T.M.L.: 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.L.
Largest movements
- Tangible fixed assets -€32,000
down €32,000 (-11.2%), from €284,693 to €252,693
of which Land and buildings: -€21,619
- Stocks and contracts -€26,856
down €26,856 (-7.7%), from €349,167 to €322,311
- Receivables within one year +€26,669
up €26,669 (+29.5%), from €90,314 to €116,983
of which Trade receivables: +€31,498
- Cash +€23,381
up €23,381 (+43.5%), from €53,723 to €77,104
mainly Trade debts (+€63,365) and Other debts (+€44,250)
- Reserves -€70,000
down €70,000 (-58.5%), from €119,751 to €49,751
of which Distributable reserves: -€70,000
- Trade debts +€63,365
up €63,365 (+49.0%), from €129,309 to €192,673
- Other debts +€44,250
up €44,250 (+172%), from €25,750 to €70,000
- Debts after one year -€31,751
down €31,751 (-14.6%), from €217,566 to €185,815
- Profit (loss) carried forward -€10,661
down €10,661 (-72.2%), from -€14,759 to -€25,420
- Gross operating margin -€31,922
down €31,922 (-16.4%), from €194,090 to €162,169
- Staff costs +€17,544
up €17,544 (+18.0%), from €97,427 to €114,972
- Financial charges -€11,511
down €11,511 (-38.4%), from €29,980 to €18,470
- Financial income +€3,340
up €3,340 (+770%), from €433 to €3,773
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 | €783,722 | €781,436 | -€2,285 | -0.3% |
| Fixed assets | 21/28 | €284,730 | €252,730 | -€32,000 | -11.2% |
| Tangible fixed assets | 22/27 | €284,693 | €252,693 | -€32,000 | -11.2% |
| Land and buildings | 22 | €226,925 | €205,306 | -€21,619 | -9.5% |
| Plant, machinery and equipment | 23 | €39,047 | €35,947 | -€3,100 | -7.9% |
| Furniture and vehicles | 24 | €18,721 | €11,440 | -€7,281 | -38.9% |
| Financial fixed assets | 28 | €37 | €37 | = | 0.0% |
| Current assets | 29/58 | €498,992 | €528,706 | +€29,714 | +6.0% |
| Stocks and contracts in progress | 3 | €349,167 | €322,311 | -€26,856 | -7.7% |
| Stocks | 30/36 | €349,167 | €322,311 | -€26,856 | -7.7% |
| Amounts receivable within one year | 40/41 | €90,314 | €116,983 | +€26,669 | +29.5% |
| Trade receivables | 40 | €82,372 | €113,870 | +€31,498 | +38.2% |
| Other amounts receivable | 41 | €7,942 | €3,113 | -€4,829 | -60.8% |
| Cash at bank and in hand | 54/58 | €53,723 | €77,104 | +€23,381 | +43.5% |
| Deferred charges and accrued income | 490/1 | €5,787 | €12,308 | +€6,520 | +113% |
| Total equity and liabilities | 10/49 | €783,722 | €781,436 | -€2,285 | -0.3% |
| Equity | 10/15 | €123,542 | €42,881 | -€80,661 | -65.3% |
| Contributions | 10/11 | €18,550 | €18,550 | = | 0.0% |
| Reserves | 13 | €119,751 | €49,751 | -€70,000 | -58.5% |
| Non-distributable reserves | 130/1 | €6,462 | €6,462 | = | 0.0% |
| Reserves not available under the articles | 1311 | €6,462 | €6,462 | = | 0.0% |
| Distributable reserves | 133 | €113,289 | €43,289 | -€70,000 | -61.8% |
| Profit (loss) carried forward | 14 | -€14,759 | -€25,420 | -€10,661 | -72.2% |
| Amounts payable | 17/49 | €660,180 | €738,555 | +€78,376 | +11.9% |
| Amounts payable after more than one year | 17 | €217,566 | €185,815 | -€31,751 | -14.6% |
| Financial debts | 170/4 | €217,566 | €185,815 | -€31,751 | -14.6% |
| Amounts payable within one year | 42/48 | €442,613 | €552,740 | +€110,127 | +24.9% |
| Current portion of amounts payable after more than one year | 42 | €35,428 | €31,751 | -€3,678 | -10.4% |
| Financial debts | 43 | €225,000 | €225,000 | = | 0.0% |
| Credit institutions | 430/8 | €225,000 | €225,000 | = | 0.0% |
| Trade debts | 44 | €129,309 | €192,673 | +€63,365 | +49.0% |
| Suppliers | 440/4 | €129,309 | €192,673 | +€63,365 | +49.0% |
| Taxes, remuneration and social security | 45 | €27,127 | €33,316 | +€6,190 | +22.8% |
| Taxes | 450/3 | €14,451 | €17,979 | +€3,528 | +24.4% |
| Remuneration and social security | 454/9 | €12,676 | €15,337 | +€2,661 | +21.0% |
| Other amounts payable | 47/48 | €25,750 | €70,000 | +€44,250 | +172% |
| Remuneration, social security and pensions | 62 | €97,427 | €114,972 | +€17,544 | +18.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €34,987 | €34,458 | -€529 | -1.5% |
| Other operating charges | 640/8 | €8,823 | €7,915 | -€908 | -10.3% |
| Gross operating margin | 9900 | €194,090 | €162,169 | -€31,922 | -16.4% |
| Operating profit (loss) | 9901 | €52,853 | €4,824 | -€48,029 | -90.9% |
| Financial income | 75/76B | €433 | €3,773 | +€3,340 | +770% |
| Recurring financial income | 75 | €433 | €3,773 | +€3,340 | +770% |
| Financial charges | 65/66B | €29,980 | €18,470 | -€11,511 | -38.4% |
| Recurring financial charges | 65 | €29,980 | €18,470 | -€11,511 | -38.4% |
| Profit (loss) for the period before taxes | 9903 | €23,307 | -€9,872 | -€33,179 | |
| Income taxes | 67/77 | €752 | €789 | +€37 | +4.9% |
| Profit (loss) for the period | 9904 | €22,555 | -€10,661 | -€33,216 | |
| Profit (loss) for the period to be appropriated | 9905 | €22,555 | -€10,661 | -€33,216 |
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 19 October 2026 via checked.be.