TK: 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.
TK
Largest movements
- Current investments +€1.1m
up €1.1m (+18.6%), from €6.0m to €7.1m
- Cash -€927,290
down €927,290 (-38.0%), from €2.4m to €1.5m
mainly Current investments (-€1.1m) and Contributions, distributions and other (-€1.0m)
- Receivables within one year -€420,512
down €420,512 (-67.3%), from €625,143 to €204,631
of which Other amounts receivable: -€437,147
- Tangible fixed assets +€275,862
up €275,862 (+30.9%), from €893,474 to €1.2m
of which Plant, machinery and equipment: +€332,329
- Receivables after one year +€222,356
up €222,356 (+15.5%), from €1.4m to €1.7m
- Other debts +€877,564
up €877,564 (+365.3%), from €240,209 to €1.1m
- Reserves -€613,265
down €613,265 (-4.7%), from €13.1m to €12.5m
of which Distributable reserves: -€557,131
- Gross operating margin -€803,478
down €803,478 (-15.8%), from €5.1m to €4.3m
- Other operating charges +€580,658
up €580,658 (+41.8%), from €1.4m to €2.0m
- Taxes -€200,138
down €200,138 (-23.1%), from €866,711 to €666,573
- Financial income +€89,979
up €89,979 (+35.0%), from €256,949 to €346,927
of which Non-recurring financial income: +€69,231
- Financial charges +€62,671
up €62,671 (+73.5%), from €85,226 to €147,897
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 | €14,244,018 | €14,621,253 | +€377,234 | +2.6% |
| Fixed assets | 21/28 | €3,211,818 | €3,585,104 | +€373,285 | +11.6% |
| Intangible fixed assets | 21 | €3,199 | €622 | -€2,577 | -80.6% |
| Tangible fixed assets | 22/27 | €893,474 | €1,169,336 | +€275,862 | +30.9% |
| Land and buildings | 22 | €392,796 | €357,864 | -€34,932 | -8.9% |
| Plant, machinery and equipment | 23 | €354,196 | €686,525 | +€332,329 | +93.8% |
| Furniture and vehicles | 24 | €85,690 | €69,945 | -€15,746 | -18.4% |
| Other tangible fixed assets | 26 | €60,792 | €55,002 | -€5,790 | -9.5% |
| Financial fixed assets | 28 | €2,315,146 | €2,415,146 | +€100,000 | +4.3% |
| Current assets | 29/58 | €11,032,200 | €11,036,149 | +€3,949 | 0.0% |
| Amounts receivable after more than one year | 29 | €1,432,942 | €1,655,298 | +€222,356 | +15.5% |
| Other amounts receivable | 291 | €1,432,942 | €1,655,298 | +€222,356 | +15.5% |
| Stocks and contracts in progress | 3 | €26,600 | €20,424 | -€6,176 | -23.2% |
| Stocks | 30/36 | €26,600 | €20,424 | -€6,176 | -23.2% |
| Amounts receivable within one year | 40/41 | €625,143 | €204,631 | -€420,512 | -67.3% |
| Trade receivables | 40 | €38,053 | €54,689 | +€16,636 | +43.7% |
| Other amounts receivable | 41 | €587,090 | €149,942 | -€437,147 | -74.5% |
| Current investments | 50/53 | €6,011,672 | €7,131,782 | +€1.1m | +18.6% |
| Cash at bank and in hand | 54/58 | €2,442,125 | €1,514,834 | -€927,290 | -38.0% |
| Deferred charges and accrued income | 490/1 | €493,718 | €509,180 | +€15,461 | +3.1% |
| Total equity and liabilities | 10/49 | €14,244,018 | €14,621,253 | +€377,234 | +2.6% |
| Equity | 10/15 | €13,134,985 | €12,521,720 | -€613,265 | -4.7% |
| Contributions | 10/11 | €62,000 | €62,000 | = | 0.0% |
