TLR MANAGEMENT: 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.
What changed
TLR MANAGEMENT
NACE 68.203, Renting and operating of own or leased non-residential real estate, excluding land
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€1.0m
2024 · €1.2m-€181,981
Equity
€6.0m
2024 · €4.9m+€1.0m
Cash
€189,849
2024 · €295,700-€105,851
Balance sheet total
€8.3m
2024 · €6.7m+€1.6m
Largest movements
Assets
- Tangible fixed assets +€1.3m
up €1.3m (+39.5%), from €3.2m to €4.5m
- Current investments +€469,988
up €469,988 (+43.8%), from €1.1m to €1.5m
- Cash -€105,851
down €105,851 (-35.8%), from €295,700 to €189,849
mainly Investment in fixed assets (net) (-€1.4m) and Current investments (-€469,988)
Equity and liabilities
- Reserves +€1.0m
up €1.0m (+36.3%), from €2.8m to €3.9m
- Debts after one year +€537,833
up €537,833 (+32.2%), from €1.7m to €2.2m
Income statement
- Other operating charges +€131,277
up €131,277 (+1,141%), from €11,509 to €142,785
- Services and other goods +€39,920
up €39,920 (+233%), from €17,115 to €57,035
- Turnover +€21,703
up €21,703 (+13.4%), from €161,570 to €183,273
- Depreciation +€15,480
up €15,480 (+16.3%), from €95,093 to €110,573
- Financial income -€11,862
down €11,862 (-1.0%), from €1.2m to €1.2m
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.
Result 2024
€1.2m
Turnover
+€21,703
Services and other goods
-€39,920
Depreciation
-€15,480
Other operating charges
-€131,277
Financial income
-€11,862
Financial charges
-€4,314
Taxes
-€832
Result 2025
€1.0m
raises the resultlowers the result
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.
From operations
+€1.2m
Investment
-€1.8m
Financing
+€583,758
Cash 2024
€295,700
From operations (derived)
+€1.2m
Net result for the year
+€1.0m
Depreciation
+€110,573
Smaller working-capital items
-€605
Trade debts
+€12,636
Investment (derived)
-€1.8m
Investment in fixed assets (net)
-€1.4m
Current investments
-€469,988
Financing
+€583,758
Debts after one year
+€537,833
Current portion of long-term debt
+€45,925
Cash 2025
€189,849
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €6,668,748 | €8,294,903 | +€1.6m | +24.4% |
| Fixed assets | 21/28 | €5,289,473 | €6,550,886 | +€1.3m | +23.8% |
| Tangible fixed assets | 22/27 | €3,197,473 | €4,458,886 | +€1.3m | +39.5% |
| Land and buildings | 22 | €3,197,473 | €4,458,886 | +€1.3m | +39.5% |
| Financial fixed assets | 28 | €2,092,000 | €2,092,000 | = | 0.0% |
| Affiliated companies | 280/1 | €2,092,000 | €2,092,000 | = | 0.0% |
| Participating interests | 280 | €2,092,000 | €2,092,000 | = | 0.0% |
| Current assets | 29/58 | €1,379,275 | €1,744,017 | +€364,742 | +26.4% |
| Stocks and contracts in progress | 3 | €0 | €0 | = | |
| Amounts receivable within one year | 40/41 | €8,157 | €10,376 | +€2,219 | +27.2% |
| Trade receivables | 40 | €3,490 | €0 | -€3,490 | -100% |
| Other amounts receivable | 41 | €4,667 | €10,376 | +€5,709 | +122% |
| Current investments | 50/53 | €1,073,804 | €1,543,792 | +€469,988 | +43.8% |
| Other investments | 51/53 | €1,073,804 | €1,543,792 | +€469,988 | +43.8% |
| Cash at bank and in hand | 54/58 | €295,700 | €189,849 | -€105,851 | -35.8% |
