TDP: 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
TDP
NACE 64.210, Activities of holding companies
financial year 2024 against 2025filed annual accounts (NBB)
Net result for the year
€47,072
2024 · €1.5m-€1.5m
Equity
€9.2m
2024 · €9.2m+€47,072
Cash
€3.7m
2024 · €2.3m+€1.4m
Balance sheet total
€40.1m
2024 · €30.4m+€9.7m
Largest movements
Assets
- Financial fixed assets +€12.2m
up €12.2m (+54.8%), from €22.2m to €34.3m
of which Companies linked by participating interests: +€11.5m
- Current investments -€4.0m
no longer reported in 2025 (was €4.0m)
- Cash +€1.4m
up €1.4m (+63.0%), from €2.3m to €3.7m
mainly Debts after one year (+€8.7m) and Current investments (+€4.0m)
Equity and liabilities
- Debts after one year +€8.7m
up €8.7m (+50.1%), from €17.3m to €26.0m
- Accrued charges and deferred income +€706,235
up €706,235 (+103.5%), from €682,387 to €1.4m
Income statement
- Services and other goods +€1.3m
up €1.3m (+32.7%), from €3.9m to €5.2m
- Financial income -€1.1m
down €1.1m (-70.9%), from €1.6m to €453,145
- Turnover +€973,705
up €973,705 (+13.8%), from €7.0m to €8.0m
- Financial charges +€212,963
up €212,963 (+41.4%), from €514,631 to €727,594
- Other operating income +€210,763
up €210,763 (+88.4%), from €238,361 to €449,124
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
€1.5m
Turnover
+€973,705
Other operating income
+€210,763
Services and other goods
-€1.3m
Staff costs
-€102,957
Depreciation
-€709
Other operating charges
-€25,783
Financial income
-€1.1m
Financial charges
-€212,963
Taxes
+€73,906
Result 2025
€47,072
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
+€913,595
Investment
-€8.2m
Financing
+€8.7m
Cash 2024
€2.3m
From operations (derived)
+€913,595
Net result for the year
+€47,072
Depreciation
+€2,239
Receivables within one year
-€143,432
Deferred charges and accrued income
-€8,442
Trade debts
+€134,986
Tax, wage and social debts
+€174,937
Accrued charges and deferred income
+€706,235
Investment (derived)
-€8.2m
Investment in fixed assets (net)
-€12.2m
Current investments
+€4.0m
Financing
+€8.7m
Debts after one year
+€8.7m
Cash 2025
€3.7m
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €30,392,080 | €40,119,408 | +€9.7m | +32.0% |
| Fixed assets | 21/28 | €22,176,024 | €34,330,679 | +€12.2m | +54.8% |
| Intangible fixed assets | 21 | €1,572 | €875 | -€697 | -44.3% |
| Tangible fixed assets | 22/27 | €6,877 | €5,335 | -€1,542 | -22.4% |
| Plant, machinery and equipment | 23 | €6,877 | €5,335 | -€1,542 | -22.4% |
| Financial fixed assets | 28 | €22,167,575 | €34,324,469 | +€12.2m | +54.8% |
| Affiliated companies | 280/1 | €457,637 | €561,547 | +€103,910 | +22.7% |
| Participating interests | 280 | €457,637 | €561,547 | +€103,910 | +22.7% |
| Companies linked by participating interests | 282/3 | €19,456,938 | €30,967,261 | +€11.5m | +59.2% |
| Participating interests | 282 | €19,456,938 | €30,967,261 | +€11.5m | +59.2% |
| Other financial fixed assets | 284/8 | €2,253,000 | €2,795,660 | +€542,660 | +24.1% |
| Shares | 284 | €2,253,000 | €2,795,660 | +€542,660 | +24.1% |
| Current assets | 29/58 | €8,216,056 | €5,788,730 | -€2.4m | -29.5% |
| Amounts receivable within one year | 40/41 | €1,874,475 | €2,017,907 | +€143,432 | +7.7% |
| Trade receivables | 40 | €1,145,896 | €1,144,329 | -€1,567 | -0.1% |
| Other amounts receivable | 41 | €728,579 | €873,577 | +€144,999 | +19.9% |
| Current investments | 50/53 | €4,000,000 | - | -€4.0m | |
| Other investments | 51/53 | €4,000,000 | - | -€4.0m | |
| Cash at bank and in hand | 54/58 | €2,254,245 | €3,675,044 | +€1.4m | +63.0% |
| Deferred charges and accrued income | 490/1 | €87,337 | €95,779 | +€8,442 | +9.7% |
