TDN MATERIALS: 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 MATERIALS
Largest movements
- Current investments +€500,000
new in 2025: €500,000
- Receivables within one year -€363,203
down €363,203 (-65.2%), from €557,083 to €193,880
of which Other amounts receivable: -€374,093
- Cash -€87,749
down €87,749 (-97.0%), from €90,508 to €2,759
mainly Current investments (-€500,000) and Advances received (-€100,000)
- Financial fixed assets +€57,267
up €57,267 (+19.1%), from €299,523 to €356,790
- Reserves +€202,497
up €202,497 (+56.0%), from €361,682 to €564,178
- Advances received -€100,000
down €100,000 (-50.0%), from €200,000 to €100,000
- Gross operating margin +€59,356
up €59,356 (+30.3%), from €195,712 to €255,068
- Financial income +€39,887
up €39,887 (+217%), from €18,372 to €58,259
- Taxes +€26,591
up €26,591 (+40.1%), from €66,344 to €92,935
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 | €974,000 | €1,070,716 | +€96,716 | +9.9% |
| Fixed assets | 21/28 | €326,409 | €374,077 | +€47,668 | +14.6% |
| Tangible fixed assets | 22/27 | €26,886 | €17,287 | -€9,599 | -35.7% |
| Furniture and vehicles | 24 | €26,886 | €17,287 | -€9,599 | -35.7% |
| Financial fixed assets | 28 | €299,523 | €356,790 | +€57,267 | +19.1% |
| Current assets | 29/58 | €647,591 | €696,639 | +€49,048 | +7.6% |
| Amounts receivable within one year | 40/41 | €557,083 | €193,880 | -€363,203 | -65.2% |
| Trade receivables | 40 | - | €10,890 | +€10,890 | |
| Other amounts receivable | 41 | €557,083 | €182,990 | -€374,093 | -67.2% |
| Current investments | 50/53 | - | €500,000 | +€500,000 | |
| Cash at bank and in hand | 54/58 | €90,508 | €2,759 | -€87,749 | -97.0% |
| Total equity and liabilities | 10/49 | €974,000 | €1,070,716 | +€96,716 | +9.9% |
| Equity | 10/15 | €511,682 | €714,178 | +€202,497 | +39.6% |
| Contributions | 10/11 | €150,000 | €150,000 | = | 0.0% |
| Reserves | 13 | €361,682 | €564,178 | +€202,497 | +56.0% |
| Distributable reserves | 133 | €361,682 | €564,178 | +€202,497 | +56.0% |
| Amounts payable | 17/49 | €462,318 | €356,537 | -€105,781 | -22.9% |
| Amounts payable within one year | 42/48 | €462,318 | €356,537 | -€105,781 | -22.9% |
| Trade debts | 44 | €320 | €607 | +€286 | +89.3% |
| Suppliers | 440/4 | €320 | €607 | +€286 | +89.3% |
| Advances received on contracts in progress | 46 | €200,000 | €100,000 | -€100,000 | -50.0% |
| Taxes, remuneration and social security | 45 | €8,493 | €13,007 | +€4,514 | +53.1% |
| Taxes | 450/3 | €8,493 | €13,007 | +€4,514 | +53.1% |
| Other amounts payable | 47/48 | €253,505 | €242,923 | -€10,581 | -4.2% |
| Non-recurring operating income | 76A | - | €0 | +€0 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €13,194 | €13,176 | -€18 | -0.1% |
| Other operating charges | 640/8 | €513 | €528 | +€14 | +2.8% |
| Non-recurring operating charges | 66A | - | €4,054 | +€4,054 | |
| Gross operating margin | 9900 | €195,712 | €255,068 | +€59,356 | +30.3% |
| Operating profit (loss) | 9901 | €182,005 | €237,310 | +€55,305 | +30.4% |
| Financial income | 75/76B | €18,372 | €58,259 | +€39,887 | +217% |
| Recurring financial income | 75 | €18,372 | €58,259 | +€39,887 | +217% |
| Financial charges | 65/66B | €176 | €137 | -€38 | -21.9% |
| Recurring financial charges | 65 | €176 | €137 | -€38 | -21.9% |
| Profit (loss) for the period before taxes | 9903 | €200,201 | €295,432 | +€95,230 | +47.6% |
| Income taxes | 67/77 | €66,344 | €92,935 | +€26,591 | +40.1% |
| Profit (loss) for the period | 9904 | €133,857 | €202,497 | +€68,639 | +51.3% |
| Profit (loss) for the period to be appropriated | 9905 | €133,857 | €202,497 | +€68,639 | +51.3% |
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 23 October 2026 via checked.be.