TDB Invest: what changed
What changed
TDB Invest
NACE 64.210, Activities of holding companies
filed annual accounts (NBB)
Net result for the year
€481,056
2024 · €844,049-€362,992
Equity
€1.6m
2024 · €1.1m+€481,056
Cash
€309,169
2024 · €329,336-€20,167
Balance sheet total
€5.3m
2024 · €5.2m+€146,737
Largest movements
Assets
- Receivables within one year +€119,249
up €119,249, from €0 to €119,249
of which Trade receivables: +€90,150
- Receivables after one year +€100,000
new in 2025: €100,000
- Financial fixed assets -€67,365
down €67,365 (-1.4%), from €4.8m to €4.7m
Equity and liabilities
- Reserves +€481,056
up €481,056 (+44.1%), from €1.1m to €1.6m
- Debts after one year -€325,748
down €325,748 (-11.6%), from €2.8m to €2.5m
Income statement
- Financial income -€222,365
down €222,365 (-26.0%), from €855,000 to €632,635
of which Financial income: -€455,000
- Gross operating margin -€95,377
down €95,377 (-78.8%), from €121,087 to €25,710
- Financial charges +€42,688
up €42,688 (+41.8%), from €102,021 to €144,709
- Depreciation +€3,490
up €3,490 (+13.6%), from €25,601 to €29,091
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.
Result 2024
€844,049
Gross operating margin
-€95,377
Depreciation
-€3,490
Other operating charges
+€924
Financial income
-€222,365
Financial charges
-€42,688
Taxes
+€5
Result 2025
€481,056
raises the resultlowers the result
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.
From operations
+€277,672
Investment
+€25,561
Financing
-€323,400
Cash 2024
€329,336
From operations (derived)
+€277,672
Net result for the year
+€481,056
Depreciation
+€29,091
Receivables after one year
-€100,000
Receivables within one year
-€119,249
Deferred charges and accrued income
-€2,308
Trade debts
+€7,784
Tax, wage and social debts
+€10,788
Other debts
-€29,492
Investment (derived)
+€25,561
Investment in fixed assets (net)
+€25,561
Financing
-€323,400
Debts after one year
-€325,748
Current portion of long-term debt
+€2,348
Cash 2025
€309,169
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €5,195,772 | €5,342,508 | +€146,737 | +2.8% |
| Fixed assets | 21/28 | €4,856,529 | €4,801,876 | -€54,652 | -1.1% |
| Tangible fixed assets | 22/27 | €82,989 | €95,702 | +€12,713 | +15.3% |
| Plant, machinery and equipment | 23 | €743 | €144 | -€599 | -80.6% |
| Furniture and vehicles | 24 | €7,744 | €15,212 | +€7,468 | +96.4% |
| Leasing and similar rights | 25 | €74,502 | €50,070 | -€24,432 | -32.8% |
| Other tangible fixed assets | 26 | - | €30,276 | +€30,276 | |
| Financial fixed assets | 28 | €4,773,540 | €4,706,174 | -€67,365 | -1.4% |
| Current assets | 29/58 | €339,243 | €540,632 | +€201,389 | +59.4% |
| Amounts receivable after more than one year | 29 | - | €100,000 | +€100,000 | |
| Other amounts receivable | 291 | - | €100,000 | +€100,000 | |
| Stocks and contracts in progress | 3 | €9,400 | €9,400 | = | 0.0% |
| Stocks | 30/36 | €9,400 | €9,400 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €0 | €119,249 | +€119,249 | |
| Trade receivables | 40 | €0 | €90,150 | +€90,150 | |
| Other amounts receivable | 41 | - | €29,099 | +€29,099 | |
| Cash at bank and in hand | 54/58 | €329,336 | €309,169 | -€20,167 | -6.1% |
| Deferred charges and accrued income | 490/1 | €507 | €2,815 | +€2,308 | +455% |
| Total equity and liabilities | 10/49 | €5,195,772 | €5,342,508 | +€146,737 | +2.8% |
| Equity | 10/15 | €1,140,649 | €1,621,705 | +€481,056 | +42.2% |
| Contributions | 10/11 | €50,000 | €50,000 | = | 0.0% |
| Reserves | 13 | €1,090,649 | €1,571,705 | +€481,056 | +44.1% |
| Distributable reserves | 133 | €1,090,649 | €1,571,705 | +€481,056 | +44.1% |
| Amounts payable | 17/49 | €4,055,123 | €3,720,803 | -€334,319 | -8.2% |
| Amounts payable after more than one year | 17 | €2,807,142 | €2,481,394 | -€325,748 | -11.6% |
| Financial debts | 170/4 | €2,807,142 | €2,481,394 | -€325,748 | -11.6% |
| Amounts payable within one year | 42/48 | €1,247,980 | €1,239,409 | -€8,571 | -0.7% |
| Current portion of amounts payable after more than one year | 42 | €323,400 | €325,748 | +€2,348 | +0.7% |
| Trade debts | 44 | €5,568 | €13,353 | +€7,784 | +140% |
| Suppliers | 440/4 | €5,568 | €13,353 | +€7,784 | +140% |
| Taxes, remuneration and social security | 45 | €22,338 | €33,126 | +€10,788 | +48.3% |
| Taxes | 450/3 | €22,338 | €33,126 | +€10,788 | +48.3% |
| Remuneration and social security | 454/9 | €0 | - | = | |
| Other amounts payable | 47/48 | €896,674 | €867,183 | -€29,492 | -3.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €25,601 | €29,091 | +€3,490 | +13.6% |
| Other operating charges | 640/8 | €4,010 | €3,086 | -€924 | -23.0% |
| Gross operating margin | 9900 | €121,087 | €25,710 | -€95,377 | -78.8% |
| Operating profit (loss) | 9901 | €91,476 | -€6,468 | -€97,944 | |
| Financial income | 75/76B | €855,000 | €632,635 | -€222,365 | -26.0% |
| Recurring financial income | 75 | €855,000 | €400,000 | -€455,000 | -53.2% |
| Non-recurring financial income | 76B | - | €232,635 | +€232,635 | |
| Financial charges | 65/66B | €102,021 | €144,709 | +€42,688 | +41.8% |
| Recurring financial charges | 65 | €102,021 | €144,709 | +€42,688 | +41.8% |
| Profit (loss) for the period before taxes | 9903 | €844,454 | €481,458 | -€362,997 | -43.0% |
| Income taxes | 67/77 | €406 | €401 | -€5 | -1.1% |
| Profit (loss) for the period | 9904 | €844,049 | €481,056 | -€362,992 | -43.0% |
| Profit (loss) for the period to be appropriated | 9905 | €844,049 | €481,056 | -€362,992 | -43.0% |
Next steps
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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 8 November 2026 via checked.be.