| Total equity and liabilities | 10/49 | €30,392,080 | €40,119,408 | +€9.7m | +32.0% |
| Equity | 10/15 | €9,162,685 | €9,209,757 | +€47,072 | +0.5% |
| Contributions | 10/11 | €6,150,000 | €6,150,000 | = | 0.0% |
| Capital | 10 | €6,150,000 | €6,150,000 | = | 0.0% |
| Issued capital | 100 | €7,200,000 | €7,200,000 | = | 0.0% |
| Uncalled capital | 101 | €1,050,000 | €1,050,000 | = | 0.0% |
| Reserves | 13 | €2,730,157 | €2,776,758 | +€46,601 | +1.7% |
| Non-distributable reserves | 130/1 | €720,000 | €720,000 | = | 0.0% |
| Legal reserve | 130 | €720,000 | €720,000 | = | 0.0% |
| Distributable reserves | 133 | €2,010,157 | €2,056,758 | +€46,601 | +2.3% |
| Profit (loss) carried forward | 14 | €282,528 | €282,999 | +€471 | +0.2% |
| Amounts payable | 17/49 | €21,229,396 | €30,909,651 | +€9.7m | +45.6% |
| Amounts payable after more than one year | 17 | €17,288,597 | €25,952,695 | +€8.7m | +50.1% |
| Financial debts | 170/4 | €17,288,597 | €25,952,695 | +€8.7m | +50.1% |
| Other loans | 174 | €17,288,597 | €25,952,695 | +€8.7m | +50.1% |
| Amounts payable within one year | 42/48 | €3,258,412 | €3,568,334 | +€309,922 | +9.5% |
| Trade debts | 44 | €122,962 | €257,947 | +€134,986 | +109.8% |
| Suppliers | 440/4 | €122,962 | €257,947 | +€134,986 | +109.8% |
| Taxes, remuneration and social security | 45 | €3,129,960 | €3,304,897 | +€174,937 | +5.6% |
| Taxes | 450/3 | €270,855 | €61,983 | -€208,872 | -77.1% |
| Remuneration and social security | 454/9 | €2,859,105 | €3,242,914 | +€383,809 | +13.4% |
| Other amounts payable | 47/48 | €5,491 | €5,491 | = | 0.0% |
| Accrued charges and deferred income | 492/3 | €682,387 | €1,388,622 | +€706,235 | +103.5% |
| Operating income | 70/76A | €7,283,173 | €8,467,641 | +€1.2m | +16.3% |
| Turnover | 70 | €7,044,812 | €8,018,517 | +€973,705 | +13.8% |
| Other operating income | 74 | €238,361 | €449,124 | +€210,763 | +88.4% |
| Operating charges | 60/66A | €6,729,512 | €8,148,004 | +€1.4m | +21.1% |
| Services and other goods | 61 | €3,946,093 | €5,235,137 | +€1.3m | +32.7% |
| Remuneration, social security and pensions | 62 | €2,740,890 | €2,843,847 | +€102,957 | +3.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,530 | €2,239 | +€709 | +46.3% |
| Other operating charges | 640/8 | €40,998 | €66,781 | +€25,783 | +62.9% |
| Operating profit (loss) | 9901 | €553,661 | €319,637 | -€234,024 | -42.3% |
| Financial income | 75/76B | €1,558,876 | €453,145 | -€1.1m | -70.9% |
| Recurring financial income | 75 | €1,558,876 | €453,145 | -€1.1m | -70.9% |
| Income from financial fixed assets | 750 | €1,444,706 | €443,537 | -€1.0m | -69.3% |
| Income from current assets | 751 | €114,127 | €9,484 | -€104,644 | -91.7% |
| Other financial income | 752/9 | €42 | €124 | +€82 | +195.0% |
| Financial charges | 65/66B | €514,631 | €727,594 | +€212,963 | +41.4% |
| Recurring financial charges | 65 | €514,631 | €727,594 | +€212,963 | +41.4% |
| Debt charges | 650 | €511,394 | €725,122 | +€213,728 | +41.8% |
| Other financial charges | 652/9 | €3,237 | €2,472 | -€765 | -23.6% |
| Profit (loss) for the period before taxes | 9903 | €1,597,905 | €45,188 | -€1.6m | -97.2% |
| Income taxes | 67/77 | €72,021 | -€1,884 | -€73,906 | |
| Taxes | 670/3 | €72,021 | €7,764 | -€64,257 | -89.2% |
| Tax adjustments and reversals of tax provisions | 77 | - | €9,649 | +€9,649 | |
| Profit (loss) for the period | 9904 | €1,525,884 | €47,072 | -€1.5m | -96.9% |
| Profit (loss) for the period to be appropriated | 9905 | €1,525,884 | €47,072 | -€1.5m | -96.9% |
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 11 October 2026 via checked.be.