TC 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.
TC Projects
Largest movements
- Tangible fixed assets +€26,051
up €26,051 (+240%), from €10,846 to €36,897
of which Leasing and similar rights: +€30,928
- Cash +€24,635
up €24,635 (+276%), from €8,923 to €33,558
mainly Debts after one year (+€21,137) and Receivables within one year (+€14,703)
- Receivables within one year -€14,703
down €14,703 (-33.9%), from €43,361 to €28,658
of which Trade receivables: -€15,359
- Deferred charges and accrued income +€1,921
up €1,921 (+240%), from €802 to €2,724
- Debts after one year +€21,137
up €21,137 (+370%), from €5,709 to €26,846
- Current portion of long-term debt +€6,675
up €6,675 (+129%), from €5,172 to €11,848
- Reserves +€5,632
up €5,632 (+16.9%), from €33,334 to €38,965
- Profit (loss) carried forward +€4,549
no longer reported in 2025 (was -€4,549)
- Trade debts -€3,569
down €3,569 (-30.5%), from €11,718 to €8,148
- Gross operating margin +€67,941
up €67,941 (+1,459%), from €4,657 to €72,598
- Staff costs +€42,164
up €42,164 (+2,503%), from €1,685 to €43,848
- Depreciation +€5,892
up €5,892 (+76.8%), from €7,674 to €13,566
- Taxes +€1,958
new in 2025: €1,958
- Other operating charges +€942
up €942 (+72.0%), from €1,308 to €2,250
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 | €67,553 | €104,811 | +€37,258 | +55.2% |
| Fixed assets | 21/28 | €11,883 | €37,534 | +€25,651 | +216% |
| Intangible fixed assets | 21 | €1,037 | €637 | -€400 | -38.6% |
| Tangible fixed assets | 22/27 | €10,846 | €36,897 | +€26,051 | +240% |
| Plant, machinery and equipment | 23 | €432 | €1,541 | +€1,108 | +256% |
| Furniture and vehicles | 24 | €10,413 | €4,429 | -€5,985 | -57.5% |
| Leasing and similar rights | 25 | - | €30,928 | +€30,928 | |
| Current assets | 29/58 | €55,670 | €67,276 | +€11,606 | +20.8% |
| Stocks and contracts in progress | 3 | €2,584 | €2,336 | -€247 | -9.6% |
| Stocks | 30/36 | €2,584 | €2,336 | -€247 | -9.6% |
| Amounts receivable within one year | 40/41 | €43,361 | €28,658 | -€14,703 | -33.9% |
| Trade receivables | 40 | €32,528 | €17,169 | -€15,359 | -47.2% |
| Other amounts receivable | 41 | €10,834 | €11,490 | +€656 | +6.1% |
| Cash at bank and in hand | 54/58 | €8,923 | €33,558 | +€24,635 | +276% |
| Deferred charges and accrued income | 490/1 | €802 | €2,724 | +€1,921 | +240% |
| Total equity and liabilities | 10/49 | €67,553 | €104,811 | +€37,258 | +55.2% |
| Equity | 10/15 | €35,285 | €45,465 | +€10,181 | +28.9% |
| Contributions | 10/11 | €6,500 | €6,500 | = | 0.0% |
| Reserves | 13 | €33,334 | €38,965 | +€5,632 | +16.9% |
| Distributable reserves | 133 | €33,334 | €38,965 | +€5,632 | +16.9% |
| Profit (loss) carried forward | 14 | -€4,549 | - | +€4,549 | |
| Amounts payable | 17/49 | €32,268 | €59,345 | +€27,077 | +83.9% |
| Amounts payable after more than one year | 17 | €5,709 | €26,846 | +€21,137 | +370% |
| Financial debts | 170/4 | €5,709 | €26,846 | +€21,137 | +370% |
| Amounts payable within one year | 42/48 | €26,559 | €32,475 | +€5,916 | +22.3% |
| Current portion of amounts payable after more than one year | 42 | €5,172 | €11,848 | +€6,675 | +129% |
| Trade debts | 44 | €11,718 | €8,148 | -€3,569 | -30.5% |
| Suppliers | 440/4 | €11,718 | €8,148 | -€3,569 | -30.5% |
| Advances received on contracts in progress | 46 | - | €6 | +€6 | |
| Taxes, remuneration and social security | 45 | €9,669 | €12,473 | +€2,804 | +29.0% |
| Taxes | 450/3 | €7,147 | €9,234 | +€2,087 | +29.2% |
| Remuneration and social security | 454/9 | €2,523 | €3,239 | +€717 | +28.4% |
| Accrued charges and deferred income | 492/3 | - | €24 | +€24 | |
| Remuneration, social security and pensions | 62 | €1,685 | €43,848 | +€42,164 | +2,503% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €7,674 | €13,566 | +€5,892 | +76.8% |
| Other operating charges | 640/8 | €1,308 | €2,250 | +€942 | +72.0% |
| Gross operating margin | 9900 | €4,657 | €72,598 | +€67,941 | +1,459% |
| Operating profit (loss) | 9901 | -€6,010 | €12,934 | +€18,944 | |
| Financial income | 75/76B | €28 | €319 | +€291 | +1,024% |
| Recurring financial income | 75 | €28 | €319 | +€291 | +1,024% |
| Financial charges | 65/66B | €427 | €1,114 | +€686 | +161% |
| Recurring financial charges | 65 | €427 | €1,114 | +€686 | +161% |
| Profit (loss) for the period before taxes | 9903 | -€6,409 | €12,139 | +€18,548 | |
| Income taxes | 67/77 | - | €1,958 | +€1,958 | |
| Profit (loss) for the period | 9904 | -€6,409 | €10,181 | +€16,590 | |
| Profit (loss) for the period to be appropriated | 9905 | -€6,409 | €10,181 | +€16,590 |
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 15 October 2026 via checked.be.