TDLF: 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.
TDLF
Largest movements
- Receivables after one year +€400,000
new in 2025: €400,000
- Financial fixed assets -€250,000
no longer reported in 2025 (was €250,000)
- Receivables within one year +€20,861
up €20,861 (+13.8%), from €151,068 to €171,929
of which Other amounts receivable: +€22,553
- Cash +€12,480
up €12,480 (+9.9%), from €126,634 to €139,114
mainly Investment in fixed assets (net) (+€241,806) and Net result for the year (+€201,503)
- Reserves +€212,000
up €212,000 (+56.5%), from €375,000 to €587,000
- Trade debts -€18,365
down €18,365 (-18.1%), from €101,730 to €83,364
- Tax, wage and social debts +€11,000
up €11,000 (+72.0%), from €15,275 to €26,275
of which Taxes: +€10,483
- Profit (loss) carried forward -€10,497
down €10,497 (-93.2%), from €11,261 to €764
- Gross operating margin +€84,699
up €84,699 (+42.6%), from €198,876 to €283,575
- Taxes +€24,137
up €24,137 (+54.9%), from €43,956 to €68,092
- Staff costs -€12,034
down €12,034 (-34.6%), from €34,746 to €22,712
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 | €538,269 | €727,301 | +€189,032 | +35.1% |
| Fixed assets | 21/28 | €258,198 | €13,123 | -€245,076 | -94.9% |
| Tangible fixed assets | 22/27 | €8,198 | €13,123 | +€4,924 | +60.1% |
| Plant, machinery and equipment | 23 | €7,381 | €12,581 | +€5,200 | +70.4% |
| Furniture and vehicles | 24 | €817 | €542 | -€275 | -33.7% |
| Financial fixed assets | 28 | €250,000 | - | -€250,000 | |
| Current assets | 29/58 | €280,071 | €714,179 | +€434,108 | +155.0% |
| Amounts receivable after more than one year | 29 | - | €400,000 | +€400,000 | |
| Other amounts receivable | 291 | - | €400,000 | +€400,000 | |
| Amounts receivable within one year | 40/41 | €151,068 | €171,929 | +€20,861 | +13.8% |
| Trade receivables | 40 | €138,071 | €136,378 | -€1,692 | -1.2% |
| Other amounts receivable | 41 | €12,998 | €35,551 | +€22,553 | +173.5% |
| Cash at bank and in hand | 54/58 | €126,634 | €139,114 | +€12,480 | +9.9% |
| Deferred charges and accrued income | 490/1 | €2,368 | €3,135 | +€767 | +32.4% |
| Total equity and liabilities | 10/49 | €538,269 | €727,301 | +€189,032 | +35.1% |
| Equity | 10/15 | €406,261 | €607,764 | +€201,503 | +49.6% |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Reserves | 13 | €375,000 | €587,000 | +€212,000 | +56.5% |
| Distributable reserves | 133 | €375,000 | €587,000 | +€212,000 | +56.5% |
| Profit (loss) carried forward | 14 | €11,261 | €764 | -€10,497 | -93.2% |
| Amounts payable | 17/49 | €132,008 | €119,537 | -€12,471 | -9.4% |
| Amounts payable within one year | 42/48 | €127,058 | €114,489 | -€12,569 | -9.9% |
| Trade debts | 44 | €101,730 | €83,364 | -€18,365 | -18.1% |
| Suppliers | 440/4 | €101,730 | €83,364 | -€18,365 | -18.1% |
| Advances received on contracts in progress | 46 | €10,053 | €4,849 | -€5,204 | -51.8% |
| Taxes, remuneration and social security | 45 | €15,275 | €26,275 | +€11,000 | +72.0% |
| Taxes | 450/3 | €8,075 | €18,558 | +€10,483 | +129.8% |
| Remuneration and social security | 454/9 | €7,200 | €7,717 | +€517 | +7.2% |
| Accrued charges and deferred income | 492/3 | €4,950 | €5,048 | +€98 | +2.0% |
| Remuneration, social security and pensions | 62 | €34,746 | €22,712 | -€12,034 | -34.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €857 | €3,270 | +€2,413 | +281.6% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €2,482 | €2,248 | -€233 | -9.4% |
| Other operating charges | 640/8 | €668 | €688 | +€20 | +2.9% |
| Gross operating margin | 9900 | €198,876 | €283,575 | +€84,699 | +42.6% |
| Operating profit (loss) | 9901 | €160,123 | €254,657 | +€94,534 | +59.0% |
| Financial income | 75/76B | €13,269 | €15,055 | +€1,786 | +13.5% |
| Recurring financial income | 75 | €13,269 | €15,055 | +€1,786 | +13.5% |
| Financial charges | 65/66B | €76 | €116 | +€40 | +52.5% |
| Recurring financial charges | 65 | €76 | €116 | +€40 | +52.5% |
| Profit (loss) for the period before taxes | 9903 | €173,316 | €269,596 | +€96,280 | +55.6% |
| Income taxes | 67/77 | €43,956 | €68,092 | +€24,137 | +54.9% |
| Profit (loss) for the period | 9904 | €129,360 | €201,503 | +€72,143 | +55.8% |
| Profit (loss) for the period to be appropriated | 9905 | €129,360 | €201,503 | +€72,143 | +55.8% |
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.