T.M.A.: 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
T.M.A.
NACE 70.200, Business and other management consultancy
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
-€2,297
2024 · €124,550-€126,846
Equity
€8.5m
2024 · €8.5m-€2,297
Cash
€4,353
2024 · €1,212+€3,141
Balance sheet total
€8.9m
2024 · €9.0m-€20,806
Largest movements
Assets
- Receivables within one year -€417,632
down €417,632 (-7.4%), from €5.6m to €5.2m
of which Other amounts receivable: -€417,632
- Tangible fixed assets +€392,758
up €392,758 (+11.8%), from €3.3m to €3.7m
of which Land and buildings: +€402,926
Equity and liabilities
No liability line moved by more than 1% of the balance sheet total.
Income statement
- Depreciation +€73,975
up €73,975 (+46.3%), from €159,613 to €233,588
- Gross operating margin -€40,360
down €40,360 (-16.5%), from €244,614 to €204,254
- Other operating charges +€12,194
up €12,194 (+56.6%), from €21,544 to €33,737
- Financial income -€4,735
down €4,735 (-4.2%), from €112,468 to €107,733
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
€124,550
Gross operating margin
-€40,360
Staff costs
-€33
Depreciation
-€73,975
Other operating charges
-€12,194
Other operating items
+€3,653
Financial income
-€4,735
Financial charges
+€250
Taxes
+€979
Deferred taxes and other
-€432
Result 2025
-€2,297
raises the resultlowers the resultnot broken down further in the accounts
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.
From operations
+€627,303
Investment
-€626,347
Financing
+€2,184
Cash 2024
€1,212
From operations (derived)
+€627,303
Net result for the year
-€2,297
Depreciation
+€233,588
Receivables within one year
+€417,632
Deferred charges and accrued income
-€927
Provisions
+€25,592
Trade debts
-€39,911
Tax, wage and social debts
+€1,668
Other debts
-€8,043
Investment (derived)
-€626,347
Investment in fixed assets (net)
-€626,347
Financing
+€2,184
Debts after one year
+€2,184
Cash 2025
€4,353
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €8,967,945 | €8,947,139 | -€20,806 | -0.2% |
| Fixed assets | 21/28 | €3,336,195 | €3,728,953 | +€392,758 | +11.8% |
| Tangible fixed assets | 22/27 | €3,336,170 | €3,728,928 | +€392,758 | +11.8% |
| Land and buildings | 22 | €3,305,635 | €3,708,561 | +€402,926 | +12.2% |
| Plant, machinery and equipment | 23 | €18,179 | €14,697 | -€3,482 | -19.2% |
| Furniture and vehicles | 24 | €12,356 | €5,670 | -€6,686 | -54.1% |
| Financial fixed assets | 28 | €25 | €25 | = | 0.0% |
| Current assets | 29/58 | €5,631,751 | €5,218,186 | -€413,564 | -7.3% |
| Amounts receivable within one year | 40/41 | €5,627,462 | €5,209,830 | -€417,632 | -7.4% |
| Trade receivables | 40 | €3,630 | €3,630 | = | 0.0% |
| Other amounts receivable | 41 | €5,623,832 | €5,206,200 | -€417,632 | -7.4% |
| Cash at bank and in hand | 54/58 | €1,212 | €4,353 | +€3,141 | +259% |
| Deferred charges and accrued income | 490/1 | €3,077 | €4,004 | +€927 | +30.1% |
| Total equity and liabilities | 10/49 | €8,967,945 | €8,947,139 | -€20,806 | -0.2% |
| Equity | 10/15 | €8,459,604 | €8,457,307 | -€2,297 | 0.0% |
| Contributions | 10/11 | €123,947 | €123,947 | = | 0.0% |
| Capital | 10 | €123,947 | €123,947 | = | 0.0% |
| Issued capital | 100 | €123,947 | €123,947 | = | 0.0% |
| Reserves | 13 | €7,735,051 | €7,811,828 | +€76,777 | +1.0% |
| Non-distributable reserves | 130/1 | €12,395 | €12,395 | = | 0.0% |
| Legal reserve | 130 | €12,395 | €12,395 | = | 0.0% |
| Tax-exempt reserves | 132 | €1,280,139 | €1,356,916 | +€76,777 | +6.0% |
| Distributable reserves | 133 | €6,442,517 | €6,442,517 | = | 0.0% |
| Profit (loss) carried forward | 14 | €600,606 | €521,533 | -€79,073 | -13.2% |
| Provisions and deferred taxes | 16 | €425,073 | €450,665 | +€25,592 | +6.0% |
| Deferred taxes | 168 | €425,073 | €450,665 | +€25,592 | +6.0% |
| Amounts payable | 17/49 | €83,268 | €39,167 | -€44,102 | -53.0% |
| Amounts payable after more than one year | 17 | €4,929 | €7,113 | +€2,184 | +44.3% |
| Other amounts payable | 178/9 | €4,929 | €7,113 | +€2,184 | +44.3% |
| Amounts payable within one year | 42/48 | €78,340 | €32,053 | -€46,286 | -59.1% |
| Trade debts | 44 | €57,147 | €17,236 | -€39,911 | -69.8% |
| Suppliers | 440/4 | €57,147 | €17,236 | -€39,911 | -69.8% |
| Taxes, remuneration and social security | 45 | €11,246 | €12,914 | +€1,668 | +14.8% |
| Taxes | 450/3 | €11,246 | €12,914 | +€1,668 | +14.8% |
| Other amounts payable | 47/48 | €9,946 | €1,903 | -€8,043 | -80.9% |
| Non-recurring operating income | 76A | €242,728 | €0 | -€242,728 | -100% |
| Remuneration, social security and pensions | 62 | -€33 | €0 | +€33 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €159,613 | €233,588 | +€73,975 | +46.3% |
| Other operating charges | 640/8 | €21,544 | €33,737 | +€12,194 | +56.6% |
| Non-recurring operating charges | 66A | €3,653 | €0 | -€3,653 | -100% |
| Gross operating margin | 9900 | €244,614 | €204,254 | -€40,360 | -16.5% |
| Operating profit (loss) | 9901 | €59,837 | -€63,071 | -€122,908 | |
| Financial income | 75/76B | €112,468 | €107,733 | -€4,735 | -4.2% |
| Recurring financial income | 75 | €112,468 | €107,733 | -€4,735 | -4.2% |
| Financial charges | 65/66B | €1,090 | €840 | -€250 | -23.0% |
| Recurring financial charges | 65 | €1,090 | €840 | -€250 | -23.0% |
| Profit (loss) for the period before taxes | 9903 | €171,215 | €43,822 | -€127,393 | -74.4% |
| Transfer from deferred taxes | 780 | €19,965 | €22,796 | +€2,831 | +14.2% |
| Transfer to deferred taxes | 680 | €45,125 | €48,388 | +€3,263 | +7.2% |
| Income taxes | 67/77 | €21,505 | €20,526 | -€979 | -4.6% |
| Profit (loss) for the period | 9904 | €124,550 | -€2,297 | -€126,846 | |
| Transfer from tax-exempt reserves | 789 | €59,894 | €68,388 | +€8,494 | +14.2% |
| Transfer to tax-exempt reserves | 689 | €135,375 | €145,164 | +€9,789 | +7.2% |
| Profit (loss) for the period to be appropriated | 9905 | €49,068 | -€79,073 | -€128,142 |
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 14 October 2026 via checked.be.