TD-TEC: 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-TEC
Largest movements
- Stocks and contracts +€83,024
up €83,024 (+94.8%), from €87,597 to €170,620
of which Contracts in progress: +€105,000
- Receivables within one year -€40,105
down €40,105 (-35.3%), from €113,622 to €73,517
of which Trade receivables: -€41,329
- Cash -€11,718
down €11,718 (-30.4%), from €38,596 to €26,878
mainly Stocks and contracts (-€83,024) and Debts after one year (-€13,422)
- Tangible fixed assets -€4,950
down €4,950 (-36.4%), from €13,606 to €8,656
of which Furniture and vehicles: -€7,435
- Deferred charges and accrued income +€2,916
up €2,916 (+201.1%), from €1,450 to €4,366
- Reserves +€31,006
up €31,006 (+25.1%), from €123,335 to €154,341
- Trade debts +€14,015
up €14,015 (+45.3%), from €30,970 to €44,985
- Debts after one year -€13,422
down €13,422 (-17.6%), from €76,162 to €62,741
of which Other amounts payable: -€13,422
- Current portion of long-term debt -€2,943
down €2,943 (-100.0%), from €2,943 to €0
- Staff costs +€5,986
up €5,986 (+13.5%), from €44,468 to €50,454
- Other operating charges -€3,157
down €3,157 (-65.3%), from €4,835 to €1,678
- Gross operating margin -€3,054
down €3,054 (-2.7%), from €111,080 to €108,026
- Depreciation -€2,682
down €2,682 (-20.9%), from €12,829 to €10,147
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 | €255,710 | €284,457 | +€28,747 | +11.2% |
| Fixed assets | 21/28 | €14,446 | €9,076 | -€5,370 | -37.2% |
| Intangible fixed assets | 21 | €840 | €420 | -€420 | -50.0% |
| Tangible fixed assets | 22/27 | €13,606 | €8,656 | -€4,950 | -36.4% |
| Plant, machinery and equipment | 23 | €1,277 | €781 | -€496 | -38.9% |
| Furniture and vehicles | 24 | €12,329 | €4,894 | -€7,435 | -60.3% |
| Other tangible fixed assets | 26 | - | €2,981 | +€2,981 | |
| Current assets | 29/58 | €241,264 | €275,381 | +€34,117 | +14.1% |
| Stocks and contracts in progress | 3 | €87,597 | €170,620 | +€83,024 | +94.8% |
| Stocks | 30/36 | €62,597 | €40,620 | -€21,976 | -35.1% |
| Contracts in progress | 37 | €25,000 | €130,000 | +€105,000 | +420.0% |
| Amounts receivable within one year | 40/41 | €113,622 | €73,517 | -€40,105 | -35.3% |
| Trade receivables | 40 | €106,901 | €65,572 | -€41,329 | -38.7% |
| Other amounts receivable | 41 | €6,721 | €7,945 | +€1,224 | +18.2% |
| Cash at bank and in hand | 54/58 | €38,596 | €26,878 | -€11,718 | -30.4% |
| Deferred charges and accrued income | 490/1 | €1,450 | €4,366 | +€2,916 | +201.1% |
| Total equity and liabilities | 10/49 | €255,710 | €284,457 | +€28,747 | +11.2% |
| Equity | 10/15 | €128,335 | €159,341 | +€31,006 | +24.2% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Reserves | 13 | €123,335 | €154,341 | +€31,006 | +25.1% |
| Distributable reserves | 133 | €123,335 | €154,341 | +€31,006 | +25.1% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €127,375 | €125,116 | -€2,259 | -1.8% |
| Amounts payable after more than one year | 17 | €76,162 | €62,741 | -€13,422 | -17.6% |
| Financial debts | 170/4 | €0 | - | = | |
| Other amounts payable | 178/9 | €76,162 | €62,741 | -€13,422 | -17.6% |
| Amounts payable within one year | 42/48 | €46,312 | €57,654 | +€11,341 | +24.5% |
| Current portion of amounts payable after more than one year | 42 | €2,943 | €0 | -€2,943 | -100.0% |
| Financial debts | 43 | €5,879 | €5,873 | -€6 | -0.1% |
| Credit institutions | 430/8 | €5,879 | €5,873 | -€6 | -0.1% |
| Trade debts | 44 | €30,970 | €44,985 | +€14,015 | +45.3% |
| Suppliers | 440/4 | €30,970 | €44,985 | +€14,015 | +45.3% |
| Taxes, remuneration and social security | 45 | €5,662 | €6,797 | +€1,135 | +20.0% |
| Taxes | 450/3 | €1,438 | €2,075 | +€637 | +44.3% |
| Remuneration and social security | 454/9 | €4,223 | €4,721 | +€498 | +11.8% |
| Other amounts payable | 47/48 | €859 | €0 | -€859 | -100.0% |
| Accrued charges and deferred income | 492/3 | €4,901 | €4,722 | -€179 | -3.7% |
| Remuneration, social security and pensions | 62 | €44,468 | €50,454 | +€5,986 | +13.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €12,829 | €10,147 | -€2,682 | -20.9% |
| Other operating charges | 640/8 | €4,835 | €1,678 | -€3,157 | -65.3% |
| Gross operating margin | 9900 | €111,080 | €108,026 | -€3,054 | -2.7% |
| Operating profit (loss) | 9901 | €48,948 | €45,747 | -€3,201 | -6.5% |
| Financial income | 75/76B | €361 | €664 | +€303 | +84.1% |
| Recurring financial income | 75 | €361 | €664 | +€303 | +84.1% |
| Financial charges | 65/66B | €5,700 | €5,072 | -€628 | -11.0% |
| Recurring financial charges | 65 | €5,700 | €5,072 | -€628 | -11.0% |
| Profit (loss) for the period before taxes | 9903 | €43,608 | €41,338 | -€2,270 | -5.2% |
| Income taxes | 67/77 | €11,047 | €10,332 | -€715 | -6.5% |
| Profit (loss) for the period | 9904 | €32,562 | €31,006 | -€1,555 | -4.8% |
| Profit (loss) for the period to be appropriated | 9905 | €32,562 | €31,006 | -€1,555 | -4.8% |
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 7 October 2026 via checked.be.