TDM3: 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.
TDM3
Largest movements
- Cash +€979,340
up €979,340 (+55.9%), from €1.8m to €2.7m
mainly Net result for the year (+€784,117) and Short-term financial debts (+€503,000)
- Receivables within one year -€60,883
down €60,883 (-58.2%), from €104,625 to €43,742
of which Trade receivables: -€76,552
- Short-term financial debts +€503,000
new in 2025: €503,000
- Advances received +€164,323
up €164,323 (+37.1%), from €443,080 to €607,404
- Reserves +€156,823
up €156,823 (+32.4%), from €483,795 to €640,619
of which Distributable reserves: +€156,823
- Other debts +€112,723
up €112,723 (+21.9%), from €514,570 to €627,294
- Trade debts +€36,602
up €36,602 (+130%), from €28,178 to €64,781
- Gross operating margin +€107,316
up €107,316 (+7.2%), from €1.5m to €1.6m
- Depreciation -€30,039
down €30,039 (-24.6%), from €122,002 to €91,963
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.
Derived cash bridge
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 | €2,055,185 | €2,998,687 | +€943,502 | +45.9% |
| Fixed assets | 21/28 | €199,049 | €220,695 | +€21,646 | +10.9% |
| Intangible fixed assets | 21 | €143,378 | €171,775 | +€28,397 | +19.8% |
| Tangible fixed assets | 22/27 | €55,671 | €48,921 | -€6,751 | -12.1% |
| Furniture and vehicles | 24 | €7,004 | €9,448 | +€2,444 | +34.9% |
| Other tangible fixed assets | 26 | €48,667 | €39,473 | -€9,194 | -18.9% |
| Current assets | 29/58 | €1,856,136 | €2,777,992 | +€921,856 | +49.7% |
| Amounts receivable within one year | 40/41 | €104,625 | €43,742 | -€60,883 | -58.2% |
| Trade receivables | 40 | €87,517 | €10,965 | -€76,552 | -87.5% |
| Other amounts receivable | 41 | €17,107 | €32,777 | +€15,669 | +91.6% |
| Cash at bank and in hand | 54/58 | €1,751,193 | €2,730,533 | +€979,340 | +55.9% |
| Deferred charges and accrued income | 490/1 | €318 | €3,716 | +€3,398 | +1,067% |
| Total equity and liabilities | 10/49 | €2,055,185 | €2,998,687 | +€943,502 | +45.9% |
| Equity | 10/15 | €983,795 | €1,140,619 | +€156,823 | +15.9% |
| Contributions | 10/11 | €500,000 | €500,000 | = | 0.0% |
| Reserves | 13 | €483,795 | €640,619 | +€156,823 | +32.4% |
| Non-distributable reserves | 130/1 | €20,732 | €20,732 | = | 0.0% |
| Other | 1319 | €20,732 | €20,732 | = | 0.0% |
| Distributable reserves | 133 | €463,064 | €619,887 | +€156,823 | +33.9% |
| Amounts payable | 17/49 | €1,071,390 | €1,858,068 | +€786,679 | +73.4% |
| Amounts payable within one year | 42/48 | €1,071,390 | €1,858,068 | +€786,679 | +73.4% |
| Financial debts | 43 | - | €503,000 | +€503,000 | |
| Other loans | 439 | - | €503,000 | +€503,000 | |
| Trade debts | 44 | €28,178 | €64,781 | +€36,602 | +130% |
| Suppliers | 440/4 | €28,178 | €64,781 | +€36,602 | +130% |
| Advances received on contracts in progress | 46 | €443,080 | €607,404 | +€164,323 | +37.1% |
| Taxes, remuneration and social security | 45 | €85,561 | €55,591 | -€29,970 | -35.0% |
| Taxes | 450/3 | €7,921 | - | -€7,921 | |
| Remuneration and social security | 454/9 | €77,640 | €55,591 | -€22,049 | -28.4% |
| Other amounts payable | 47/48 | €514,570 | €627,294 | +€112,723 | +21.9% |
| Remuneration, social security and pensions | 62 | €716,806 | €720,239 | +€3,432 | +0.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €122,002 | €91,963 | -€30,039 | -24.6% |
| Other operating charges | 640/8 | €1,431 | €1,786 | +€355 | +24.8% |
| Gross operating margin | 9900 | €1,490,571 | €1,597,887 | +€107,316 | +7.2% |
| Operating profit (loss) | 9901 | €650,332 | €783,898 | +€133,566 | +20.5% |
| Financial income | 75/76B | €28 | €0 | -€27 | -100.0% |
| Recurring financial income | 75 | €28 | €0 | -€27 | -100.0% |
| Financial charges | 65/66B | €1,336 | €2,870 | +€1,534 | +115% |
| Recurring financial charges | 65 | €1,336 | €2,870 | +€1,534 | +115% |
| Profit (loss) for the period before taxes | 9903 | €649,023 | €781,028 | +€132,005 | +20.3% |
| Income taxes | 67/77 | -€3,985 | -€3,088 | +€896 | +22.5% |
| Profit (loss) for the period | 9904 | €653,008 | €784,117 | +€131,109 | +20.1% |
| Profit (loss) for the period to be appropriated | 9905 | €653,008 | €784,117 | +€131,109 | +20.1% |
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 14 October 2026 via checked.be.