TC: 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.
TC
Largest movements
- Current investments +€2.2m
up €2.2m (+275%), from €785,812 to €2.9m
- Cash -€2.1m
down €2.1m (-82.2%), from €2.5m to €452,338
mainly Current investments (-€2.2m) and Contributions, distributions and other (-€450,000)
- Receivables within one year -€489,250
down €489,250 (-93.4%), from €523,662 to €34,412
of which Other amounts receivable: -€430,347
- Reserves -€374,725
down €374,725 (-7.0%), from €5.4m to €5.0m
- Tax, wage and social debts -€190,646
down €190,646 (-98.5%), from €193,644 to €2,998
- Other debts +€143,681
new in 2025: €143,681
- Financial income -€2.4m
down €2.4m (-92.3%), from €2.6m to €200,196
- Financial charges -€694,267
down €694,267 (-91.4%), from €759,900 to €65,633
of which Non-recurring financial charges: -€757,415
- Taxes -€183,740
down €183,740 (-87.1%), from €210,863 to €27,123
- Gross operating margin -€115,979
down €115,979, from €101,502 to -€14,477
- Depreciation -€6,827
down €6,827 (-30.3%), from €22,509 to €15,681
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 | €5,715,733 | €5,275,575 | -€440,158 | -7.7% |
| Fixed assets | 21/28 | €429,767 | €414,086 | -€15,681 | -3.6% |
| Tangible fixed assets | 22/27 | €309,307 | €293,626 | -€15,681 | -5.1% |
| Land and buildings | 22 | €281,983 | €273,722 | -€8,261 | -2.9% |
| Furniture and vehicles | 24 | €17,169 | €11,135 | -€6,034 | -35.1% |
| Other tangible fixed assets | 26 | €10,155 | €8,769 | -€1,386 | -13.6% |
| Financial fixed assets | 28 | €120,460 | €120,460 | = | 0.0% |
| Current assets | 29/58 | €5,285,966 | €4,861,489 | -€424,477 | -8.0% |
| Amounts receivable after more than one year | 29 | €1,428,828 | €1,428,828 | = | 0.0% |
| Other amounts receivable | 291 | €1,428,828 | €1,428,828 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €523,662 | €34,412 | -€489,250 | -93.4% |
| Trade receivables | 40 | €68,441 | €9,538 | -€58,902 | -86.1% |
| Other amounts receivable | 41 | €455,221 | €24,874 | -€430,347 | -94.5% |
| Current investments | 50/53 | €785,812 | €2,945,343 | +€2.2m | +275% |
| Cash at bank and in hand | 54/58 | €2,537,866 | €452,338 | -€2.1m | -82.2% |
| Deferred charges and accrued income | 490/1 | €9,799 | €569 | -€9,230 | -94.2% |
| Total equity and liabilities | 10/49 | €5,715,733 | €5,275,575 | -€440,158 | -7.7% |
| Equity | 10/15 | €5,376,077 | €5,001,353 | -€374,725 | -7.0% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €5,357,477 | €4,982,753 | -€374,725 | -7.0% |
| Distributable reserves | 133 | €5,357,477 | €4,982,753 | -€374,725 | -7.0% |
| Amounts payable | 17/49 | €339,656 | €274,223 | -€65,433 | -19.3% |
| Amounts payable after more than one year | 17 | €120,231 | €102,980 | -€17,251 | -14.3% |
| Financial debts | 170/4 | €120,231 | €102,980 | -€17,251 | -14.3% |
| Amounts payable within one year | 42/48 | €218,847 | €165,491 | -€53,356 | -24.4% |
| Current portion of amounts payable after more than one year | 42 | €17,062 | €17,251 | +€190 | +1.1% |
| Trade debts | 44 | €8,140 | €1,560 | -€6,580 | -80.8% |
| Suppliers | 440/4 | €8,140 | €1,560 | -€6,580 | -80.8% |
| Taxes, remuneration and social security | 45 | €193,644 | €2,998 | -€190,646 | -98.5% |
| Taxes | 450/3 | €193,644 | €2,998 | -€190,646 | -98.5% |
| Other amounts payable | 47/48 | - | €143,681 | +€143,681 | |
| Accrued charges and deferred income | 492/3 | €578 | €5,752 | +€5,173 | +895% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €22,509 | €15,681 | -€6,827 | -30.3% |
| Other operating charges | 640/8 | €3,768 | €2,006 | -€1,762 | -46.8% |
| Gross operating margin | 9900 | €101,502 | -€14,477 | -€115,979 | |
| Operating profit (loss) | 9901 | €75,225 | -€32,164 | -€107,390 | |
| Financial income | 75/76B | €2,615,409 | €200,196 | -€2.4m | -92.3% |
| Recurring financial income | 75 | €2,615,409 | €200,196 | -€2.4m | -92.3% |
| Financial charges | 65/66B | €759,900 | €65,633 | -€694,267 | -91.4% |
| Recurring financial charges | 65 | €2,485 | €65,633 | +€63,148 | +2,541% |
| Non-recurring financial charges | 66B | €757,415 | - | -€757,415 | |
| Profit (loss) for the period before taxes | 9903 | €1,930,735 | €102,399 | -€1.8m | -94.7% |
| Income taxes | 67/77 | €210,863 | €27,123 | -€183,740 | -87.1% |
| Profit (loss) for the period | 9904 | €1,719,872 | €75,275 | -€1.6m | -95.6% |
| Profit (loss) for the period to be appropriated | 9905 | €1,719,872 | €75,275 | -€1.6m | -95.6% |
Source: filed annual accounts (NBB), financial years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 16 October 2026 via checked.be.