TDL - PI: 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.
TDL - PI
Largest movements
- Intangible fixed assets -€25,000
down €25,000 (-19.1%), from €131,164 to €106,164
- Tangible fixed assets -€16,203
down €16,203 (-9.1%), from €178,351 to €162,148
of which Plant, machinery and equipment: -€19,690
- Debts after one year -€35,834
down €35,834 (-19.8%), from €181,078 to €145,244
- Other debts -€22,639
down €22,639 (-12.3%), from €184,193 to €161,554
- Profit (loss) carried forward +€20,396
up €20,396 (+27.6%), from -€73,842 to -€53,446
- Gross operating margin -€21,683
down €21,683 (-16.8%), from €129,171 to €107,488
- Staff costs -€9,686
down €9,686 (-26.6%), from €36,468 to €26,782
- Other operating charges -€3,379
down €3,379 (-89.4%), from €3,779 to €400
- Financial charges +€2,131
up €2,131 (+37.7%), from €5,647 to €7,778
- Depreciation +€1,575
up €1,575 (+3.1%), from €50,218 to €51,793
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 | €346,939 | €305,286 | -€41,652 | -12.0% |
| Fixed assets | 21/28 | €309,878 | €268,675 | -€41,203 | -13.3% |
| Intangible fixed assets | 21 | €131,164 | €106,164 | -€25,000 | -19.1% |
| Tangible fixed assets | 22/27 | €178,351 | €162,148 | -€16,203 | -9.1% |
| Plant, machinery and equipment | 23 | €171,226 | €151,536 | -€19,690 | -11.5% |
| Furniture and vehicles | 24 | €7,125 | €10,611 | +€3,486 | +48.9% |
| Financial fixed assets | 28 | €363 | €363 | = | 0.0% |
| Current assets | 29/58 | €37,061 | €36,611 | -€449 | -1.2% |
| Amounts receivable within one year | 40/41 | €1,389 | - | -€1,389 | |
| Other amounts receivable | 41 | €1,389 | - | -€1,389 | |
| Cash at bank and in hand | 54/58 | €29,624 | €32,544 | +€2,920 | +9.9% |
| Deferred charges and accrued income | 490/1 | €6,048 | €4,068 | -€1,980 | -32.7% |
| Total equity and liabilities | 10/49 | €346,939 | €305,286 | -€41,652 | -12.0% |
| Equity | 10/15 | -€67,842 | -€47,446 | +€20,396 | +30.1% |
| Contributions | 10/11 | €6,000 | €6,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€73,842 | -€53,446 | +€20,396 | +27.6% |
| Amounts payable | 17/49 | €414,781 | €352,733 | -€62,049 | -15.0% |
| Amounts payable after more than one year | 17 | €181,078 | €145,244 | -€35,834 | -19.8% |
| Financial debts | 170/4 | €181,078 | €145,244 | -€35,834 | -19.8% |
| Amounts payable within one year | 42/48 | €233,703 | €207,489 | -€26,214 | -11.2% |
| Current portion of amounts payable after more than one year | 42 | €35,401 | €35,834 | +€433 | +1.2% |
| Trade debts | 44 | €8,147 | €6,212 | -€1,934 | -23.7% |
| Suppliers | 440/4 | €8,147 | €6,212 | -€1,934 | -23.7% |
| Taxes, remuneration and social security | 45 | €5,962 | €3,888 | -€2,073 | -34.8% |
| Taxes | 450/3 | €545 | €340 | -€206 | -37.7% |
| Remuneration and social security | 454/9 | €5,416 | €3,549 | -€1,868 | -34.5% |
| Other amounts payable | 47/48 | €184,193 | €161,554 | -€22,639 | -12.3% |
| Non-recurring operating income | 76A | €12,797 | - | -€12,797 | |
| Remuneration, social security and pensions | 62 | €36,468 | €26,782 | -€9,686 | -26.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €50,218 | €51,793 | +€1,575 | +3.1% |
| Other operating charges | 640/8 | €3,779 | €400 | -€3,379 | -89.4% |
| Gross operating margin | 9900 | €129,171 | €107,488 | -€21,683 | -16.8% |
| Operating profit (loss) | 9901 | €38,707 | €28,514 | -€10,193 | -26.3% |
| Financial income | 75/76B | - | €0 | +€0 | |
| Recurring financial income | 75 | - | €0 | +€0 | |
| Financial charges | 65/66B | €5,647 | €7,778 | +€2,131 | +37.7% |
| Recurring financial charges | 65 | €5,647 | €7,778 | +€2,131 | +37.7% |
| Profit (loss) for the period before taxes | 9903 | €33,059 | €20,736 | -€12,324 | -37.3% |
| Income taxes | 67/77 | €545 | €340 | -€206 | -37.7% |
| Profit (loss) for the period | 9904 | €32,514 | €20,396 | -€12,118 | -37.3% |
| Profit (loss) for the period to be appropriated | 9905 | €32,514 | €20,396 | -€12,118 | -37.3% |
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 5 October 2026 via checked.be.