TCI PROJECT: 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.
TCI PROJECT
Largest movements
- Cash -€152,037
down €152,037 (-70.6%), from €215,390 to €63,353
mainly Trade debts (-€142,066) and Other debts (-€66,594)
- Receivables within one year -€62,738
down €62,738 (-78.0%), from €80,460 to €17,722
of which Trade receivables: -€60,408
- Stocks and contracts +€25,342
new in 2025: €25,342
- Trade debts -€142,066
down €142,066 (-96.2%), from €147,746 to €5,680
- Other debts -€66,594
down €66,594 (-59.8%), from €111,377 to €44,783
- Debts after one year +€30,239
up €30,239 (+10.1%), from €299,172 to €329,411
of which Other amounts payable: +€45,000
- Tax, wage and social debts -€10,372
down €10,372 (-34.2%), from €30,350 to €19,978
- Turnover -€404,140
down €404,140 (-78.1%), from €517,147 to €113,006
- Purchases and services -€333,686
down €333,686 (-82.3%), from €405,433 to €71,746
- Gross operating margin -€70,454
down €70,454 (-63.1%), from €111,714 to €41,260
- Taxes -€17,661
down €17,661 (-89.8%), from €19,656 to €1,995
- Financial charges -€6,097
down €6,097 (-28.2%), from €21,597 to €15,500
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 | €684,133 | €499,983 | -€184,150 | -26.9% |
| Fixed assets | 21/28 | €387,931 | €392,020 | +€4,089 | +1.1% |
| Tangible fixed assets | 22/27 | €387,931 | €392,020 | +€4,089 | +1.1% |
| Land and buildings | 22 | €376,804 | €366,114 | -€10,690 | -2.8% |
| Plant, machinery and equipment | 23 | €2,927 | €7,474 | +€4,547 | +155% |
| Furniture and vehicles | 24 | €8,200 | €7,832 | -€368 | -4.5% |
| Assets under construction and advance payments | 27 | - | €10,600 | +€10,600 | |
| Current assets | 29/58 | €296,202 | €107,963 | -€188,240 | -63.6% |
| Stocks and contracts in progress | 3 | - | €25,342 | +€25,342 | |
| Contracts in progress | 37 | - | €25,342 | +€25,342 | |
| Amounts receivable within one year | 40/41 | €80,460 | €17,722 | -€62,738 | -78.0% |
| Trade receivables | 40 | €76,734 | €16,326 | -€60,408 | -78.7% |
| Other amounts receivable | 41 | €3,726 | €1,396 | -€2,330 | -62.5% |
| Cash at bank and in hand | 54/58 | €215,390 | €63,353 | -€152,037 | -70.6% |
| Deferred charges and accrued income | 490/1 | €353 | €1,547 | +€1,194 | +339% |
| Total equity and liabilities | 10/49 | €684,133 | €499,983 | -€184,150 | -26.9% |
| Equity | 10/15 | €79,607 | €83,561 | +€3,953 | +5.0% |
| Contributions | 10/11 | €1,000 | €1,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €78,607 | €82,561 | +€3,953 | +5.0% |
| Amounts payable | 17/49 | €604,525 | €416,422 | -€188,104 | -31.1% |
| Amounts payable after more than one year | 17 | €299,172 | €329,411 | +€30,239 | +10.1% |
| Financial debts | 170/4 | €298,372 | €283,611 | -€14,761 | -4.9% |
| Other amounts payable | 178/9 | €800 | €45,800 | +€45,000 | +5,625% |
| Amounts payable within one year | 42/48 | €305,354 | €87,011 | -€218,342 | -71.5% |
| Current portion of amounts payable after more than one year | 42 | €15,880 | €16,570 | +€690 | +4.3% |
| Trade debts | 44 | €147,746 | €5,680 | -€142,066 | -96.2% |
| Suppliers | 440/4 | €147,746 | €5,680 | -€142,066 | -96.2% |
| Taxes, remuneration and social security | 45 | €30,350 | €19,978 | -€10,372 | -34.2% |
| Taxes | 450/3 | €30,350 | €19,978 | -€10,372 | -34.2% |
| Other amounts payable | 47/48 | €111,377 | €44,783 | -€66,594 | -59.8% |
| Turnover | 70 | €517,147 | €113,006 | -€404,140 | -78.1% |
| Goods, raw materials, services and sundry goods | 60/61 | €405,433 | €71,746 | -€333,686 | -82.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €20,041 | €17,927 | -€2,114 | -10.5% |
| Other operating charges | 640/8 | €2,267 | €2,975 | +€708 | +31.3% |
| Gross operating margin | 9900 | €111,714 | €41,260 | -€70,454 | -63.1% |
| Operating profit (loss) | 9901 | €89,406 | €20,358 | -€69,048 | -77.2% |
| Financial income | 75/76B | €367 | €1,091 | +€724 | +197% |
| Recurring financial income | 75 | €367 | €1,091 | +€724 | +197% |
| Financial charges | 65/66B | €21,597 | €15,500 | -€6,097 | -28.2% |
| Recurring financial charges | 65 | €21,597 | €15,500 | -€6,097 | -28.2% |
| Profit (loss) for the period before taxes | 9903 | €68,177 | €5,949 | -€62,228 | -91.3% |
| Income taxes | 67/77 | €19,656 | €1,995 | -€17,661 | -89.8% |
| Profit (loss) for the period | 9904 | €48,521 | €3,953 | -€44,567 | -91.9% |
| Profit (loss) for the period to be appropriated | 9905 | €48,521 | €3,953 | -€44,567 | -91.9% |
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 19 October 2026 via checked.be.