TD Associés: 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.
TD Associés
Largest movements
- Cash +€92,488
up €92,488 (+78.1%), from €118,372 to €210,860
mainly Net result for the year (+€479,213) and Other debts (+€429,099)
- Other debts +€429,099
up €429,099 (+189%), from €226,579 to €655,678
- Reserves -€290,787
down €290,787 (-99.7%), from €291,649 to €862
of which Distributable reserves: -€290,787
- Debts after one year -€80,030
down €80,030 (-18.2%), from €438,875 to €358,846
- Tax, wage and social debts +€29,405
up €29,405 (+302%), from €9,728 to €39,134
- Gross operating margin +€71,309
up €71,309 (+11.6%), from €616,936 to €688,246
- Taxes +€21,327
up €21,327 (+15.9%), from €134,138 to €155,465
- Depreciation -€13,560
down €13,560 (-23.1%), from €58,740 to €45,179
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 | €1,055,787 | €1,145,143 | +€89,357 | +8.5% |
| Fixed assets | 21/28 | €854,182 | €859,959 | +€5,778 | +0.7% |
| Tangible fixed assets | 22/27 | €854,182 | €859,959 | +€5,778 | +0.7% |
| Land and buildings | 22 | €765,181 | €737,525 | -€27,656 | -3.6% |
| Plant, machinery and equipment | 23 | €50,487 | €50,796 | +€309 | +0.6% |
| Furniture and vehicles | 24 | €38,514 | €71,638 | +€33,124 | +86.0% |
| Current assets | 29/58 | €201,605 | €285,184 | +€83,579 | +41.5% |
| Amounts receivable within one year | 40/41 | €77,269 | €66,354 | -€10,914 | -14.1% |
| Trade receivables | 40 | €45,982 | €55,929 | +€9,947 | +21.6% |
| Other amounts receivable | 41 | €31,287 | €10,425 | -€20,862 | -66.7% |
| Cash at bank and in hand | 54/58 | €118,372 | €210,860 | +€92,488 | +78.1% |
| Deferred charges and accrued income | 490/1 | €5,964 | €7,970 | +€2,006 | +33.6% |
| Total equity and liabilities | 10/49 | €1,055,787 | €1,145,143 | +€89,357 | +8.5% |
| Equity | 10/15 | €297,649 | €6,862 | -€290,787 | -97.7% |
| Contributions | 10/11 | €6,000 | €6,000 | = | 0.0% |
| Reserves | 13 | €291,649 | €862 | -€290,787 | -99.7% |
| Tax-exempt reserves | 132 | €45 | €45 | = | 0.0% |
| Distributable reserves | 133 | €291,603 | €817 | -€290,787 | -99.7% |
| Amounts payable | 17/49 | €758,138 | €1,138,281 | +€380,143 | +50.1% |
| Amounts payable after more than one year | 17 | €438,875 | €358,846 | -€80,030 | -18.2% |
| Financial debts | 170/4 | €438,875 | €358,846 | -€80,030 | -18.2% |
| Amounts payable within one year | 42/48 | €319,263 | €779,436 | +€460,173 | +144% |
| Current portion of amounts payable after more than one year | 42 | €79,585 | €80,030 | +€445 | +0.6% |
| Trade debts | 44 | €3,311 | €2,174 | -€1,137 | -34.3% |
| Suppliers | 440/4 | €3,311 | €2,174 | -€1,137 | -34.3% |
| Advances received on contracts in progress | 46 | €60 | €2,420 | +€2,360 | +3,933% |
| Taxes, remuneration and social security | 45 | €9,728 | €39,134 | +€29,405 | +302% |
| Taxes | 450/3 | €9,728 | €39,134 | +€29,405 | +302% |
| Other amounts payable | 47/48 | €226,579 | €655,678 | +€429,099 | +189% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €58,740 | €45,179 | -€13,560 | -23.1% |
| Other operating charges | 640/8 | €3,629 | €5,412 | +€1,783 | +49.1% |
| Gross operating margin | 9900 | €616,936 | €688,246 | +€71,309 | +11.6% |
| Operating profit (loss) | 9901 | €554,567 | €637,655 | +€83,087 | +15.0% |
| Financial income | 75/76B | - | €3 | +€3 | |
| Recurring financial income | 75 | - | €3 | +€3 | |
| Financial charges | 65/66B | €3,317 | €2,979 | -€338 | -10.2% |
| Recurring financial charges | 65 | €3,317 | €2,979 | -€338 | -10.2% |
| Profit (loss) for the period before taxes | 9903 | €551,250 | €634,678 | +€83,428 | +15.1% |
| Income taxes | 67/77 | €134,138 | €155,465 | +€21,327 | +15.9% |
| Profit (loss) for the period | 9904 | €417,112 | €479,213 | +€62,102 | +14.9% |
| Profit (loss) for the period to be appropriated | 9905 | €417,112 | €479,213 | +€62,102 | +14.9% |
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 29 October 2026 via checked.be.