tDSGN: 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.
tDSGN
Largest movements
- Cash -€104,631
down €104,631 (-48.7%), from €214,757 to €110,126
mainly Contributions, distributions and other (-€100,255) and Debts after one year (-€27,769)
- Profit (loss) carried forward -€53,128
down €53,128 (-53.0%), from €100,255 to €47,127
- Debts after one year -€27,769
down €27,769 (-10.2%), from €272,249 to €244,480
- Other debts -€20,043
down €20,043 (-91.8%), from €21,843 to €1,800
- Trade debts -€10,154
down €10,154 (-61.1%), from €16,620 to €6,466
- Gross operating margin -€10,740
down €10,740 (-9.9%), from €108,437 to €97,697
- Depreciation -€1,773
down €1,773 (-6.9%), from €25,823 to €24,049
- Other operating charges -€1,703
down €1,703 (-55.0%), from €3,096 to €1,393
- Taxes -€1,094
down €1,094 (-6.8%), from €15,979 to €14,885
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 | €785,390 | €671,120 | -€114,270 | -14.5% |
| Fixed assets | 21/28 | €468,989 | €462,275 | -€6,715 | -1.4% |
| Intangible fixed assets | 21 | €13,816 | €9,786 | -€4,030 | -29.2% |
| Tangible fixed assets | 22/27 | €453,671 | €450,986 | -€2,685 | -0.6% |
| Land and buildings | 22 | €422,233 | €411,660 | -€10,573 | -2.5% |
| Plant, machinery and equipment | 23 | €10,443 | €15,616 | +€5,172 | +49.5% |
| Furniture and vehicles | 24 | €15,403 | €18,120 | +€2,716 | +17.6% |
| Other tangible fixed assets | 26 | €5,591 | €5,591 | = | 0.0% |
| Financial fixed assets | 28 | €1,502 | €1,502 | = | 0.0% |
| Current assets | 29/58 | €316,401 | €208,845 | -€107,556 | -34.0% |
| Stocks and contracts in progress | 3 | - | €511 | +€511 | |
| Stocks | 30/36 | - | €511 | +€511 | |
| Amounts receivable within one year | 40/41 | €67,900 | €65,713 | -€2,186 | -3.2% |
| Trade receivables | 40 | €2,900 | €21,161 | +€18,262 | +630% |
| Other amounts receivable | 41 | €65,000 | €44,552 | -€20,448 | -31.5% |
| Current investments | 50/53 | €30,150 | €30,150 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €214,757 | €110,126 | -€104,631 | -48.7% |
| Deferred charges and accrued income | 490/1 | €3,594 | €2,345 | -€1,249 | -34.7% |
| Total equity and liabilities | 10/49 | €785,390 | €671,120 | -€114,270 | -14.5% |
| Equity | 10/15 | €436,969 | €383,841 | -€53,128 | -12.2% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €318,113 | €318,113 | = | 0.0% |
| Distributable reserves | 133 | €318,113 | €318,113 | = | 0.0% |
| Profit (loss) carried forward | 14 | €100,255 | €47,127 | -€53,128 | -53.0% |
| Amounts payable | 17/49 | €348,421 | €287,279 | -€61,142 | -17.5% |
| Amounts payable after more than one year | 17 | €272,249 | €244,480 | -€27,769 | -10.2% |
| Financial debts | 170/4 | €272,249 | €244,480 | -€27,769 | -10.2% |
| Amounts payable within one year | 42/48 | €76,172 | €42,799 | -€33,374 | -43.8% |
| Financial debts | 43 | €34,545 | €27,769 | -€6,776 | -19.6% |
| Credit institutions | 430/8 | €34,545 | €27,769 | -€6,776 | -19.6% |
| Trade debts | 44 | €16,620 | €6,466 | -€10,154 | -61.1% |
| Suppliers | 440/4 | €16,620 | €6,466 | -€10,154 | -61.1% |
| Taxes, remuneration and social security | 45 | €3,165 | €6,764 | +€3,599 | +114% |
| Taxes | 450/3 | €3,165 | €6,764 | +€3,599 | +114% |
| Other amounts payable | 47/48 | €21,843 | €1,800 | -€20,043 | -91.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €25,823 | €24,049 | -€1,773 | -6.9% |
| Other operating charges | 640/8 | €3,096 | €1,393 | -€1,703 | -55.0% |
| Gross operating margin | 9900 | €108,437 | €97,697 | -€10,740 | -9.9% |
| Operating profit (loss) | 9901 | €79,518 | €72,255 | -€7,264 | -9.1% |
| Financial charges | 65/66B | €10,991 | €10,242 | -€749 | -6.8% |
| Recurring financial charges | 65 | €10,991 | €10,242 | -€749 | -6.8% |
| Profit (loss) for the period before taxes | 9903 | €68,528 | €62,013 | -€6,515 | -9.5% |
| Income taxes | 67/77 | €15,979 | €14,885 | -€1,094 | -6.8% |
| Profit (loss) for the period | 9904 | €52,549 | €47,127 | -€5,421 | -10.3% |
| Profit (loss) for the period to be appropriated | 9905 | €52,549 | €47,127 | -€5,421 | -10.3% |
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 16 October 2026 via checked.be.