TD MANAGEMENT: 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.
TD MANAGEMENT
Largest movements
- Financial fixed assets +€30,000
up €30,000 (+14.0%), from €215,000 to €245,000
- Cash +€7,174
up €7,174 (+32.9%), from €21,820 to €28,994
mainly Other debts (+€80,387) and Net result for the year (+€79,262)
- Other debts +€80,387
up €80,387 (+2172.7%), from €3,700 to €84,087
- Current portion of long-term debt -€29,946
down €29,946 (-91.6%), from €32,687 to €2,741
- Reserves -€20,738
down €20,738 (-9.8%), from €211,739 to €191,001
- Tax, wage and social debts +€7,597
up €7,597 (+88.4%), from €8,593 to €16,190
- Short-term financial debts +€4,000
up €4,000 (+22.2%), from €18,000 to €22,000
- Gross operating margin +€17,846
up €17,846 (+18.9%), from €94,350 to €112,196
- Financial income -€5,625
no longer reported in 2025 (was €5,625)
- Taxes +€4,653
up €4,653 (+18.7%), from €24,943 to €29,597
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 | €285,229 | €323,531 | +€38,302 | +13.4% |
| Fixed assets | 21/28 | €215,690 | €246,350 | +€30,660 | +14.2% |
| Tangible fixed assets | 22/27 | €690 | €1,350 | +€660 | +95.5% |
| Plant, machinery and equipment | 23 | €690 | €1,350 | +€660 | +95.5% |
| Financial fixed assets | 28 | €215,000 | €245,000 | +€30,000 | +14.0% |
| Current assets | 29/58 | €69,539 | €77,181 | +€7,642 | +11.0% |
| Amounts receivable within one year | 40/41 | €47,520 | €47,520 | = | 0.0% |
| Other amounts receivable | 41 | €47,520 | €47,520 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €21,820 | €28,994 | +€7,174 | +32.9% |
| Deferred charges and accrued income | 490/1 | €199 | €667 | +€468 | +234.9% |
| Total equity and liabilities | 10/49 | €285,229 | €323,531 | +€38,302 | +13.4% |
| Equity | 10/15 | €219,239 | €198,501 | -€20,738 | -9.5% |
| Contributions | 10/11 | €7,500 | €7,500 | = | 0.0% |
| Reserves | 13 | €211,739 | €191,001 | -€20,738 | -9.8% |
| Distributable reserves | 133 | €211,739 | €191,001 | -€20,738 | -9.8% |
| Amounts payable | 17/49 | €65,990 | €125,030 | +€59,040 | +89.5% |
| Amounts payable after more than one year | 17 | €2,741 | - | -€2,741 | |
| Financial debts | 170/4 | €2,741 | - | -€2,741 | |
| Amounts payable within one year | 42/48 | €63,250 | €125,030 | +€61,781 | +97.7% |
| Current portion of amounts payable after more than one year | 42 | €32,687 | €2,741 | -€29,946 | -91.6% |
| Financial debts | 43 | €18,000 | €22,000 | +€4,000 | +22.2% |
| Credit institutions | 430/8 | €18,000 | €22,000 | +€4,000 | +22.2% |
| Trade debts | 44 | €270 | €13 | -€257 | -95.2% |
| Suppliers | 440/4 | €270 | €13 | -€257 | -95.2% |
| Taxes, remuneration and social security | 45 | €8,593 | €16,190 | +€7,597 | +88.4% |
| Taxes | 450/3 | €8,593 | €16,190 | +€7,597 | +88.4% |
| Other amounts payable | 47/48 | €3,700 | €84,087 | +€80,387 | +2172.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €979 | €589 | -€390 | -39.8% |
| Other operating charges | 640/8 | €1,677 | €1,749 | +€72 | +4.3% |
| Gross operating margin | 9900 | €94,350 | €112,196 | +€17,846 | +18.9% |
| Operating profit (loss) | 9901 | €91,693 | €109,857 | +€18,164 | +19.8% |
| Financial income | 75/76B | €5,625 | - | -€5,625 | |
| Recurring financial income | 75 | €5,625 | - | -€5,625 | |
| Financial charges | 65/66B | €1,577 | €999 | -€578 | -36.7% |
| Recurring financial charges | 65 | €1,577 | €999 | -€578 | -36.7% |
| Profit (loss) for the period before taxes | 9903 | €95,742 | €108,858 | +€13,117 | +13.7% |
| Income taxes | 67/77 | €24,943 | €29,597 | +€4,653 | +18.7% |
| Profit (loss) for the period | 9904 | €70,798 | €79,262 | +€8,463 | +12.0% |
| Profit (loss) for the period to be appropriated | 9905 | €70,798 | €79,262 | +€8,463 | +12.0% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 2 October 2026 via checked.be.