TD HOLDING: 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.
What changed
TD HOLDING
NACE 71.121, Engineering and related technical consultancy, excluding land surveyors
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€126,206
2024 · €120,444+€5,762
Equity
€785,383
2024 · €659,177+€126,206
Cash
€24,547
2024 · €16,197+€8,350
Balance sheet total
€1.4m
2024 · €1.5m-€17,489
Largest movements
Assets
- Receivables within one year -€23,294
down €23,294 (-10.0%), from €233,226 to €209,932
of which Other amounts receivable: -€23,381
Equity and liabilities
- Reserves +€150,000
up €150,000 (+29.9%), from €500,860 to €650,860
of which Distributable reserves: +€150,000
- Current portion of long-term debt -€50,974
down €50,974 (-52.1%), from €97,931 to €46,957
- Trade debts -€39,410
down €39,410 (-56.0%), from €70,431 to €31,021
- Other debts -€32,719
down €32,719 (-16.6%), from €197,435 to €164,716
- Profit (loss) carried forward -€23,794
down €23,794 (-15.6%), from €152,117 to €128,323
Income statement
- Taxes -€5,578
down €5,578 (-13.0%), from €42,798 to €37,220
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.
Result 2024
€120,444
Gross operating margin
-€341
Staff costs
-€1,627
Other operating charges
-€53
Financial income
+€308
Financial charges
+€1,897
Taxes
+€5,578
Result 2025
€126,206
raises the resultlowers the result
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.
From operations
+€78,707
Investment
+€1
Financing
-€70,358
Cash 2024
€16,197
From operations (derived)
+€78,707
Net result for the year
+€126,206
Depreciation
+€2,131
Receivables within one year
+€23,294
Deferred charges and accrued income
+€413
Trade debts
-€39,410
Tax, wage and social debts
-€1,208
Other debts
-€32,719
Investment (derived)
+€1
Investment in fixed assets (net)
+€1
Financing
-€70,358
Debts after one year
-€19,157
Current portion of long-term debt
-€50,974
Short-term financial debts
-€227
Cash 2025
€24,547
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €1,456,207 | €1,438,718 | -€17,489 | -1.2% |
| Fixed assets | 21/28 | €1,206,312 | €1,204,180 | -€2,132 | -0.2% |
| Tangible fixed assets | 22/27 | €65,082 | €62,950 | -€2,132 | -3.3% |
| Other tangible fixed assets | 26 | €65,082 | €62,950 | -€2,132 | -3.3% |
| Financial fixed assets | 28 | €1,141,230 | €1,141,230 | = | 0.0% |
| Current assets | 29/58 | €249,895 | €234,538 | -€15,357 | -6.1% |
| Amounts receivable within one year | 40/41 | €233,226 | €209,932 | -€23,294 | -10.0% |
| Trade receivables | 40 | €131,901 | €131,988 | +€87 | +0.1% |
| Other amounts receivable | 41 | €101,325 | €77,944 | -€23,381 | -23.1% |
| Cash at bank and in hand | 54/58 | €16,197 | €24,547 | +€8,350 | +51.6% |
| Deferred charges and accrued income | 490/1 | €472 | €59 | -€413 | -87.5% |
| Total equity and liabilities | 10/49 | €1,456,207 | €1,438,718 | -€17,489 | -1.2% |
| Equity | 10/15 | €659,177 | €785,383 | +€126,206 | +19.1% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €500,860 | €650,860 | +€150,000 | +29.9% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €499,000 | €649,000 | +€150,000 | +30.1% |
| Profit (loss) carried forward | 14 | €152,117 | €128,323 | -€23,794 | -15.6% |
| Amounts payable | 17/49 | €797,030 | €653,335 | -€143,695 | -18.0% |
| Amounts payable after more than one year | 17 | €360,111 | €340,954 | -€19,157 | -5.3% |
| Financial debts | 170/4 | €19,157 | - | -€19,157 | |
| Other amounts payable | 178/9 | €340,954 | €340,954 | = | 0.0% |
| Amounts payable within one year | 42/48 | €436,919 | €312,381 | -€124,538 | -28.5% |
| Current portion of amounts payable after more than one year | 42 | €97,931 | €46,957 | -€50,974 | -52.1% |
| Financial debts | 43 | €33,445 | €33,218 | -€227 | -0.7% |
| Other loans | 439 | €33,445 | €33,218 | -€227 | -0.7% |
| Trade debts | 44 | €70,431 | €31,021 | -€39,410 | -56.0% |
| Suppliers | 440/4 | €70,431 | €31,021 | -€39,410 | -56.0% |
| Taxes, remuneration and social security | 45 | €37,677 | €36,469 | -€1,208 | -3.2% |
| Taxes | 450/3 | €18,899 | €16,205 | -€2,694 | -14.3% |
| Remuneration and social security | 454/9 | €18,778 | €20,264 | +€1,486 | +7.9% |
| Other amounts payable | 47/48 | €197,435 | €164,716 | -€32,719 | -16.6% |
| Remuneration, social security and pensions | 62 | €65,711 | €67,338 | +€1,627 | +2.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,131 | €2,131 | = | 0.0% |
| Other operating charges | 640/8 | €1,479 | €1,532 | +€53 | +3.6% |
| Gross operating margin | 9900 | €236,998 | €236,657 | -€341 | -0.1% |
| Operating profit (loss) | 9901 | €167,677 | €165,656 | -€2,021 | -1.2% |
| Financial income | 75/76B | €25 | €333 | +€308 | +1,232% |
| Recurring financial income | 75 | €25 | €333 | +€308 | +1,232% |
| Financial charges | 65/66B | €4,460 | €2,563 | -€1,897 | -42.5% |
| Recurring financial charges | 65 | €4,460 | €2,563 | -€1,897 | -42.5% |
| Profit (loss) for the period before taxes | 9903 | €163,242 | €163,426 | +€184 | +0.1% |
| Income taxes | 67/77 | €42,798 | €37,220 | -€5,578 | -13.0% |
| Profit (loss) for the period | 9904 | €120,444 | €126,206 | +€5,762 | +4.8% |
| Profit (loss) for the period to be appropriated | 9905 | €120,444 | €126,206 | +€5,762 | +4.8% |
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 30 October 2026 via checked.be.