TDN: 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.
TDN
Largest movements
- Financial fixed assets +€23.6m
up €23.6m (+1,516%), from €1.6m to €25.1m
- Cash -€7.5m
down €7.5m (-47.4%), from €15.8m to €8.3m
mainly Investment in fixed assets (net) (-€24.5m) and Receivables within one year (-€2.0m)
- Receivables within one year +€2.0m
up €2.0m (+23.9%), from €8.4m to €10.5m
of which Other amounts receivable: +€2.0m
- Tangible fixed assets +€820,312
up €820,312 (+37.1%), from €2.2m to €3.0m
of which Land and buildings: +€849,786
- Contributions +€13.4m
up €13.4m (+944%), from €1.4m to €14.8m
- Debts after one year +€4.3m
up €4.3m (+2,453%), from €176,979 to €4.5m
- Reserves +€1.5m
up €1.5m (+6.0%), from €24.6m to €26.1m
of which Distributable reserves: +€1.5m
- Financial income -€11.3m
down €11.3m (-87.3%), from €12.9m to €1.6m
of which Non-recurring financial income: -€7.4m
- Gross operating margin +€711,194
up €711,194 (+89.2%), from -€797,726 to -€86,532
- Other operating charges -€31,079
down €31,079 (-93.1%), from €33,394 to €2,315
- Staff costs +€30,453
up €30,453 (+32.3%), from €94,186 to €124,639
- Depreciation +€17,280
up €17,280 (+17.1%), from €100,880 to €118,160
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 | €27,968,203 | €46,914,687 | +€18.9m | +67.7% |
| Fixed assets | 21/28 | €3,766,354 | €28,160,585 | +€24.4m | +648% |
| Tangible fixed assets | 22/27 | €2,211,362 | €3,031,674 | +€820,312 | +37.1% |
| Land and buildings | 22 | €2,091,051 | €2,940,836 | +€849,786 | +40.6% |
| Plant, machinery and equipment | 23 | €39,024 | €32,333 | -€6,690 | -17.1% |
| Furniture and vehicles | 24 | €76,553 | €54,570 | -€21,983 | -28.7% |
| Other tangible fixed assets | 26 | €4,735 | €3,935 | -€801 | -16.9% |
| Financial fixed assets | 28 | €1,554,992 | €25,128,912 | +€23.6m | +1,516% |
| Current assets | 29/58 | €24,201,849 | €18,754,102 | -€5.4m | -22.5% |
| Amounts receivable within one year | 40/41 | €8,445,250 | €10,460,173 | +€2.0m | +23.9% |
| Trade receivables | 40 | €71,399 | €67,455 | -€3,944 | -5.5% |
| Other amounts receivable | 41 | €8,373,851 | €10,392,718 | +€2.0m | +24.1% |
| Current investments | 50/53 | €0 | - | = | |
| Cash at bank and in hand | 54/58 | €15,756,599 | €8,293,929 | -€7.5m | -47.4% |
| Total equity and liabilities | 10/49 | €27,968,203 | €46,914,687 | +€18.9m | +67.7% |
| Equity | 10/15 | €27,571,581 | €42,235,714 | +€14.7m | +53.2% |
| Contributions | 10/11 | €1,415,979 | €14,781,283 | +€13.4m | +944% |
| Reserves | 13 | €24,621,466 | €26,101,301 | +€1.5m | +6.0% |
| Tax-exempt reserves | 132 | €121,466 | €101,301 | -€20,165 | -16.6% |
| Distributable reserves | 133 | €24,500,000 | €26,000,000 | +€1.5m | +6.1% |
| Profit (loss) carried forward | 14 | €1,534,136 | €1,353,129 | -€181,007 | -11.8% |
| Provisions and deferred taxes | 16 | €62,304 | €51,921 | -€10,383 | -16.7% |
| Deferred taxes | 168 | €62,304 | €51,921 | -€10,383 | -16.7% |
| Amounts payable | 17/49 | €334,318 | €4,627,053 | +€4.3m | +1,284% |
| Amounts payable after more than one year | 17 | €176,979 | €4,518,343 | +€4.3m | +2,453% |
| Financial debts | 170/4 | €176,979 | €4,518,343 | +€4.3m | +2,453% |
| Amounts payable within one year | 42/48 | €157,339 | €108,709 | -€48,630 | -30.9% |
| Current portion of amounts payable after more than one year | 42 | €79,847 | €79,515 | -€331 | -0.4% |
| Trade debts | 44 | €9,363 | €10,098 | +€736 | +7.9% |
| Suppliers | 440/4 | €9,363 | €10,098 | +€736 | +7.9% |
| Taxes, remuneration and social security | 45 | €8,236 | €10,329 | +€2,093 | +25.4% |
| Taxes | 450/3 | €0 | €1,827 | +€1,827 | |
| Remuneration and social security | 454/9 | €8,236 | €8,502 | +€266 | +3.2% |
| Other amounts payable | 47/48 | €59,894 | €8,767 | -€51,126 | -85.4% |
| Non-recurring operating income | 76A | €0 | - | = | |
| Remuneration, social security and pensions | 62 | €94,186 | €124,639 | +€30,453 | +32.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €100,880 | €118,160 | +€17,280 | +17.1% |
| Other operating charges | 640/8 | €33,394 | €2,315 | -€31,079 | -93.1% |
| Non-recurring operating charges | 66A | €44,471 | €13,131 | -€31,340 | -70.5% |
| Gross operating margin | 9900 | -€797,726 | -€86,532 | +€711,194 | +89.2% |
| Operating profit (loss) | 9901 | -€1,070,657 | -€344,777 | +€725,880 | +67.8% |
| Financial income | 75/76B | €12,930,271 | €1,644,380 | -€11.3m | -87.3% |
| Recurring financial income | 75 | €5,535,984 | €1,644,380 | -€3.9m | -70.3% |
| Non-recurring financial income | 76B | €7,394,287 | €0 | -€7.4m | -100% |
| Financial charges | 65/66B | €17,103 | €10,171 | -€6,932 | -40.5% |
| Recurring financial charges | 65 | €17,103 | €10,171 | -€6,932 | -40.5% |
| Profit (loss) for the period before taxes | 9903 | €11,842,510 | €1,289,431 | -€10.6m | -89.1% |
| Transfer from deferred taxes | 780 | €10,383 | €10,383 | = | 0.0% |
| Income taxes | 67/77 | €4,941 | €986 | -€3,955 | -80.0% |
| Profit (loss) for the period | 9904 | €11,847,952 | €1,298,828 | -€10.5m | -89.0% |
| Transfer from tax-exempt reserves | 789 | €20,165 | €20,165 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €11,868,117 | €1,318,993 | -€10.5m | -88.9% |
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 25 October 2026 via checked.be.