T.P MANAGEMENT: 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 MANAGEMENT
Largest movements
- Financial fixed assets +€1.1m
up €1.1m (+3,487%), from €32,000 to €1.1m
- Cash -€150,017
down €150,017 (-42.5%), from €353,157 to €203,141
mainly Investment in fixed assets (net) (-€1.1m) and Tax, wage and social debts (-€61,338)
- Receivables within one year +€60,118
up €60,118 (+21.0%), from €286,392 to €346,510
of which Other amounts receivable: +€46,621
- Debts after one year +€812,742
up €812,742 (+16,995%), from €4,782 to €817,524
- Current portion of long-term debt +€101,323
up €101,323 (+375%), from €26,991 to €128,315
- Reserves +€84,200
new in 2025: €84,200
- Profit (loss) carried forward +€81,571
up €81,571 (+13.9%), from €585,129 to €666,700
- Tax, wage and social debts -€61,338
down €61,338 (-38.4%), from €159,671 to €98,333
of which Taxes: -€63,210
- Gross operating margin +€26,688
up €26,688 (+12.6%), from €212,554 to €239,242
- Financial charges +€24,506
up €24,506 (+1,078%), from €2,273 to €26,779
- Taxes -€2,874
down €2,874 (-5.3%), from €54,297 to €51,423
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 | €788,564 | €1,805,654 | +€1.0m | +129% |
| Fixed assets | 21/28 | €34,157 | €1,149,441 | +€1.1m | +3,265% |
| Tangible fixed assets | 22/27 | €2,157 | €1,501 | -€656 | -30.4% |
| Other tangible fixed assets | 26 | €2,157 | €1,501 | -€656 | -30.4% |
| Financial fixed assets | 28 | €32,000 | €1,147,940 | +€1.1m | +3,487% |
| Current assets | 29/58 | €754,407 | €656,213 | -€98,194 | -13.0% |
| Amounts receivable after more than one year | 29 | €114,623 | €101,776 | -€12,847 | -11.2% |
| Other amounts receivable | 291 | €114,623 | €101,776 | -€12,847 | -11.2% |
| Amounts receivable within one year | 40/41 | €286,392 | €346,510 | +€60,118 | +21.0% |
| Trade receivables | 40 | €11,990 | €25,487 | +€13,497 | +113% |
| Other amounts receivable | 41 | €274,402 | €321,024 | +€46,621 | +17.0% |
| Cash at bank and in hand | 54/58 | €353,157 | €203,141 | -€150,017 | -42.5% |
| Deferred charges and accrued income | 490/1 | €234 | €4,786 | +€4,552 | +1,942% |
| Total equity and liabilities | 10/49 | €788,564 | €1,805,654 | +€1.0m | +129% |
| Equity | 10/15 | €595,129 | €760,900 | +€165,771 | +27.9% |
| Contributions | 10/11 | €10,000 | €10,000 | = | 0.0% |
| Reserves | 13 | - | €84,200 | +€84,200 | |
| Tax-exempt reserves | 132 | - | €84,200 | +€84,200 | |
| Profit (loss) carried forward | 14 | €585,129 | €666,700 | +€81,571 | +13.9% |
| Amounts payable | 17/49 | €193,435 | €1,044,753 | +€851,319 | +440% |
| Amounts payable after more than one year | 17 | €4,782 | €817,524 | +€812,742 | +16,995% |
| Financial debts | 170/4 | €4,782 | €817,524 | +€812,742 | +16,995% |
| Amounts payable within one year | 42/48 | €188,652 | €227,229 | +€38,577 | +20.4% |
| Current portion of amounts payable after more than one year | 42 | €26,991 | €128,315 | +€101,323 | +375% |
| Trade debts | 44 | €836 | €582 | -€255 | -30.5% |
| Suppliers | 440/4 | €836 | €582 | -€255 | -30.5% |
| Taxes, remuneration and social security | 45 | €159,671 | €98,333 | -€61,338 | -38.4% |
| Taxes | 450/3 | €159,671 | €96,461 | -€63,210 | -39.6% |
| Remuneration and social security | 454/9 | - | €1,872 | +€1,872 | |
| Other amounts payable | 47/48 | €1,154 | - | -€1,154 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €724 | €656 | -€68 | -9.4% |
| Other operating charges | 640/8 | €1,678 | €760 | -€917 | -54.7% |
| Gross operating margin | 9900 | €212,554 | €239,242 | +€26,688 | +12.6% |
| Operating profit (loss) | 9901 | €210,152 | €237,825 | +€27,673 | +13.2% |
| Financial income | 75/76B | €5,431 | €6,148 | +€716 | +13.2% |
| Recurring financial income | 75 | €5,431 | €6,148 | +€716 | +13.2% |
| Financial charges | 65/66B | €2,273 | €26,779 | +€24,506 | +1,078% |
| Recurring financial charges | 65 | €2,273 | €26,779 | +€24,506 | +1,078% |
| Profit (loss) for the period before taxes | 9903 | €213,310 | €217,194 | +€3,884 | +1.8% |
| Income taxes | 67/77 | €54,297 | €51,423 | -€2,874 | -5.3% |
| Profit (loss) for the period | 9904 | €159,013 | €165,771 | +€6,758 | +4.2% |
| Transfer to tax-exempt reserves | 689 | - | €84,200 | +€84,200 | |
| Profit (loss) for the period to be appropriated | 9905 | €159,013 | €81,571 | -€77,442 | -48.7% |
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 21 October 2026 via checked.be.