TDF Immobilière: what changed
What changed
TDF Immobilière
NACE 68.203, Renting and operating of own or leased non-residential real estate, excluding land
filed annual accounts (NBB)
Net result for the year
€38,843
2024 · €7,004+€31,839
Equity
€1.2m
2024 · €1.0m+€136,627
Cash
€379,049
2024 · €39,565+€339,484
Balance sheet total
€5.5m
2024 · €4.3m+€1.2m
Largest movements
Assets
- Tangible fixed assets +€1.0m
up €1.0m (+27.9%), from €3.8m to €4.8m
of which Land and buildings: +€3.9m
- Cash +€339,484
up €339,484 (+858%), from €39,565 to €379,049
mainly Debts after one year (+€648,758) and Trade debts (+€271,339)
- Receivables within one year -€230,699
down €230,699 (-42.1%), from €547,806 to €317,107
of which Other amounts receivable: -€230,699
Equity and liabilities
- Debts after one year +€648,758
up €648,758 (+23.4%), from €2.8m to €3.4m
- Trade debts +€271,339
up €271,339 (+1,235%), from €21,979 to €293,318
of which Suppliers: +€271,339
- Current portion of long-term debt +€110,169
up €110,169 (+77.2%), from €142,753 to €252,922
- Investment grants +€97,784
up €97,784 (+12.9%), from €755,615 to €853,399
Income statement
- Gross operating margin +€88,981
up €88,981 (+38.3%), from €232,452 to €321,433
- Financial charges +€79,602
up €79,602 (+207%), from €38,451 to €118,052
- Depreciation +€68,635
up €68,635 (+73.9%), from €92,848 to €161,483
- Financial income +€46,601
new in 2025: €46,601
- Other operating charges -€36,639
down €36,639 (-42.5%), from €86,230 to €49,591
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
€7,004
Gross operating margin
+€88,981
Depreciation
-€68,635
Other operating charges
+€36,639
Financial income
+€46,601
Financial charges
-€79,602
Taxes
+€9,249
Deferred taxes and other
-€1,394
Result 2025
€38,843
raises the resultlowers the resultnot broken down further in the accounts
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
+€691,256
Investment
-€1.2m
Financing
+€856,711
Cash 2024
€39,565
From operations (derived)
+€691,256
Net result for the year
+€38,843
Depreciation
+€161,483
Receivables within one year
+€230,699
Provisions
-€1,859
Trade debts
+€271,339
Tax, wage and social debts
-€9,249
Investment (derived)
-€1.2m
Investment in fixed assets (net)
-€1.2m
Financing
+€856,711
Debts after one year
+€648,758
Current portion of long-term debt
+€110,169
Contributions, distributions and other
+€97,784
Cash 2025
€379,049
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €4,343,962 | €5,499,748 | +€1.2m | +26.6% |
| Fixed assets | 21/28 | €3,756,591 | €4,803,591 | +€1.0m | +27.9% |
| Tangible fixed assets | 22/27 | €3,756,591 | €4,803,591 | +€1.0m | +27.9% |
| Land and buildings | 22 | €930,287 | €4,803,591 | +€3.9m | +416% |
| Assets under construction and advance payments | 27 | €2,826,304 | €0 | -€2.8m | -100% |
| Current assets | 29/58 | €587,371 | €696,157 | +€108,785 | +18.5% |
| Amounts receivable within one year | 40/41 | €547,806 | €317,107 | -€230,699 | -42.1% |
| Trade receivables | 40 | €0 | - | = | |
| Other amounts receivable | 41 | €547,806 | €317,107 | -€230,699 | -42.1% |
