TULEDOR: 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
TULEDOR
NACE 64.210, Activities of holding companies
financial year 2024 against 2025filed annual accounts (NBB)
Net result for the year
-€9,719
2024 · -€204,002+€194,283
Equity
€4.3m
2024 · €4.3m-€12,019
Cash
€50,571
2024 · €95,791-€45,221
Balance sheet total
€9.5m
2024 · €9.6m-€97,389
Largest movements
Assets
- Tangible fixed assets -€204,232
down €204,232 (-3.7%), from €5.5m to €5.3m
of which Land and buildings: -€185,414
Equity and liabilities
- Debts after one year -€101,951
down €101,951 (-3.0%), from €3.5m to €3.3m
of which Financial debts: -€98,351
Income statement
- Financial income +€153,492
up €153,492 (+247.7%), from €61,972 to €215,463
- Gross operating margin +€38,749
up €38,749 (+49.9%), from €77,617 to €116,366
- Depreciation +€27,022
up €27,022 (+14.5%), from €186,773 to €213,795
- Other operating charges -€19,355
down €19,355 (-45.5%), from €42,554 to €23,199
- Financial charges -€8,016
down €8,016 (-8.4%), from €95,971 to €87,955
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
-€204,002
Gross operating margin
+€38,749
Staff costs
+€1,698
Depreciation
-€27,022
Other operating charges
+€19,355
Financial income
+€153,492
Financial charges
+€8,016
Taxes
-€4
Result 2025
-€9,719
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.
From operations
+€111,472
Investment
-€50,695
Financing
-€105,998
Cash 2024
€95,791
From operations (derived)
+€111,472
Net result for the year
-€9,719
Depreciation
+€213,795
Receivables within one year
-€82,455
Deferred charges and accrued income
-€28,477
Provisions
-€17,083
Trade debts
-€7,586
Tax, wage and social debts
-€6,001
Other debts
+€40,300
Accrued charges and deferred income
+€8,697
Investment (derived)
-€50,695
Investment in fixed assets (net)
-€9,564
Current investments
-€41,131
Financing
-€105,998
Debts after one year
-€101,951
Current portion of long-term debt
-€1,747
Contributions, distributions and other
-€2,300
Cash 2025
€50,571
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €9,562,784 | €9,465,394 | -€97,389 | -1.0% |
| Fixed assets | 21/28 | €5,807,183 | €5,602,951 | -€204,232 | -3.5% |
| Tangible fixed assets | 22/27 | €5,524,721 | €5,320,489 | -€204,232 | -3.7% |
| Land and buildings | 22 | €5,443,361 | €5,257,947 | -€185,414 | -3.4% |
| Furniture and vehicles | 24 | €75,596 | €62,542 | -€13,054 | -17.3% |
| Leasing and similar rights | 25 | €5,763 | - | -€5,763 | |
| Financial fixed assets | 28 | €282,462 | €282,462 | = | 0.0% |
| Current assets | 29/58 | €3,755,601 | €3,862,443 | +€106,843 | +2.8% |
| Amounts receivable within one year | 40/41 | €609,046 | €691,501 | +€82,455 | +13.5% |
| Trade receivables | 40 | €30,757 | €29,369 | -€1,388 | -4.5% |
| Other amounts receivable | 41 | €578,289 | €662,131 | +€83,842 | +14.5% |
| Current investments | 50/53 | €2,718,806 | €2,759,937 | +€41,131 | +1.5% |
| Cash at bank and in hand | 54/58 | €95,791 | €50,571 | -€45,221 | -47.2% |
| Deferred charges and accrued income | 490/1 | €331,958 | €360,435 | +€28,477 | +8.6% |
| Total equity and liabilities | 10/49 | €9,562,784 | €9,465,394 | -€97,389 | -1.0% |
| Equity | 10/15 | €4,334,099 | €4,322,080 | -€12,019 | -0.3% |
| Contributions | 10/11 | €6,437,278 | €6,437,278 | = | 0.0% |
| Contributions outside capital | 11 | €6,437,278 | €6,437,278 | = | 0.0% |
| Share premium | 1100/10 | €6,437,278 | €6,437,278 | = | 0.0% |
| Reserves | 13 | €1,038,909 | €987,660 | -€51,249 | -4.9% |
| Tax-exempt reserves | 132 | €998,322 | €947,073 | -€51,249 | -5.1% |
| Distributable reserves | 133 | €40,587 | €40,587 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€3,142,088 | -€3,102,858 | +€39,231 | +1.2% |
| Provisions and deferred taxes | 16 | €332,774 | €315,691 | -€17,083 | -5.1% |
| Deferred taxes | 168 | €332,774 | €315,691 | -€17,083 | -5.1% |
| Amounts payable | 17/49 | €4,895,911 | €4,827,623 | -€68,287 | -1.4% |
| Amounts payable after more than one year | 17 | €3,450,764 | €3,348,814 | -€101,951 | -3.0% |
| Financial debts | 170/4 | €3,234,403 | €3,136,053 | -€98,351 | -3.0% |
| Other amounts payable | 178/9 | €216,361 | €212,761 | -€3,600 | -1.7% |
| Amounts payable within one year | 42/48 | €604,407 | €629,373 | +€24,967 | +4.1% |
| Current portion of amounts payable after more than one year | 42 | €49,698 | €47,951 | -€1,747 | -3.5% |
| Trade debts | 44 | €14,133 | €6,547 | -€7,586 | -53.7% |
| Suppliers | 440/4 | €14,133 | €6,547 | -€7,586 | -53.7% |
| Taxes, remuneration and social security | 45 | €10,683 | €4,683 | -€6,001 | -56.2% |
| Taxes | 450/3 | €6,036 | - | -€6,036 | |
| Remuneration and social security | 454/9 | €4,647 | €4,683 | +€35 | +0.8% |
| Other amounts payable | 47/48 | €529,893 | €570,193 | +€40,300 | +7.6% |
| Accrued charges and deferred income | 492/3 | €840,740 | €849,436 | +€8,697 | +1.0% |
| Remuneration, social security and pensions | 62 | €34,821 | €33,123 | -€1,698 | -4.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €186,773 | €213,795 | +€27,022 | +14.5% |
| Other operating charges | 640/8 | €42,554 | €23,199 | -€19,355 | -45.5% |
| Gross operating margin | 9900 | €77,617 | €116,366 | +€38,749 | +49.9% |
| Operating profit (loss) | 9901 | -€186,532 | -€153,752 | +€32,780 | +17.6% |
| Financial income | 75/76B | €61,972 | €215,463 | +€153,492 | +247.7% |
| Recurring financial income | 75 | €61,972 | €215,463 | +€153,492 | +247.7% |
| Financial charges | 65/66B | €95,971 | €87,955 | -€8,016 | -8.4% |
| Recurring financial charges | 65 | €95,971 | €87,955 | -€8,016 | -8.4% |
| Profit (loss) for the period before taxes | 9903 | -€220,531 | -€26,244 | +€194,287 | +88.1% |
| Transfer from deferred taxes | 780 | €17,083 | €17,083 | -€0 | 0.0% |
| Income taxes | 67/77 | €554 | €558 | +€4 | +0.7% |
| Profit (loss) for the period | 9904 | -€204,002 | -€9,719 | +€194,283 | +95.2% |
| Transfer from tax-exempt reserves | 789 | €51,249 | €51,249 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | -€152,753 | €41,531 | +€194,283 |
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 10 October 2026 via checked.be.