TIADREM FINANCE: what changed
What changed
TIADREM FINANCE
NACE 64.210, Activities of holding companies
filed annual accounts (NBB)
Net result for the year
-€51,772
2024 · -€110,626+€58,854
Equity
€516,549
2024 · €568,321-€51,772
Cash
€25,284
2024 · €14,800+€10,485
Balance sheet total
€960,914
2024 · €1.2m-€218,540
Largest movements
Assets
- Financial fixed assets -€195,000
down €195,000 (-29.4%), from €664,261 to €469,261
- Tangible fixed assets -€20,125
down €20,125 (-4.4%), from €458,565 to €438,439
of which Land and buildings: -€23,070
- Receivables within one year -€15,460
down €15,460 (-37.0%), from €41,787 to €26,328
of which Trade receivables: -€20,891
Equity and liabilities
- Other debts -€140,282
down €140,282 (-28.2%), from €498,334 to €358,052
- Profit (loss) carried forward -€51,772
down €51,772 (-13.6%), from €379,321 to €327,549
- Current portion of long-term debt -€37,265
down €37,265 (-61.2%), from €60,856 to €23,590
- Accrued charges and deferred income +€29,838
up €29,838 (+146%), from €20,434 to €50,272
- Debts after one year -€18,882
no longer reported in 2025 (was €18,882)
Income statement
- Gross operating margin +€57,144
up €57,144 (+118%), from €48,328 to €105,472
- Financial charges -€19,162
down €19,162 (-14.4%), from €132,703 to €113,541
of which Non-recurring financial charges: -€32,068
- Taxes +€16,619
up €16,619, from -€5,049 to €11,571
- Depreciation +€1,080
up €1,080 (+4.3%), from €24,943 to €26,023
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.
Result 2024
-€110,626
Gross operating margin
+€57,144
Depreciation
-€1,080
Other operating charges
+€243
Financial income
+€3
Financial charges
+€19,162
Taxes
-€16,619
Result 2025
-€51,772
raises the resultlowers the result
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.
From operations
-€122,471
Investment
+€189,102
Financing
-€56,147
Cash 2024
€14,800
From operations (derived)
-€122,471
Net result for the year
-€51,772
Depreciation
+€26,023
Receivables within one year
+€15,460
Deferred charges and accrued income
-€1,560
Trade debts
+€2,466
Tax, wage and social debts
-€2,644
Other debts
-€140,282
Accrued charges and deferred income
+€29,838
Investment (derived)
+€189,102
Investment in fixed assets (net)
+€189,102
Financing
-€56,147
Debts after one year
-€18,882
Current portion of long-term debt
-€37,265
Cash 2025
€25,284
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €1,179,454 | €960,914 | -€218,540 | -18.5% |
| Fixed assets | 21/28 | €1,122,826 | €907,701 | -€215,125 | -19.2% |
| Tangible fixed assets | 22/27 | €458,565 | €438,439 | -€20,125 | -4.4% |
| Land and buildings | 22 | €452,791 | €429,721 | -€23,070 | -5.1% |
| Furniture and vehicles | 24 | €3,722 | €6,666 | +€2,945 | +79.1% |
| Other tangible fixed assets | 26 | €2,052 | €2,052 | = | 0.0% |
| Financial fixed assets | 28 | €664,261 | €469,261 | -€195,000 | -29.4% |
| Current assets | 29/58 | €56,628 | €53,213 | -€3,415 | -6.0% |
| Amounts receivable within one year | 40/41 | €41,787 | €26,328 | -€15,460 | -37.0% |
| Trade receivables | 40 | €40,620 | €19,729 | -€20,891 | -51.4% |
| Other amounts receivable | 41 | €1,167 | €6,598 | +€5,431 | +465% |
| Cash at bank and in hand | 54/58 | €14,800 | €25,284 | +€10,485 | +70.8% |
| Deferred charges and accrued income | 490/1 | €41 | €1,601 | +€1,560 | +3,799% |
| Total equity and liabilities | 10/49 | €1,179,454 | €960,914 | -€218,540 | -18.5% |
| Equity | 10/15 | €568,321 | €516,549 | -€51,772 | -9.1% |
| Contributions | 10/11 | €61,500 | €61,500 | = | 0.0% |
| Capital | 10 | €61,500 | €61,500 | = | 0.0% |
| Issued capital | 100 | €61,500 | €61,500 | = | 0.0% |
| Reserves | 13 | €127,500 | €127,500 | = | 0.0% |
| Non-distributable reserves | 130/1 | €6,150 | €6,150 | = | 0.0% |
| Legal reserve | 130 | €6,150 | €6,150 | = | 0.0% |
| Distributable reserves | 133 | €121,350 | €121,350 | = | 0.0% |
| Profit (loss) carried forward | 14 | €379,321 | €327,549 | -€51,772 | -13.6% |
| Amounts payable | 17/49 | €611,133 | €444,364 | -€166,769 | -27.3% |
| Amounts payable after more than one year | 17 | €18,882 | - | -€18,882 | |
| Financial debts | 170/4 | €18,882 | - | -€18,882 | |
| Amounts payable within one year | 42/48 | €571,817 | €394,092 | -€177,725 | -31.1% |
| Current portion of amounts payable after more than one year | 42 | €60,856 | €23,590 | -€37,265 | -61.2% |
| Trade debts | 44 | €3,014 | €5,480 | +€2,466 | +81.8% |
| Suppliers | 440/4 | €3,014 | €5,480 | +€2,466 | +81.8% |
| Taxes, remuneration and social security | 45 | €9,613 | €6,970 | -€2,644 | -27.5% |
| Taxes | 450/3 | €9,613 | €6,970 | -€2,644 | -27.5% |
| Other amounts payable | 47/48 | €498,334 | €358,052 | -€140,282 | -28.2% |
| Accrued charges and deferred income | 492/3 | €20,434 | €50,272 | +€29,838 | +146% |
| Non-recurring operating income | 76A | €1,850 | - | -€1,850 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €24,943 | €26,023 | +€1,080 | +4.3% |
| Other operating charges | 640/8 | €6,356 | €6,113 | -€243 | -3.8% |
| Gross operating margin | 9900 | €48,328 | €105,472 | +€57,144 | +118% |
| Operating profit (loss) | 9901 | €17,029 | €73,336 | +€56,308 | +331% |
| Financial income | 75/76B | - | €3 | +€3 | |
| Recurring financial income | 75 | - | €3 | +€3 | |
| Financial charges | 65/66B | €132,703 | €113,541 | -€19,162 | -14.4% |
| Recurring financial charges | 65 | €20,635 | €33,541 | +€12,906 | +62.5% |
| Non-recurring financial charges | 66B | €112,068 | €80,000 | -€32,068 | -28.6% |
| Profit (loss) for the period before taxes | 9903 | -€115,674 | -€40,201 | +€75,473 | +65.2% |
| Income taxes | 67/77 | -€5,049 | €11,571 | +€16,619 | |
| Profit (loss) for the period | 9904 | -€110,626 | -€51,772 | +€58,854 | +53.2% |
| Profit (loss) for the period to be appropriated | 9905 | -€110,626 | -€51,772 | +€58,854 | +53.2% |
Next steps
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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 7 November 2026 via checked.be.