TL-PROJECT: 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.
TL-PROJECT
Largest movements
- Receivables within one year +€51,486
up €51,486 (+60.6%), from €85,003 to €136,489
of which Trade receivables: +€35,123
- Cash +€6,872
up €6,872 (+297.1%), from €2,313 to €9,185
mainly Net result for the year (+€33,411) and Trade debts (+€18,611)
- Profit (loss) carried forward +€33,411
up €33,411 (+463.1%), from €7,215 to €40,626
- Trade debts +€18,611
up €18,611 (+91.5%), from €20,348 to €38,959
- Tax, wage and social debts +€9,722
up €9,722 (+352.8%), from €2,756 to €12,478
- Other debts -€4,046
no longer reported in 2025 (was €4,046)
- Gross operating margin +€46,508
up €46,508 (+3326.9%), from €1,398 to €47,906
- Taxes +€12,635
new in 2025: €12,635
- Other operating charges +€624
up €624 (+496.5%), from €126 to €749
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 | €94,685 | €152,383 | +€57,698 | +60.9% |
| Fixed assets | 21/28 | €3,886 | €3,200 | -€686 | -17.7% |
| Tangible fixed assets | 22/27 | €3,886 | €3,200 | -€686 | -17.7% |
| Land and buildings | 22 | €2,449 | €2,296 | -€153 | -6.3% |
| Plant, machinery and equipment | 23 | €1,436 | €903 | -€533 | -37.1% |
| Current assets | 29/58 | €90,800 | €149,184 | +€58,384 | +64.3% |
| Stocks and contracts in progress | 3 | €75 | €101 | +€26 | +34.7% |
| Stocks | 30/36 | €75 | €101 | +€26 | +34.7% |
| Amounts receivable within one year | 40/41 | €85,003 | €136,489 | +€51,486 | +60.6% |
| Trade receivables | 40 | €72,139 | €107,262 | +€35,123 | +48.7% |
| Other amounts receivable | 41 | €12,865 | €29,228 | +€16,363 | +127.2% |
| Cash at bank and in hand | 54/58 | €2,313 | €9,185 | +€6,872 | +297.1% |
| Deferred charges and accrued income | 490/1 | €3,408 | €3,408 | = | 0.0% |
| Total equity and liabilities | 10/49 | €94,685 | €152,383 | +€57,698 | +60.9% |
| Equity | 10/15 | €55,036 | €88,446 | +€33,411 | +60.7% |
| Contributions | 10/11 | €13,917 | €13,917 | = | 0.0% |
| Reserves | 13 | €33,904 | €33,904 | = | 0.0% |
| Distributable reserves | 133 | €33,904 | €33,904 | = | 0.0% |
| Profit (loss) carried forward | 14 | €7,215 | €40,626 | +€33,411 | +463.1% |
| Amounts payable | 17/49 | €39,650 | €63,937 | +€24,287 | +61.3% |
| Amounts payable within one year | 42/48 | €27,150 | €51,437 | +€24,287 | +89.5% |
| Trade debts | 44 | €20,348 | €38,959 | +€18,611 | +91.5% |
| Suppliers | 440/4 | €20,348 | €38,959 | +€18,611 | +91.5% |
| Taxes, remuneration and social security | 45 | €2,756 | €12,478 | +€9,722 | +352.8% |
| Taxes | 450/3 | €2,756 | €12,478 | +€9,722 | +352.8% |
| Other amounts payable | 47/48 | €4,046 | - | -€4,046 | |
| Accrued charges and deferred income | 492/3 | €12,500 | €12,500 | = | 0.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €686 | €686 | = | 0.0% |
| Other operating charges | 640/8 | €126 | €749 | +€624 | +496.5% |
| Gross operating margin | 9900 | €1,398 | €47,906 | +€46,508 | +3326.9% |
| Operating profit (loss) | 9901 | €586 | €46,470 | +€45,884 | +7826.4% |
| Financial income | 75/76B | €23 | €106 | +€83 | +359.7% |
| Recurring financial income | 75 | €23 | €106 | +€83 | +359.7% |
| Financial charges | 65/66B | €153 | €530 | +€377 | +246.0% |
| Recurring financial charges | 65 | €153 | €530 | +€377 | +246.0% |
| Profit (loss) for the period before taxes | 9903 | €456 | €46,046 | +€45,590 | +9996.3% |
| Income taxes | 67/77 | - | €12,635 | +€12,635 | |
| Profit (loss) for the period | 9904 | €456 | €33,411 | +€32,955 | +7225.8% |
| Profit (loss) for the period to be appropriated | 9905 | €456 | €33,411 | +€32,955 | +7225.8% |
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 8 October 2026 via checked.be.