TDW: 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.
TDW
Largest movements
- Cash +€83,369
up €83,369 (+980%), from €8,511 to €91,880
mainly Net result for the year (+€178,437) and Depreciation (+€18,886)
- Receivables within one year +€31,052
up €31,052 (+92.7%), from €33,500 to €64,552
of which Other amounts receivable: +€31,052
- Tangible fixed assets -€18,886
down €18,886 (-35.3%), from €53,495 to €34,608
of which Leasing and similar rights: -€14,300
- Current investments +€14,998
up €14,998 (+15.8%), from €95,002 to €110,000
- Profit (loss) carried forward +€178,437
up €178,437 (+81.6%), from €218,609 to €397,046
- Debts after one year -€59,906
down €59,906 (-24.3%), from €246,334 to €186,427
- Tax, wage and social debts -€9,973
down €9,973 (-11.2%), from €88,755 to €78,782
of which Taxes: -€9,945
- Gross operating margin +€73,438
up €73,438 (+40.0%), from €183,631 to €257,069
- Taxes +€18,743
up €18,743 (+44.0%), from €42,601 to €61,344
From the 2023 result to the 2024 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 2023 and 2024 balance sheets and the 2024 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2023 | 2024 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €616,738 | €726,040 | +€109,302 | +17.7% |
| Fixed assets | 21/28 | €378,495 | €359,608 | -€18,886 | -5.0% |
| Tangible fixed assets | 22/27 | €53,495 | €34,608 | -€18,886 | -35.3% |
| Furniture and vehicles | 24 | €6,897 | €5,685 | -€1,212 | -17.6% |
| Leasing and similar rights | 25 | €40,588 | €26,288 | -€14,300 | -35.2% |
| Other tangible fixed assets | 26 | €6,009 | €2,635 | -€3,374 | -56.2% |
| Financial fixed assets | 28 | €325,000 | €325,000 | = | 0.0% |
| Current assets | 29/58 | €238,243 | €366,432 | +€128,188 | +53.8% |
| Amounts receivable after more than one year | 29 | €100,000 | €100,000 | = | 0.0% |
| Other amounts receivable | 291 | €100,000 | €100,000 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €33,500 | €64,552 | +€31,052 | +92.7% |
| Trade receivables | 40 | €0 | - | = | |
| Other amounts receivable | 41 | €33,500 | €64,552 | +€31,052 | +92.7% |
| Current investments | 50/53 | €95,002 | €110,000 | +€14,998 | +15.8% |
| Cash at bank and in hand | 54/58 | €8,511 | €91,880 | +€83,369 | +980% |
| Deferred charges and accrued income | 490/1 | €1,230 | €0 | -€1,230 | -100% |
| Total equity and liabilities | 10/49 | €616,738 | €726,040 | +€109,302 | +17.7% |
| Equity | 10/15 | €221,109 | €399,546 | +€178,437 | +80.7% |
| Contributions | 10/11 | €2,500 | €2,500 | = | 0.0% |
| Profit (loss) carried forward | 14 | €218,609 | €397,046 | +€178,437 | +81.6% |
| Amounts payable | 17/49 | €395,629 | €326,494 | -€69,134 | -17.5% |
| Amounts payable after more than one year | 17 | €246,334 | €186,427 | -€59,906 | -24.3% |
| Financial debts | 170/4 | €246,334 | €186,427 | -€59,906 | -24.3% |
| Amounts payable within one year | 42/48 | €149,115 | €140,067 | -€9,048 | -6.1% |
| Current portion of amounts payable after more than one year | 42 | €59,377 | €59,876 | +€499 | +0.8% |
| Trade debts | 44 | €982 | €1,408 | +€426 | +43.4% |
| Suppliers | 440/4 | €982 | €1,408 | +€426 | +43.4% |
| Taxes, remuneration and social security | 45 | €88,755 | €78,782 | -€9,973 | -11.2% |
| Taxes | 450/3 | €88,727 | €78,782 | -€9,945 | -11.2% |
| Remuneration and social security | 454/9 | €28 | €0 | -€28 | -100% |
| Accrued charges and deferred income | 492/3 | €180 | €0 | -€180 | -100% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €18,437 | €18,886 | +€449 | +2.4% |
| Other operating charges | 640/8 | €1,162 | €611 | -€551 | -47.4% |
| Gross operating margin | 9900 | €183,631 | €257,069 | +€73,438 | +40.0% |
| Operating profit (loss) | 9901 | €164,032 | €237,572 | +€73,540 | +44.8% |
| Financial income | 75/76B | €5,900 | €5,574 | -€326 | -5.5% |
| Recurring financial income | 75 | €5,900 | €5,574 | -€326 | -5.5% |
| Financial charges | 65/66B | €3,746 | €3,365 | -€381 | -10.2% |
| Recurring financial charges | 65 | €3,746 | €3,365 | -€381 | -10.2% |
| Profit (loss) for the period before taxes | 9903 | €166,186 | €239,780 | +€73,594 | +44.3% |
| Income taxes | 67/77 | €42,601 | €61,344 | +€18,743 | +44.0% |
| Profit (loss) for the period | 9904 | €123,585 | €178,437 | +€54,852 | +44.4% |
| Profit (loss) for the period to be appropriated | 9905 | €123,585 | €178,437 | +€54,852 | +44.4% |
Source: filed annual accounts (NBB), financial years ended 31 December 2023 and 31 December 2024. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 18 October 2026 via checked.be.