TDL PROJECTS: what changed
TDL PROJECTS
Largest movements
- Receivables within one year +€113,052
up €113,052 (+24.0%), from €472,018 to €585,070
of which Other amounts receivable: +€93,858
- Cash -€63,003
down €63,003 (-65.5%), from €96,247 to €33,244
mainly Receivables within one year (-€113,052) and Debts after one year (-€39,010)
- Tangible fixed assets -€54,775
down €54,775 (-45.7%), from €119,974 to €65,200
of which Leasing and similar rights: -€48,500
- Stocks and contracts -€17,996
down €17,996 (-24.5%), from €73,396 to €55,400
of which Contracts in progress: -€20,000
- Debts after one year -€39,010
down €39,010 (-53.9%), from €72,341 to €33,331
- Trade debts +€26,964
up €26,964 (+34.7%), from €77,689 to €104,654
- Other debts -€20,419
down €20,419 (-81.2%), from €25,149 to €4,729
- Reserves +€17,113
up €17,113 (+4.5%), from €378,910 to €396,023
- Gross operating margin -€94,444
down €94,444 (-15.3%), from €617,737 to €523,293
- Staff costs -€64,070
down €64,070 (-14.0%), from €457,426 to €393,356
- Financial income +€14,940
up €14,940 (+742%), from €2,013 to €16,953
- Other operating charges +€11,625
up €11,625 (+121%), from €9,618 to €21,243
- Financial charges +€9,426
up €9,426 (+65.4%), from €14,422 to €23,848
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €762,271 | €744,588 | -€17,683 | -2.3% |
| Fixed assets | 21/28 | €120,609 | €70,835 | -€49,775 | -41.3% |
| Tangible fixed assets | 22/27 | €119,974 | €65,200 | -€54,775 | -45.7% |
| Plant, machinery and equipment | 23 | €29,514 | €20,890 | -€8,624 | -29.2% |
| Furniture and vehicles | 24 | €3,302 | €5,651 | +€2,349 | +71.1% |
| Leasing and similar rights | 25 | €87,159 | €38,659 | -€48,500 | -55.6% |
| Financial fixed assets | 28 | €635 | €5,635 | +€5,000 | +787% |
| Current assets | 29/58 | €641,661 | €673,754 | +€32,092 | +5.0% |
| Stocks and contracts in progress | 3 | €73,396 | €55,400 | -€17,996 | -24.5% |
| Stocks | 30/36 | €53,396 | €55,400 | +€2,004 | +3.8% |
| Contracts in progress | 37 | €20,000 | €0 | -€20,000 | -100% |
| Amounts receivable within one year | 40/41 | €472,018 | €585,070 | +€113,052 | +24.0% |
| Trade receivables | 40 | €217,215 | €236,409 | +€19,193 | +8.8% |
| Other amounts receivable | 41 | €254,803 | €348,661 | +€93,858 | +36.8% |
| Cash at bank and in hand | 54/58 | €96,247 | €33,244 | -€63,003 | -65.5% |
| Deferred charges and accrued income | 490/1 | €0 | €40 | +€40 | |
| Total equity and liabilities | 10/49 | €762,271 | €744,588 | -€17,683 | -2.3% |
| Equity | 10/15 | €398,910 | €416,023 | +€17,113 | +4.3% |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Reserves | 13 | €378,910 | €396,023 | +€17,113 | +4.5% |
| Distributable reserves | 133 | €378,910 | €396,023 | +€17,113 | +4.5% |
| Amounts payable | 17/49 | €363,361 | €328,565 | -€34,796 | -9.6% |
| Amounts payable after more than one year | 17 | €72,341 | €33,331 | -€39,010 | -53.9% |
| Financial debts | 170/4 | €72,341 | €33,331 | -€39,010 | -53.9% |
| Amounts payable within one year | 42/48 | €291,020 | €295,234 | +€4,214 | +1.4% |
| Current portion of amounts payable after more than one year | 42 | €47,344 | €40,655 | -€6,690 | -14.1% |
| Financial debts | 43 | €125,000 | €125,000 | = | 0.0% |
| Credit institutions | 430/8 | €125,000 | €125,000 | = | 0.0% |
| Trade debts | 44 | €77,689 | €104,654 | +€26,964 | +34.7% |
| Suppliers | 440/4 | €77,689 | €104,654 | +€26,964 | +34.7% |
| Taxes, remuneration and social security | 45 | €15,838 | €20,196 | +€4,358 | +27.5% |
| Taxes | 450/3 | €9,313 | €4,117 | -€5,196 | -55.8% |
| Remuneration and social security | 454/9 | €6,525 | €16,080 | +€9,554 | +146% |
| Other amounts payable | 47/48 | €25,149 | €4,729 | -€20,419 | -81.2% |
| Non-recurring operating income | 76A | €0 | - | = | |
| Remuneration, social security and pensions | 62 | €457,426 | €393,356 | -€64,070 | -14.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €67,348 | €67,737 | +€388 | +0.6% |
| Other operating charges | 640/8 | €9,618 | €21,243 | +€11,625 | +121% |
| Non-recurring operating charges | 66A | €21,804 | €0 | -€21,804 | -100% |
| Gross operating margin | 9900 | €617,737 | €523,293 | -€94,444 | -15.3% |
| Operating profit (loss) | 9901 | €61,541 | €40,957 | -€20,584 | -33.4% |
| Financial income | 75/76B | €2,013 | €16,953 | +€14,940 | +742% |
| Recurring financial income | 75 | €2,013 | €16,953 | +€14,940 | +742% |
| Financial charges | 65/66B | €14,422 | €23,848 | +€9,426 | +65.4% |
| Recurring financial charges | 65 | €14,422 | €23,848 | +€9,426 | +65.4% |
| Profit (loss) for the period before taxes | 9903 | €49,132 | €34,062 | -€15,070 | -30.7% |
| Income taxes | 67/77 | €18,515 | €16,949 | -€1,566 | -8.5% |
| Profit (loss) for the period | 9904 | €30,617 | €17,113 | -€13,504 | -44.1% |
| Profit (loss) for the period to be appropriated | 9905 | €30,617 | €17,113 | -€13,504 | -44.1% |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 2 November 2026 via checked.be.