TDW: 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.
TDW
Largest movements
- Tangible fixed assets +€466,250
up €466,250 (+46.2%), from €1.0m to €1.5m
of which Land and buildings: +€492,355
- Cash -€139,337
down €139,337 (-44.3%), from €314,714 to €175,377
mainly Investment in fixed assets (net) (-€563,698) and Contributions, distributions and other (-€54,522)
- Deferred charges and accrued income +€25,633
up €25,633, from €0 to €25,633
- Reserves +€251,767
up €251,767 (+49.3%), from €510,691 to €762,459
- Other debts +€49,908
up €49,908 (+199.6%), from €25,005 to €74,912
- Debts after one year +€21,057
up €21,057 (+3.0%), from €700,667 to €721,724
of which Other amounts payable: +€61,291
- Tax, wage and social debts +€19,916
up €19,916 (+53.7%), from €37,097 to €57,012
of which Taxes: +€20,116
- Gross operating margin -€45,327
down €45,327 (-7.5%), from €605,928 to €560,601
- Financial charges +€16,398
up €16,398 (+169.2%), from €9,689 to €26,087
- Depreciation -€10,997
down €10,997 (-10.1%), from €108,446 to €97,449
- Taxes -€10,233
down €10,233 (-7.5%), from €137,167 to €126,934
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 | €1,367,889 | €1,714,196 | +€346,307 | +25.3% |
| Fixed assets | 21/28 | €1,009,813 | €1,476,062 | +€466,250 | +46.2% |
| Tangible fixed assets | 22/27 | €1,009,753 | €1,476,002 | +€466,250 | +46.2% |
| Land and buildings | 22 | €906,554 | €1,398,909 | +€492,355 | +54.3% |
| Plant, machinery and equipment | 23 | €6,672 | €5,059 | -€1,613 | -24.2% |
| Furniture and vehicles | 24 | €96,527 | €72,035 | -€24,492 | -25.4% |
| Financial fixed assets | 28 | €60 | €60 | = | 0.0% |
| Current assets | 29/58 | €358,076 | €238,134 | -€119,942 | -33.5% |
| Amounts receivable within one year | 40/41 | €43,362 | €37,124 | -€6,238 | -14.4% |
| Trade receivables | 40 | - | €24,626 | +€24,626 | |
| Other amounts receivable | 41 | €43,362 | €12,498 | -€30,865 | -71.2% |
| Cash at bank and in hand | 54/58 | €314,714 | €175,377 | -€139,337 | -44.3% |
| Deferred charges and accrued income | 490/1 | €0 | €25,633 | +€25,633 | |
| Total equity and liabilities | 10/49 | €1,367,889 | €1,714,196 | +€346,307 | +25.3% |
| Equity | 10/15 | €529,283 | €781,051 | +€251,767 | +47.6% |
| Contributions | 10/11 | €18,592 | €18,592 | = | 0.0% |
| Reserves | 13 | €510,691 | €762,459 | +€251,767 | +49.3% |
| Distributable reserves | 133 | €510,691 | €762,459 | +€251,767 | +49.3% |
| Profit (loss) carried forward | 14 | - | €0 | = | |
| Amounts payable | 17/49 | €838,605 | €933,145 | +€94,540 | +11.3% |
| Amounts payable after more than one year | 17 | €700,667 | €721,724 | +€21,057 | +3.0% |
| Financial debts | 170/4 | €700,667 | €660,434 | -€40,233 | -5.7% |
| Other amounts payable | 178/9 | - | €61,291 | +€61,291 | |
| Amounts payable within one year | 42/48 | €135,923 | €211,421 | +€75,499 | +55.5% |
| Current portion of amounts payable after more than one year | 42 | €38,814 | €53,943 | +€15,129 | +39.0% |
| Trade debts | 44 | €35,008 | €25,554 | -€9,454 | -27.0% |
| Suppliers | 440/4 | €35,008 | €25,554 | -€9,454 | -27.0% |
| Taxes, remuneration and social security | 45 | €37,097 | €57,012 | +€19,916 | +53.7% |
| Taxes | 450/3 | €36,897 | €57,012 | +€20,116 | +54.5% |
| Remuneration and social security | 454/9 | €200 | €0 | -€200 | -100.0% |
| Other amounts payable | 47/48 | €25,005 | €74,912 | +€49,908 | +199.6% |
| Accrued charges and deferred income | 492/3 | €2,016 | €0 | -€2,016 | -100.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €108,446 | €97,449 | -€10,997 | -10.1% |
| Other operating charges | 640/8 | €4,390 | €3,843 | -€547 | -12.5% |
| Gross operating margin | 9900 | €605,928 | €560,601 | -€45,327 | -7.5% |
| Operating profit (loss) | 9901 | €493,092 | €459,309 | -€33,783 | -6.9% |
| Financial income | 75/76B | €540 | €0 | -€540 | -100.0% |
| Recurring financial income | 75 | €540 | €0 | -€540 | -100.0% |
| Financial charges | 65/66B | €9,689 | €26,087 | +€16,398 | +169.2% |
| Recurring financial charges | 65 | €9,689 | €26,087 | +€16,398 | +169.2% |
| Profit (loss) for the period before taxes | 9903 | €483,943 | €433,223 | -€50,721 | -10.5% |
| Income taxes | 67/77 | €137,167 | €126,934 | -€10,233 | -7.5% |
| Profit (loss) for the period | 9904 | €346,777 | €306,289 | -€40,488 | -11.7% |
| Profit (loss) for the period to be appropriated | 9905 | €346,777 | €306,289 | -€40,488 | -11.7% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 6 October 2026 via checked.be.