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
- Cash -€12,003
down €12,003 (-13.9%), from €86,169 to €74,165
mainly Other debts (-€69,601) and Contributions, distributions and other (-€37,000)
- Deferred charges and accrued income -€3,382
down €3,382 (-55.1%), from €6,132 to €2,751
- Other debts -€69,601
down €69,601 (-99.3%), from €70,086 to €485
- Reserves +€53,294
up €53,294 (+136%), from €39,179 to €92,474
- Gross operating margin +€12,838
up €12,838 (+11.9%), from €107,541 to €120,379
- Taxes +€2,931
up €2,931 (+13.7%), from €21,337 to €24,268
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 | €127,881 | €113,320 | -€14,561 | -11.4% |
| Fixed assets | 21/28 | €1,158 | €735 | -€423 | -36.5% |
| Tangible fixed assets | 22/27 | €908 | €485 | -€423 | -46.6% |
| Plant, machinery and equipment | 23 | €908 | €485 | -€423 | -46.6% |
| Financial fixed assets | 28 | €250 | €250 | = | 0.0% |
| Current assets | 29/58 | €126,723 | €112,585 | -€14,138 | -11.2% |
| Amounts receivable within one year | 40/41 | €34,422 | €35,669 | +€1,247 | +3.6% |
| Trade receivables | 40 | €34,081 | €35,438 | +€1,356 | +4.0% |
| Other amounts receivable | 41 | €341 | €232 | -€109 | -32.1% |
| Cash at bank and in hand | 54/58 | €86,169 | €74,165 | -€12,003 | -13.9% |
| Deferred charges and accrued income | 490/1 | €6,132 | €2,751 | -€3,382 | -55.1% |
| Total equity and liabilities | 10/49 | €127,881 | €113,320 | -€14,561 | -11.4% |
| Equity | 10/15 | €57,729 | €111,024 | +€53,294 | +92.3% |
| Contributions | 10/11 | €18,550 | €18,550 | = | 0.0% |
| Reserves | 13 | €39,179 | €92,474 | +€53,294 | +136% |
| Distributable reserves | 133 | €39,179 | €92,474 | +€53,294 | +136% |
| Amounts payable | 17/49 | €70,152 | €2,297 | -€67,855 | -96.7% |
| Amounts payable within one year | 42/48 | €70,152 | €2,297 | -€67,855 | -96.7% |
| Trade debts | 44 | €66 | €682 | +€616 | +931% |
| Suppliers | 440/4 | €66 | €682 | +€616 | +931% |
| Taxes, remuneration and social security | 45 | - | €1,130 | +€1,130 | |
| Taxes | 450/3 | - | €1,130 | +€1,130 | |
| Other amounts payable | 47/48 | €70,086 | €485 | -€69,601 | -99.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €360 | €423 | +€62 | +17.3% |
| Other operating charges | 640/8 | €6,123 | €5,269 | -€854 | -13.9% |
| Gross operating margin | 9900 | €107,541 | €120,379 | +€12,838 | +11.9% |
| Operating profit (loss) | 9901 | €101,058 | €114,687 | +€13,629 | +13.5% |
| Financial income | 75/76B | €5 | - | -€5 | |
| Recurring financial income | 75 | €5 | - | -€5 | |
| Financial charges | 65/66B | €79 | €124 | +€46 | +58.5% |
| Recurring financial charges | 65 | €79 | €124 | +€46 | +58.5% |
| Profit (loss) for the period before taxes | 9903 | €100,984 | €114,563 | +€13,578 | +13.4% |
| Income taxes | 67/77 | €21,337 | €24,268 | +€2,931 | +13.7% |
| Profit (loss) for the period | 9904 | €79,647 | €90,294 | +€10,647 | +13.4% |
| Profit (loss) for the period to be appropriated | 9905 | €79,647 | €90,294 | +€10,647 | +13.4% |
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 18 October 2026 via checked.be.