TC MAT: 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.
What changed
TC MAT
NACE 41.001, General construction of residential buildings
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€9,653
2024 · €61,018-€51,364
Equity
€632,054
2024 · €626,429+€5,624
Cash
€50,377
2024 · €29,802+€20,575
Balance sheet total
€6.6m
2024 · €6.3m+€396,179
Largest movements
Assets
- Tangible fixed assets +€808,633
up €808,633 (+15.9%), from €5.1m to €5.9m
of which Land and buildings: +€2.5m
- Receivables within one year -€436,138
down €436,138 (-39.6%), from €1.1m to €664,845
of which Other amounts receivable: -€681,386
Equity and liabilities
- Current portion of long-term debt +€162,155
up €162,155 (+32.5%), from €499,450 to €661,605
- Debts after one year +€131,069
up €131,069 (+3.1%), from €4.3m to €4.4m
of which Financial debts: +€213,680
Income statement
- Gross operating margin +€182,710
up €182,710 (+28.7%), from €637,109 to €819,819
- Depreciation +€100,113
up €100,113 (+24.1%), from €416,105 to €516,218
- Financial income -€43,716
down €43,716 (-90.0%), from €48,554 to €4,838
of which Non-recurring financial income: -€44,375
- Financial charges +€41,337
up €41,337 (+31.1%), from €132,988 to €174,325
- Staff costs +€29,692
up €29,692 (+71.7%), from €41,429 to €71,122
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.
Result 2024
€61,018
Gross operating margin
+€182,710
Staff costs
-€29,692
Depreciation
-€100,113
Other operating charges
-€19,261
Other operating items
+€11,616
Financial income
-€43,716
Financial charges
-€41,337
Taxes
-€11,571
Result 2025
€9,653
raises the resultlowers the resultnot broken down further in the accounts
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.
From operations
+€1.1m
Investment
-€1.3m
Financing
+€289,194
Cash 2024
€29,802
From operations (derived)
+€1.1m
Net result for the year
+€9,653
Depreciation
+€516,218
Smaller working-capital items
-€2,525
Receivables within one year
+€436,138
Trade debts
+€52,231
Tax, wage and social debts
+€43,280
Advances received
-€8,607
Other debts
+€9,844
Investment (derived)
-€1.3m
Investment in fixed assets (net)
-€1.3m
Financing
+€289,194
Debts after one year
+€131,069
Current portion of long-term debt
+€162,155
Contributions, distributions and other
-€4,029
Cash 2025
€50,377
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €6,252,254 | €6,648,433 | +€396,179 | +6.3% |
| Fixed assets | 21/28 | €5,079,470 | €5,888,103 | +€808,633 | +15.9% |
| Tangible fixed assets | 22/27 | €5,079,420 | €5,888,053 | +€808,633 | +15.9% |
| Land and buildings | 22 | €1,999,063 | €4,453,962 | +€2.5m | +123% |
| Plant, machinery and equipment | 23 | €729,642 | €748,337 | +€18,695 | +2.6% |
| Furniture and vehicles | 24 | €6,822 | €60,306 | +€53,484 | +784% |
| Leasing and similar rights | 25 | €579,427 | €594,195 | +€14,768 | +2.5% |
| Other tangible fixed assets | 26 | €38,781 | €31,253 | -€7,528 | -19.4% |
| Assets under construction and advance payments | 27 | €1,725,684 | €0 | -€1.7m | -100% |
| Financial fixed assets | 28 | €50 | €50 | = | 0.0% |
| Current assets | 29/58 | €1,172,785 | €760,330 | -€412,454 | -35.2% |
| Stocks and contracts in progress | 3 | €41,271 | €44,256 | +€2,986 | +7.2% |
