TCO 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.
TCO MANAGEMENT
Largest movements
- Cash -€108,333
down €108,333 (-94.9%), from €114,193 to €5,860
mainly Contributions, distributions and other (-€226,581) and Debts after one year (-€106,178)
- Receivables after one year +€40,000
new in 2025: €40,000
- Debts after one year -€106,178
down €106,178 (-13.9%), from €764,136 to €657,958
- Other debts +€43,858
up €43,858 (+8.1%), from €540,146 to €584,003
- Financial income -€20,606
down €20,606 (-7.3%), from €280,805 to €260,199
- Gross operating margin -€14,820
down €14,820, from €4,388 to -€10,432
- Financial charges -€5,535
down €5,535 (-23.4%), from €23,688 to €18,153
- Taxes +€3,449
up €3,449, from €0 to €3,449
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 | €1,587,423 | €1,518,592 | -€68,831 | -4.3% |
| Formation expenses | 20 | €247 | €0 | -€247 | -100% |
| Fixed assets | 21/28 | €1,472,532 | €1,472,236 | -€296 | 0.0% |
| Tangible fixed assets | 22/27 | €802 | €506 | -€296 | -36.9% |
| Furniture and vehicles | 24 | €802 | €506 | -€296 | -36.9% |
| Financial fixed assets | 28 | €1,471,730 | €1,471,730 | = | 0.0% |
| Current assets | 29/58 | €114,644 | €46,356 | -€68,289 | -59.6% |
| Amounts receivable after more than one year | 29 | - | €40,000 | +€40,000 | |
| Other amounts receivable | 291 | - | €40,000 | +€40,000 | |
| Amounts receivable within one year | 40/41 | €451 | €496 | +€45 | +9.9% |
| Trade receivables | 40 | €0 | - | = | |
| Other amounts receivable | 41 | €451 | €496 | +€45 | +9.9% |
| Current investments | 50/53 | €0 | - | = | |
| Cash at bank and in hand | 54/58 | €114,193 | €5,860 | -€108,333 | -94.9% |
| Total equity and liabilities | 10/49 | €1,587,423 | €1,518,592 | -€68,831 | -4.3% |
| Equity | 10/15 | €167,640 | €167,640 | = | 0.0% |
| Contributions | 10/11 | €60,000 | €60,000 | = | 0.0% |
| Contributions outside capital | 11 | €60,000 | €60,000 | = | 0.0% |
| Other | 1109/19 | €60,000 | €60,000 | = | 0.0% |
| Reserves | 13 | €107,640 | €107,640 | = | 0.0% |
| Distributable reserves | 133 | €107,640 | €107,640 | = | 0.0% |
| Profit (loss) carried forward | 14 | €0 | - | = | |
| Amounts payable | 17/49 | €1,419,783 | €1,350,952 | -€68,831 | -4.8% |
| Amounts payable after more than one year | 17 | €764,136 | €657,958 | -€106,178 | -13.9% |
| Financial debts | 170/4 | €764,136 | €657,958 | -€106,178 | -13.9% |
| Amounts payable within one year | 42/48 | €655,647 | €692,993 | +€37,346 | +5.7% |
| Current portion of amounts payable after more than one year | 42 | €103,869 | €106,178 | +€2,308 | +2.2% |
| Trade debts | 44 | €1,498 | €2,812 | +€1,314 | +87.7% |
| Suppliers | 440/4 | €1,498 | €2,812 | +€1,314 | +87.7% |
| Taxes, remuneration and social security | 45 | €10,134 | €0 | -€10,134 | -100% |
| Taxes | 450/3 | €10,134 | €0 | -€10,134 | -100% |
| Remuneration and social security | 454/9 | €0 | - | = | |
| Other amounts payable | 47/48 | €540,146 | €584,003 | +€43,858 | +8.1% |
| Non-recurring operating income | 76A | €14,418 | - | -€14,418 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €472 | €543 | +€71 | +15.0% |
| Other operating charges | 640/8 | €968 | €1,041 | +€73 | +7.6% |
| Gross operating margin | 9900 | €4,388 | -€10,432 | -€14,820 | |
| Operating profit (loss) | 9901 | €2,948 | -€12,016 | -€14,964 | |
| Financial income | 75/76B | €280,805 | €260,199 | -€20,606 | -7.3% |
| Recurring financial income | 75 | €280,805 | €260,199 | -€20,606 | -7.3% |
| Financial charges | 65/66B | €23,688 | €18,153 | -€5,535 | -23.4% |
| Recurring financial charges | 65 | €23,688 | €18,153 | -€5,535 | -23.4% |
| Profit (loss) for the period before taxes | 9903 | €260,065 | €230,030 | -€30,035 | -11.5% |
| Income taxes | 67/77 | €0 | €3,449 | +€3,449 | |
| Profit (loss) for the period | 9904 | €260,065 | €226,581 | -€33,484 | -12.9% |
| Profit (loss) for the period to be appropriated | 9905 | €260,065 | €226,581 | -€33,484 | -12.9% |
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 26 October 2026 via checked.be.