TDV Management: 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.
TDV Management
Largest movements
- Receivables within one year +€24,594
up €24,594 (+2,699%), from €911 to €25,505
of which Trade receivables: +€21,549
- Deferred charges and accrued income -€18,394
down €18,394 (-88.0%), from €20,902 to €2,508
- Tangible fixed assets +€4,281
up €4,281 (+1.5%), from €287,842 to €292,123
of which Land and buildings: +€11,421
- Trade debts +€27,618
up €27,618 (+76.3%), from €36,174 to €63,792
- Profit (loss) carried forward -€17,948
down €17,948 (-114%), from -€15,686 to -€33,634
- Debts after one year +€8,211
up €8,211 (+3.3%), from €251,560 to €259,771
- Other debts -€7,161
down €7,161 (-45.1%), from €15,880 to €8,719
- Gross operating margin +€9,815
up €9,815 (+180%), from €5,468 to €15,283
- Depreciation +€2,820
up €2,820 (+13.8%), from €20,360 to €23,180
- Other operating charges +€535
up €535 (+13.6%), from €3,937 to €4,472
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 | €317,740 | €326,601 | +€8,861 | +2.8% |
| Fixed assets | 21/28 | €287,842 | €292,123 | +€4,281 | +1.5% |
| Tangible fixed assets | 22/27 | €287,842 | €292,123 | +€4,281 | +1.5% |
| Land and buildings | 22 | €251,732 | €263,153 | +€11,421 | +4.5% |
| Plant, machinery and equipment | 23 | €35,911 | €28,871 | -€7,040 | -19.6% |
| Furniture and vehicles | 24 | €199 | €99 | -€100 | -50.1% |
| Current assets | 29/58 | €29,897 | €34,478 | +€4,580 | +15.3% |
| Amounts receivable within one year | 40/41 | €911 | €25,505 | +€24,594 | +2,699% |
| Trade receivables | 40 | - | €21,549 | +€21,549 | |
| Other amounts receivable | 41 | €911 | €3,956 | +€3,045 | +334% |
| Cash at bank and in hand | 54/58 | €8,084 | €6,465 | -€1,619 | -20.0% |
| Deferred charges and accrued income | 490/1 | €20,902 | €2,508 | -€18,394 | -88.0% |
| Total equity and liabilities | 10/49 | €317,740 | €326,601 | +€8,861 | +2.8% |
| Equity | 10/15 | -€14,686 | -€32,634 | -€17,948 | -122% |
| Contributions | 10/11 | €1,000 | €1,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€15,686 | -€33,634 | -€17,948 | -114% |
| Amounts payable | 17/49 | €332,425 | €359,235 | +€26,810 | +8.1% |
| Amounts payable after more than one year | 17 | €251,560 | €259,771 | +€8,211 | +3.3% |
| Financial debts | 170/4 | €251,560 | €259,771 | +€8,211 | +3.3% |
| Amounts payable within one year | 42/48 | €80,865 | €99,464 | +€18,599 | +23.0% |
| Current portion of amounts payable after more than one year | 42 | €22,811 | €23,234 | +€423 | +1.9% |
| Trade debts | 44 | €36,174 | €63,792 | +€27,618 | +76.3% |
| Suppliers | 440/4 | €36,174 | €63,792 | +€27,618 | +76.3% |
| Taxes, remuneration and social security | 45 | €6,000 | €3,719 | -€2,281 | -38.0% |
| Taxes | 450/3 | - | €3,719 | +€3,719 | |
| Remuneration and social security | 454/9 | €6,000 | - | -€6,000 | |
| Other amounts payable | 47/48 | €15,880 | €8,719 | -€7,161 | -45.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €20,360 | €23,180 | +€2,820 | +13.8% |
| Other operating charges | 640/8 | €3,937 | €4,472 | +€535 | +13.6% |
| Non-recurring operating charges | 66A | €175 | - | -€175 | |
| Gross operating margin | 9900 | €5,468 | €15,283 | +€9,815 | +180% |
| Operating profit (loss) | 9901 | -€19,005 | -€12,370 | +€6,635 | +34.9% |
| Financial income | 75/76B | €2 | €69 | +€66 | +3,163% |
| Recurring financial income | 75 | €2 | €69 | +€66 | +3,163% |
| Financial charges | 65/66B | €5,535 | €5,647 | +€112 | +2.0% |
| Recurring financial charges | 65 | €5,535 | €5,647 | +€112 | +2.0% |
| Profit (loss) for the period before taxes | 9903 | -€24,538 | -€17,948 | +€6,589 | +26.9% |
| Profit (loss) for the period | 9904 | -€24,538 | -€17,948 | +€6,589 | +26.9% |
| Profit (loss) for the period to be appropriated | 9905 | -€24,538 | -€17,948 | +€6,589 | +26.9% |
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 20 October 2026 via checked.be.