| Stocks | 30/36 | €41,271 | €44,256 | +€2,986 | +7.2% |
| Amounts receivable within one year | 40/41 | €1,100,983 | €664,845 | -€436,138 | -39.6% |
| Trade receivables | 40 | €297,122 | €542,370 | +€245,249 | +82.5% |
| Other amounts receivable | 41 | €803,861 | €122,475 | -€681,386 | -84.8% |
| Cash at bank and in hand | 54/58 | €29,802 | €50,377 | +€20,575 | +69.0% |
| Deferred charges and accrued income | 490/1 | €729 | €852 | +€123 | +16.9% |
| Total equity and liabilities | 10/49 | €6,252,254 | €6,648,433 | +€396,179 | +6.3% |
| Equity | 10/15 | €626,429 | €632,054 | +€5,624 | +0.9% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €1,860 | €1,860 | = | 0.0% |
| Profit (loss) carried forward | 14 | €573,188 | €582,841 | +€9,653 | +1.7% |
| Investment grants | 15 | €32,782 | €28,752 | -€4,029 | -12.3% |
| Amounts payable | 17/49 | €5,625,825 | €6,016,379 | +€390,555 | +6.9% |
| Amounts payable after more than one year | 17 | €4,271,853 | €4,402,922 | +€131,069 | +3.1% |
| Financial debts | 170/4 | €3,581,798 | €3,795,478 | +€213,680 | +6.0% |
| Other amounts payable | 178/9 | €690,055 | €607,444 | -€82,612 | -12.0% |
| Amounts payable within one year | 42/48 | €1,353,971 | €1,612,874 | +€258,902 | +19.1% |
| Current portion of amounts payable after more than one year | 42 | €499,450 | €661,605 | +€162,155 | +32.5% |
| Trade debts | 44 | €283,166 | €335,396 | +€52,231 | +18.4% |
| Suppliers | 440/4 | €283,166 | €335,396 | +€52,231 | +18.4% |
| Advances received on contracts in progress | 46 | €8,607 | €0 | -€8,607 | -100% |
| Taxes, remuneration and social security | 45 | €27,698 | €70,978 | +€43,280 | +156% |
| Taxes | 450/3 | €22,774 | €54,287 | +€31,513 | +138% |
| Remuneration and social security | 454/9 | €4,924 | €16,691 | +€11,767 | +239% |
| Other amounts payable | 47/48 | €535,051 | €544,895 | +€9,844 | +1.8% |
| Accrued charges and deferred income | 492/3 | - | €584 | +€584 | |
| Non-recurring operating income | 76A | €0 | - | = | |
| Remuneration, social security and pensions | 62 | €41,429 | €71,122 | +€29,692 | +71.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €416,105 | €516,218 | +€100,113 | +24.1% |
| Other operating charges | 640/8 | €22,507 | €41,767 | +€19,261 | +85.6% |
| Non-recurring operating charges | 66A | €11,616 | €0 | -€11,616 | -100% |
| Gross operating margin | 9900 | €637,109 | €819,819 | +€182,710 | +28.7% |
| Operating profit (loss) | 9901 | €145,452 | €190,712 | +€45,260 | +31.1% |
| Financial income | 75/76B | €48,554 | €4,838 | -€43,716 | -90.0% |
| Recurring financial income | 75 | €4,179 | €4,838 | +€659 | +15.8% |
| Non-recurring financial income | 76B | €44,375 | €0 | -€44,375 | -100% |
| Financial charges | 65/66B | €132,988 | €174,325 | +€41,337 | +31.1% |
| Recurring financial charges | 65 | €132,988 | €174,325 | +€41,337 | +31.1% |
| Profit (loss) for the period before taxes | 9903 | €61,018 | €21,225 | -€39,793 | -65.2% |
| Income taxes | 67/77 | - | €11,571 | +€11,571 | |
| Profit (loss) for the period | 9904 | €61,018 | €9,653 | -€51,364 | -84.2% |
| Profit (loss) for the period to be appropriated | 9905 | €61,018 | €9,653 | -€51,364 | -84.2% |
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 13 October 2026 via checked.be.