TL WINTER: 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 WINTER
Largest movements
- Receivables within one year +€5.4m
up €5.4m (+28.8%), from €18.7m to €24.1m
of which Trade receivables: +€6.6m
- Deferred charges and accrued income +€2.0m
up €2.0m (+87.4%), from €2.3m to €4.2m
- Financial fixed assets +€1.5m
new in 2025: €1.5m
- Cash +€427,863
up €427,863 (+248.4%), from €172,214 to €600,077
mainly Trade debts (+€4.7m) and Net result for the year (+€2.3m)
- Trade debts +€4.7m
up €4.7m (+107.8%), from €4.4m to €9.2m
- Reserves +€2.3m
up €2.3m (+105.8%), from €2.2m to €4.5m
- Advances received +€1.9m
up €1.9m (+13.7%), from €13.6m to €15.5m
- Other debts +€717,402
up €717,402 (+12320.9%), from €5,823 to €723,225
- Turnover +€10.2m
up €10.2m (+51.9%), from €19.6m to €29.8m
- Goods and materials +€6.5m
up €6.5m (+47.6%), from €13.6m to €20.1m
- Services and other goods +€4.7m
up €4.7m (+115.5%), from €4.1m to €8.8m
- Other operating income +€2.5m
up €2.5m (+405.7%), from €621,224 to €3.1m
- Staff costs +€705,418
up €705,418 (+1093.3%), from €64,524 to €769,941
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 | €21,182,782 | €30,526,229 | +€9.3m | +44.1% |
| Fixed assets | 21/28 | - | €1,501,500 | +€1.5m | |
| Financial fixed assets | 28 | - | €1,501,500 | +€1.5m | |
| Affiliated companies | 280/1 | - | €1,501,500 | +€1.5m | |
| Participating interests | 280 | - | €1,500 | +€1,500 | |
| Amounts receivable | 281 | - | €1,500,000 | +€1.5m | |
| Current assets | 29/58 | €21,182,782 | €29,024,729 | +€7.8m | +37.0% |
| Stocks and contracts in progress | 3 | €7,109 | €41,546 | +€34,438 | +484.4% |
| Stocks | 30/36 | €7,109 | €41,546 | +€34,438 | +484.4% |
| Goods purchased for resale | 34 | €7,109 | €41,546 | +€34,438 | +484.4% |
| Amounts receivable within one year | 40/41 | €18,739,213 | €24,139,935 | +€5.4m | +28.8% |
| Trade receivables | 40 | €4,653,185 | €11,280,333 | +€6.6m | +142.4% |
| Other amounts receivable | 41 | €14,086,028 | €12,859,603 | -€1.2m | -8.7% |
| Cash at bank and in hand | 54/58 | €172,214 | €600,077 | +€427,863 | +248.4% |
| Deferred charges and accrued income | 490/1 | €2,264,246 | €4,243,170 | +€2.0m | +87.4% |
| Total equity and liabilities | 10/49 | €21,182,782 | €30,526,229 | +€9.3m | +44.1% |
| Equity | 10/15 | €2,221,609 | €4,552,460 | +€2.3m | +104.9% |
| Contributions | 10/11 | €18,550 | €18,550 | = | 0.0% |
| Reserves | 13 | €2,203,059 | €4,533,910 | +€2.3m | +105.8% |
| Distributable reserves | 133 | €2,203,059 | €4,533,910 | +€2.3m | +105.8% |
| Amounts payable | 17/49 | €18,961,173 | €25,973,768 | +€7.0m | +37.0% |
| Amounts payable within one year | 42/48 | €18,944,113 | €25,973,768 | +€7.0m | +37.1% |
| Trade debts | 44 | €4,405,679 | €9,154,198 | +€4.7m | +107.8% |
| Suppliers | 440/4 | €4,405,679 | €9,154,198 | +€4.7m | +107.8% |
| Advances received on contracts in progress | 46 | €13,589,526 | €15,455,459 | +€1.9m | +13.7% |
| Taxes, remuneration and social security | 45 | €943,085 | €640,886 | -€302,199 | -32.0% |
| Taxes | 450/3 | €908,811 | €544,607 | -€364,205 | -40.1% |
| Remuneration and social security | 454/9 | €34,274 | €96,279 | +€62,005 | +180.9% |
| Other amounts payable | 47/48 | €5,823 | €723,225 | +€717,402 | +12320.9% |
| Accrued charges and deferred income | 492/3 | €17,060 | - | -€17,060 | |
| Operating income | 70/76A | €20,272,275 | €32,977,309 | +€12.7m | +62.7% |
| Turnover | 70 | €19,621,050 | €29,799,609 | +€10.2m | +51.9% |
| Other operating income | 74 | €621,224 | €3,141,575 | +€2.5m | +405.7% |
| Non-recurring operating income | 76A | €30,000 | €36,125 | +€6,125 | +20.4% |
| Operating charges | 60/66A | €17,818,722 | €29,748,951 | +€11.9m | +67.0% |
| Goods for resale, raw materials and consumables | 60 | €13,646,811 | €20,148,026 | +€6.5m | +47.6% |
| Purchases | 600/8 | €13,646,811 | €20,148,026 | +€6.5m | +47.6% |
| Services and other goods | 61 | €4,096,200 | €8,828,992 | +€4.7m | +115.5% |
| Remuneration, social security and pensions | 62 | €64,524 | €769,941 | +€705,418 | +1093.3% |
| Other operating charges | 640/8 | €11,188 | €1,992 | -€9,196 | -82.2% |
| Operating profit (loss) | 9901 | €2,453,552 | €3,228,358 | +€774,805 | +31.6% |
| Financial income | 75/76B | €350,107 | €278,743 | -€71,364 | -20.4% |
| Recurring financial income | 75 | €350,107 | €278,743 | -€71,364 | -20.4% |
| Income from current assets | 751 | €348,970 | €272,429 | -€76,542 | -21.9% |
| Other financial income | 752/9 | €1,137 | €6,314 | +€5,177 | +455.4% |
| Financial charges | 65/66B | €7,438 | €9,988 | +€2,550 | +34.3% |
| Recurring financial charges | 65 | €7,438 | €9,988 | +€2,550 | +34.3% |
| Other financial charges | 652/9 | €7,438 | €9,988 | +€2,550 | +34.3% |
| Profit (loss) for the period before taxes | 9903 | €2,796,222 | €3,497,112 | +€700,891 | +25.1% |
| Income taxes | 67/77 | €1,010,587 | €1,166,261 | +€155,674 | +15.4% |
| Taxes | 670/3 | €1,048,275 | €1,504,711 | +€456,436 | +43.5% |
| Tax adjustments and reversals of tax provisions | 77 | €37,688 | €338,450 | +€300,762 | +798.0% |
| Profit (loss) for the period | 9904 | €1,785,635 | €2,330,852 | +€545,217 | +30.5% |
| Profit (loss) for the period to be appropriated | 9905 | €1,785,635 | €2,330,852 | +€545,217 | +30.5% |
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.