TDM Logistics: 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.
What changed
TDM Logistics
NACE 52.250, Logistics services
financial year 2024 against 2025filed annual accounts (NBB)
Net result for the year
€71,933
2024 · €4,253+€67,680
Equity
€158,834
2024 · €86,901+€71,933
Cash
€868
2024 · €5,110-€4,242
Balance sheet total
€791,294
2024 · €558,922+€232,372
Largest movements
Assets
- Tangible fixed assets +€234,085
up €234,085 (+44.6%), from €525,396 to €759,481
of which Land and buildings: +€240,678
Equity and liabilities
- Other debts +€184,609
up €184,609 (+126.0%), from €146,521 to €331,130
- Profit (loss) carried forward +€71,933
up €71,933 (+108.3%), from €66,441 to €138,374
- Debts after one year -€27,416
down €27,416 (-9.6%), from €286,628 to €259,212
Income statement
- Gross operating margin +€97,852
up €97,852 (+234.6%), from €41,716 to €139,568
- Taxes +€23,864
up €23,864 (+1508.5%), from €1,582 to €25,446
- Depreciation +€7,275
up €7,275 (+25.9%), from €28,133 to €35,408
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.
Result 2024
€4,253
Gross operating margin
+€97,852
Depreciation
-€7,275
Other operating charges
+€517
Financial income
-€2
Financial charges
+€452
Taxes
-€23,864
Result 2025
€71,933
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.
From operations
+€292,629
Investment
-€269,915
Financing
-€26,956
Cash 2024
€5,110
From operations (derived)
+€292,629
Net result for the year
+€71,933
Depreciation
+€35,408
Receivables within one year
-€2,854
Deferred charges and accrued income
+€747
Trade debts
+€1,161
Tax, wage and social debts
+€3,376
Other debts
+€184,609
Accrued charges and deferred income
-€1,751
Investment (derived)
-€269,915
Investment in fixed assets (net)
-€269,915
Financing
-€26,956
Debts after one year
-€27,416
Current portion of long-term debt
+€460
Cash 2025
€868
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €558,922 | €791,294 | +€232,372 | +41.6% |
| Fixed assets | 21/28 | €525,918 | €760,425 | +€234,507 | +44.6% |
| Tangible fixed assets | 22/27 | €525,396 | €759,481 | +€234,085 | +44.6% |
| Land and buildings | 22 | €492,513 | €733,191 | +€240,678 | +48.9% |
| Plant, machinery and equipment | 23 | €16,074 | €15,144 | -€930 | -5.8% |
| Furniture and vehicles | 24 | €16,809 | €11,146 | -€5,663 | -33.7% |
| Financial fixed assets | 28 | €522 | €944 | +€422 | +80.8% |
| Current assets | 29/58 | €33,004 | €30,869 | -€2,135 | -6.5% |
| Amounts receivable within one year | 40/41 | €25,425 | €28,279 | +€2,854 | +11.2% |
| Trade receivables | 40 | €24,392 | €27,725 | +€3,333 | +13.7% |
| Other amounts receivable | 41 | €1,033 | €554 | -€479 | -46.4% |
| Cash at bank and in hand | 54/58 | €5,110 | €868 | -€4,242 | -83.0% |
| Deferred charges and accrued income | 490/1 | €2,469 | €1,722 | -€747 | -30.3% |
| Total equity and liabilities | 10/49 | €558,922 | €791,294 | +€232,372 | +41.6% |
| Equity | 10/15 | €86,901 | €158,834 | +€71,933 | +82.8% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €1,860 | €1,860 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Profit (loss) carried forward | 14 | €66,441 | €138,374 | +€71,933 | +108.3% |
| Amounts payable | 17/49 | €472,021 | €632,460 | +€160,439 | +34.0% |
| Amounts payable after more than one year | 17 | €286,628 | €259,212 | -€27,416 | -9.6% |
| Financial debts | 170/4 | €286,628 | €259,212 | -€27,416 | -9.6% |
| Amounts payable within one year | 42/48 | €183,642 | €373,248 | +€189,606 | +103.2% |
| Current portion of amounts payable after more than one year | 42 | €26,957 | €27,417 | +€460 | +1.7% |
| Trade debts | 44 | €2,078 | €3,239 | +€1,161 | +55.9% |
| Suppliers | 440/4 | €2,078 | €3,239 | +€1,161 | +55.9% |
| Taxes, remuneration and social security | 45 | €8,086 | €11,462 | +€3,376 | +41.8% |
| Taxes | 450/3 | €6,293 | €9,655 | +€3,362 | +53.4% |
| Remuneration and social security | 454/9 | €1,793 | €1,807 | +€14 | +0.8% |
| Other amounts payable | 47/48 | €146,521 | €331,130 | +€184,609 | +126.0% |
| Accrued charges and deferred income | 492/3 | €1,751 | - | -€1,751 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €28,133 | €35,408 | +€7,275 | +25.9% |
| Other operating charges | 640/8 | €2,715 | €2,198 | -€517 | -19.0% |
| Gross operating margin | 9900 | €41,716 | €139,568 | +€97,852 | +234.6% |
| Operating profit (loss) | 9901 | €10,868 | €101,962 | +€91,094 | +838.2% |
| Financial income | 75/76B | €2 | - | -€2 | |
| Recurring financial income | 75 | €2 | - | -€2 | |
| Financial charges | 65/66B | €5,035 | €4,583 | -€452 | -9.0% |
| Recurring financial charges | 65 | €5,035 | €4,583 | -€452 | -9.0% |
| Profit (loss) for the period before taxes | 9903 | €5,835 | €97,379 | +€91,544 | +1568.9% |
| Income taxes | 67/77 | €1,582 | €25,446 | +€23,864 | +1508.5% |
| Profit (loss) for the period | 9904 | €4,253 | €71,933 | +€67,680 | +1591.3% |
| Profit (loss) for the period to be appropriated | 9905 | €4,253 | €71,933 | +€67,680 | +1591.3% |
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 9 October 2026 via checked.be.