TNO Projects: 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.
TNO Projects
Largest movements
- Cash -€25,027
down €25,027 (-39.7%), from €62,982 to €37,956
mainly Receivables within one year (-€24,594) and Trade debts (-€14,389)
- Receivables within one year +€24,594
up €24,594 (+42.3%), from €58,090 to €82,684
of which Other amounts receivable: +€35,957
- Tangible fixed assets -€7,464
down €7,464 (-11.4%), from €65,565 to €58,101
of which Land and buildings: -€5,724
- Trade debts -€14,389
down €14,389 (-44.2%), from €32,529 to €18,140
- Current portion of long-term debt +€9,278
up €9,278 (+234.3%), from €3,960 to €13,238
- Short-term financial debts -€6,814
down €6,814 (-100.0%), from €6,814 to €0
- Reserves +€6,645
up €6,645 (+7.0%), from €94,279 to €100,924
- Debts after one year -€4,116
down €4,116 (-8.7%), from €47,054 to €42,938
- Gross operating margin -€33,433
down €33,433 (-45.2%), from €73,983 to €40,550
- Taxes -€9,267
down €9,267 (-52.3%), from €17,728 to €8,461
- Financial income -€2,027
down €2,027 (-100.0%), from €2,027 to €0
of which Financial income: -€2,024
- Financial charges -€1,900
down €1,900 (-28.6%), from €6,642 to €4,742
of which Financial charges: -€1,894
- Depreciation -€748
down €748 (-7.4%), from €10,171 to €9,422
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 | €186,637 | €178,741 | -€7,897 | -4.2% |
| Fixed assets | 21/28 | €65,565 | €58,101 | -€7,464 | -11.4% |
| Tangible fixed assets | 22/27 | €65,565 | €58,101 | -€7,464 | -11.4% |
| Land and buildings | 22 | €56,564 | €50,840 | -€5,724 | -10.1% |
| Plant, machinery and equipment | 23 | €1,151 | €2,338 | +€1,187 | +103.2% |
| Furniture and vehicles | 24 | €7,851 | €4,923 | -€2,928 | -37.3% |
| Current assets | 29/58 | €121,072 | €120,640 | -€432 | -0.4% |
| Amounts receivable within one year | 40/41 | €58,090 | €82,684 | +€24,594 | +42.3% |
| Trade receivables | 40 | €44,247 | €32,885 | -€11,362 | -25.7% |
| Other amounts receivable | 41 | €13,843 | €49,800 | +€35,957 | +259.8% |
| Cash at bank and in hand | 54/58 | €62,982 | €37,956 | -€25,027 | -39.7% |
| Total equity and liabilities | 10/49 | €186,637 | €178,741 | -€7,897 | -4.2% |
| Equity | 10/15 | €96,279 | €102,924 | +€6,645 | +6.9% |
| Contributions | 10/11 | €2,000 | €2,000 | = | 0.0% |
| Reserves | 13 | €94,279 | €100,924 | +€6,645 | +7.0% |
| Distributable reserves | 133 | €94,279 | €100,924 | +€6,645 | +7.0% |
| Profit (loss) carried forward | 14 | - | €0 | = | |
| Amounts payable | 17/49 | €90,358 | €75,817 | -€14,541 | -16.1% |
| Amounts payable after more than one year | 17 | €47,054 | €42,938 | -€4,116 | -8.7% |
| Financial debts | 170/4 | €47,054 | €42,938 | -€4,116 | -8.7% |
| Amounts payable within one year | 42/48 | €43,304 | €32,878 | -€10,425 | -24.1% |
| Current portion of amounts payable after more than one year | 42 | €3,960 | €13,238 | +€9,278 | +234.3% |
| Financial debts | 43 | €6,814 | €0 | -€6,814 | -100.0% |
| Credit institutions | 430/8 | €6,814 | €0 | -€6,814 | -100.0% |
| Trade debts | 44 | €32,529 | €18,140 | -€14,389 | -44.2% |
| Suppliers | 440/4 | €32,529 | €18,140 | -€14,389 | -44.2% |
| Taxes, remuneration and social security | 45 | - | €1,500 | +€1,500 | |
| Taxes | 450/3 | - | €1,500 | +€1,500 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €10,171 | €9,422 | -€748 | -7.4% |
| Other operating charges | 640/8 | €1,688 | €1,280 | -€409 | -24.2% |
| Gross operating margin | 9900 | €73,983 | €40,550 | -€33,433 | -45.2% |
| Operating profit (loss) | 9901 | €62,124 | €29,848 | -€32,276 | -52.0% |
| Financial income | 75/76B | €2,027 | €0 | -€2,027 | -100.0% |
| Recurring financial income | 75 | €2,024 | €0 | -€2,024 | -100.0% |
| Non-recurring financial income | 76B | €4 | €0 | -€4 | -100.0% |
| Financial charges | 65/66B | €6,642 | €4,742 | -€1,900 | -28.6% |
| Recurring financial charges | 65 | €6,636 | €4,742 | -€1,894 | -28.5% |
| Non-recurring financial charges | 66B | €6 | €0 | -€6 | -100.0% |
| Profit (loss) for the period before taxes | 9903 | €57,509 | €25,105 | -€32,403 | -56.3% |
| Income taxes | 67/77 | €17,728 | €8,461 | -€9,267 | -52.3% |
| Profit (loss) for the period | 9904 | €39,781 | €16,645 | -€23,136 | -58.2% |
| Profit (loss) for the period to be appropriated | 9905 | €39,781 | €16,645 | -€23,136 | -58.2% |
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.