TDS: 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.
TDS
Largest movements
- Receivables within one year -€29,234
down €29,234 (-17.3%), from €168,957 to €139,723
of which Other amounts receivable: -€24,590
- Short-term financial debts +€28,917
new in 2025: €28,917
- Debts after one year -€17,994
down €17,994 (-8.6%), from €208,497 to €190,504
- Current portion of long-term debt -€16,197
down €16,197 (-47.4%), from €34,191 to €17,994
- Tax, wage and social debts -€13,151
down €13,151 (-25.1%), from €52,433 to €39,282
of which Taxes: -€13,033
- Reserves -€13,126
down €13,126 (-3.0%), from €443,407 to €430,281
of which Distributable reserves: -€11,188
- Gross operating margin -€28,038
down €28,038 (-24.2%), from €115,693 to €87,655
- Taxes -€11,116
down €11,116 (-31.0%), from €35,880 to €24,764
- Financial charges +€2,255
up €2,255 (+43.6%), from €5,172 to €7,427
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 | €773,180 | €743,342 | -€29,838 | -3.9% |
| Fixed assets | 21/28 | €277,535 | €270,583 | -€6,952 | -2.5% |
| Tangible fixed assets | 22/27 | €277,435 | €270,483 | -€6,952 | -2.5% |
| Land and buildings | 22 | €273,824 | €268,356 | -€5,468 | -2.0% |
| Plant, machinery and equipment | 23 | €3,611 | €2,127 | -€1,484 | -41.1% |
| Financial fixed assets | 28 | €100 | €100 | = | 0.0% |
| Current assets | 29/58 | €495,645 | €472,759 | -€22,886 | -4.6% |
| Amounts receivable after more than one year | 29 | €316,111 | €316,111 | = | 0.0% |
| Other amounts receivable | 291 | €316,111 | €316,111 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €168,957 | €139,723 | -€29,234 | -17.3% |
| Trade receivables | 40 | €5,105 | €461 | -€4,644 | -91.0% |
| Other amounts receivable | 41 | €163,853 | €139,262 | -€24,590 | -15.0% |
| Cash at bank and in hand | 54/58 | €10,577 | €16,925 | +€6,348 | +60.0% |
| Total equity and liabilities | 10/49 | €773,180 | €743,342 | -€29,838 | -3.9% |
| Equity | 10/15 | €461,999 | €448,873 | -€13,126 | -2.8% |
| Contributions | 10/11 | €18,592 | €18,592 | = | 0.0% |
| Reserves | 13 | €443,407 | €430,281 | -€13,126 | -3.0% |
| Tax-exempt reserves | 132 | €56,679 | €54,742 | -€1,937 | -3.4% |
| Distributable reserves | 133 | €386,728 | €375,539 | -€11,188 | -2.9% |
| Provisions and deferred taxes | 16 | €14,170 | €13,685 | -€484 | -3.4% |
| Deferred taxes | 168 | €14,170 | €13,685 | -€484 | -3.4% |
| Amounts payable | 17/49 | €297,011 | €280,784 | -€16,228 | -5.5% |
| Amounts payable after more than one year | 17 | €208,497 | €190,504 | -€17,994 | -8.6% |
| Financial debts | 170/4 | €208,497 | €190,504 | -€17,994 | -8.6% |
| Amounts payable within one year | 42/48 | €88,514 | €90,280 | +€1,766 | +2.0% |
| Current portion of amounts payable after more than one year | 42 | €34,191 | €17,994 | -€16,197 | -47.4% |
| Financial debts | 43 | - | €28,917 | +€28,917 | |
| Credit institutions | 430/8 | - | €28,917 | +€28,917 | |
| Trade debts | 44 | €1,889 | €4,087 | +€2,198 | +116% |
| Suppliers | 440/4 | €1,889 | €4,087 | +€2,198 | +116% |
| Taxes, remuneration and social security | 45 | €52,433 | €39,282 | -€13,151 | -25.1% |
| Taxes | 450/3 | €49,687 | €36,654 | -€13,033 | -26.2% |
| Remuneration and social security | 454/9 | €2,747 | €2,629 | -€118 | -4.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €9,204 | €9,940 | +€736 | +8.0% |
| Other operating charges | 640/8 | €1,873 | €2,095 | +€222 | +11.9% |
| Gross operating margin | 9900 | €115,693 | €87,655 | -€28,038 | -24.2% |
| Operating profit (loss) | 9901 | €104,616 | €75,620 | -€28,996 | -27.7% |
| Financial income | 75/76B | €17,187 | €16,960 | -€227 | -1.3% |
| Recurring financial income | 75 | €17,187 | €16,960 | -€227 | -1.3% |
| Financial charges | 65/66B | €5,172 | €7,427 | +€2,255 | +43.6% |
| Recurring financial charges | 65 | €5,172 | €7,427 | +€2,255 | +43.6% |
| Profit (loss) for the period before taxes | 9903 | €116,631 | €85,153 | -€31,478 | -27.0% |
| Transfer from deferred taxes | 780 | €484 | €484 | = | 0.0% |
| Income taxes | 67/77 | €35,880 | €24,764 | -€11,116 | -31.0% |
| Profit (loss) for the period | 9904 | €81,236 | €60,874 | -€20,362 | -25.1% |
| Transfer from tax-exempt reserves | 789 | €1,937 | €1,937 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €83,173 | €62,812 | -€20,362 | -24.5% |
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 14 October 2026 via checked.be.