FM TIELEMANS: 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.
FM TIELEMANS
Largest movements
- Receivables within one year +€42,037
up €42,037 (+42.1%), from €99,875 to €141,912
of which Trade receivables: +€40,767
- Receivables after one year +€29,473
new in 2025: €29,473
- Tangible fixed assets -€17,966
down €17,966 (-32.3%), from €55,668 to €37,702
of which Furniture and vehicles: -€17,532
- Cash -€13,107
down €13,107 (-19.6%), from €66,850 to €53,743
mainly Contributions, distributions and other (-€138,235) and Receivables within one year (-€42,037)
- Other debts +€38,945
up €38,945 (+21.7%), from €179,104 to €218,049
- Tax, wage and social debts +€11,640
up €11,640 (+129%), from €9,026 to €20,665
- Current portion of long-term debt -€9,852
down €9,852 (-72.6%), from €13,566 to €3,715
- Trade debts +€4,664
up €4,664 (+168%), from €2,770 to €7,434
- Debts after one year -€3,715
no longer reported in 2025 (was €3,715)
- Gross operating margin +€4,226
up €4,226 (+2.1%), from €197,450 to €201,676
- Financial charges +€2,802
up €2,802 (+257%), from €1,088 to €3,890
- Depreciation -€2,598
down €2,598 (-12.5%), from €20,777 to €18,179
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 | €251,233 | €291,664 | +€40,430 | +16.1% |
| Formation expenses | 20 | €0 | €0 | = | |
| Fixed assets | 21/28 | €76,681 | €58,502 | -€18,179 | -23.7% |
| Intangible fixed assets | 21 | €212 | €0 | -€212 | -100% |
| Tangible fixed assets | 22/27 | €55,668 | €37,702 | -€17,966 | -32.3% |
| Plant, machinery and equipment | 23 | €1,304 | €869 | -€435 | -33.3% |
| Furniture and vehicles | 24 | €54,365 | €36,833 | -€17,532 | -32.2% |
| Financial fixed assets | 28 | €20,800 | €20,800 | = | 0.0% |
| Current assets | 29/58 | €174,553 | €233,162 | +€58,609 | +33.6% |
| Amounts receivable after more than one year | 29 | - | €29,473 | +€29,473 | |
| Other amounts receivable | 291 | - | €29,473 | +€29,473 | |
| Amounts receivable within one year | 40/41 | €99,875 | €141,912 | +€42,037 | +42.1% |
| Trade receivables | 40 | €99,875 | €140,642 | +€40,767 | +40.8% |
| Other amounts receivable | 41 | - | €1,271 | +€1,271 | |
| Cash at bank and in hand | 54/58 | €66,850 | €53,743 | -€13,107 | -19.6% |
| Deferred charges and accrued income | 490/1 | €7,828 | €8,033 | +€206 | +2.6% |
| Total equity and liabilities | 10/49 | €251,233 | €291,664 | +€40,430 | +16.1% |
| Equity | 10/15 | €41,800 | €41,800 | = | 0.0% |
| Contributions | 10/11 | €1,800 | €1,800 | = | 0.0% |
| Profit (loss) carried forward | 14 | €40,000 | €40,000 | = | 0.0% |
| Amounts payable | 17/49 | €209,433 | €249,864 | +€40,430 | +19.3% |
| Amounts payable after more than one year | 17 | €3,715 | - | -€3,715 | |
| Financial debts | 170/4 | €3,715 | - | -€3,715 | |
| Amounts payable within one year | 42/48 | €204,466 | €249,864 | +€45,398 | +22.2% |
| Current portion of amounts payable after more than one year | 42 | €13,566 | €3,715 | -€9,852 | -72.6% |
| Trade debts | 44 | €2,770 | €7,434 | +€4,664 | +168% |
| Suppliers | 440/4 | €2,770 | €7,434 | +€4,664 | +168% |
| Taxes, remuneration and social security | 45 | €9,026 | €20,665 | +€11,640 | +129% |
| Taxes | 450/3 | €9,026 | €20,665 | +€11,640 | +129% |
| Other amounts payable | 47/48 | €179,104 | €218,049 | +€38,945 | +21.7% |
| Accrued charges and deferred income | 492/3 | €1,253 | - | -€1,253 | |
| Remuneration, social security and pensions | 62 | €70 | - | -€70 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €20,777 | €18,179 | -€2,598 | -12.5% |
| Other operating charges | 640/8 | €492 | €500 | +€8 | +1.7% |
| Non-recurring operating charges | 66A | €74 | €63 | -€11 | -14.4% |
| Gross operating margin | 9900 | €197,450 | €201,676 | +€4,226 | +2.1% |
| Operating profit (loss) | 9901 | €176,036 | €182,933 | +€6,897 | +3.9% |
| Financial income | 75/76B | - | €0 | +€0 | |
| Recurring financial income | 75 | - | €0 | +€0 | |
| Financial charges | 65/66B | €1,088 | €3,890 | +€2,802 | +257% |
| Recurring financial charges | 65 | €1,088 | €3,890 | +€2,802 | +257% |
| Profit (loss) for the period before taxes | 9903 | €174,948 | €179,043 | +€4,096 | +2.3% |
| Income taxes | 67/77 | €40,101 | €40,808 | +€707 | +1.8% |
| Profit (loss) for the period | 9904 | €134,847 | €138,235 | +€3,389 | +2.5% |
| Profit (loss) for the period to be appropriated | 9905 | €134,847 | €138,235 | +€3,389 | +2.5% |
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 25 October 2026 via checked.be.