TDBS: 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.
TDBS
Largest movements
- Stocks and contracts +€25,081
up €25,081 (+23.1%), from €108,667 to €133,749
- Receivables within one year +€23,791
up €23,791 (+23.0%), from €103,557 to €127,348
of which Other amounts receivable: +€50,999
- Short-term financial debts +€152,137
up €152,137 (+121.7%), from €125,000 to €277,137
- Debts after one year -€70,315
down €70,315 (-8.6%), from €818,016 to €747,701
of which Other amounts payable: -€41,221
- Tax, wage and social debts -€20,933
down €20,933 (-68.1%), from €30,746 to €9,813
of which Taxes: -€20,595
- Current portion of long-term debt +€20,675
up €20,675 (+20.4%), from €101,431 to €122,106
- Gross operating margin -€101,821
down €101,821 (-30.2%), from €337,613 to €235,792
- Financial charges -€53,581
down €53,581 (-54.4%), from €98,569 to €44,988
- Depreciation +€12,301
up €12,301 (+15.4%), from €80,122 to €92,423
- Staff costs -€9,293
down €9,293 (-8.6%), from €108,280 to €98,987
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 | €1,169,269 | €1,240,170 | +€70,901 | +6.1% |
| Fixed assets | 21/28 | €909,128 | €925,458 | +€16,330 | +1.8% |
| Intangible fixed assets | 21 | - | €4,458 | +€4,458 | |
| Tangible fixed assets | 22/27 | €909,128 | €921,000 | +€11,873 | +1.3% |
| Land and buildings | 22 | €760,999 | €715,957 | -€45,041 | -5.9% |
| Plant, machinery and equipment | 23 | €85,132 | €156,912 | +€71,780 | +84.3% |
| Furniture and vehicles | 24 | €62,997 | €48,131 | -€14,866 | -23.6% |
| Current assets | 29/58 | €260,141 | €314,712 | +€54,571 | +21.0% |
| Stocks and contracts in progress | 3 | €108,667 | €133,749 | +€25,081 | +23.1% |
| Stocks | 30/36 | €108,667 | €133,749 | +€25,081 | +23.1% |
| Amounts receivable within one year | 40/41 | €103,557 | €127,348 | +€23,791 | +23.0% |
| Trade receivables | 40 | €66,611 | €39,403 | -€27,208 | -40.8% |
| Other amounts receivable | 41 | €36,946 | €87,945 | +€50,999 | +138.0% |
| Cash at bank and in hand | 54/58 | €46,433 | €41,547 | -€4,887 | -10.5% |
| Deferred charges and accrued income | 490/1 | €1,484 | €12,069 | +€10,585 | +713.3% |
| Total equity and liabilities | 10/49 | €1,169,269 | €1,240,170 | +€70,901 | +6.1% |
| Equity | 10/15 | €68,356 | €62,053 | -€6,303 | -9.2% |
| Contributions | 10/11 | €48,600 | €48,600 | = | 0.0% |
| Reserves | 13 | €19,756 | €13,453 | -€6,303 | -31.9% |
| Non-distributable reserves | 130/1 | €0 | - | = | |
| Reserves not available under the articles | 1311 | €0 | - | = | |
| Distributable reserves | 133 | €19,756 | €13,453 | -€6,303 | -31.9% |
| Profit (loss) carried forward | 14 | €0 | - | = | |
| Amounts payable | 17/49 | €1,100,913 | €1,178,117 | +€77,204 | +7.0% |
| Amounts payable after more than one year | 17 | €818,016 | €747,701 | -€70,315 | -8.6% |
| Financial debts | 170/4 | €774,995 | €745,901 | -€29,094 | -3.8% |
| Other amounts payable | 178/9 | €43,021 | €1,800 | -€41,221 | -95.8% |
| Amounts payable within one year | 42/48 | €281,356 | €428,875 | +€147,519 | +52.4% |
| Current portion of amounts payable after more than one year | 42 | €101,431 | €122,106 | +€20,675 | +20.4% |
| Financial debts | 43 | €125,000 | €277,137 | +€152,137 | +121.7% |
| Credit institutions | 430/8 | €125,000 | €277,137 | +€152,137 | +121.7% |
| Trade debts | 44 | €16,021 | €16,252 | +€231 | +1.4% |
| Suppliers | 440/4 | €16,021 | €16,252 | +€231 | +1.4% |
| Advances received on contracts in progress | 46 | €386 | €1,766 | +€1,380 | +357.2% |
| Taxes, remuneration and social security | 45 | €30,746 | €9,813 | -€20,933 | -68.1% |
| Taxes | 450/3 | €21,564 | €969 | -€20,595 | -95.5% |
| Remuneration and social security | 454/9 | €9,182 | €8,844 | -€338 | -3.7% |
| Other amounts payable | 47/48 | €7,772 | €1,800 | -€5,972 | -76.8% |
| Accrued charges and deferred income | 492/3 | €1,542 | €1,542 | = | 0.0% |
| Remuneration, social security and pensions | 62 | €108,280 | €98,987 | -€9,293 | -8.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €80,122 | €92,423 | +€12,301 | +15.4% |
| Other operating charges | 640/8 | €9,865 | €10,039 | +€175 | +1.8% |
| Gross operating margin | 9900 | €337,613 | €235,792 | -€101,821 | -30.2% |
| Operating profit (loss) | 9901 | €139,347 | €34,342 | -€105,005 | -75.4% |
| Financial income | 75/76B | €1,173 | €1,507 | +€335 | +28.5% |
| Recurring financial income | 75 | €1,173 | €1,507 | +€335 | +28.5% |
| Financial charges | 65/66B | €98,569 | €44,988 | -€53,581 | -54.4% |
| Recurring financial charges | 65 | €98,569 | €44,988 | -€53,581 | -54.4% |
| Profit (loss) for the period before taxes | 9903 | €41,951 | -€9,138 | -€51,090 | |
| Income taxes | 67/77 | €0 | €1 | +€1 | |
| Profit (loss) for the period | 9904 | €41,951 | -€9,139 | -€51,090 | |
| Profit (loss) for the period to be appropriated | 9905 | €41,951 | -€9,139 | -€51,090 |
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.