loss) | 9901 | €80,602 | -€2,636 | -€83,238 | |
| Financial income | 75/76B | €9,324 | €2,256 | -€7,067 | -75.8% |
| Recurring financial income | 75 | €9,324 | €2,256 | -€7,067 | -75.8% |
| Financial charges | 65/66B | €7,018 | €4,699 | -€2,319 | -33.0% |
| Recurring financial charges | 65 | €7,018 | €4,699 | -€2,319 | -33.0% |
| Profit (loss) for the period before taxes | 9903 | €82,908 | -€5,079 | -€87,986 | |
| Income taxes | 67/77 | €24,512 | €1,092 | -€23,420 | -95.5% |
| Profit (loss) for the period | 9904 | €58,395 | -€6,171 | -€64,566 | |
| Profit (loss) for the period to be appropriated | 9905 | €58,395 | -€6,171 | -€64,566 |
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.