TDS PROJECTS: what changed
Two fiscal 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 PROJECTS
Largest movements
- Cash +€23,054
up €23,054 (+81.7%), from €28,233 to €51,287
mainly Net result for the year (+€24,911) and Depreciation (+€10,813)
- Tangible fixed assets -€10,145
down €10,145 (-28.7%), from €35,362 to €25,218
of which Furniture and vehicles: -€8,761
- Deferred charges and accrued income +€3,663
new in 2025: €3,663
- Reserves +€24,911
up €24,911 (+74.9%), from €33,239 to €58,150
- Debts after one year -€9,434
down €9,434 (-66.5%), from €14,190 to €4,756
- Tax, wage and social debts +€2,084
up €2,084 (+29.3%), from €7,108 to €9,192
- Gross operating margin +€2,368
up €2,368 (+5.2%), from €45,486 to €47,854
- Financial charges +€821
up €821 (+210.8%), from €389 to €1,210
- Depreciation +€514
up €514 (+5.0%), from €10,299 to €10,813
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 | €85,381 | €102,918 | +€17,537 | +20.5% |
| Fixed assets | 21/28 | €35,362 | €25,218 | -€10,145 | -28.7% |
| Tangible fixed assets | 22/27 | €35,362 | €25,218 | -€10,145 | -28.7% |
| Land and buildings | 22 | €4,634 | €4,095 | -€539 | -11.6% |
| Plant, machinery and equipment | 23 | €3,580 | €2,736 | -€844 | -23.6% |
| Furniture and vehicles | 24 | €27,147 | €18,386 | -€8,761 | -32.3% |
| Current assets | 29/58 | €50,018 | €77,700 | +€27,682 | +55.3% |
| Amounts receivable within one year | 40/41 | €21,786 | €22,750 | +€964 | +4.4% |
| Trade receivables | 40 | €21,780 | €22,744 | +€964 | +4.4% |
| Other amounts receivable | 41 | €6 | €6 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €28,233 | €51,287 | +€23,054 | +81.7% |
| Deferred charges and accrued income | 490/1 | - | €3,663 | +€3,663 | |
| Total equity and liabilities | 10/49 | €85,381 | €102,918 | +€17,537 | +20.5% |
| Equity | 10/15 | €36,239 | €61,150 | +€24,911 | +68.7% |
| Contributions | 10/11 | €3,000 | €3,000 | = | 0.0% |
| Reserves | 13 | €33,239 | €58,150 | +€24,911 | +74.9% |
| Distributable reserves | 133 | €33,239 | €58,150 | +€24,911 | +74.9% |
| Amounts payable | 17/49 | €49,142 | €41,768 | -€7,374 | -15.0% |
| Amounts payable after more than one year | 17 | €14,190 | €4,756 | -€9,434 | -66.5% |
| Financial debts | 170/4 | €14,190 | €4,756 | -€9,434 | -66.5% |
| Amounts payable within one year | 42/48 | €34,952 | €37,012 | +€2,060 | +5.9% |
| Current portion of amounts payable after more than one year | 42 | €9,330 | €9,434 | +€104 | +1.1% |
| Trade debts | 44 | €5,466 | €4,939 | -€527 | -9.6% |
| Suppliers | 440/4 | €5,466 | €4,939 | -€527 | -9.6% |
| Taxes, remuneration and social security | 45 | €7,108 | €9,192 | +€2,084 | +29.3% |
| Taxes | 450/3 | €7,108 | €9,192 | +€2,084 | +29.3% |
| Other amounts payable | 47/48 | €13,048 | €13,447 | +€399 | +3.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €10,299 | €10,813 | +€514 | +5.0% |
| Other operating charges | 640/8 | €12 | €216 | +€204 | +1648.7% |
| Gross operating margin | 9900 | €45,486 | €47,854 | +€2,368 | +5.2% |
| Operating profit (loss) | 9901 | €35,175 | €36,825 | +€1,650 | +4.7% |
| Financial income | 75/76B | €9 | €0 | -€9 | -99.9% |
| Recurring financial income | 75 | €9 | €0 | -€9 | -99.9% |
| Financial charges | 65/66B | €389 | €1,210 | +€821 | +210.8% |
| Recurring financial charges | 65 | €389 | €1,210 | +€821 | +210.8% |
| Profit (loss) for the period before taxes | 9903 | €34,794 | €35,615 | +€820 | +2.4% |
| Income taxes | 67/77 | €10,651 | €10,703 | +€52 | +0.5% |
| Profit (loss) for the period | 9904 | €24,143 | €24,911 | +€768 | +3.2% |
| Profit (loss) for the period to be appropriated | 9905 | €24,143 | €24,911 | +€768 | +3.2% |
Source: filed annual accounts (NBB), fiscal years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 3 October 2026 via checked.be.