TCL: 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.
TCL
Largest movements
- Stocks and contracts -€23,108
down €23,108 (-15.1%), from €152,614 to €129,506
- Cash -€12,749
down €12,749 (-20.7%), from €61,475 to €48,726
mainly Net result for the year (-€40,876) and Trade debts (-€12,526)
- Intangible fixed assets -€11,000
down €11,000 (-50.0%), from €22,000 to €11,000
- Tangible fixed assets -€6,783
down €6,783 (-17.6%), from €38,463 to €31,680
of which Plant, machinery and equipment: -€6,557
- Reserves -€40,876
down €40,876 (-67.0%), from €60,995 to €20,119
- Trade debts -€12,526
down €12,526 (-29.5%), from €42,420 to €29,894
- Other debts +€8,057
up €8,057 (+7.2%), from €111,806 to €119,863
- Debts after one year -€7,191
no longer reported in 2025 (was €7,191)
- Tax, wage and social debts -€3,526
down €3,526 (-10.5%), from €33,690 to €30,164
of which Remuneration and social security: -€2,485
- Gross operating margin -€32,112
down €32,112 (-16.0%), from €200,687 to €168,575
- Staff costs +€14,799
up €14,799 (+9.2%), from €160,795 to €175,594
- Financial charges -€6,608
down €6,608 (-43.3%), from €15,277 to €8,669
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 | €278,772 | €225,849 | -€52,923 | -19.0% |
| Fixed assets | 21/28 | €63,163 | €45,695 | -€17,468 | -27.7% |
| Intangible fixed assets | 21 | €22,000 | €11,000 | -€11,000 | -50.0% |
| Tangible fixed assets | 22/27 | €38,463 | €31,680 | -€6,783 | -17.6% |
| Plant, machinery and equipment | 23 | €38,012 | €31,455 | -€6,557 | -17.2% |
| Other tangible fixed assets | 26 | €451 | €225 | -€226 | -50.1% |
| Financial fixed assets | 28 | €2,700 | €3,015 | +€315 | +11.7% |
| Current assets | 29/58 | €215,609 | €180,154 | -€35,455 | -16.4% |
| Stocks and contracts in progress | 3 | €152,614 | €129,506 | -€23,108 | -15.1% |
| Stocks | 30/36 | €152,614 | €129,506 | -€23,108 | -15.1% |
| Amounts receivable within one year | 40/41 | - | €268 | +€268 | |
| Trade receivables | 40 | - | €268 | +€268 | |
| Cash at bank and in hand | 54/58 | €61,475 | €48,726 | -€12,749 | -20.7% |
| Deferred charges and accrued income | 490/1 | €1,520 | €1,654 | +€134 | +8.8% |
| Total equity and liabilities | 10/49 | €278,772 | €225,849 | -€52,923 | -19.0% |
| Equity | 10/15 | €67,195 | €26,319 | -€40,876 | -60.8% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Outside capital | 11 | €6,200 | €6,200 | = | 0.0% |
| Other | 1109/19 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €60,995 | €20,119 | -€40,876 | -67.0% |
| Distributable reserves | 133 | €60,995 | €20,119 | -€40,876 | -67.0% |
| Amounts payable | 17/49 | €211,577 | €199,530 | -€12,047 | -5.7% |
| Amounts payable after more than one year | 17 | €7,191 | - | -€7,191 | |
| Financial debts | 170/4 | €7,191 | - | -€7,191 | |
| Amounts payable within one year | 42/48 | €204,386 | €199,530 | -€4,856 | -2.4% |
| Current portion of amounts payable after more than one year | 42 | €16,470 | €19,609 | +€3,139 | +19.1% |
| Trade debts | 44 | €42,420 | €29,894 | -€12,526 | -29.5% |
| Suppliers | 440/4 | €42,420 | €29,894 | -€12,526 | -29.5% |
| Taxes, remuneration and social security | 45 | €33,690 | €30,164 | -€3,526 | -10.5% |
| Taxes | 450/3 | €4,764 | €3,723 | -€1,041 | -21.9% |
| Remuneration and social security | 454/9 | €28,926 | €26,441 | -€2,485 | -8.6% |
| Other amounts payable | 47/48 | €111,806 | €119,863 | +€8,057 | +7.2% |
| Remuneration, social security and pensions | 62 | €160,795 | €175,594 | +€14,799 | +9.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €19,600 | €17,783 | -€1,817 | -9.3% |
| Other operating charges | 640/8 | €7,186 | €9,015 | +€1,829 | +25.5% |
| Gross operating margin | 9900 | €200,687 | €168,575 | -€32,112 | -16.0% |
| Operating profit (loss) | 9901 | €13,106 | -€33,817 | -€46,923 | |
| Financial income | 75/76B | €71 | €1,610 | +€1,539 | +2167.6% |
| Recurring financial income | 75 | €71 | €1,610 | +€1,539 | +2167.6% |
| Financial charges | 65/66B | €15,277 | €8,669 | -€6,608 | -43.3% |
| Recurring financial charges | 65 | €15,277 | €8,669 | -€6,608 | -43.3% |
| Profit (loss) for the period before taxes | 9903 | -€2,100 | -€40,876 | -€38,776 | -1846.5% |
| Income taxes | 67/77 | €170 | - | -€170 | |
| Profit (loss) for the period | 9904 | -€2,270 | -€40,876 | -€38,606 | -1700.7% |
| Profit (loss) for the period to be appropriated | 9905 | -€2,270 | -€40,876 | -€38,606 | -1700.7% |
Source: filed annual accounts (NBB), fiscal years ended 31 March 2024 and 31 March 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 4 October 2026 via checked.be.