TC Project: what changed
TC Project
Largest movements
- Tangible fixed assets -€18,687
down €18,687 (-15.5%), from €120,456 to €101,769
of which Furniture and vehicles: -€20,050
- Receivables within one year -€17,486
down €17,486 (-16.1%), from €108,610 to €91,123
of which Trade receivables: -€27,034
- Cash -€8,728
down €8,728 (-28.0%), from €31,205 to €22,477
mainly Trade debts (-€26,293) and Other debts (-€10,800)
- Stocks and contracts +€4,684
new in 2025: €4,684
- Trade debts -€26,293
down €26,293 (-91.7%), from €28,689 to €2,395
- Other debts -€10,800
down €10,800 (-12.0%), from €89,785 to €78,985
- Tax, wage and social debts -€6,936
down €6,936 (-57.9%), from €11,977 to €5,041
of which Remuneration and social security: -€4,000
- Current portion of long-term debt -€6,519
down €6,519 (-36.0%), from €18,101 to €11,582
- Accrued charges and deferred income +€6,000
up €6,000 (+300%), from €2,000 to €8,000
- Gross operating margin -€11,553
down €11,553 (-24.8%), from €46,634 to €35,081
- Taxes -€1,432
down €1,432 (-49.4%), from €2,897 to €1,465
- Financial income -€1,360
down €1,360 (-95.1%), from €1,430 to €70
- Financial charges -€513
down €513 (-14.7%), from €3,475 to €2,963
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €283,035 | €239,869 | -€43,166 | -15.3% |
| Fixed assets | 21/28 | €142,331 | €121,144 | -€21,187 | -14.9% |
| Intangible fixed assets | 21 | €16,875 | €14,375 | -€2,500 | -14.8% |
| Tangible fixed assets | 22/27 | €120,456 | €101,769 | -€18,687 | -15.5% |
| Land and buildings | 22 | €1,644 | €1,226 | -€418 | -25.4% |
| Plant, machinery and equipment | 23 | €1,476 | €3,257 | +€1,781 | +121% |
| Furniture and vehicles | 24 | €117,335 | €97,285 | -€20,050 | -17.1% |
| Financial fixed assets | 28 | €5,000 | €5,000 | = | 0.0% |
| Current assets | 29/58 | €140,704 | €118,725 | -€21,979 | -15.6% |
| Stocks and contracts in progress | 3 | - | €4,684 | +€4,684 | |
| Stocks | 30/36 | - | €4,684 | +€4,684 | |
| Amounts receivable within one year | 40/41 | €108,610 | €91,123 | -€17,486 | -16.1% |
| Trade receivables | 40 | €87,217 | €60,183 | -€27,034 | -31.0% |
| Other amounts receivable | 41 | €21,392 | €30,940 | +€9,548 | +44.6% |
| Cash at bank and in hand | 54/58 | €31,205 | €22,477 | -€8,728 | -28.0% |
| Deferred charges and accrued income | 490/1 | €889 | €440 | -€449 | -50.5% |
| Total equity and liabilities | 10/49 | €283,035 | €239,869 | -€43,166 | -15.3% |
| Equity | 10/15 | €85,109 | €90,977 | +€5,868 | +6.9% |
| Contributions | 10/11 | €3,000 | €3,000 | = | 0.0% |
| Reserves | 13 | €82,109 | €87,977 | +€5,868 | +7.1% |
| Distributable reserves | 133 | €82,109 | €87,977 | +€5,868 | +7.1% |
| Amounts payable | 17/49 | €197,926 | €148,892 | -€49,034 | -24.8% |
| Amounts payable after more than one year | 17 | €47,374 | €42,792 | -€4,582 | -9.7% |
| Financial debts | 170/4 | €47,374 | €42,792 | -€4,582 | -9.7% |
| Amounts payable within one year | 42/48 | €148,552 | €98,100 | -€50,452 | -34.0% |
| Current portion of amounts payable after more than one year | 42 | €18,101 | €11,582 | -€6,519 | -36.0% |
| Trade debts | 44 | €28,689 | €2,395 | -€26,293 | -91.7% |
| Suppliers | 440/4 | €28,689 | €2,395 | -€26,293 | -91.7% |
| Advances received on contracts in progress | 46 | - | €97 | +€97 | |
| Taxes, remuneration and social security | 45 | €11,977 | €5,041 | -€6,936 | -57.9% |
| Taxes | 450/3 | €7,977 | €5,041 | -€2,936 | -36.8% |
| Remuneration and social security | 454/9 | €4,000 | - | -€4,000 | |
| Other amounts payable | 47/48 | €89,785 | €78,985 | -€10,800 | -12.0% |
| Accrued charges and deferred income | 492/3 | €2,000 | €8,000 | +€6,000 | +300% |
| Remuneration, social security and pensions | 62 | €56 | - | -€56 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €23,343 | €23,797 | +€454 | +1.9% |
| Other operating charges | 640/8 | €940 | €1,059 | +€119 | +12.6% |
| Gross operating margin | 9900 | €46,634 | €35,081 | -€11,553 | -24.8% |
| Operating profit (loss) | 9901 | €22,296 | €10,225 | -€12,070 | -54.1% |
| Financial income | 75/76B | €1,430 | €70 | -€1,360 | -95.1% |
| Recurring financial income | 75 | €1,430 | €70 | -€1,360 | -95.1% |
| Financial charges | 65/66B | €3,475 | €2,963 | -€513 | -14.7% |
| Recurring financial charges | 65 | €3,475 | €2,963 | -€513 | -14.7% |
| Profit (loss) for the period before taxes | 9903 | €20,250 | €7,333 | -€12,918 | -63.8% |
| Income taxes | 67/77 | €2,897 | €1,465 | -€1,432 | -49.4% |
| Profit (loss) for the period | 9904 | €17,353 | €5,868 | -€11,485 | -66.2% |
| Profit (loss) for the period to be appropriated | 9905 | €17,353 | €5,868 | -€11,485 | -66.2% |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 3 November 2026 via checked.be.