| Cash at bank and in hand | 54/58 | €39,565 | €379,049 | +€339,484 | +858% |
| Total equity and liabilities | 10/49 | €4,343,962 | €5,499,748 | +€1.2m | +26.6% |
| Equity | 10/15 | €1,048,216 | €1,184,843 | +€136,627 | +13.0% |
| Contributions | 10/11 | €69,410 | €69,410 | = | 0.0% |
| Capital | 10 | €69,410 | €69,410 | = | 0.0% |
| Issued capital | 100 | €247,894 | €247,894 | = | 0.0% |
| Uncalled capital | 101 | €178,483 | €178,483 | = | 0.0% |
| Revaluation surpluses | 12 | €96,204 | €88,738 | -€7,466 | -7.8% |
| Reserves | 13 | €183,296 | €185,185 | +€1,890 | +1.0% |
| Tax-exempt reserves | 132 | €30,648 | €25,072 | -€5,576 | -18.2% |
| Distributable reserves | 133 | €152,648 | €160,113 | +€7,466 | +4.9% |
| Profit (loss) carried forward | 14 | -€56,309 | -€11,890 | +€44,419 | +78.9% |
| Investment grants | 15 | €755,615 | €853,399 | +€97,784 | +12.9% |
| Provisions and deferred taxes | 16 | €10,216 | €8,357 | -€1,859 | -18.2% |
| Deferred taxes | 168 | €10,216 | €8,357 | -€1,859 | -18.2% |
| Amounts payable | 17/49 | €3,285,530 | €4,306,547 | +€1.0m | +31.1% |
| Amounts payable after more than one year | 17 | €2,767,626 | €3,416,384 | +€648,758 | +23.4% |
| Financial debts | 170/4 | €2,767,626 | €3,416,384 | +€648,758 | +23.4% |
| Amounts payable within one year | 42/48 | €517,904 | €890,163 | +€372,259 | +71.9% |
| Current portion of amounts payable after more than one year | 42 | €142,753 | €252,922 | +€110,169 | +77.2% |
| Financial debts | 43 | €162,000 | €162,000 | = | 0.0% |
| Credit institutions | 430/8 | €0 | - | = | |
| Other loans | 439 | €162,000 | €162,000 | = | 0.0% |
| Trade debts | 44 | €21,979 | €293,318 | +€271,339 | +1,235% |
| Suppliers | 440/4 | €4,356 | €275,695 | +€271,339 | +6,229% |
| Bills of exchange payable | 441 | €17,623 | €17,623 | = | 0.0% |
| Taxes, remuneration and social security | 45 | €11,172 | €1,923 | -€9,249 | -82.8% |
| Taxes | 450/3 | €11,172 | €1,923 | -€9,249 | -82.8% |
| Other amounts payable | 47/48 | €180,000 | €180,000 | = | 0.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €92,848 | €161,483 | +€68,635 | +73.9% |
| Other operating charges | 640/8 | €86,230 | €49,591 | -€36,639 | -42.5% |
| Gross operating margin | 9900 | €232,452 | €321,433 | +€88,981 | +38.3% |
| Operating profit (loss) | 9901 | €53,374 | €110,359 | +€56,985 | +107% |
| Financial income | 75/76B | - | €46,601 | +€46,601 | |
| Recurring financial income | 75 | - | €46,601 | +€46,601 | |
| Financial charges | 65/66B | €38,451 | €118,052 | +€79,602 | +207% |
| Recurring financial charges | 65 | €38,451 | €118,052 | +€79,602 | +207% |
| Profit (loss) for the period before taxes | 9903 | €14,924 | €38,908 | +€23,984 | +161% |
| Transfer from deferred taxes | 780 | €3,253 | €1,859 | -€1,394 | -42.9% |
| Income taxes | 67/77 | €11,172 | €1,923 | -€9,249 | -82.8% |
| Profit (loss) for the period | 9904 | €7,004 | €38,843 | +€31,839 | +455% |
| Transfer from tax-exempt reserves | 789 | €9,758 | €5,576 | -€4,182 | -42.9% |
| Profit (loss) for the period to be appropriated | 9905 | €16,762 | €44,419 | +€27,658 | +165% |
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.