TDF MC: 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.
TDF MC
Largest movements
- Cash -€33,027
down €33,027 (-42.4%), from €77,938 to €44,910
mainly Other debts (-€50,550) and Tax, wage and social debts (-€12,917)
- Receivables within one year -€18,792
down €18,792 (-44.0%), from €42,673 to €23,881
of which Trade receivables: -€32,673
- Tangible fixed assets -€10,213
down €10,213 (-23.8%), from €42,893 to €32,680
of which Furniture and vehicles: -€6,951
- Other debts -€50,550
down €50,550 (-35.0%), from €144,503 to €93,953
- Tax, wage and social debts -€12,917
down €12,917 (-97.0%), from €13,321 to €404
- Gross operating margin -€73,767
down €73,767 (-79.7%), from €92,557 to €18,790
- Taxes -€13,937
down €13,937 (-90.3%), from €15,433 to €1,496
- Financial charges -€4,445
down €4,445 (-97.6%), from €4,556 to €111
- Depreciation +€1,931
up €1,931 (+13.5%), from €14,306 to €16,238
- Financial income +€1,089
new in 2025: €1,089
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 | €165,793 | €102,896 | -€62,897 | -37.9% |
| Fixed assets | 21/28 | €42,893 | €32,680 | -€10,213 | -23.8% |
| Tangible fixed assets | 22/27 | €42,893 | €32,680 | -€10,213 | -23.8% |
| Furniture and vehicles | 24 | €37,303 | €30,353 | -€6,951 | -18.6% |
| Other tangible fixed assets | 26 | €3,715 | €2,328 | -€1,387 | -37.3% |
| Assets under construction and advance payments | 27 | €1,875 | €0 | -€1,875 | -100.0% |
| Current assets | 29/58 | €122,900 | €70,216 | -€52,684 | -42.9% |
| Amounts receivable within one year | 40/41 | €42,673 | €23,881 | -€18,792 | -44.0% |
| Trade receivables | 40 | €32,673 | €0 | -€32,673 | -100.0% |
| Other amounts receivable | 41 | €10,000 | €23,881 | +€13,881 | +138.8% |
| Cash at bank and in hand | 54/58 | €77,938 | €44,910 | -€33,027 | -42.4% |
| Deferred charges and accrued income | 490/1 | €2,289 | €1,425 | -€864 | -37.7% |
| Total equity and liabilities | 10/49 | €165,793 | €102,896 | -€62,897 | -37.9% |
| Equity | 10/15 | €6,000 | €6,795 | +€795 | +13.3% |
| Contributions | 10/11 | €6,000 | €6,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €0 | €795 | +€795 | |
| Amounts payable | 17/49 | €159,793 | €96,101 | -€63,692 | -39.9% |
| Amounts payable within one year | 42/48 | €159,043 | €94,812 | -€64,231 | -40.4% |
| Trade debts | 44 | €1,218 | €455 | -€763 | -62.6% |
| Suppliers | 440/4 | €1,218 | €455 | -€763 | -62.6% |
| Taxes, remuneration and social security | 45 | €13,321 | €404 | -€12,917 | -97.0% |
| Taxes | 450/3 | €13,321 | €404 | -€12,917 | -97.0% |
| Other amounts payable | 47/48 | €144,503 | €93,953 | -€50,550 | -35.0% |
| Accrued charges and deferred income | 492/3 | €750 | €1,289 | +€539 | +71.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €14,306 | €16,238 | +€1,931 | +13.5% |
| Other operating charges | 640/8 | €671 | €1,239 | +€568 | +84.5% |
| Gross operating margin | 9900 | €92,557 | €18,790 | -€73,767 | -79.7% |
| Operating profit (loss) | 9901 | €77,579 | €1,313 | -€76,266 | -98.3% |
| Financial income | 75/76B | - | €1,089 | +€1,089 | |
| Recurring financial income | 75 | - | €1,089 | +€1,089 | |
| Financial charges | 65/66B | €4,556 | €111 | -€4,445 | -97.6% |
| Recurring financial charges | 65 | €4,556 | €111 | -€4,445 | -97.6% |
| Profit (loss) for the period before taxes | 9903 | €73,024 | €2,291 | -€70,732 | -96.9% |
| Income taxes | 67/77 | €15,433 | €1,496 | -€13,937 | -90.3% |
| Profit (loss) for the period | 9904 | €57,591 | €795 | -€56,795 | -98.6% |
| Profit (loss) for the period to be appropriated | 9905 | €57,591 | €795 | -€56,795 | -98.6% |
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 5 October 2026 via checked.be.