TFD: 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.
TFD
Largest movements
- Current investments -€24,041
down €24,041 (-13.1%), from €184,028 to €159,987
- Cash +€16,061
up €16,061 (+22.0%), from €72,889 to €88,950
mainly Current investments (+€24,041) and Depreciation (+€10,533)
- Tangible fixed assets -€10,533
down €10,533 (-59.2%), from €17,777 to €7,244
of which Furniture and vehicles: -€8,390
- Receivables within one year +€9,021
up €9,021 (+38.1%), from €23,670 to €32,691
of which Trade receivables: +€7,783
- Other debts -€9,681
down €9,681 (-78.4%), from €12,350 to €2,669
- Gross operating margin -€41,565
down €41,565 (-77.7%), from €53,501 to €11,937
- Taxes -€10,752
down €10,752 (-64.5%), from €16,666 to €5,915
- Financial income +€4,503
up €4,503 (+417.8%), from €1,078 to €5,581
- Depreciation -€717
down €717 (-6.4%), from €11,250 to €10,533
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 | €307,549 | €299,391 | -€8,158 | -2.7% |
| Fixed assets | 21/28 | €26,562 | €16,029 | -€10,533 | -39.7% |
| Intangible fixed assets | 21 | €3,785 | €3,785 | = | 0.0% |
| Tangible fixed assets | 22/27 | €17,777 | €7,244 | -€10,533 | -59.2% |
| Land and buildings | 22 | €2,081 | €943 | -€1,138 | -54.7% |
| Plant, machinery and equipment | 23 | €2,007 | €1,002 | -€1,005 | -50.1% |
| Furniture and vehicles | 24 | €13,689 | €5,299 | -€8,390 | -61.3% |
| Financial fixed assets | 28 | €5,000 | €5,000 | = | 0.0% |
| Current assets | 29/58 | €280,987 | €283,362 | +€2,375 | +0.8% |
| Amounts receivable within one year | 40/41 | €23,670 | €32,691 | +€9,021 | +38.1% |
| Trade receivables | 40 | €19,637 | €27,420 | +€7,783 | +39.6% |
| Other amounts receivable | 41 | €4,033 | €5,271 | +€1,238 | +30.7% |
| Current investments | 50/53 | €184,028 | €159,987 | -€24,041 | -13.1% |
| Cash at bank and in hand | 54/58 | €72,889 | €88,950 | +€16,061 | +22.0% |
| Deferred charges and accrued income | 490/1 | €399 | €1,733 | +€1,334 | +333.9% |
| Total equity and liabilities | 10/49 | €307,549 | €299,391 | -€8,158 | -2.7% |
| Equity | 10/15 | €285,204 | €282,979 | -€2,225 | -0.8% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €279,004 | €276,779 | -€2,225 | -0.8% |
| Distributable reserves | 133 | €279,004 | €276,779 | -€2,225 | -0.8% |
| Profit (loss) carried forward | 14 | - | €0 | = | |
| Amounts payable | 17/49 | €22,345 | €16,412 | -€5,932 | -26.5% |
| Amounts payable within one year | 42/48 | €22,345 | €16,412 | -€5,932 | -26.5% |
| Financial debts | 43 | - | €2,537 | +€2,537 | |
| Credit institutions | 430/8 | - | €2,537 | +€2,537 | |
| Trade debts | 44 | €771 | €2,936 | +€2,164 | +280.5% |
| Suppliers | 440/4 | €771 | €2,936 | +€2,164 | +280.5% |
| Taxes, remuneration and social security | 45 | €9,223 | €8,271 | -€953 | -10.3% |
| Taxes | 450/3 | €9,223 | €8,271 | -€953 | -10.3% |
| Other amounts payable | 47/48 | €12,350 | €2,669 | -€9,681 | -78.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €11,250 | €10,533 | -€717 | -6.4% |
| Other operating charges | 640/8 | €1,626 | €1,672 | +€46 | +2.8% |
| Gross operating margin | 9900 | €53,501 | €11,937 | -€41,565 | -77.7% |
| Operating profit (loss) | 9901 | €40,625 | -€268 | -€40,893 | |
| Financial income | 75/76B | €1,078 | €5,581 | +€4,503 | +417.8% |
| Recurring financial income | 75 | €1,078 | €5,581 | +€4,503 | +417.8% |
| Financial charges | 65/66B | €1,177 | €1,624 | +€447 | +38.0% |
| Recurring financial charges | 65 | €1,177 | €1,624 | +€447 | +38.0% |
| Profit (loss) for the period before taxes | 9903 | €40,526 | €3,689 | -€36,837 | -90.9% |
| Income taxes | 67/77 | €16,666 | €5,915 | -€10,752 | -64.5% |
| Profit (loss) for the period | 9904 | €23,860 | -€2,225 | -€26,085 | |
| Profit (loss) for the period to be appropriated | 9905 | €23,860 | -€2,225 | -€26,085 |
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 7 October 2026 via checked.be.