TDJ Projects: 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.
TDJ Projects
Largest movements
- Financial fixed assets -€687,019
down €687,019 (-95.2%), from €721,583 to €34,564
- Cash +€243,709
up €243,709 (+11.2%), from €2.2m to €2.4m
mainly Net result for the year (+€1.0m) and Investment in fixed assets (net) (+€488,847)
- Tangible fixed assets +€170,451
up €170,451 (+139%), from €122,840 to €293,291
of which Land and buildings: +€217,557
- Receivables within one year +€117,183
up €117,183 (+107%), from €109,690 to €226,873
of which Trade receivables: +€145,343
- Receivables after one year +€77,022
new in 2025: €77,022
- Current portion of long-term debt -€541,000
down €541,000 (-97.3%), from €556,000 to €15,000
- Other debts +€296,487
up €296,487 (+37.6%), from €789,088 to €1.1m
- Debts after one year +€135,000
new in 2025: €135,000
- Tax, wage and social debts +€40,151
up €40,151 (+23.7%), from €169,215 to €209,366
of which Taxes: +€40,151
- Financial income +€130,236
up €130,236 (+86.8%), from €150,097 to €280,333
of which Non-recurring financial income: +€89,962
- Gross operating margin +€46,553
up €46,553 (+4.7%), from €987,433 to €1.0m
- Taxes -€33,428
down €33,428 (-12.2%), from €274,101 to €240,673
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.
Derived cash bridge
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 | €3,163,359 | €3,101,605 | -€61,754 | -2.0% |
| Fixed assets | 21/28 | €844,423 | €327,855 | -€516,568 | -61.2% |
| Tangible fixed assets | 22/27 | €122,840 | €293,291 | +€170,451 | +139% |
| Land and buildings | 22 | €4,711 | €222,267 | +€217,557 | +4,618% |
| Plant, machinery and equipment | 23 | €183 | €59 | -€124 | -68.0% |
| Furniture and vehicles | 24 | €86,809 | €62,086 | -€24,724 | -28.5% |
| Other tangible fixed assets | 26 | €31,137 | €8,880 | -€22,257 | -71.5% |
| Financial fixed assets | 28 | €721,583 | €34,564 | -€687,019 | -95.2% |
| Current assets | 29/58 | €2,318,936 | €2,773,750 | +€454,814 | +19.6% |
| Amounts receivable after more than one year | 29 | - | €77,022 | +€77,022 | |
| Other amounts receivable | 291 | - | €77,022 | +€77,022 | |
| Amounts receivable within one year | 40/41 | €109,690 | €226,873 | +€117,183 | +107% |
| Trade receivables | 40 | €71,076 | €216,418 | +€145,343 | +204% |
| Other amounts receivable | 41 | €38,614 | €10,455 | -€28,159 | -72.9% |
| Current investments | 50/53 | €34,920 | €52,420 | +€17,500 | +50.1% |
| Cash at bank and in hand | 54/58 | €2,171,269 | €2,414,978 | +€243,709 | +11.2% |
| Deferred charges and accrued income | 490/1 | €3,057 | €2,457 | -€600 | -19.6% |
| Total equity and liabilities | 10/49 | €3,163,359 | €3,101,605 | -€61,754 | -2.0% |
| Equity | 10/15 | €1,642,039 | €1,643,940 | +€1,902 | +0.1% |
| Contributions | 10/11 | €2,000 | €2,000 | = | 0.0% |
| Reserves | 13 | €1,640,039 | €1,639,839 | -€200 | 0.0% |
| Distributable reserves | 133 | €1,640,039 | €1,639,839 | -€200 | 0.0% |
| Profit (loss) carried forward | 14 | - | €2,102 | +€2,102 | |
| Amounts payable | 17/49 | €1,521,320 | €1,457,665 | -€63,656 | -4.2% |
| Amounts payable after more than one year | 17 | - | €135,000 | +€135,000 | |
| Financial debts | 170/4 | - | €135,000 | +€135,000 | |
| Amounts payable within one year | 42/48 | €1,521,320 | €1,322,665 | -€198,656 | -13.1% |
| Current portion of amounts payable after more than one year | 42 | €556,000 | €15,000 | -€541,000 | -97.3% |
| Trade debts | 44 | €7,017 | €12,723 | +€5,706 | +81.3% |
| Suppliers | 440/4 | €7,017 | €12,723 | +€5,706 | +81.3% |
| Taxes, remuneration and social security | 45 | €169,215 | €209,366 | +€40,151 | +23.7% |
| Taxes | 450/3 | €167,099 | €207,250 | +€40,151 | +24.0% |
| Remuneration and social security | 454/9 | €2,116 | €2,116 | = | 0.0% |
| Other amounts payable | 47/48 | €789,088 | €1,085,575 | +€296,487 | +37.6% |
| Non-recurring operating income | 76A | - | €150,157 | +€150,157 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €25,225 | €27,721 | +€2,496 | +9.9% |
| Other operating charges | 640/8 | €1,940 | €2,613 | +€673 | +34.7% |
| Gross operating margin | 9900 | €987,433 | €1,033,986 | +€46,553 | +4.7% |
| Operating profit (loss) | 9901 | €960,268 | €1,003,653 | +€43,385 | +4.5% |
| Financial income | 75/76B | €150,097 | €280,333 | +€130,236 | +86.8% |
| Recurring financial income | 75 | €150,097 | €190,370 | +€40,273 | +26.8% |
| Non-recurring financial income | 76B | - | €89,962 | +€89,962 | |
| Financial charges | 65/66B | €14,225 | €22,067 | +€7,841 | +55.1% |
| Recurring financial charges | 65 | €14,225 | €22,067 | +€7,841 | +55.1% |
| Profit (loss) for the period before taxes | 9903 | €1,096,140 | €1,261,919 | +€165,779 | +15.1% |
| Income taxes | 67/77 | €274,101 | €240,673 | -€33,428 | -12.2% |
| Profit (loss) for the period | 9904 | €822,039 | €1,021,246 | +€199,207 | +24.2% |
| Profit (loss) for the period to be appropriated | 9905 | €822,039 | €1,021,246 | +€199,207 | +24.2% |
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 15 October 2026 via checked.be.