TDR: 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.
TDR
Largest movements
- Tangible fixed assets -€184,346
down €184,346 (-38.5%), from €478,550 to €294,204
of which Plant, machinery and equipment: -€161,681
- Cash -€40,788
down €40,788 (-38.3%), from €106,488 to €65,701
mainly Debts after one year (-€104,697) and Trade debts (-€69,304)
- Receivables within one year -€32,472
down €32,472 (-9.5%), from €342,435 to €309,963
of which Trade receivables: -€23,691
- Debts after one year -€104,697
down €104,697 (-41.0%), from €255,362 to €150,665
- Trade debts -€69,304
down €69,304 (-63.7%), from €108,840 to €39,536
- Tax, wage and social debts -€34,883
down €34,883 (-57.2%), from €60,951 to €26,068
of which Taxes: -€25,044
- Current portion of long-term debt -€30,039
down €30,039 (-22.3%), from €134,736 to €104,697
- Other debts -€28,441
down €28,441 (-22.6%), from €125,965 to €97,525
- Gross operating margin -€90,416
down €90,416 (-18.3%), from €493,273 to €402,857
- Staff costs -€45,778
down €45,778 (-20.2%), from €226,921 to €181,144
- Taxes -€7,736
down €7,736 (-45.9%), from €16,847 to €9,111
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 | €938,447 | €678,377 | -€260,069 | -27.7% |
| Fixed assets | 21/28 | €478,575 | €295,104 | -€183,471 | -38.3% |
| Tangible fixed assets | 22/27 | €478,550 | €294,204 | -€184,346 | -38.5% |
| Plant, machinery and equipment | 23 | €410,816 | €249,134 | -€161,681 | -39.4% |
| Furniture and vehicles | 24 | €67,734 | €45,069 | -€22,665 | -33.5% |
| Financial fixed assets | 28 | €25 | €900 | +€875 | +3500.0% |
| Current assets | 29/58 | €459,872 | €383,274 | -€76,598 | -16.7% |
| Amounts receivable within one year | 40/41 | €342,435 | €309,963 | -€32,472 | -9.5% |
| Trade receivables | 40 | €322,126 | €298,435 | -€23,691 | -7.4% |
| Other amounts receivable | 41 | €20,309 | €11,528 | -€8,781 | -43.2% |
| Cash at bank and in hand | 54/58 | €106,488 | €65,701 | -€40,788 | -38.3% |
| Deferred charges and accrued income | 490/1 | €10,948 | €7,610 | -€3,338 | -30.5% |
| Total equity and liabilities | 10/49 | €938,447 | €678,377 | -€260,069 | -27.7% |
| Equity | 10/15 | €252,592 | €259,886 | +€7,294 | +2.9% |
| Contributions | 10/11 | €6,000 | €6,000 | = | 0.0% |
| Reserves | 13 | €246,592 | €253,886 | +€7,294 | +3.0% |
| Distributable reserves | 133 | €246,592 | €253,886 | +€7,294 | +3.0% |
| Amounts payable | 17/49 | €685,855 | €418,491 | -€267,364 | -39.0% |
| Amounts payable after more than one year | 17 | €255,362 | €150,665 | -€104,697 | -41.0% |
| Financial debts | 170/4 | €255,362 | €150,665 | -€104,697 | -41.0% |
| Amounts payable within one year | 42/48 | €430,493 | €267,826 | -€162,667 | -37.8% |
| Current portion of amounts payable after more than one year | 42 | €134,736 | €104,697 | -€30,039 | -22.3% |
| Trade debts | 44 | €108,840 | €39,536 | -€69,304 | -63.7% |
| Suppliers | 440/4 | €108,840 | €39,536 | -€69,304 | -63.7% |
| Taxes, remuneration and social security | 45 | €60,951 | €26,068 | -€34,883 | -57.2% |
| Taxes | 450/3 | €49,032 | €23,988 | -€25,044 | -51.1% |
| Remuneration and social security | 454/9 | €11,919 | €2,080 | -€9,839 | -82.5% |
| Other amounts payable | 47/48 | €125,965 | €97,525 | -€28,441 | -22.6% |
| Remuneration, social security and pensions | 62 | €226,921 | €181,144 | -€45,778 | -20.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €183,187 | €185,646 | +€2,459 | +1.3% |
| Other operating charges | 640/8 | €7,163 | €6,373 | -€789 | -11.0% |
| Gross operating margin | 9900 | €493,273 | €402,857 | -€90,416 | -18.3% |
| Operating profit (loss) | 9901 | €76,002 | €29,694 | -€46,308 | -60.9% |
| Financial income | 75/76B | €414 | €198 | -€216 | -52.2% |
| Recurring financial income | 75 | €414 | €198 | -€216 | -52.2% |
| Financial charges | 65/66B | €17,790 | €13,486 | -€4,304 | -24.2% |
| Recurring financial charges | 65 | €17,790 | €13,486 | -€4,304 | -24.2% |
| Profit (loss) for the period before taxes | 9903 | €58,625 | €16,406 | -€42,220 | -72.0% |
| Income taxes | 67/77 | €16,847 | €9,111 | -€7,736 | -45.9% |
| Profit (loss) for the period | 9904 | €41,778 | €7,294 | -€34,484 | -82.5% |
| Profit (loss) for the period to be appropriated | 9905 | €41,778 | €7,294 | -€34,484 | -82.5% |
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 12 October 2026 via checked.be.