T M S: 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 S
Largest movements
- Receivables within one year +€36,210
up €36,210 (+7.6%), from €475,527 to €511,737
of which Trade receivables: +€20,529
- Tangible fixed assets -€10,651
down €10,651 (-71.5%), from €14,888 to €4,237
of which Furniture and vehicles: -€8,584
- Trade debts +€13,092
up €13,092 (+11.0%), from €118,979 to €132,071
- Gross operating margin +€14,850
up €14,850 (+665%), from €2,235 to €17,084
- Taxes +€5,874
up €5,874 (+306%), from €1,918 to €7,793
- Financial income +€399
up €399 (+2.9%), from €13,521 to €13,920
- Depreciation -€321
down €321 (-2.9%), from €10,972 to €10,651
- Financial charges -€286
down €286 (-5.4%), from €5,333 to €5,047
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 | €509,684 | €533,138 | +€23,454 | +4.6% |
| Fixed assets | 21/28 | €14,928 | €4,277 | -€10,651 | -71.4% |
| Tangible fixed assets | 22/27 | €14,888 | €4,237 | -€10,651 | -71.5% |
| Land and buildings | 22 | €4,134 | €2,067 | -€2,067 | -50.0% |
| Plant, machinery and equipment | 23 | €0 | €0 | = | |
| Furniture and vehicles | 24 | €10,754 | €2,170 | -€8,584 | -79.8% |
| Financial fixed assets | 28 | €40 | €40 | = | 0.0% |
| Current assets | 29/58 | €494,756 | €528,861 | +€34,105 | +6.9% |
| Amounts receivable within one year | 40/41 | €475,527 | €511,737 | +€36,210 | +7.6% |
| Trade receivables | 40 | €21,780 | €42,309 | +€20,529 | +94.3% |
| Other amounts receivable | 41 | €453,747 | €469,428 | +€15,681 | +3.5% |
| Cash at bank and in hand | 54/58 | €4,452 | €2,399 | -€2,053 | -46.1% |
| Deferred charges and accrued income | 490/1 | €14,777 | €14,725 | -€52 | -0.3% |
| Total equity and liabilities | 10/49 | €509,684 | €533,138 | +€23,454 | +4.6% |
| Equity | 10/15 | €141,847 | €146,470 | +€4,623 | +3.3% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €1,859 | €1,859 | = | 0.0% |
| Distributable reserves | 133 | €1,859 | €1,859 | = | 0.0% |
| Profit (loss) carried forward | 14 | €133,788 | €138,411 | +€4,623 | +3.5% |
| Amounts payable | 17/49 | €367,836 | €386,668 | +€18,831 | +5.1% |
| Amounts payable within one year | 42/48 | €367,836 | €386,668 | +€18,831 | +5.1% |
| Current portion of amounts payable after more than one year | 42 | €3,757 | - | -€3,757 | |
| Trade debts | 44 | €118,979 | €132,071 | +€13,092 | +11.0% |
| Suppliers | 440/4 | €118,979 | €132,071 | +€13,092 | +11.0% |
| Taxes, remuneration and social security | 45 | €8,847 | €13,617 | +€4,770 | +53.9% |
| Taxes | 450/3 | €8,847 | €13,617 | +€4,770 | +53.9% |
| Other amounts payable | 47/48 | €236,254 | €240,979 | +€4,725 | +2.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €10,972 | €10,651 | -€321 | -2.9% |
| Other operating charges | 640/8 | €3,037 | €2,890 | -€146 | -4.8% |
| Gross operating margin | 9900 | €2,235 | €17,084 | +€14,850 | +665% |
| Operating profit (loss) | 9901 | -€11,774 | €3,543 | +€15,317 | |
| Financial income | 75/76B | €13,521 | €13,920 | +€399 | +2.9% |
| Recurring financial income | 75 | €13,521 | €13,920 | +€399 | +2.9% |
| Financial charges | 65/66B | €5,333 | €5,047 | -€286 | -5.4% |
| Recurring financial charges | 65 | €5,333 | €5,047 | -€286 | -5.4% |
| Profit (loss) for the period before taxes | 9903 | -€3,586 | €12,415 | +€16,002 | |
| Income taxes | 67/77 | €1,918 | €7,793 | +€5,874 | +306% |
| Profit (loss) for the period | 9904 | -€5,505 | €4,623 | +€10,127 | |
| Profit (loss) for the period to be appropriated | 9905 | -€5,505 | €4,623 | +€10,127 |
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 27 October 2026 via checked.be.