TDCO: what changed
Two financial 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.
TDCO
Largest movements
- Receivables within one year +€56,765
up €56,765 (+3521.4%), from €1,612 to €58,377
of which Trade receivables: +€30,839
- Tangible fixed assets +€51,911
up €51,911 (+124.3%), from €41,750 to €93,660
of which Plant, machinery and equipment: +€28,017
- Cash -€34,366
down €34,366 (-49.1%), from €69,988 to €35,623
mainly Investment in fixed assets (net) (-€63,724) and Receivables within one year (-€56,765)
- Stocks and contracts +€5,592
up €5,592 (+46.6%), from €12,000 to €17,592
- Reserves +€74,566
up €74,566 (+400.9%), from €18,601 to €93,166
- Debts after one year +€19,021
up €19,021 (+77.5%), from €24,536 to €43,557
- Tax, wage and social debts -€17,943
down €17,943 (-72.0%), from €24,925 to €6,982
of which Taxes: -€11,204
- Short-term financial debts +€11,268
new in 2025: €11,268
- Current portion of long-term debt +€8,172
up €8,172 (+149.5%), from €5,464 to €13,636
- Gross operating margin +€246,395
up €246,395 (+455.9%), from €54,042 to €300,437
- Staff costs +€158,388
up €158,388 (+548.9%), from €28,856 to €187,245
- Taxes +€13,796
up €13,796 (+293.7%), from €4,698 to €18,494
- Depreciation +€12,214
up €12,214 (+794.3%), from €1,538 to €13,752
- Other operating charges +€4,330
up €4,330 (+1423.5%), from €304 to €4,634
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 | €128,461 | €206,261 | +€77,800 | +60.6% |
| Formation expenses | 20 | €976 | €851 | -€125 | -12.8% |
| Fixed assets | 21/28 | €43,563 | €93,660 | +€50,097 | +115.0% |
| Tangible fixed assets | 22/27 | €41,750 | €93,660 | +€51,911 | +124.3% |
| Plant, machinery and equipment | 23 | €41,750 | €69,767 | +€28,017 | +67.1% |
| Furniture and vehicles | 24 | - | €11,726 | +€11,726 | |
| Other tangible fixed assets | 26 | - | €12,167 | +€12,167 | |
| Financial fixed assets | 28 | €1,813 | €0 | -€1,813 | -100.0% |
| Current assets | 29/58 | €83,922 | €111,749 | +€27,828 | +33.2% |
| Stocks and contracts in progress | 3 | €12,000 | €17,592 | +€5,592 | +46.6% |
| Stocks | 30/36 | €12,000 | €17,592 | +€5,592 | +46.6% |
| Amounts receivable within one year | 40/41 | €1,612 | €58,377 | +€56,765 | +3521.4% |
| Trade receivables | 40 | €1,612 | €32,451 | +€30,839 | +1913.1% |
| Other amounts receivable | 41 | - | €25,926 | +€25,926 | |
| Cash at bank and in hand | 54/58 | €69,988 | €35,623 | -€34,366 | -49.1% |
| Deferred charges and accrued income | 490/1 | €321 | €157 | -€164 | -51.0% |
| Total equity and liabilities | 10/49 | €128,461 | €206,261 | +€77,800 | +60.6% |
| Equity | 10/15 | €21,601 | €96,166 | +€74,566 | +345.2% |
| Contributions | 10/11 | €3,000 | €3,000 | = | 0.0% |
| Reserves | 13 | €18,601 | €93,166 | +€74,566 | +400.9% |
| Distributable reserves | 133 | €18,601 | €93,166 | +€74,566 | +400.9% |
| Amounts payable | 17/49 | €106,860 | €110,094 | +€3,234 | +3.0% |
| Amounts payable after more than one year | 17 | €24,536 | €43,557 | +€19,021 | +77.5% |
| Financial debts | 170/4 | €24,536 | €43,557 | +€19,021 | +77.5% |
| Amounts payable within one year | 42/48 | €75,218 | €66,061 | -€9,157 | -12.2% |
| Current portion of amounts payable after more than one year | 42 | €5,464 | €13,636 | +€8,172 | +149.5% |
| Financial debts | 43 | - | €11,268 | +€11,268 | |
| Credit institutions | 430/8 | - | €11,268 | +€11,268 | |
| Trade debts | 44 | €36,446 | €32,857 | -€3,589 | -9.8% |
| Suppliers | 440/4 | €36,446 | €32,857 | -€3,589 | -9.8% |
| Taxes, remuneration and social security | 45 | €24,925 | €6,982 | -€17,943 | -72.0% |
| Taxes | 450/3 | €16,733 | €5,529 | -€11,204 | -67.0% |
| Remuneration and social security | 454/9 | €8,192 | €1,453 | -€6,739 | -82.3% |
| Other amounts payable | 47/48 | €8,383 | €1,318 | -€7,065 | -84.3% |
| Accrued charges and deferred income | 492/3 | €7,107 | €477 | -€6,630 | -93.3% |
| Remuneration, social security and pensions | 62 | €28,856 | €187,245 | +€158,388 | +548.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,538 | €13,752 | +€12,214 | +794.3% |
| Other operating charges | 640/8 | €304 | €4,634 | +€4,330 | +1423.5% |
| Gross operating margin | 9900 | €54,042 | €300,437 | +€246,395 | +455.9% |
| Operating profit (loss) | 9901 | €23,344 | €94,807 | +€71,463 | +306.1% |
| Financial income | 75/76B | €10 | €568 | +€558 | +5774.9% |
| Recurring financial income | 75 | €10 | €568 | +€558 | +5774.9% |
| Financial charges | 65/66B | €55 | €2,315 | +€2,260 | +4112.8% |
| Recurring financial charges | 65 | €55 | €2,315 | +€2,260 | +4112.8% |
| Profit (loss) for the period before taxes | 9903 | €23,298 | €93,060 | +€69,761 | +299.4% |
| Income taxes | 67/77 | €4,698 | €18,494 | +€13,796 | +293.7% |
| Profit (loss) for the period | 9904 | €18,601 | €74,566 | +€55,965 | +300.9% |
| Profit (loss) for the period to be appropriated | 9905 | €18,601 | €74,566 | +€55,965 | +300.9% |
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 10 October 2026 via checked.be.