| Deferred charges and accrued income | 490/1 | €1,614 | €0 | -€1,614 | -100% |
| Total equity and liabilities | 10/49 | €6,668,748 | €8,294,903 | +€1.6m | +24.4% |
| Equity | 10/15 | €4,926,531 | €5,956,292 | +€1.0m | +20.9% |
| Contributions | 10/11 | €2,092,000 | €2,092,000 | = | 0.0% |
| Reserves | 13 | €2,834,531 | €3,864,292 | +€1.0m | +36.3% |
| Distributable reserves | 133 | €2,834,531 | €3,864,292 | +€1.0m | +36.3% |
| Amounts payable | 17/49 | €1,742,217 | €2,338,611 | +€596,394 | +34.2% |
| Amounts payable after more than one year | 17 | €1,670,159 | €2,207,992 | +€537,833 | +32.2% |
| Financial debts | 170/4 | €1,670,159 | €2,207,992 | +€537,833 | +32.2% |
| Credit institutions | 173 | - | €2,207,992 | +€2.2m | |
| Other loans | 174 | €1,670,159 | - | -€1.7m | |
| Amounts payable within one year | 42/48 | €72,058 | €130,619 | +€58,561 | +81.3% |
| Current portion of amounts payable after more than one year | 42 | €70,545 | €116,470 | +€45,925 | +65.1% |
| Trade debts | 44 | €1,056 | €13,692 | +€12,636 | +1,196% |
| Suppliers | 440/4 | €1,056 | €13,692 | +€12,636 | +1,196% |
| Other amounts payable | 47/48 | €456 | €456 | = | 0.0% |
| Operating income | 70/76A | €161,570 | €183,273 | +€21,703 | +13.4% |
| Turnover | 70 | €161,570 | €183,273 | +€21,703 | +13.4% |
| Other operating income | 74 | €0 | - | = | |
| Operating charges | 60/66A | €123,716 | €310,393 | +€186,676 | +151% |
| Services and other goods | 61 | €17,115 | €57,035 | +€39,920 | +233% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €95,093 | €110,573 | +€15,480 | +16.3% |
| Other operating charges | 640/8 | €11,509 | €142,785 | +€131,277 | +1,141% |
| Operating profit (loss) | 9901 | €37,854 | -€127,120 | -€164,974 | |
| Financial income | 75/76B | €1,243,309 | €1,231,447 | -€11,862 | -1.0% |
| Recurring financial income | 75 | €1,243,309 | €1,231,447 | -€11,862 | -1.0% |
| Income from financial fixed assets | 750 | €1,201,044 | €9,600 | -€1.2m | -99.2% |
| Income from current assets | 751 | €28,466 | €1,204,035 | +€1.2m | +4,130% |
| Other financial income | 752/9 | €13,798 | €17,812 | +€4,013 | +29.1% |
| Financial charges | 65/66B | €65,506 | €69,820 | +€4,314 | +6.6% |
| Recurring financial charges | 65 | €65,506 | €69,820 | +€4,314 | +6.6% |
| Debt charges | 650 | €65,012 | €69,553 | +€4,541 | +7.0% |
| Write-downs on current assets other than stocks, contracts in progress and trade receivables: additions (reversals) | 651 | €0 | - | = | |
| Other financial charges | 652/9 | €493 | €267 | -€227 | -46.0% |
| Profit (loss) for the period before taxes | 9903 | €1,215,657 | €1,034,507 | -€181,150 | -14.9% |
| Income taxes | 67/77 | €3,914 | €4,746 | +€832 | +21.2% |
| Taxes | 670/3 | €8,581 | €4,746 | -€3,835 | -44.7% |
| Tax adjustments and reversals of tax provisions | 77 | €4,667 | €0 | -€4,667 | -100% |
| Profit (loss) for the period | 9904 | €1,211,743 | €1,029,761 | -€181,981 | -15.0% |
| Profit (loss) for the period to be appropriated | 9905 | €1,211,743 | €1,029,761 | -€181,981 | -15.0% |
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 14 October 2026 via checked.be.