TCF: 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.
TCF
Largest movements
- Receivables within one year -€64,832
down €64,832 (-9.1%), from €710,749 to €645,917
of which Trade receivables: -€71,425
- Tangible fixed assets -€53,014
down €53,014 (-29.7%), from €178,296 to €125,282
of which Plant, machinery and equipment: -€30,114
- Cash -€14,071
down €14,071 (-98.2%), from €14,336 to €265
mainly Trade debts (-€141,299) and Debts after one year (-€57,516)
- Profit (loss) carried forward +€158,593
up €158,593 (+36.4%), from -€435,437 to -€276,844
- Trade debts -€141,299
down €141,299 (-21.3%), from €662,875 to €521,576
- Debts after one year -€57,516
down €57,516 (-65.9%), from €87,334 to €29,817
- Current portion of long-term debt -€55,302
down €55,302 (-49.0%), from €112,818 to €57,516
- Other debts -€25,000
no longer reported in 2025 (was €25,000)
- Other operating charges -€105,549
down €105,549 (-95.0%), from €111,110 to €5,561
- Staff costs -€95,384
down €95,384 (-10.8%), from €886,504 to €791,120
- Gross operating margin +€76,798
up €76,798 (+8.2%), from €937,988 to €1.0m
- Financial income +€19,813
up €19,813 (+15,763%), from €126 to €19,939
of which Non-recurring financial income: +€16,664
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 | €931,642 | €795,771 | -€135,872 | -14.6% |
| Fixed assets | 21/28 | €179,367 | €125,865 | -€53,503 | -29.8% |
| Intangible fixed assets | 21 | €539 | €0 | -€539 | -100% |
| Tangible fixed assets | 22/27 | €178,296 | €125,282 | -€53,014 | -29.7% |
| Plant, machinery and equipment | 23 | €86,100 | €55,985 | -€30,114 | -35.0% |
| Furniture and vehicles | 24 | €78,378 | €57,253 | -€21,126 | -27.0% |
| Other tangible fixed assets | 26 | €13,817 | €12,044 | -€1,774 | -12.8% |
| Financial fixed assets | 28 | €533 | €583 | +€50 | +9.4% |
| Current assets | 29/58 | €752,275 | €669,906 | -€82,369 | -10.9% |
| Amounts receivable after more than one year | 29 | €9,151 | €8,556 | -€595 | -6.5% |
| Other amounts receivable | 291 | €9,151 | €8,556 | -€595 | -6.5% |
| Amounts receivable within one year | 40/41 | €710,749 | €645,917 | -€64,832 | -9.1% |
| Trade receivables | 40 | €670,732 | €599,308 | -€71,425 | -10.6% |
| Other amounts receivable | 41 | €40,017 | €46,610 | +€6,593 | +16.5% |
| Cash at bank and in hand | 54/58 | €14,336 | €265 | -€14,071 | -98.2% |
| Deferred charges and accrued income | 490/1 | €18,039 | €15,168 | -€2,871 | -15.9% |
| Total equity and liabilities | 10/49 | €931,642 | €795,771 | -€135,872 | -14.6% |
| Equity | 10/15 | -€162,589 | -€3,996 | +€158,593 | +97.5% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €266,648 | €266,648 | = | 0.0% |
| Tax-exempt reserves | 132 | €3,000 | €3,000 | = | 0.0% |
| Distributable reserves | 133 | €263,648 | €263,648 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€435,437 | -€276,844 | +€158,593 | +36.4% |
| Amounts payable | 17/49 | €1,094,231 | €799,767 | -€294,464 | -26.9% |
| Amounts payable after more than one year | 17 | €87,334 | €29,817 | -€57,516 | -65.9% |
| Financial debts | 170/4 | €87,334 | €29,817 | -€57,516 | -65.9% |
| Amounts payable within one year | 42/48 | €1,006,898 | €769,950 | -€236,948 | -23.5% |
| Current portion of amounts payable after more than one year | 42 | €112,818 | €57,516 | -€55,302 | -49.0% |
| Financial debts | 43 | €100,000 | €102,975 | +€2,975 | +3.0% |
| Credit institutions | 430/8 | €100,000 | €102,975 | +€2,975 | +3.0% |
| Trade debts | 44 | €662,875 | €521,576 | -€141,299 | -21.3% |
| Suppliers | 440/4 | €662,875 | €521,576 | -€141,299 | -21.3% |
| Taxes, remuneration and social security | 45 | €106,205 | €87,882 | -€18,323 | -17.3% |
| Taxes | 450/3 | €7,541 | €7,387 | -€155 | -2.1% |
| Remuneration and social security | 454/9 | €98,664 | €80,496 | -€18,168 | -18.4% |
| Other amounts payable | 47/48 | €25,000 | - | -€25,000 | |
| Non-recurring operating income | 76A | €3,974 | - | -€3,974 | |
| Remuneration, social security and pensions | 62 | €886,504 | €791,120 | -€95,384 | -10.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €58,199 | €56,715 | -€1,484 | -2.5% |
| Other operating charges | 640/8 | €111,110 | €5,561 | -€105,549 | -95.0% |
| Gross operating margin | 9900 | €937,988 | €1,014,785 | +€76,798 | +8.2% |
| Operating profit (loss) | 9901 | -€117,825 | €161,390 | +€279,215 | |
| Financial income | 75/76B | €126 | €19,939 | +€19,813 | +15,763% |
| Recurring financial income | 75 | €126 | €3,274 | +€3,149 | +2,505% |
| Non-recurring financial income | 76B | - | €16,664 | +€16,664 | |
| Financial charges | 65/66B | €26,280 | €19,084 | -€7,197 | -27.4% |
| Recurring financial charges | 65 | €26,280 | €19,084 | -€7,197 | -27.4% |
| Profit (loss) for the period before taxes | 9903 | -€143,980 | €162,244 | +€306,224 | |
| Income taxes | 67/77 | €4,065 | €3,652 | -€413 | -10.2% |
| Profit (loss) for the period | 9904 | -€148,045 | €158,593 | +€306,638 | |
| Profit (loss) for the period to be appropriated | 9905 | -€148,045 | €158,593 | +€306,638 |
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.