TF & D: what changed
TF & D
Largest movements
- Receivables within one year +€38,417
up €38,417 (+72.3%), from €53,129 to €91,546
of which Other amounts receivable: +€26,136
- Cash -€9,861
no longer reported in 2025 (was €9,861)
mainly Receivables within one year (-€38,417) and Debts after one year (-€11,849)
- Tangible fixed assets -€6,837
down €6,837 (-16.6%), from €41,156 to €34,319
- Reserves +€29,030
up €29,030 (+60.2%), from €48,250 to €77,280
- Debts after one year -€11,849
down €11,849 (-30.9%), from €38,356 to €26,507
- Short-term financial debts +€4,210
new in 2025: €4,210
- Tax, wage and social debts -€1,869
down €1,869 (-11.4%), from €16,461 to €14,592
- Trade debts +€1,637
up €1,637 (+23.3%), from €7,029 to €8,665
- Gross operating margin +€26,895
up €26,895 (+79.7%), from €33,757 to €60,652
- Taxes +€7,257
up €7,257 (+128%), from €5,655 to €12,912
- Financial charges -€888
down €888 (-21.5%), from €4,130 to €3,242
- Depreciation +€791
up €791 (+5.5%), from €14,280 to €15,071
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €128,407 | €150,074 | +€21,667 | +16.9% |
| Fixed assets | 21/28 | €41,156 | €34,319 | -€6,837 | -16.6% |
| Tangible fixed assets | 22/27 | €41,156 | €34,319 | -€6,837 | -16.6% |
| Furniture and vehicles | 24 | €41,156 | €34,319 | -€6,837 | -16.6% |
| Current assets | 29/58 | €87,251 | €115,756 | +€28,505 | +32.7% |
| Amounts receivable after more than one year | 29 | €20,000 | €20,000 | = | 0.0% |
| Other amounts receivable | 291 | €20,000 | €20,000 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €53,129 | €91,546 | +€38,417 | +72.3% |
| Trade receivables | 40 | €12,672 | €24,953 | +€12,281 | +96.9% |
| Other amounts receivable | 41 | €40,457 | €66,593 | +€26,136 | +64.6% |
| Cash at bank and in hand | 54/58 | €9,861 | - | -€9,861 | |
| Deferred charges and accrued income | 490/1 | €4,261 | €4,209 | -€52 | -1.2% |
| Total equity and liabilities | 10/49 | €128,407 | €150,074 | +€21,667 | +16.9% |
| Equity | 10/15 | €55,391 | €84,426 | +€29,034 | +52.4% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €48,250 | €77,280 | +€29,030 | +60.2% |
| Distributable reserves | 133 | €48,250 | €77,280 | +€29,030 | +60.2% |
| Profit (loss) carried forward | 14 | €941 | €946 | +€4 | +0.4% |
| Amounts payable | 17/49 | €73,016 | €65,649 | -€7,367 | -10.1% |
| Amounts payable after more than one year | 17 | €38,356 | €26,507 | -€11,849 | -30.9% |
| Financial debts | 170/4 | €38,356 | €26,507 | -€11,849 | -30.9% |
| Amounts payable within one year | 42/48 | €34,398 | €38,816 | +€4,418 | +12.8% |
| Current portion of amounts payable after more than one year | 42 | €10,909 | €11,349 | +€440 | +4.0% |
| Financial debts | 43 | - | €4,210 | +€4,210 | |
| Credit institutions | 430/8 | - | €4,210 | +€4,210 | |
| Trade debts | 44 | €7,029 | €8,665 | +€1,637 | +23.3% |
| Suppliers | 440/4 | €7,029 | €8,665 | +€1,637 | +23.3% |
| Taxes, remuneration and social security | 45 | €16,461 | €14,592 | -€1,869 | -11.4% |
| Taxes | 450/3 | €16,461 | €14,592 | -€1,869 | -11.4% |
| Accrued charges and deferred income | 492/3 | €262 | €326 | +€64 | +24.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €14,280 | €15,071 | +€791 | +5.5% |
| Other operating charges | 640/8 | €776 | €969 | +€193 | +24.8% |
| Gross operating margin | 9900 | €33,757 | €60,652 | +€26,895 | +79.7% |
| Operating profit (loss) | 9901 | €18,702 | €44,613 | +€25,911 | +139% |
| Financial income | 75/76B | €574 | €576 | +€2 | +0.3% |
| Recurring financial income | 75 | €574 | €576 | +€2 | +0.3% |
| Financial charges | 65/66B | €4,130 | €3,242 | -€888 | -21.5% |
| Recurring financial charges | 65 | €4,130 | €3,242 | -€888 | -21.5% |
| Profit (loss) for the period before taxes | 9903 | €15,146 | €41,946 | +€26,801 | +177% |
| Income taxes | 67/77 | €5,655 | €12,912 | +€7,257 | +128% |
| Profit (loss) for the period | 9904 | €9,490 | €29,034 | +€19,544 | +206% |
| Profit (loss) for the period to be appropriated | 9905 | €9,490 | €29,034 | +€19,544 | +206% |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 2 November 2026 via checked.be.