TP-BEL: 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.
TP-BEL
Largest movements
- Tangible fixed assets +€2.3m
up €2.3m (+185.5%), from €1.2m to €3.6m
of which Assets under construction and advance payments: +€2.3m
- Cash -€237,951
down €237,951 (-84.7%), from €281,052 to €43,101
mainly Investment in fixed assets (net) (-€2.4m) and Net result for the year (-€216,023)
- Debts after one year +€2.2m
up €2.2m (+111.3%), from €2.0m to €4.3m
- Profit (loss) carried forward -€216,023
down €216,023 (-24.5%), from -€880,383 to -€1.1m
- Trade debts +€37,980
up €37,980 (+17.9%), from €211,791 to €249,771
- Depreciation -€57,126
down €57,126 (-37.7%), from €151,626 to €94,500
- Financial charges +€48,580
up €48,580 (+61.7%), from €78,795 to €127,375
- Financial income +€12,680
up €12,680 (+271.6%), from €4,669 to €17,349
- Other operating charges -€1,937
down €1,937 (-77.9%), from €2,485 to €548
- Gross operating margin -€1,799
down €1,799 (-19.7%), from -€9,151 to -€10,950
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 | €1,534,490 | €3,604,987 | +€2.1m | +134.9% |
| Fixed assets | 21/28 | €1,246,499 | €3,558,514 | +€2.3m | +185.5% |
| Tangible fixed assets | 22/27 | €1,246,499 | €3,558,514 | +€2.3m | +185.5% |
| Land and buildings | 22 | €490,249 | €487,249 | -€3,000 | -0.6% |
| Assets under construction and advance payments | 27 | €756,250 | €3,071,265 | +€2.3m | +306.1% |
| Current assets | 29/58 | €287,991 | €46,473 | -€241,518 | -83.9% |
| Cash at bank and in hand | 54/58 | €281,052 | €43,101 | -€237,951 | -84.7% |
| Deferred charges and accrued income | 490/1 | €6,939 | €3,371 | -€3,567 | -51.4% |
| Total equity and liabilities | 10/49 | €1,534,490 | €3,604,987 | +€2.1m | +134.9% |
| Equity | 10/15 | -€874,383 | -€1,090,407 | -€216,023 | -24.7% |
| Contributions | 10/11 | €6,000 | €6,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€880,383 | -€1,096,407 | -€216,023 | -24.5% |
| Amounts payable | 17/49 | €2,408,873 | €4,695,394 | +€2.3m | +94.9% |
| Amounts payable after more than one year | 17 | €2,014,428 | €4,256,181 | +€2.2m | +111.3% |
| Financial debts | 170/4 | €2,014,428 | €4,256,181 | +€2.2m | +111.3% |
| Amounts payable within one year | 42/48 | €394,445 | €439,212 | +€44,767 | +11.3% |
| Current portion of amounts payable after more than one year | 42 | €176,937 | €183,724 | +€6,787 | +3.8% |
| Trade debts | 44 | €211,791 | €249,771 | +€37,980 | +17.9% |
| Suppliers | 440/4 | €211,791 | €249,771 | +€37,980 | +17.9% |
| Other amounts payable | 47/48 | €5,717 | €5,717 | = | 0.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €151,626 | €94,500 | -€57,126 | -37.7% |
| Other operating charges | 640/8 | €2,485 | €548 | -€1,937 | -77.9% |
| Non-recurring operating charges | 66A | €424,846 | €0 | -€424,846 | -100.0% |
| Gross operating margin | 9900 | -€9,151 | -€10,950 | -€1,799 | -19.7% |
| Operating profit (loss) | 9901 | -€588,108 | -€105,998 | +€482,110 | +82.0% |
| Financial income | 75/76B | €4,669 | €17,349 | +€12,680 | +271.6% |
| Recurring financial income | 75 | €4,669 | €17,349 | +€12,680 | +271.6% |
| Financial charges | 65/66B | €78,795 | €127,375 | +€48,580 | +61.7% |
| Recurring financial charges | 65 | €78,795 | €127,375 | +€48,580 | +61.7% |
| Profit (loss) for the period before taxes | 9903 | -€662,234 | -€216,023 | +€446,211 | +67.4% |
| Profit (loss) for the period | 9904 | -€662,234 | -€216,023 | +€446,211 | +67.4% |
| Profit (loss) for the period to be appropriated | 9905 | -€662,234 | -€216,023 | +€446,211 | +67.4% |
Source: filed annual accounts (NBB), fiscal years ended 31 March 2024 and 31 March 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 7 October 2026 via checked.be.