TDG Mindset: 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.
TDG Mindset
Largest movements
- Cash -€27,625
down €27,625 (-53.8%), from €51,310 to €23,686
mainly Current portion of long-term debt (-€110,000) and Debts after one year (-€100,000)
- Reserves +€193,010
up €193,010 (+42.0%), from €459,975 to €652,985
- Current portion of long-term debt -€110,000
down €110,000 (-100.0%), from €110,000 to €0
- Debts after one year -€100,000
down €100,000 (-100.0%), from €100,000 to €0
- Financial income +€80,000
up €80,000 (+84.2%), from €95,000 to €175,000
- Financial charges -€1,800
down €1,800 (-35.8%), from €5,024 to €3,224
- Other operating charges -€958
down €958 (-44.1%), from €2,172 to €1,214
- Gross operating margin -€620
down €620 (-2.1%), from €29,068 to €28,448
- Taxes +€532
up €532 (+9.7%), from €5,468 to €6,000
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 | €887,893 | €860,268 | -€27,625 | -3.1% |
| Fixed assets | 21/28 | €800,000 | €800,000 | = | 0.0% |
| Financial fixed assets | 28 | €800,000 | €800,000 | = | 0.0% |
| Current assets | 29/58 | €87,893 | €60,268 | -€27,625 | -31.4% |
| Amounts receivable within one year | 40/41 | €36,582 | €36,582 | = | 0.0% |
| Trade receivables | 40 | €36,300 | €36,300 | = | 0.0% |
| Other amounts receivable | 41 | €282 | €282 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €51,310 | €23,686 | -€27,625 | -53.8% |
| Total equity and liabilities | 10/49 | €887,893 | €860,268 | -€27,625 | -3.1% |
| Equity | 10/15 | €659,975 | €852,985 | +€193,010 | +29.2% |
| Contributions | 10/11 | €200,000 | €200,000 | = | 0.0% |
| Reserves | 13 | €459,975 | €652,985 | +€193,010 | +42.0% |
| Distributable reserves | 133 | €459,975 | €652,985 | +€193,010 | +42.0% |
| Amounts payable | 17/49 | €227,918 | €7,283 | -€220,634 | -96.8% |
| Amounts payable after more than one year | 17 | €100,000 | €0 | -€100,000 | -100.0% |
| Financial debts | 170/4 | €100,000 | €0 | -€100,000 | -100.0% |
| Amounts payable within one year | 42/48 | €122,315 | €7,283 | -€115,032 | -94.0% |
| Current portion of amounts payable after more than one year | 42 | €110,000 | €0 | -€110,000 | -100.0% |
| Trade debts | 44 | €503 | €1,350 | +€848 | +168.7% |
| Suppliers | 440/4 | €503 | €1,350 | +€848 | +168.7% |
| Taxes, remuneration and social security | 45 | €11,813 | €5,933 | -€5,880 | -49.8% |
| Taxes | 450/3 | €11,813 | €5,933 | -€5,880 | -49.8% |
| Accrued charges and deferred income | 492/3 | €5,602 | €0 | -€5,602 | -100.0% |
| Other operating charges | 640/8 | €2,172 | €1,214 | -€958 | -44.1% |
| Gross operating margin | 9900 | €29,068 | €28,448 | -€620 | -2.1% |
| Operating profit (loss) | 9901 | €26,896 | €27,234 | +€338 | +1.3% |
| Financial income | 75/76B | €95,000 | €175,000 | +€80,000 | +84.2% |
| Recurring financial income | 75 | €95,000 | €175,000 | +€80,000 | +84.2% |
| Financial charges | 65/66B | €5,024 | €3,224 | -€1,800 | -35.8% |
| Recurring financial charges | 65 | €5,024 | €3,224 | -€1,800 | -35.8% |
| Profit (loss) for the period before taxes | 9903 | €116,871 | €199,010 | +€82,138 | +70.3% |
| Income taxes | 67/77 | €5,468 | €6,000 | +€532 | +9.7% |
| Profit (loss) for the period | 9904 | €111,403 | €193,010 | +€81,606 | +73.3% |
| Profit (loss) for the period to be appropriated | 9905 | €111,403 | €193,010 | +€81,606 | +73.3% |
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.