TLC+: what changed
Two financial 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.
TLC+
Largest movements
- Receivables within one year +€534,907
up €534,907 (+1,771%), from €30,211 to €565,119
of which Trade receivables: +€392,082
- Tangible fixed assets +€319,811
up €319,811 (+1,634%), from €19,576 to €339,387
of which Assets under construction and advance payments: +€265,670
- Cash -€54,649
down €54,649 (-46.4%), from €117,654 to €63,005
mainly Receivables within one year (-€534,907) and Investment in fixed assets (net) (-€332,273)
- Debts after one year +€369,500
new in 2025: €369,500
- Trade debts +€326,885
up €326,885 (+5,639%), from €5,797 to €332,681
- Reserves +€80,147
up €80,147 (+39.3%), from €204,079 to €284,226
- Tax, wage and social debts +€25,627
up €25,627 (+1,078%), from €2,378 to €28,004
of which Taxes: +€24,730
- Gross operating margin +€12,882
up €12,882 (+12.2%), from €105,436 to €118,317
- Depreciation +€7,806
up €7,806 (+168%), from €4,657 to €12,463
- Other operating charges +€2,247
up €2,247 (+249%), from €903 to €3,150
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.
Derived cash bridge
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 | €213,253 | €1,015,411 | +€802,158 | +376% |
| Fixed assets | 21/28 | €22,576 | €342,387 | +€319,811 | +1,417% |
| Tangible fixed assets | 22/27 | €19,576 | €339,387 | +€319,811 | +1,634% |
| Land and buildings | 22 | - | €59,467 | +€59,467 | |
| Plant, machinery and equipment | 23 | €767 | €375 | -€392 | -51.2% |
| Furniture and vehicles | 24 | €12,097 | €7,834 | -€4,263 | -35.2% |
| Other tangible fixed assets | 26 | €6,713 | €6,041 | -€671 | -10.0% |
| Assets under construction and advance payments | 27 | - | €265,670 | +€265,670 | |
| Financial fixed assets | 28 | €3,000 | €3,000 | = | 0.0% |
| Current assets | 29/58 | €190,676 | €673,024 | +€482,348 | +253% |
| Amounts receivable after more than one year | 29 | €41,476 | €41,476 | = | 0.0% |
| Other amounts receivable | 291 | €41,476 | €41,476 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €30,211 | €565,119 | +€534,907 | +1,771% |
| Trade receivables | 40 | €10,000 | €402,082 | +€392,082 | +3,921% |
| Other amounts receivable | 41 | €20,211 | €163,037 | +€142,826 | +707% |
| Cash at bank and in hand | 54/58 | €117,654 | €63,005 | -€54,649 | -46.4% |
| Deferred charges and accrued income | 490/1 | €1,335 | €3,425 | +€2,089 | +156% |
| Total equity and liabilities | 10/49 | €213,253 | €1,015,411 | +€802,158 | +376% |
| Equity | 10/15 | €205,079 | €285,226 | +€80,147 | +39.1% |
| Contributions | 10/11 | €1,000 | €1,000 | = | 0.0% |
| Reserves | 13 | €204,079 | €284,226 | +€80,147 | +39.3% |
| Distributable reserves | 133 | €204,079 | €284,226 | +€80,147 | +39.3% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €8,174 | €730,186 | +€722,012 | +8,833% |
| Amounts payable after more than one year | 17 | - | €369,500 | +€369,500 | |
| Financial debts | 170/4 | - | €369,500 | +€369,500 | |
| Amounts payable within one year | 42/48 | €8,174 | €360,686 | +€352,512 | +4,312% |
| Trade debts | 44 | €5,797 | €332,681 | +€326,885 | +5,639% |
| Suppliers | 440/4 | €5,797 | €332,681 | +€326,885 | +5,639% |
| Taxes, remuneration and social security | 45 | €2,378 | €28,004 | +€25,627 | +1,078% |
| Taxes | 450/3 | €2,378 | €27,108 | +€24,730 | +1,040% |
| Remuneration and social security | 454/9 | - | €897 | +€897 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €4,657 | €12,463 | +€7,806 | +168% |
| Other operating charges | 640/8 | €903 | €3,150 | +€2,247 | +249% |
| Gross operating margin | 9900 | €105,436 | €118,317 | +€12,882 | +12.2% |
| Operating profit (loss) | 9901 | €99,875 | €102,705 | +€2,829 | +2.8% |
| Financial income | 75/76B | €2,089 | €2,216 | +€127 | +6.1% |
| Recurring financial income | 75 | €2,089 | €2,216 | +€127 | +6.1% |
| Financial charges | 65/66B | -€0 | €707 | +€707 | |
| Recurring financial charges | 65 | -€0 | €707 | +€707 | |
| Profit (loss) for the period before taxes | 9903 | €101,964 | €104,213 | +€2,249 | +2.2% |
| Income taxes | 67/77 | €23,046 | €24,066 | +€1,020 | +4.4% |
| Profit (loss) for the period | 9904 | €78,918 | €80,147 | +€1,229 | +1.6% |
| Profit (loss) for the period to be appropriated | 9905 | €78,918 | €80,147 | +€1,229 | +1.6% |
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 28 October 2026 via checked.be.