TDM: 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.
TDM
Largest movements
- Receivables within one year -€183,028
down €183,028 (-69.8%), from €262,184 to €79,157
- Current investments +€150,577
up €150,577 (+33231.2%), from €453 to €151,030
- Cash +€113,601
up €113,601 (+154.6%), from €73,503 to €187,104
mainly Receivables within one year (+€183,028) and Depreciation (+€75,547)
- Tangible fixed assets -€75,547
down €75,547 (-2.1%), from €3.6m to €3.6m
No liability line moved by more than 1% of the balance sheet total.
- Financial income -€4,662
down €4,662 (-54.1%), from €8,615 to €3,952
- Depreciation +€1,980
up €1,980 (+2.7%), from €73,567 to €75,547
- Gross operating margin +€882
up €882 (+1.1%), from €79,608 to €80,490
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 | €3,997,719 | €3,992,525 | -€5,194 | -0.1% |
| Fixed assets | 21/28 | €3,659,902 | €3,574,336 | -€85,566 | -2.3% |
| Tangible fixed assets | 22/27 | €3,649,884 | €3,574,336 | -€75,547 | -2.1% |
| Land and buildings | 22 | €3,649,884 | €3,574,336 | -€75,547 | -2.1% |
| Financial fixed assets | 28 | €10,018 | - | -€10,018 | |
| Current assets | 29/58 | €337,817 | €418,188 | +€80,372 | +23.8% |
| Amounts receivable within one year | 40/41 | €262,184 | €79,157 | -€183,028 | -69.8% |
| Other amounts receivable | 41 | €262,184 | €79,157 | -€183,028 | -69.8% |
| Current investments | 50/53 | €453 | €151,030 | +€150,577 | +33231.2% |
| Cash at bank and in hand | 54/58 | €73,503 | €187,104 | +€113,601 | +154.6% |
| Deferred charges and accrued income | 490/1 | €1,676 | €897 | -€779 | -46.5% |
| Total equity and liabilities | 10/49 | €3,997,719 | €3,992,525 | -€5,194 | -0.1% |
| Equity | 10/15 | €3,917,876 | €3,922,092 | +€4,216 | +0.1% |
| Contributions | 10/11 | €3,240,000 | €3,240,000 | = | 0.0% |
| Capital | 10 | €3,240,000 | €3,240,000 | = | 0.0% |
| Issued capital | 100 | €3,240,000 | €3,240,000 | = | 0.0% |
| Reserves | 13 | €596,075 | €596,075 | = | 0.0% |
| Non-distributable reserves | 130/1 | €50,575 | €50,575 | = | 0.0% |
| Legal reserve | 130 | €50,575 | €50,575 | = | 0.0% |
| Distributable reserves | 133 | €545,500 | €545,500 | = | 0.0% |
| Profit (loss) carried forward | 14 | €81,801 | €86,017 | +€4,216 | +5.2% |
| Amounts payable | 17/49 | €79,843 | €70,433 | -€9,410 | -11.8% |
| Amounts payable within one year | 42/48 | €79,843 | €70,433 | -€9,410 | -11.8% |
| Trade debts | 44 | €7,388 | €7,231 | -€157 | -2.1% |
| Suppliers | 440/4 | €7,388 | €7,231 | -€157 | -2.1% |
| Taxes, remuneration and social security | 45 | €24 | €24 | = | 0.0% |
| Taxes | 450/3 | €24 | €24 | = | 0.0% |
| Other amounts payable | 47/48 | €72,431 | €63,178 | -€9,253 | -12.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €73,567 | €75,547 | +€1,980 | +2.7% |
| Other operating charges | 640/8 | €5,290 | €4,619 | -€671 | -12.7% |
| Gross operating margin | 9900 | €79,608 | €80,490 | +€882 | +1.1% |
| Operating profit (loss) | 9901 | €751 | €324 | -€427 | -56.9% |
| Financial income | 75/76B | €8,615 | €3,952 | -€4,662 | -54.1% |
| Recurring financial income | 75 | €8,615 | €3,952 | -€4,662 | -54.1% |
| Financial charges | 65/66B | €40 | €61 | +€20 | +50.4% |
| Recurring financial charges | 65 | €40 | €61 | +€20 | +50.4% |
| Profit (loss) for the period before taxes | 9903 | €9,326 | €4,216 | -€5,110 | -54.8% |
| Profit (loss) for the period | 9904 | €9,326 | €4,216 | -€5,110 | -54.8% |
| Profit (loss) for the period to be appropriated | 9905 | €9,326 | €4,216 | -€5,110 | -54.8% |
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 9 October 2026 via checked.be.