TDR Projects: 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 Projects
Largest movements
- Tangible fixed assets +€12,716
up €12,716 (+28.1%), from €45,309 to €58,025
- Receivables within one year +€9,041
up €9,041 (+165%), from €5,491 to €14,533
of which Trade receivables: +€8,381
- Stocks and contracts +€4,000
new in 2025: €4,000
- Cash +€2,391
up €2,391 (+142%), from €1,683 to €4,075
mainly Debts after one year (+€13,195) and Other debts (+€8,424)
- Debts after one year +€13,195
up €13,195 (+110%), from €11,971 to €25,166
- Other debts +€8,424
up €8,424 (+41.4%), from €20,346 to €28,770
- Current portion of long-term debt +€4,589
up €4,589 (+33.4%), from €13,730 to €18,319
- Trade debts +€1,832
up €1,832 (+260%), from €704 to €2,536
- Reserves +€1,798
up €1,798 (+54.2%), from €3,317 to €5,115
- Depreciation -€8,707
down €8,707 (-51.7%), from €16,853 to €8,146
- Financial charges +€8,131
up €8,131 (+404%), from €2,013 to €10,144
- Gross operating margin -€3,057
down €3,057 (-12.4%), from €24,604 to €21,548
- Taxes -€1,120
down €1,120 (-89.5%), from €1,251 to €131
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 | €54,170 | €82,926 | +€28,756 | +53.1% |
| Fixed assets | 21/28 | €45,309 | €58,025 | +€12,716 | +28.1% |
| Tangible fixed assets | 22/27 | €45,309 | €58,025 | +€12,716 | +28.1% |
| Furniture and vehicles | 24 | €45,309 | €58,025 | +€12,716 | +28.1% |
| Current assets | 29/58 | €8,861 | €24,901 | +€16,039 | +181% |
| Stocks and contracts in progress | 3 | - | €4,000 | +€4,000 | |
| Contracts in progress | 37 | - | €4,000 | +€4,000 | |
| Amounts receivable within one year | 40/41 | €5,491 | €14,533 | +€9,041 | +165% |
| Trade receivables | 40 | €4,331 | €12,712 | +€8,381 | +193% |
| Other amounts receivable | 41 | €1,160 | €1,821 | +€660 | +56.9% |
| Cash at bank and in hand | 54/58 | €1,683 | €4,075 | +€2,391 | +142% |
| Deferred charges and accrued income | 490/1 | €1,686 | €2,293 | +€607 | +36.0% |
| Total equity and liabilities | 10/49 | €54,170 | €82,926 | +€28,756 | +53.1% |
| Equity | 10/15 | €5,817 | €7,615 | +€1,798 | +30.9% |
| Contributions | 10/11 | €2,500 | €2,500 | = | 0.0% |
| Reserves | 13 | €3,317 | €5,115 | +€1,798 | +54.2% |
| Distributable reserves | 133 | €3,317 | €5,115 | +€1,798 | +54.2% |
| Amounts payable | 17/49 | €48,353 | €75,311 | +€26,958 | +55.8% |
| Amounts payable after more than one year | 17 | €11,971 | €25,166 | +€13,195 | +110% |
| Financial debts | 170/4 | €11,971 | €25,166 | +€13,195 | +110% |
| Amounts payable within one year | 42/48 | €36,381 | €50,145 | +€13,763 | +37.8% |
| Current portion of amounts payable after more than one year | 42 | €13,730 | €18,319 | +€4,589 | +33.4% |
| Trade debts | 44 | €704 | €2,536 | +€1,832 | +260% |
| Suppliers | 440/4 | €704 | €2,536 | +€1,832 | +260% |
| Taxes, remuneration and social security | 45 | €1,602 | €519 | -€1,083 | -67.6% |
| Taxes | 450/3 | €1,602 | €519 | -€1,083 | -67.6% |
| Other amounts payable | 47/48 | €20,346 | €28,770 | +€8,424 | +41.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €16,853 | €8,146 | -€8,707 | -51.7% |
| Other operating charges | 640/8 | €1,170 | €1,330 | +€160 | +13.6% |
| Gross operating margin | 9900 | €24,604 | €21,548 | -€3,057 | -12.4% |
| Operating profit (loss) | 9901 | €6,581 | €12,072 | +€5,491 | +83.4% |
| Financial income | 75/76B | €1 | €0 | -€1 | -81.3% |
| Recurring financial income | 75 | €1 | €0 | -€1 | -81.3% |
| Financial charges | 65/66B | €2,013 | €10,144 | +€8,131 | +404% |
| Recurring financial charges | 65 | €2,013 | €10,144 | +€8,131 | +404% |
| Profit (loss) for the period before taxes | 9903 | €4,568 | €1,928 | -€2,640 | -57.8% |
| Income taxes | 67/77 | €1,251 | €131 | -€1,120 | -89.5% |
| Profit (loss) for the period | 9904 | €3,317 | €1,798 | -€1,520 | -45.8% |
| Profit (loss) for the period to be appropriated | 9905 | €3,317 | €1,798 | -€1,520 | -45.8% |
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 15 October 2026 via checked.be.