TCN CONSTRUCT: 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.
TCN CONSTRUCT
Largest movements
- Cash -€335,640
down €335,640 (-48.3%), from €695,482 to €359,842
mainly Receivables within one year (-€196,815) and Investment in fixed assets (net) (-€182,162)
- Receivables within one year +€196,815
up €196,815 (+57.1%), from €344,415 to €541,230
of which Trade receivables: +€184,987
- Tangible fixed assets +€114,603
up €114,603 (+21.0%), from €545,641 to €660,244
of which Land and buildings: +€121,619
- Profit (loss) carried forward +€110,029
up €110,029 (+20.4%), from €538,467 to €648,496
- Tax, wage and social debts -€73,884
down €73,884 (-53.3%), from €138,519 to €64,635
of which Taxes: -€78,590
- Trade debts +€36,122
up €36,122 (+11.8%), from €305,039 to €341,161
- Other debts -€32,996
down €32,996 (-32.8%), from €100,678 to €67,682
- Debts after one year -€29,096
down €29,096 (-6.8%), from €430,047 to €400,951
- Gross operating margin -€129,439
down €129,439 (-20.0%), from €646,563 to €517,124
- Staff costs +€94,487
up €94,487 (+45.5%), from €207,734 to €302,221
- Taxes -€61,390
down €61,390 (-67.6%), from €90,764 to €29,374
- Depreciation +€7,093
up €7,093 (+11.7%), from €60,466 to €67,559
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 | €1,595,331 | €1,576,482 | -€18,849 | -1.2% |
| Fixed assets | 21/28 | €546,641 | €661,244 | +€114,603 | +21.0% |
| Tangible fixed assets | 22/27 | €545,641 | €660,244 | +€114,603 | +21.0% |
| Land and buildings | 22 | €491,157 | €612,776 | +€121,619 | +24.8% |
| Plant, machinery and equipment | 23 | €6,788 | €10,203 | +€3,415 | +50.3% |
| Furniture and vehicles | 24 | €47,696 | €37,266 | -€10,430 | -21.9% |
| Financial fixed assets | 28 | €1,000 | €1,000 | = | 0.0% |
| Current assets | 29/58 | €1,048,690 | €915,238 | -€133,452 | -12.7% |
| Amounts receivable within one year | 40/41 | €344,415 | €541,230 | +€196,815 | +57.1% |
| Trade receivables | 40 | €334,171 | €519,158 | +€184,987 | +55.4% |
| Other amounts receivable | 41 | €10,244 | €22,072 | +€11,828 | +115.5% |
| Cash at bank and in hand | 54/58 | €695,482 | €359,842 | -€335,640 | -48.3% |
| Deferred charges and accrued income | 490/1 | €8,793 | €14,165 | +€5,372 | +61.1% |
| Total equity and liabilities | 10/49 | €1,595,331 | €1,576,482 | -€18,849 | -1.2% |
| Equity | 10/15 | €558,927 | €668,956 | +€110,029 | +19.7% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Capital | 10 | €18,600 | €18,600 | = | 0.0% |
| Issued capital | 100 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €1,860 | €1,860 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Legal reserve | 130 | €1,860 | €1,860 | = | 0.0% |
| Profit (loss) carried forward | 14 | €538,467 | €648,496 | +€110,029 | +20.4% |
| Amounts payable | 17/49 | €1,036,404 | €907,526 | -€128,878 | -12.4% |
| Amounts payable after more than one year | 17 | €430,047 | €400,951 | -€29,096 | -6.8% |
| Financial debts | 170/4 | €430,047 | €400,951 | -€29,096 | -6.8% |
| Amounts payable within one year | 42/48 | €592,821 | €502,575 | -€90,246 | -15.2% |
| Current portion of amounts payable after more than one year | 42 | €48,585 | €29,096 | -€19,489 | -40.1% |
| Trade debts | 44 | €305,039 | €341,161 | +€36,122 | +11.8% |
| Suppliers | 440/4 | €305,039 | €341,161 | +€36,122 | +11.8% |
| Taxes, remuneration and social security | 45 | €138,519 | €64,635 | -€73,884 | -53.3% |
| Taxes | 450/3 | €116,167 | €37,577 | -€78,590 | -67.7% |
| Remuneration and social security | 454/9 | €22,352 | €27,059 | +€4,707 | +21.1% |
| Other amounts payable | 47/48 | €100,678 | €67,682 | -€32,996 | -32.8% |
| Accrued charges and deferred income | 492/3 | €13,536 | €4,000 | -€9,536 | -70.4% |
| Remuneration, social security and pensions | 62 | €207,734 | €302,221 | +€94,487 | +45.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €60,466 | €67,559 | +€7,093 | +11.7% |
| Other operating charges | 640/8 | €3,788 | €1,246 | -€2,542 | -67.1% |
| Non-recurring operating charges | 66A | €959 | €1,278 | +€319 | +33.2% |
| Gross operating margin | 9900 | €646,563 | €517,124 | -€129,439 | -20.0% |
| Operating profit (loss) | 9901 | €373,616 | €144,820 | -€228,796 | -61.2% |
| Financial income | 75/76B | €480 | €1,152 | +€672 | +140.0% |
| Recurring financial income | 75 | €480 | €1,152 | +€672 | +140.0% |
| Financial charges | 65/66B | €10,031 | €6,569 | -€3,462 | -34.5% |
| Recurring financial charges | 65 | €10,031 | €6,569 | -€3,462 | -34.5% |
| Profit (loss) for the period before taxes | 9903 | €364,065 | €139,403 | -€224,662 | -61.7% |
| Income taxes | 67/77 | €90,764 | €29,374 | -€61,390 | -67.6% |
| Profit (loss) for the period | 9904 | €273,301 | €110,028 | -€163,273 | -59.7% |
| Profit (loss) for the period to be appropriated | 9905 | €273,301 | €110,028 | -€163,273 | -59.7% |
Source: filed annual accounts (NBB), fiscal years ended 29 February 2024 and 28 February 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 4 October 2026 via checked.be.