TDC: 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.
What changed
TDC
fiscal year 2024 against 2025filed annual accounts (NBB)
Net result for the year
-€183,771
2024 · -€220,833+€37,062
Equity
€1.3m
2024 · -€166,486+€1.5m
Cash
€122,526
2024 · €154,968-€32,442
Balance sheet total
€5.0m
2024 · €4.7m+€291,792
Largest movements
Assets
- Stocks and contracts +€308,002
up €308,002 (+79.5%), from €387,321 to €695,323
Equity and liabilities
- Contributions +€1.7m
up €1.7m (+2722.6%), from €62,000 to €1.8m
- Debts after one year -€1.3m
down €1.3m (-28.4%), from €4.4m to €3.2m
- Profit (loss) carried forward -€173,164
down €173,164 (-16.7%), from -€1.0m to -€1.2m
Income statement
- Other operating charges -€71,816
down €71,816 (-76.4%), from €93,994 to €22,177
- Financial charges +€24,964
up €24,964 (+30.4%), from €82,166 to €107,130
- Gross operating margin -€22,668
down €22,668 (-31.5%), from €71,936 to €49,268
- Depreciation +€12,219
up €12,219 (+13.3%), from €91,593 to €103,812
- Taxes +€1,712
up €1,712 (+98.2%), from €1,743 to €3,455
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.
Result 2024
-€220,833
Gross operating margin
-€22,668
Depreciation
-€12,219
Other operating charges
+€71,816
Other operating items
+€26,809
Financial income
+€0
Financial charges
-€24,964
Taxes
-€1,712
Result 2025
-€183,771
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.
From operations
-€338,356
Investment
-€120,389
Financing
+€426,303
Cash 2024
€154,968
From operations (derived)
-€338,356
Net result for the year
-€183,771
Depreciation
+€103,812
Stocks and contracts
-€308,002
Smaller working-capital items
+€1,435
Trade debts
+€5,368
Other debts
+€42,801
Investment (derived)
-€120,389
Investment in fixed assets (net)
-€120,389
Financing
+€426,303
Debts after one year
-€1.3m
Current portion of long-term debt
-€8,372
Contributions, distributions and other
+€1.7m
Cash 2025
€122,526
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €4,710,981 | €5,002,774 | +€291,792 | +6.2% |
| Fixed assets | 21/28 | €4,162,974 | €4,179,550 | +€16,577 | +0.4% |
| Tangible fixed assets | 22/27 | €4,162,974 | €4,179,550 | +€16,577 | +0.4% |
| Land and buildings | 22 | €1,924,683 | €1,931,412 | +€6,729 | +0.3% |
| Furniture and vehicles | 24 | €7,415 | €7,226 | -€189 | -2.6% |
| Other tangible fixed assets | 26 | €2,230,875 | €2,240,913 | +€10,037 | +0.4% |
| Current assets | 29/58 | €548,008 | €823,223 | +€275,216 | +50.2% |
| Stocks and contracts in progress | 3 | €387,321 | €695,323 | +€308,002 | +79.5% |
| Stocks | 30/36 | €387,321 | €695,323 | +€308,002 | +79.5% |
| Cash at bank and in hand | 54/58 | €154,968 | €122,526 | -€32,442 | -20.9% |
| Deferred charges and accrued income | 490/1 | €5,718 | €5,374 | -€344 | -6.0% |
| Total equity and liabilities | 10/49 | €4,710,981 | €5,002,774 | +€291,792 | +6.2% |
| Equity | 10/15 | -€166,486 | €1,337,743 | +€1.5m | |
| Contributions | 10/11 | €62,000 | €1,750,000 | +€1.7m | +2722.6% |
| Capital | 10 | €62,000 | €1,750,000 | +€1.7m | +2722.6% |
| Issued capital | 100 | €62,000 | €1,750,000 | +€1.7m | +2722.6% |
| Reserves | 13 | €808,764 | €798,158 | -€10,607 | -1.3% |
| Non-distributable reserves | 130/1 | €6,200 | €6,200 | = | 0.0% |
| Legal reserve | 130 | €6,200 | €6,200 | = | 0.0% |
| Tax-exempt reserves | 132 | €61,685 | €51,078 | -€10,607 | -17.2% |
| Distributable reserves | 133 | €740,880 | €740,880 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€1,037,251 | -€1,210,415 | -€173,164 | -16.7% |
| Provisions and deferred taxes | 16 | €20,562 | €17,026 | -€3,536 | -17.2% |
| Deferred taxes | 168 | €20,562 | €17,026 | -€3,536 | -17.2% |
| Amounts payable | 17/49 | €4,856,906 | €3,648,004 | -€1.2m | -24.9% |
| Amounts payable after more than one year | 17 | €4,410,026 | €3,156,701 | -€1.3m | -28.4% |
| Financial debts | 170/4 | €4,410,026 | €3,156,701 | -€1.3m | -28.4% |
| Amounts payable within one year | 42/48 | €445,498 | €487,007 | +€41,509 | +9.3% |
| Current portion of amounts payable after more than one year | 42 | €201,197 | €192,825 | -€8,372 | -4.2% |
| Trade debts | 44 | €17,403 | €22,771 | +€5,368 | +30.8% |
| Suppliers | 440/4 | €17,403 | €22,771 | +€5,368 | +30.8% |
| Taxes, remuneration and social security | 45 | €1,743 | €3,455 | +€1,712 | +98.2% |
| Taxes | 450/3 | €1,743 | €3,455 | +€1,712 | +98.2% |
| Other amounts payable | 47/48 | €225,154 | €267,956 | +€42,801 | +19.0% |
| Accrued charges and deferred income | 492/3 | €1,383 | €4,297 | +€2,914 | +210.8% |
| Non-recurring operating income | 76A | €136,197 | €86,868 | -€49,329 | -36.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €91,593 | €103,812 | +€12,219 | +13.3% |
| Other operating charges | 640/8 | €93,994 | €22,177 | -€71,816 | -76.4% |
| Non-recurring operating charges | 66A | €26,809 | - | -€26,809 | |
| Gross operating margin | 9900 | €71,936 | €49,268 | -€22,668 | -31.5% |
| Operating profit (loss) | 9901 | -€140,459 | -€76,721 | +€63,738 | +45.4% |
| Financial income | 75/76B | - | €0 | +€0 | |
| Recurring financial income | 75 | - | €0 | +€0 | |
| Financial charges | 65/66B | €82,166 | €107,130 | +€24,964 | +30.4% |
| Recurring financial charges | 65 | €82,166 | €107,130 | +€24,964 | +30.4% |
| Profit (loss) for the period before taxes | 9903 | -€222,626 | -€183,851 | +€38,775 | +17.4% |
| Transfer from deferred taxes | 780 | €3,536 | €3,536 | = | 0.0% |
| Income taxes | 67/77 | €1,743 | €3,455 | +€1,712 | +98.2% |
| Profit (loss) for the period | 9904 | -€220,833 | -€183,771 | +€37,062 | +16.8% |
| Transfer from tax-exempt reserves | 789 | €10,607 | €10,607 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | -€210,226 | -€173,164 | +€37,062 | +17.6% |
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 8 October 2026 via checked.be.