T.M.C.: 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.
T.M.C.
Largest movements
- Cash -€111,472
down €111,472 (-49.8%), from €223,723 to €112,252
mainly Net result for the year (-€96,096) and Receivables within one year (-€32,663)
- Receivables within one year +€32,663
up €32,663 (+8.6%), from €378,198 to €410,861
of which Trade receivables: +€79,943
- Tangible fixed assets -€30,059
down €30,059 (-5.8%), from €513,874 to €483,815
of which Land and buildings: -€19,431
- Reserves -€96,096
down €96,096 (-15.1%), from €637,693 to €541,596
of which Distributable reserves: -€96,096
- Staff costs -€84,947
down €84,947 (-23.9%), from €356,040 to €271,093
- Gross operating margin +€69,710
up €69,710 (+44.4%), from €157,077 to €226,787
- Depreciation -€10,674
down €10,674 (-23.3%), from €45,884 to €35,210
- Other operating charges +€7,449
up €7,449 (+87.8%), from €8,482 to €15,932
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 | €1,129,101 | €1,022,884 | -€106,218 | -9.4% |
| Formation expenses | 20 | €1,720 | €1,290 | -€430 | -25.0% |
| Fixed assets | 21/28 | €513,874 | €483,815 | -€30,059 | -5.8% |
| Tangible fixed assets | 22/27 | €513,874 | €483,815 | -€30,059 | -5.8% |
| Land and buildings | 22 | €474,569 | €455,139 | -€19,431 | -4.1% |
| Plant, machinery and equipment | 23 | €22,705 | €21,160 | -€1,544 | -6.8% |
| Furniture and vehicles | 24 | €16,600 | €7,516 | -€9,084 | -54.7% |
| Current assets | 29/58 | €613,508 | €537,779 | -€75,729 | -12.3% |
| Amounts receivable within one year | 40/41 | €378,198 | €410,861 | +€32,663 | +8.6% |
| Trade receivables | 40 | €254,103 | €334,046 | +€79,943 | +31.5% |
| Other amounts receivable | 41 | €124,095 | €76,815 | -€47,280 | -38.1% |
| Cash at bank and in hand | 54/58 | €223,723 | €112,252 | -€111,472 | -49.8% |
| Deferred charges and accrued income | 490/1 | €11,586 | €14,666 | +€3,080 | +26.6% |
| Total equity and liabilities | 10/49 | €1,129,101 | €1,022,884 | -€106,218 | -9.4% |
| Equity | 10/15 | €1,028,125 | €932,029 | -€96,096 | -9.3% |
| Contributions | 10/11 | €390,432 | €390,432 | = | 0.0% |
| Capital | 10 | - | €390,432 | +€390,432 | |
| Issued capital | 100 | - | €390,432 | +€390,432 | |
| Reserves | 13 | €637,693 | €541,596 | -€96,096 | -15.1% |
| Non-distributable reserves | 130/1 | €39,043 | €39,043 | = | 0.0% |
| Reserves not available under the articles | 1311 | €39,043 | €39,043 | = | 0.0% |
| Distributable reserves | 133 | €598,650 | €502,553 | -€96,096 | -16.1% |
| Amounts payable | 17/49 | €100,976 | €90,855 | -€10,121 | -10.0% |
| Amounts payable within one year | 42/48 | €100,976 | €90,855 | -€10,121 | -10.0% |
| Trade debts | 44 | €459 | €666 | +€206 | +44.9% |
| Suppliers | 440/4 | €459 | €666 | +€206 | +44.9% |
| Taxes, remuneration and social security | 45 | €79,738 | €70,961 | -€8,777 | -11.0% |
| Taxes | 450/3 | €37,633 | €36,368 | -€1,265 | -3.4% |
| Remuneration and social security | 454/9 | €42,105 | €34,593 | -€7,512 | -17.8% |
| Other amounts payable | 47/48 | €20,779 | €19,229 | -€1,550 | -7.5% |
| Non-recurring operating income | 76A | €4,500 | - | -€4,500 | |
| Remuneration, social security and pensions | 62 | €356,040 | €271,093 | -€84,947 | -23.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €45,884 | €35,210 | -€10,674 | -23.3% |
| Other operating charges | 640/8 | €8,482 | €15,932 | +€7,449 | +87.8% |
| Gross operating margin | 9900 | €157,077 | €226,787 | +€69,710 | +44.4% |
| Operating profit (loss) | 9901 | -€253,328 | -€95,448 | +€157,880 | +62.3% |
| Financial income | 75/76B | €52 | €115 | +€63 | +121% |
| Recurring financial income | 75 | €52 | €115 | +€63 | +121% |
| Financial charges | 65/66B | €1,766 | €764 | -€1,002 | -56.8% |
| Recurring financial charges | 65 | €1,766 | €764 | -€1,002 | -56.8% |
| Profit (loss) for the period before taxes | 9903 | -€255,042 | -€96,096 | +€158,946 | +62.3% |
| Income taxes | 67/77 | €1,091 | - | -€1,091 | |
| Profit (loss) for the period | 9904 | -€256,133 | -€96,096 | +€160,037 | +62.5% |
| Profit (loss) for the period to be appropriated | 9905 | -€256,133 | -€96,096 | +€160,037 | +62.5% |
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 22 October 2026 via checked.be.