T.P.M.: 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.P.M.
Largest movements
- Cash +€139,450
up €139,450 (+389%), from €35,862 to €175,312
mainly Short-term financial debts (+€325,000) and Net result for the year (+€129,553)
- Stocks and contracts +€123,850
up €123,850 (+95.6%), from €129,507 to €253,356
of which Stocks: +€93,256
- Receivables within one year +€47,632
up €47,632 (+6.4%), from €743,639 to €791,270
of which Other amounts receivable: +€113,336
- Tangible fixed assets -€19,879
down €19,879 (-7.8%), from €253,349 to €233,470
of which Plant, machinery and equipment: -€75,825
- Deferred charges and accrued income +€15,950
up €15,950 (+205%), from €7,774 to €23,724
- Short-term financial debts +€325,000
up €325,000 (+260%), from €125,000 to €450,000
- Advances received -€105,259
down €105,259 (-100%), from €105,259 to €0
- Trade debts +€92,943
up €92,943 (+30.8%), from €301,378 to €394,321
- Reserves -€45,447
down €45,447 (-8.5%), from €536,791 to €491,344
- Debts after one year +€33,446
new in 2025: €33,446
- Gross operating margin +€116,762
up €116,762 (+14.5%), from €802,570 to €919,332
- Taxes +€26,724
up €26,724 (+135%), from €19,867 to €46,591
- Write-downs +€21,833
up €21,833, from -€21,833 to €0
- Other operating charges -€18,537
down €18,537 (-74.2%), from €24,977 to €6,440
- Staff costs -€12,988
down €12,988 (-2.0%), from €647,016 to €634,028
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 | €1,170,179 | €1,477,133 | +€306,955 | +26.2% |
| Fixed assets | 21/28 | €253,397 | €233,470 | -€19,927 | -7.9% |
| Tangible fixed assets | 22/27 | €253,349 | €233,470 | -€19,879 | -7.8% |
| Plant, machinery and equipment | 23 | €207,184 | €131,359 | -€75,825 | -36.6% |
| Furniture and vehicles | 24 | €46,166 | €62,268 | +€16,103 | +34.9% |
| Other tangible fixed assets | 26 | - | €39,843 | +€39,843 | |
| Financial fixed assets | 28 | €48 | €0 | -€48 | -100% |
| Current assets | 29/58 | €916,782 | €1,243,663 | +€326,881 | +35.7% |
| Stocks and contracts in progress | 3 | €129,507 | €253,356 | +€123,850 | +95.6% |
| Stocks | 30/36 | - | €93,256 | +€93,256 | |
| Contracts in progress | 37 | €129,507 | €160,100 | +€30,593 | +23.6% |
| Amounts receivable within one year | 40/41 | €743,639 | €791,270 | +€47,632 | +6.4% |
| Trade receivables | 40 | €246,718 | €181,014 | -€65,704 | -26.6% |
| Other amounts receivable | 41 | €496,920 | €610,256 | +€113,336 | +22.8% |
| Cash at bank and in hand | 54/58 | €35,862 | €175,312 | +€139,450 | +389% |
| Deferred charges and accrued income | 490/1 | €7,774 | €23,724 | +€15,950 | +205% |
| Total equity and liabilities | 10/49 | €1,170,179 | €1,477,133 | +€306,955 | +26.2% |
| Equity | 10/15 | €555,391 | €509,944 | -€45,447 | -8.2% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €536,791 | €491,344 | -€45,447 | -8.5% |
| Distributable reserves | 133 | €536,791 | €491,344 | -€45,447 | -8.5% |
| Profit (loss) carried forward | 14 | - | €0 | = | |
| Amounts payable | 17/49 | €614,788 | €967,190 | +€352,401 | +57.3% |
| Amounts payable after more than one year | 17 | - | €33,446 | +€33,446 | |
| Financial debts | 170/4 | - | €33,446 | +€33,446 | |
| Amounts payable within one year | 42/48 | €611,858 | €933,744 | +€321,886 | +52.6% |
| Current portion of amounts payable after more than one year | 42 | - | €9,579 | +€9,579 | |
| Financial debts | 43 | €125,000 | €450,000 | +€325,000 | +260% |
| Credit institutions | 430/8 | €125,000 | €450,000 | +€325,000 | +260% |
| Trade debts | 44 | €301,378 | €394,321 | +€92,943 | +30.8% |
| Suppliers | 440/4 | €301,378 | €394,321 | +€92,943 | +30.8% |
| Advances received on contracts in progress | 46 | €105,259 | €0 | -€105,259 | -100% |
| Taxes, remuneration and social security | 45 | €80,221 | €79,845 | -€376 | -0.5% |
| Taxes | 450/3 | €72,178 | €67,769 | -€4,409 | -6.1% |
| Remuneration and social security | 454/9 | €8,043 | €12,076 | +€4,033 | +50.1% |
| Accrued charges and deferred income | 492/3 | €2,930 | €0 | -€2,930 | -100% |
| Non-recurring operating income | 76A | €0 | - | = | |
| Remuneration, social security and pensions | 62 | €647,016 | €634,028 | -€12,988 | -2.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €92,787 | €100,993 | +€8,205 | +8.8% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | -€21,833 | €0 | +€21,833 | |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | €0 | - | = | |
| Other operating charges | 640/8 | €24,977 | €6,440 | -€18,537 | -74.2% |
| Non-recurring operating charges | 66A | €3,432 | €0 | -€3,432 | -100% |
| Gross operating margin | 9900 | €802,570 | €919,332 | +€116,762 | +14.5% |
| Operating profit (loss) | 9901 | €56,190 | €177,871 | +€121,681 | +217% |
| Financial income | 75/76B | €19,729 | €9,831 | -€9,898 | -50.2% |
| Recurring financial income | 75 | €19,729 | €9,831 | -€9,898 | -50.2% |
| Financial charges | 65/66B | €9,483 | €11,559 | +€2,076 | +21.9% |
| Recurring financial charges | 65 | €9,483 | €11,559 | +€2,076 | +21.9% |
| Profit (loss) for the period before taxes | 9903 | €66,436 | €176,144 | +€109,708 | +165% |
| Income taxes | 67/77 | €19,867 | €46,591 | +€26,724 | +135% |
| Profit (loss) for the period | 9904 | €46,569 | €129,553 | +€82,984 | +178% |
| Profit (loss) for the period to be appropriated | 9905 | €46,569 | €129,553 | +€82,984 | +178% |
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.