TDH: 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.
TDH
Largest movements
- Current investments +€450,617
up €450,617 (+224.1%), from €201,100 to €651,716
- Cash -€335,437
down €335,437 (-45.8%), from €732,717 to €397,280
mainly Current investments (-€450,617) and Contributions, distributions and other (-€191,646)
- Receivables within one year +€115,773
up €115,773 (+401.5%), from €28,837 to €144,609
- Reserves +€343,351
up €343,351 (+21.1%), from €1.6m to €2.0m
- Debts after one year -€38,940
down €38,940 (-27.9%), from €139,387 to €100,447
- Other debts -€34,758
down €34,758 (-18.3%), from €190,265 to €155,507
- Gross operating margin +€139,865
up €139,865 (+15.1%), from €924,693 to €1.1m
- Taxes +€47,273
up €47,273 (+23.7%), from €199,264 to €246,537
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 | €2,157,682 | €2,403,134 | +€245,452 | +11.4% |
| Fixed assets | 21/28 | €1,192,029 | €1,204,381 | +€12,352 | +1.0% |
| Tangible fixed assets | 22/27 | €1,192,029 | €1,204,381 | +€12,352 | +1.0% |
| Land and buildings | 22 | €1,006,822 | €940,064 | -€66,758 | -6.6% |
| Plant, machinery and equipment | 23 | €77,014 | €60,165 | -€16,849 | -21.9% |
| Furniture and vehicles | 24 | €103,994 | €199,952 | +€95,958 | +92.3% |
| Other tangible fixed assets | 26 | €4,200 | €4,200 | = | 0.0% |
| Current assets | 29/58 | €965,653 | €1,198,753 | +€233,100 | +24.1% |
| Stocks and contracts in progress | 3 | €3,000 | €3,000 | = | 0.0% |
| Stocks | 30/36 | €3,000 | €3,000 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €28,837 | €144,609 | +€115,773 | +401.5% |
| Trade receivables | 40 | €28,837 | €144,609 | +€115,773 | +401.5% |
| Current investments | 50/53 | €201,100 | €651,716 | +€450,617 | +224.1% |
| Cash at bank and in hand | 54/58 | €732,717 | €397,280 | -€335,437 | -45.8% |
| Deferred charges and accrued income | 490/1 | - | €2,148 | +€2,148 | |
| Total equity and liabilities | 10/49 | €2,157,682 | €2,403,134 | +€245,452 | +11.4% |
| Equity | 10/15 | €1,646,284 | €1,989,635 | +€343,351 | +20.9% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €1,627,684 | €1,971,035 | +€343,351 | +21.1% |
| Distributable reserves | 133 | €1,627,684 | €1,971,035 | +€343,351 | +21.1% |
| Amounts payable | 17/49 | €511,398 | €413,499 | -€97,899 | -19.1% |
| Amounts payable after more than one year | 17 | €139,387 | €100,447 | -€38,940 | -27.9% |
| Financial debts | 170/4 | €139,387 | €100,447 | -€38,940 | -27.9% |
| Amounts payable within one year | 42/48 | €372,011 | €313,051 | -€58,959 | -15.8% |
| Current portion of amounts payable after more than one year | 42 | €47,734 | €38,940 | -€8,794 | -18.4% |
| Trade debts | 44 | €70,368 | €58,288 | -€12,080 | -17.2% |
| Suppliers | 440/4 | €70,368 | €58,288 | -€12,080 | -17.2% |
| Taxes, remuneration and social security | 45 | €63,644 | €60,316 | -€3,327 | -5.2% |
| Taxes | 450/3 | €34,563 | €43,218 | +€8,655 | +25.0% |
| Remuneration and social security | 454/9 | €29,081 | €17,098 | -€11,982 | -41.2% |
| Other amounts payable | 47/48 | €190,265 | €155,507 | -€34,758 | -18.3% |
| Remuneration, social security and pensions | 62 | €157,142 | €151,409 | -€5,733 | -3.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €139,608 | €130,800 | -€8,807 | -6.3% |
| Other operating charges | 640/8 | €4,588 | €7,529 | +€2,941 | +64.1% |
| Gross operating margin | 9900 | €924,693 | €1,064,558 | +€139,865 | +15.1% |
| Operating profit (loss) | 9901 | €623,355 | €774,820 | +€151,464 | +24.3% |
| Financial income | 75/76B | €15,673 | €11,070 | -€4,603 | -29.4% |
| Recurring financial income | 75 | €15,673 | €11,070 | -€4,603 | -29.4% |
| Financial charges | 65/66B | €5,598 | €4,356 | -€1,242 | -22.2% |
| Recurring financial charges | 65 | €5,598 | €4,356 | -€1,242 | -22.2% |
| Profit (loss) for the period before taxes | 9903 | €633,431 | €781,534 | +€148,103 | +23.4% |
| Income taxes | 67/77 | €199,264 | €246,537 | +€47,273 | +23.7% |
| Profit (loss) for the period | 9904 | €434,167 | €534,997 | +€100,830 | +23.2% |
| Profit (loss) for the period to be appropriated | 9905 | €434,167 | €534,997 | +€100,830 | +23.2% |
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 2 October 2026 via checked.be.