TDB Project: 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.
TDB Project
Largest movements
- Receivables within one year +€44,164
up €44,164 (+122.1%), from €36,156 to €80,320
of which Trade receivables: +€48,587
- Stocks and contracts +€3,625
up €3,625 (+4.3%), from €83,405 to €87,030
- Tangible fixed assets +€2,821
up €2,821 (+130.4%), from €2,164 to €4,985
of which Furniture and vehicles: +€2,265
- Other debts +€23,965
up €23,965 (+2876.6%), from €833 to €24,798
- Trade debts +€22,634
up €22,634 (+546.7%), from €4,140 to €26,774
- Short-term financial debts +€4,955
new in 2025: €4,955
- Tax, wage and social debts -€2,182
down €2,182 (-88.2%), from €2,473 to €291
- Depreciation -€12,501
down €12,501 (-94.0%), from €13,300 to €799
- Gross operating margin +€10,884
up €10,884, from -€6,930 to €3,954
- Other operating charges +€993
up €993 (+49.6%), from €2,002 to €2,995
- Financial charges -€122
down €122 (-16.3%), from €749 to €626
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 | €128,490 | €177,489 | +€48,999 | +38.1% |
| Fixed assets | 21/28 | €2,164 | €4,985 | +€2,821 | +130.4% |
| Tangible fixed assets | 22/27 | €2,164 | €4,985 | +€2,821 | +130.4% |
| Plant, machinery and equipment | 23 | €1,618 | €2,175 | +€557 | +34.4% |
| Furniture and vehicles | 24 | €545 | €2,810 | +€2,265 | +415.3% |
| Current assets | 29/58 | €126,327 | €172,504 | +€46,178 | +36.6% |
| Stocks and contracts in progress | 3 | €83,405 | €87,030 | +€3,625 | +4.3% |
| Contracts in progress | 37 | €83,405 | €87,030 | +€3,625 | +4.3% |
| Amounts receivable within one year | 40/41 | €36,156 | €80,320 | +€44,164 | +122.1% |
| Trade receivables | 40 | €31,733 | €80,320 | +€48,587 | +153.1% |
| Other amounts receivable | 41 | €4,423 | - | -€4,423 | |
| Cash at bank and in hand | 54/58 | €2,977 | €2,309 | -€668 | -22.4% |
| Deferred charges and accrued income | 490/1 | €3,789 | €2,846 | -€943 | -24.9% |
| Total equity and liabilities | 10/49 | €128,490 | €177,489 | +€48,999 | +38.1% |
| Equity | 10/15 | €49,045 | €48,671 | -€373 | -0.8% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €43,839 | €43,839 | = | 0.0% |
| Distributable reserves | 133 | €43,839 | €43,839 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€995 | -€1,368 | -€373 | -37.5% |
| Amounts payable | 17/49 | €79,446 | €128,818 | +€49,372 | +62.1% |
| Amounts payable after more than one year | 17 | €72,000 | €72,000 | = | 0.0% |
| Financial debts | 170/4 | €72,000 | €72,000 | = | 0.0% |
| Amounts payable within one year | 42/48 | €7,446 | €56,818 | +€49,372 | +663.1% |
| Financial debts | 43 | - | €4,955 | +€4,955 | |
| Credit institutions | 430/8 | - | €4,955 | +€4,955 | |
| Trade debts | 44 | €4,140 | €26,774 | +€22,634 | +546.7% |
| Suppliers | 440/4 | €4,140 | €26,774 | +€22,634 | +546.7% |
| Taxes, remuneration and social security | 45 | €2,473 | €291 | -€2,182 | -88.2% |
| Taxes | 450/3 | €2,473 | €291 | -€2,182 | -88.2% |
| Other amounts payable | 47/48 | €833 | €24,798 | +€23,965 | +2876.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €13,300 | €799 | -€12,501 | -94.0% |
| Other operating charges | 640/8 | €2,002 | €2,995 | +€993 | +49.6% |
| Gross operating margin | 9900 | -€6,930 | €3,954 | +€10,884 | |
| Operating profit (loss) | 9901 | -€22,232 | €160 | +€22,392 | |
| Financial income | 75/76B | €129 | €94 | -€36 | -27.5% |
| Recurring financial income | 75 | €129 | €94 | -€36 | -27.5% |
| Financial charges | 65/66B | €749 | €626 | -€122 | -16.3% |
| Recurring financial charges | 65 | €749 | €626 | -€122 | -16.3% |
| Profit (loss) for the period before taxes | 9903 | -€22,852 | -€373 | +€22,479 | +98.4% |
| Profit (loss) for the period | 9904 | -€22,852 | -€373 | +€22,479 | +98.4% |
| Profit (loss) for the period to be appropriated | 9905 | -€22,852 | -€373 | +€22,479 | +98.4% |
Source: filed annual accounts (NBB), fiscal years ended 31 March 2024 and 31 March 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 7 October 2026 via checked.be.