TCD Consulting: what changed
Two fiscal 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.
TCD Consulting
Largest movements
- Receivables within one year -€60,620
down €60,620 (-65.7%), from €92,225 to €31,605
of which Trade receivables: -€72,981
- Cash -€28,264
down €28,264 (-32.6%), from €86,728 to €58,464
mainly Contributions, distributions and other (-€223,763) and Tax, wage and social debts (-€31,887)
- Profit (loss) carried forward -€102,840
no longer reported in 2025 (was €102,840)
- Other debts +€69,005
up €69,005 (+45.8%), from €150,821 to €219,825
- Tax, wage and social debts -€31,887
down €31,887 (-40.3%), from €79,173 to €47,286
- Trade debts -€17,460
down €17,460 (-81.2%), from €21,489 to €4,029
- Debts after one year -€7,089
down €7,089 (-10.2%), from €69,330 to €62,241
- Gross operating margin -€81,601
down €81,601 (-32.3%), from €252,429 to €170,828
- Taxes -€38,530
down €38,530 (-52.6%), from €73,225 to €34,695
- Depreciation -€34,128
down €34,128 (-75.9%), from €44,950 to €10,821
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.
Cash bridge derived
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 | €449,018 | €359,020 | -€89,998 | -20.0% |
| Fixed assets | 21/28 | €270,066 | €268,730 | -€1,335 | -0.5% |
| Tangible fixed assets | 22/27 | €270,023 | €268,688 | -€1,335 | -0.5% |
| Land and buildings | 22 | €268,992 | €266,660 | -€2,332 | -0.9% |
| Plant, machinery and equipment | 23 | €123 | €26 | -€97 | -78.9% |
| Furniture and vehicles | 24 | €908 | €2,002 | +€1,094 | +120.5% |
| Financial fixed assets | 28 | €42 | €42 | = | 0.0% |
| Current assets | 29/58 | €178,953 | €90,290 | -€88,663 | -49.5% |
| Amounts receivable within one year | 40/41 | €92,225 | €31,605 | -€60,620 | -65.7% |
| Trade receivables | 40 | €91,281 | €18,300 | -€72,981 | -80.0% |
| Other amounts receivable | 41 | €944 | €13,305 | +€12,361 | +1308.9% |
| Cash at bank and in hand | 54/58 | €86,728 | €58,464 | -€28,264 | -32.6% |
| Deferred charges and accrued income | 490/1 | - | €221 | +€221 | |
| Total equity and liabilities | 10/49 | €449,018 | €359,020 | -€89,998 | -20.0% |
| Equity | 10/15 | €121,390 | €18,550 | -€102,840 | -84.7% |
| Contributions | 10/11 | €18,550 | €18,550 | = | 0.0% |
| Profit (loss) carried forward | 14 | €102,840 | - | -€102,840 | |
| Amounts payable | 17/49 | €327,628 | €340,470 | +€12,842 | +3.9% |
| Amounts payable after more than one year | 17 | €69,330 | €62,241 | -€7,089 | -10.2% |
| Financial debts | 170/4 | €69,330 | €62,241 | -€7,089 | -10.2% |
| Amounts payable within one year | 42/48 | €258,298 | €278,229 | +€19,931 | +7.7% |
| Current portion of amounts payable after more than one year | 42 | €6,816 | €7,089 | +€273 | +4.0% |
| Trade debts | 44 | €21,489 | €4,029 | -€17,460 | -81.2% |
| Suppliers | 440/4 | €21,489 | €4,029 | -€17,460 | -81.2% |
| Taxes, remuneration and social security | 45 | €79,173 | €47,286 | -€31,887 | -40.3% |
| Taxes | 450/3 | €79,173 | €47,286 | -€31,887 | -40.3% |
| Other amounts payable | 47/48 | €150,821 | €219,825 | +€69,005 | +45.8% |
| Non-recurring operating income | 76A | €26,980 | - | -€26,980 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €44,950 | €10,821 | -€34,128 | -75.9% |
| Other operating charges | 640/8 | €1,527 | €1,554 | +€27 | +1.8% |
| Gross operating margin | 9900 | €252,429 | €170,828 | -€81,601 | -32.3% |
| Operating profit (loss) | 9901 | €205,953 | €158,453 | -€47,500 | -23.1% |
| Financial income | 75/76B | €296 | €167 | -€128 | -43.4% |
| Recurring financial income | 75 | €296 | €167 | -€128 | -43.4% |
| Financial charges | 65/66B | €3,109 | €3,002 | -€106 | -3.4% |
| Recurring financial charges | 65 | €3,109 | €3,002 | -€106 | -3.4% |
| Profit (loss) for the period before taxes | 9903 | €203,140 | €155,618 | -€47,522 | -23.4% |
| Income taxes | 67/77 | €73,225 | €34,695 | -€38,530 | -52.6% |
| Profit (loss) for the period | 9904 | €129,915 | €120,923 | -€8,992 | -6.9% |
| Profit (loss) for the period to be appropriated | 9905 | €129,915 | €120,923 | -€8,992 | -6.9% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 8 October 2026 via checked.be.