Tudor Concept: 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.
Tudor Concept
Largest movements
- Receivables within one year -€427,117
down €427,117 (-34.1%), from €1.3m to €825,187
- Tangible fixed assets -€134,260
down €134,260 (-2.5%), from €5.3m to €5.2m
- Trade debts -€216,210
down €216,210 (-39.6%), from €545,545 to €329,335
- Debts after one year -€177,087
down €177,087 (-11.0%), from €1.6m to €1.4m
- Other debts -€105,132
down €105,132 (-6.0%), from €1.7m to €1.6m
- Reserves -€70,783
down €70,783 (-4.3%), from €1.7m to €1.6m
of which Distributable reserves: -€50,000
- Gross operating margin +€65,757
up €65,757 (+17.0%), from €387,881 to €453,638
- Taxes -€40,955
down €40,955 (-72.3%), from €56,635 to €15,679
- Other operating charges -€39,369
down €39,369 (-86.0%), from €45,772 to €6,403
- Financial charges -€29,326
down €29,326 (-25.2%), from €116,253 to €86,928
- Staff costs +€13,219
up €13,219 (+8.4%), from €157,040 to €170,259
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 | €6,695,215 | €6,152,634 | -€542,581 | -8.1% |
| Fixed assets | 21/28 | €5,285,144 | €5,150,884 | -€134,260 | -2.5% |
| Tangible fixed assets | 22/27 | €5,285,144 | €5,150,884 | -€134,260 | -2.5% |
| Land and buildings | 22 | €5,285,144 | €5,150,884 | -€134,260 | -2.5% |
| Current assets | 29/58 | €1,410,071 | €1,001,750 | -€408,321 | -29.0% |
| Amounts receivable within one year | 40/41 | €1,252,304 | €825,187 | -€427,117 | -34.1% |
| Trade receivables | 40 | €1,252,304 | €825,187 | -€427,117 | -34.1% |
| Cash at bank and in hand | 54/58 | €50,457 | €116,528 | +€66,072 | +131% |
| Deferred charges and accrued income | 490/1 | €107,309 | €60,035 | -€47,275 | -44.1% |
| Total equity and liabilities | 10/49 | €6,695,215 | €6,152,634 | -€542,581 | -8.1% |
| Equity | 10/15 | €2,387,445 | €2,370,359 | -€17,085 | -0.7% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Revaluation surpluses | 12 | €100,000 | €100,000 | = | 0.0% |
| Reserves | 13 | €1,651,039 | €1,580,257 | -€70,783 | -4.3% |
| Tax-exempt reserves | 132 | €449,179 | €428,397 | -€20,783 | -4.6% |
| Distributable reserves | 133 | €1,201,860 | €1,151,860 | -€50,000 | -4.2% |
| Profit (loss) carried forward | 14 | €617,805 | €671,502 | +€53,697 | +8.7% |
| Provisions and deferred taxes | 16 | €150,375 | €143,455 | -€6,920 | -4.6% |
| Deferred taxes | 168 | €150,375 | €143,455 | -€6,920 | -4.6% |
| Amounts payable | 17/49 | €4,157,395 | €3,638,820 | -€518,575 | -12.5% |
| Amounts payable after more than one year | 17 | €1,616,647 | €1,439,560 | -€177,087 | -11.0% |
| Financial debts | 170/4 | €1,616,647 | €1,439,560 | -€177,087 | -11.0% |
| Amounts payable within one year | 42/48 | €2,540,748 | €2,199,260 | -€341,488 | -13.4% |
| Current portion of amounts payable after more than one year | 42 | €175,981 | €177,087 | +€1,106 | +0.6% |
| Trade debts | 44 | €545,545 | €329,335 | -€216,210 | -39.6% |
| Suppliers | 440/4 | €545,545 | €329,335 | -€216,210 | -39.6% |
| Taxes, remuneration and social security | 45 | €80,986 | €59,733 | -€21,252 | -26.2% |
| Taxes | 450/3 | €51,431 | €36,785 | -€14,646 | -28.5% |
| Remuneration and social security | 454/9 | €29,555 | €22,948 | -€6,606 | -22.4% |
| Other amounts payable | 47/48 | €1,738,236 | €1,633,105 | -€105,132 | -6.0% |
| Non-recurring operating income | 76A | €5,969 | - | -€5,969 | |
| Remuneration, social security and pensions | 62 | €157,040 | €170,259 | +€13,219 | +8.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €148,485 | €148,551 | +€66 | 0.0% |
| Other operating charges | 640/8 | €45,772 | €6,403 | -€39,369 | -86.0% |
| Gross operating margin | 9900 | €387,881 | €453,638 | +€65,757 | +17.0% |
| Operating profit (loss) | 9901 | €36,585 | €128,425 | +€91,840 | +251% |
| Financial income | 75/76B | €2,990 | €176 | -€2,814 | -94.1% |
| Recurring financial income | 75 | €2,990 | €176 | -€2,814 | -94.1% |
| Financial charges | 65/66B | €116,253 | €86,928 | -€29,326 | -25.2% |
| Recurring financial charges | 65 | €116,253 | €86,928 | -€29,326 | -25.2% |
| Profit (loss) for the period before taxes | 9903 | -€76,679 | €41,674 | +€118,352 | |
| Transfer from deferred taxes | 780 | €40,000 | €6,920 | -€33,080 | -82.7% |
| Income taxes | 67/77 | €56,635 | €15,679 | -€40,955 | -72.3% |
| Profit (loss) for the period | 9904 | -€93,313 | €32,915 | +€126,228 | |
| Transfer from tax-exempt reserves | 789 | €121,904 | €20,783 | -€101,121 | -83.0% |
| Profit (loss) for the period to be appropriated | 9905 | €28,591 | €53,697 | +€25,107 | +87.8% |
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 16 October 2026 via checked.be.