TCL Management: 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.
TCL Management
Largest movements
- Receivables after one year +€1.9m
new in 2025: €1.9m
- Receivables within one year -€186,757
down €186,757 (-50.2%), from €371,954 to €185,197
of which Trade receivables: -€297,814
- Cash -€117,222
down €117,222 (-74.2%), from €158,008 to €40,787
mainly Receivables after one year (-€1.9m) and Tax, wage and social debts (-€35,476)
- Reserves +€1.6m
up €1.6m (+323%), from €499,509 to €2.1m
- Tax, wage and social debts -€35,476
down €35,476 (-77.0%), from €46,100 to €10,623
- Financial income +€1.6m
up €1.6m (+207,712%), from €778 to €1.6m
- Gross operating margin -€148,892
down €148,892 (-96.5%), from €154,335 to €5,443
- Taxes -€33,615
down €33,615 (-94.0%), from €35,747 to €2,132
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 | €560,368 | €2,146,163 | +€1.6m | +283% |
| Fixed assets | 21/28 | €25,748 | €23,868 | -€1,879 | -7.3% |
| Tangible fixed assets | 22/27 | €16,948 | €18,768 | +€1,821 | +10.7% |
| Furniture and vehicles | 24 | €16,948 | €18,768 | +€1,821 | +10.7% |
| Financial fixed assets | 28 | €8,800 | €5,100 | -€3,700 | -42.0% |
| Current assets | 29/58 | €534,621 | €2,122,294 | +€1.6m | +297% |
| Amounts receivable after more than one year | 29 | - | €1,886,100 | +€1.9m | |
| Other amounts receivable | 291 | - | €1,886,100 | +€1.9m | |
| Amounts receivable within one year | 40/41 | €371,954 | €185,197 | -€186,757 | -50.2% |
| Trade receivables | 40 | €358,856 | €61,042 | -€297,814 | -83.0% |
| Other amounts receivable | 41 | €13,098 | €124,155 | +€111,057 | +848% |
| Cash at bank and in hand | 54/58 | €158,008 | €40,787 | -€117,222 | -74.2% |
| Deferred charges and accrued income | 490/1 | €4,658 | €10,210 | +€5,552 | +119% |
| Total equity and liabilities | 10/49 | €560,368 | €2,146,163 | +€1.6m | +283% |
| Equity | 10/15 | €500,509 | €2,114,717 | +€1.6m | +323% |
| Contributions | 10/11 | €1,000 | €1,000 | = | 0.0% |
| Reserves | 13 | €499,509 | €2,113,717 | +€1.6m | +323% |
| Distributable reserves | 133 | €499,509 | €2,113,717 | +€1.6m | +323% |
| Amounts payable | 17/49 | €59,860 | €31,446 | -€28,414 | -47.5% |
| Amounts payable within one year | 42/48 | €58,510 | €31,277 | -€27,233 | -46.5% |
| Trade debts | 44 | €12,410 | €16,951 | +€4,541 | +36.6% |
| Suppliers | 440/4 | €12,410 | €16,951 | +€4,541 | +36.6% |
| Taxes, remuneration and social security | 45 | €46,100 | €10,623 | -€35,476 | -77.0% |
| Taxes | 450/3 | €46,100 | €10,623 | -€35,476 | -77.0% |
| Other amounts payable | 47/48 | - | €3,703 | +€3,703 | |
| Accrued charges and deferred income | 492/3 | €1,350 | €169 | -€1,181 | -87.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €3,372 | €4,742 | +€1,370 | +40.6% |
| Other operating charges | 640/8 | €1,102 | €1,265 | +€163 | +14.8% |
| Gross operating margin | 9900 | €154,335 | €5,443 | -€148,892 | -96.5% |
| Operating profit (loss) | 9901 | €149,861 | -€565 | -€150,426 | |
| Financial income | 75/76B | €778 | €1,617,046 | +€1.6m | +207,712% |
| Recurring financial income | 75 | €778 | €1,617,046 | +€1.6m | +207,712% |
| Financial charges | 65/66B | €282 | €141 | -€140 | -49.8% |
| Recurring financial charges | 65 | €282 | €141 | -€140 | -49.8% |
| Profit (loss) for the period before taxes | 9903 | €150,358 | €1,616,340 | +€1.5m | +975% |
| Income taxes | 67/77 | €35,747 | €2,132 | -€33,615 | -94.0% |
| Profit (loss) for the period | 9904 | €114,610 | €1,614,208 | +€1.5m | +1,308% |
| Profit (loss) for the period to be appropriated | 9905 | €114,610 | €1,614,208 | +€1.5m | +1,308% |
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 13 October 2026 via checked.be.