TD-PROJECTS: what changed
TD-PROJECTS
Largest movements
- Tangible fixed assets +€90,588
up €90,588 (+5,749%), from €1,576 to €92,164
of which Furniture and vehicles: +€88,792
- Cash -€55,665
down €55,665 (-61.6%), from €90,331 to €34,666
mainly Investment in fixed assets (net) (-€93,132) and Tax, wage and social debts (-€20,167)
- Receivables within one year -€22,985
down €22,985 (-46.7%), from €49,244 to €26,260
of which Trade receivables: -€28,445
- Receivables after one year +€18,047
new in 2025: €18,047
- Debts after one year +€62,185
new in 2025: €62,185
- Tax, wage and social debts -€20,167
down €20,167 (-98.7%), from €20,434 to €267
- Profit (loss) carried forward -€17,620
down €17,620 (-28.6%), from €61,671 to €44,051
- Current portion of long-term debt +€10,124
new in 2025: €10,124
- Trade debts -€1,850
down €1,850 (-38.0%), from €4,867 to €3,016
- Gross operating margin -€165,386
down €165,386, from €156,546 to -€8,840
- Taxes -€39,071
down €39,071 (-99.3%), from €39,338 to €267
- Depreciation +€2,164
up €2,164 (+570%), from €380 to €2,544
- Staff costs +€1,920
new in 2025: €1,920
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €141,151 | €172,683 | +€31,532 | +22.3% |
| Fixed assets | 21/28 | €1,576 | €92,164 | +€90,588 | +5,749% |
| Tangible fixed assets | 22/27 | €1,576 | €92,164 | +€90,588 | +5,749% |
| Plant, machinery and equipment | 23 | €1,576 | €1,185 | -€391 | -24.8% |
| Furniture and vehicles | 24 | - | €88,792 | +€88,792 | |
| Other tangible fixed assets | 26 | - | €2,187 | +€2,187 | |
| Current assets | 29/58 | €139,576 | €80,519 | -€59,056 | -42.3% |
| Amounts receivable after more than one year | 29 | - | €18,047 | +€18,047 | |
| Other amounts receivable | 291 | - | €18,047 | +€18,047 | |
| Amounts receivable within one year | 40/41 | €49,244 | €26,260 | -€22,985 | -46.7% |
| Trade receivables | 40 | €49,244 | €20,800 | -€28,445 | -57.8% |
| Other amounts receivable | 41 | - | €5,460 | +€5,460 | |
| Cash at bank and in hand | 54/58 | €90,331 | €34,666 | -€55,665 | -61.6% |
| Deferred charges and accrued income | 490/1 | - | €1,547 | +€1,547 | |
| Total equity and liabilities | 10/49 | €141,151 | €172,683 | +€31,532 | +22.3% |
| Equity | 10/15 | €114,671 | €97,051 | -€17,620 | -15.4% |
| Contributions | 10/11 | €3,000 | €3,000 | = | 0.0% |
| Reserves | 13 | €50,000 | €50,000 | = | 0.0% |
| Distributable reserves | 133 | €50,000 | €50,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €61,671 | €44,051 | -€17,620 | -28.6% |
| Amounts payable | 17/49 | €26,480 | €75,632 | +€49,152 | +186% |
| Amounts payable after more than one year | 17 | - | €62,185 | +€62,185 | |
| Financial debts | 170/4 | - | €62,185 | +€62,185 | |
| Amounts payable within one year | 42/48 | €26,415 | €13,447 | -€12,968 | -49.1% |
| Current portion of amounts payable after more than one year | 42 | - | €10,124 | +€10,124 | |
| Trade debts | 44 | €4,867 | €3,016 | -€1,850 | -38.0% |
| Suppliers | 440/4 | €4,867 | €3,016 | -€1,850 | -38.0% |
| Taxes, remuneration and social security | 45 | €20,434 | €267 | -€20,167 | -98.7% |
| Taxes | 450/3 | €20,434 | €267 | -€20,167 | -98.7% |
| Other amounts payable | 47/48 | €1,114 | €40 | -€1,075 | -96.4% |
| Accrued charges and deferred income | 492/3 | €65 | - | -€65 | |
| Remuneration, social security and pensions | 62 | - | €1,920 | +€1,920 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €380 | €2,544 | +€2,164 | +570% |
| Other operating charges | 640/8 | €1,859 | €1,410 | -€449 | -24.2% |
| Gross operating margin | 9900 | €156,546 | -€8,840 | -€165,386 | |
| Operating profit (loss) | 9901 | €154,307 | -€14,713 | -€169,021 | |
| Financial income | 75/76B | - | €558 | +€558 | |
| Recurring financial income | 75 | - | €558 | +€558 | |
| Financial charges | 65/66B | €2,465 | €3,198 | +€733 | +29.7% |
| Recurring financial charges | 65 | €2,465 | €3,198 | +€733 | +29.7% |
| Profit (loss) for the period before taxes | 9903 | €151,842 | -€17,353 | -€169,195 | |
| Income taxes | 67/77 | €39,338 | €267 | -€39,071 | -99.3% |
| Profit (loss) for the period | 9904 | €112,504 | -€17,620 | -€130,124 | |
| Profit (loss) for the period to be appropriated | 9905 | €112,504 | -€17,620 | -€130,124 |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 3 November 2026 via checked.be.