TDS IMMO: 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 IMMO
Largest movements
- Cash +€49,596
up €49,596 (+53.6%), from €92,555 to €142,151
mainly Debts after one year (+€583,425) and Depreciation (+€56,014)
- Tangible fixed assets +€25,657
up €25,657 (+4.1%), from €623,515 to €649,172
of which Assets under construction and advance payments: +€38,720
- Debts after one year +€583,425
up €583,425 (+159%), from €366,575 to €950,000
- Current portion of long-term debt -€206,655
down €206,655 (-100%), from €206,655 to €0
- Profit (loss) carried forward -€192,972
down €192,972 (-36.7%), from -€525,800 to -€718,772
- Other debts -€71,000
down €71,000 (-100%), from €71,000 to €0
- Trade debts -€31,709
down €31,709 (-19.0%), from €166,700 to €134,991
- Gross operating margin -€151,529
down €151,529 (-67.1%), from €225,708 to €74,180
- Financial charges +€113,870
up €113,870 (+639%), from €17,818 to €131,688
- Depreciation +€10,078
up €10,078 (+21.9%), from €45,937 to €56,014
- Other operating charges +€2,605
up €2,605 (+3.4%), from €76,844 to €79,449
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 | €789,366 | €866,219 | +€76,853 | +9.7% |
| Fixed assets | 21/28 | €623,515 | €649,172 | +€25,657 | +4.1% |
| Tangible fixed assets | 22/27 | €623,515 | €649,172 | +€25,657 | +4.1% |
| Land and buildings | 22 | €623,515 | €610,452 | -€13,063 | -2.1% |
| Assets under construction and advance payments | 27 | - | €38,720 | +€38,720 | |
| Current assets | 29/58 | €165,851 | €217,047 | +€51,196 | +30.9% |
| Amounts receivable within one year | 40/41 | €73,296 | €74,896 | +€1,600 | +2.2% |
| Trade receivables | 40 | €73,296 | €0 | -€73,296 | -100% |
| Other amounts receivable | 41 | - | €74,896 | +€74,896 | |
| Cash at bank and in hand | 54/58 | €92,555 | €142,151 | +€49,596 | +53.6% |
| Deferred charges and accrued income | 490/1 | €0 | €0 | = | |
| Total equity and liabilities | 10/49 | €789,366 | €866,219 | +€76,853 | +9.7% |
| Equity | 10/15 | -€25,800 | -€218,772 | -€192,972 | -748% |
| Contributions | 10/11 | €500,000 | €500,000 | = | 0.0% |
| Capital | 10 | €500,000 | €500,000 | = | 0.0% |
| Issued capital | 100 | €500,000 | €500,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€525,800 | -€718,772 | -€192,972 | -36.7% |
| Amounts payable | 17/49 | €815,166 | €1,084,991 | +€269,825 | +33.1% |
| Amounts payable after more than one year | 17 | €366,575 | €950,000 | +€583,425 | +159% |
| Financial debts | 170/4 | €366,575 | €950,000 | +€583,425 | +159% |
| Amounts payable within one year | 42/48 | €444,355 | €134,991 | -€309,363 | -69.6% |
| Current portion of amounts payable after more than one year | 42 | €206,655 | €0 | -€206,655 | -100% |
| Trade debts | 44 | €166,700 | €134,991 | -€31,709 | -19.0% |
| Suppliers | 440/4 | €166,700 | €134,991 | -€31,709 | -19.0% |
| Other amounts payable | 47/48 | €71,000 | €0 | -€71,000 | -100% |
| Accrued charges and deferred income | 492/3 | €4,237 | €0 | -€4,237 | -100% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €45,937 | €56,014 | +€10,078 | +21.9% |
| Other operating charges | 640/8 | €76,844 | €79,449 | +€2,605 | +3.4% |
| Non-recurring operating charges | 66A | €100 | - | -€100 | |
| Gross operating margin | 9900 | €225,708 | €74,180 | -€151,529 | -67.1% |
| Operating profit (loss) | 9901 | €102,828 | -€61,284 | -€164,112 | |
| Financial charges | 65/66B | €17,818 | €131,688 | +€113,870 | +639% |
| Recurring financial charges | 65 | €17,818 | €131,688 | +€113,870 | +639% |
| Profit (loss) for the period before taxes | 9903 | €85,010 | -€192,972 | -€277,981 | |
| Profit (loss) for the period | 9904 | €85,010 | -€192,972 | -€277,981 | |
| Profit (loss) for the period to be appropriated | 9905 | €85,010 | -€192,972 | -€277,981 |
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 15 October 2026 via checked.be.