TDMC: 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.
TDMC
Largest movements
- Receivables within one year -€439,425
down €439,425 (-66.7%), from €658,695 to €219,270
of which Trade receivables: -€465,569
- Tangible fixed assets -€160,792
down €160,792 (-3.7%), from €4.3m to €4.1m
of which Land and buildings: -€158,742
- Trade debts -€465,104
down €465,104 (-93.5%), from €497,670 to €32,566
- Debts after one year -€230,191
down €230,191 (-8.9%), from €2.6m to €2.4m
- Reserves +€76,594
up €76,594 (+3.1%), from €2.5m to €2.5m
of which Distributable reserves: +€100,525
- Gross operating margin -€22,426
down €22,426 (-4.1%), from €549,954 to €527,528
- Staff costs +€15,075
up €15,075 (+7.5%), from €199,853 to €214,929
- Financial income +€14,024
up €14,024 (+872.0%), from €1,608 to €15,632
- Taxes -€5,585
down €5,585 (-14.7%), from €38,107 to €32,522
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 | €6,144,746 | €5,505,073 | -€639,673 | -10.4% |
| Fixed assets | 21/28 | €5,429,065 | €5,268,273 | -€160,792 | -3.0% |
| Tangible fixed assets | 22/27 | €4,295,695 | €4,134,903 | -€160,792 | -3.7% |
| Land and buildings | 22 | €4,262,892 | €4,104,150 | -€158,742 | -3.7% |
| Plant, machinery and equipment | 23 | €32,803 | €30,753 | -€2,050 | -6.2% |
| Financial fixed assets | 28 | €1,133,371 | €1,133,371 | = | 0.0% |
| Current assets | 29/58 | €715,681 | €236,800 | -€478,882 | -66.9% |
| Amounts receivable within one year | 40/41 | €658,695 | €219,270 | -€439,425 | -66.7% |
| Trade receivables | 40 | €641,206 | €175,637 | -€465,569 | -72.6% |
| Other amounts receivable | 41 | €17,489 | €43,633 | +€26,144 | +149.5% |
| Cash at bank and in hand | 54/58 | €24,252 | €7,236 | -€17,015 | -70.2% |
| Deferred charges and accrued income | 490/1 | €32,734 | €10,293 | -€22,441 | -68.6% |
| Total equity and liabilities | 10/49 | €6,144,746 | €5,505,073 | -€639,673 | -10.4% |
| Equity | 10/15 | €2,492,439 | €2,569,033 | +€76,594 | +3.1% |
| Contributions | 10/11 | €20,460 | €20,460 | = | 0.0% |
| Reserves | 13 | €2,471,979 | €2,548,573 | +€76,594 | +3.1% |
| Tax-exempt reserves | 132 | €956,682 | €932,751 | -€23,931 | -2.5% |
| Distributable reserves | 133 | €1,515,296 | €1,615,822 | +€100,525 | +6.6% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Provisions and deferred taxes | 16 | €178,561 | €167,075 | -€11,485 | -6.4% |
| Deferred taxes | 168 | €178,561 | €167,075 | -€11,485 | -6.4% |
| Amounts payable | 17/49 | €3,473,747 | €2,768,965 | -€704,782 | -20.3% |
| Amounts payable after more than one year | 17 | €2,598,791 | €2,368,600 | -€230,191 | -8.9% |
| Financial debts | 170/4 | €2,598,791 | €2,368,600 | -€230,191 | -8.9% |
| Amounts payable within one year | 42/48 | €874,956 | €400,364 | -€474,592 | -54.2% |
| Current portion of amounts payable after more than one year | 42 | €232,153 | €230,191 | -€1,962 | -0.8% |
| Financial debts | 43 | €43,803 | €37,787 | -€6,017 | -13.7% |
| Credit institutions | 430/8 | €43,803 | €37,787 | -€6,017 | -13.7% |
| Trade debts | 44 | €497,670 | €32,566 | -€465,104 | -93.5% |
| Suppliers | 440/4 | €497,670 | €32,566 | -€465,104 | -93.5% |
| Taxes, remuneration and social security | 45 | €52,678 | €37,257 | -€15,421 | -29.3% |
| Taxes | 450/3 | €24,933 | €840 | -€24,093 | -96.6% |
| Remuneration and social security | 454/9 | €27,745 | €36,417 | +€8,672 | +31.3% |
| Other amounts payable | 47/48 | €48,651 | €62,564 | +€13,913 | +28.6% |
| Non-recurring operating income | 76A | €0 | €2,600 | +€2,600 | |
| Remuneration, social security and pensions | 62 | €199,853 | €214,929 | +€15,075 | +7.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €160,792 | €160,792 | = | 0.0% |
| Other operating charges | 640/8 | €37,946 | €38,102 | +€156 | +0.4% |
| Gross operating margin | 9900 | €549,954 | €527,528 | -€22,426 | -4.1% |
| Operating profit (loss) | 9901 | €151,362 | €113,706 | -€37,657 | -24.9% |
| Financial income | 75/76B | €1,608 | €15,632 | +€14,024 | +872.0% |
| Recurring financial income | 75 | €1,608 | €15,632 | +€14,024 | +872.0% |
| Financial charges | 65/66B | €33,526 | €30,041 | -€3,486 | -10.4% |
| Recurring financial charges | 65 | €33,526 | €30,041 | -€3,486 | -10.4% |
| Profit (loss) for the period before taxes | 9903 | €119,444 | €99,297 | -€20,147 | -16.9% |
| Transfer from deferred taxes | 780 | €11,485 | €11,485 | = | 0.0% |
| Income taxes | 67/77 | €38,107 | €32,522 | -€5,585 | -14.7% |
| Profit (loss) for the period | 9904 | €92,822 | €78,260 | -€14,562 | -15.7% |
| Transfer from tax-exempt reserves | 789 | €34,456 | €66,031 | +€31,575 | +91.6% |
| Transfer to tax-exempt reserves | 689 | €54,600 | €42,100 | -€12,500 | -22.9% |
| Profit (loss) for the period to be appropriated | 9905 | €72,678 | €102,191 | +€29,513 | +40.6% |
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 1 October 2026 via checked.be.