| Capital | 10 | €62,000 | €62,000 | = | 0.0% |
| Issued capital | 100 | €62,000 | €62,000 | = | 0.0% |
| Reserves | 13 | €13,072,985 | €12,459,720 | -€613,265 | -4.7% |
| Non-distributable reserves | 130/1 | €766,048 | €766,048 | = | 0.0% |
| Legal reserve | 130 | €10,912 | €10,912 | = | 0.0% |
| Other | 1319 | €755,136 | €755,136 | = | 0.0% |
| Tax-exempt reserves | 132 | €1,684,000 | €1,627,867 | -€56,133 | -3.3% |
| Distributable reserves | 133 | €10,622,937 | €10,065,806 | -€557,131 | -5.2% |
| Amounts payable | 17/49 | €1,109,034 | €2,099,533 | +€990,499 | +89.3% |
| Amounts payable within one year | 42/48 | €1,081,256 | €2,084,082 | +€1.0m | +92.7% |
| Current portion of amounts payable after more than one year | 42 | €133,333 | €133,333 | = | 0.0% |
| Financial debts | 43 | €0 | - | = | |
| Credit institutions | 430/8 | €0 | - | = | |
| Trade debts | 44 | €527,376 | €636,388 | +€109,012 | +20.7% |
| Suppliers | 440/4 | €527,376 | €636,388 | +€109,012 | +20.7% |
| Taxes, remuneration and social security | 45 | €180,337 | €196,587 | +€16,249 | +9.0% |
| Taxes | 450/3 | €55,145 | €62,149 | +€7,004 | +12.7% |
| Remuneration and social security | 454/9 | €125,193 | €134,438 | +€9,245 | +7.4% |
| Other amounts payable | 47/48 | €240,209 | €1,117,773 | +€877,564 | +365.3% |
| Accrued charges and deferred income | 492/3 | €27,778 | €15,451 | -€12,327 | -44.4% |
| Turnover | 70 | €0 | - | = | |
| Goods, raw materials, services and sundry goods | 60/61 | €0 | - | = | |
| Remuneration, social security and pensions | 62 | €1,140,502 | €1,199,719 | +€59,217 | +5.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €223,300 | €233,964 | +€10,664 | +4.8% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | -€6,314 | -€501 | +€5,813 | +92.1% |
| Other operating charges | 640/8 | €1,389,153 | €1,969,810 | +€580,658 | +41.8% |
| Non-recurring operating charges | 66A | €5,250 | €161 | -€5,089 | -96.9% |
| Gross operating margin | 9900 | €5,093,185 | €4,289,707 | -€803,478 | -15.8% |
| Operating profit (loss) | 9901 | €2,341,294 | €886,554 | -€1.5m | -62.1% |
| Financial income | 75/76B | €256,949 | €346,927 | +€89,979 | +35.0% |
| Recurring financial income | 75 | €256,949 | €277,696 | +€20,748 | +8.1% |
| Non-recurring financial income | 76B | €0 | €69,231 | +€69,231 | |
| Financial charges | 65/66B | €85,226 | €147,897 | +€62,671 | +73.5% |
| Recurring financial charges | 65 | €85,226 | €147,897 | +€62,671 | +73.5% |
| Profit (loss) for the period before taxes | 9903 | €2,513,017 | €1,085,584 | -€1.4m | -56.8% |
| Income taxes | 67/77 | €866,711 | €666,573 | -€200,138 | -23.1% |
| Profit (loss) for the period | 9904 | €1,646,306 | €419,011 | -€1.2m | -74.5% |
| Transfer from tax-exempt reserves | 789 | - | €56,133 | +€56,133 | |
| Transfer to tax-exempt reserves | 689 | €842,000 | - | -€842,000 | |
| Profit (loss) for the period to be appropriated | 9905 | €804,306 | €475,145 | -€329,161 | -40.9% |
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.