TCM: 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.
TCM
Largest movements
- Tangible fixed assets -€6,147
down €6,147 (-15.9%), from €38,610 to €32,463
of which Leasing and similar rights: -€5,611
- Receivables within one year +€4,756
up €4,756 (+60.4%), from €7,876 to €12,632
of which Other amounts receivable: +€4,482
- Stocks and contracts -€2,368
down €2,368 (-31.5%), from €7,521 to €5,153
- Cash -€1,548
down €1,548 (-54.4%), from €2,847 to €1,299
mainly Net result for the year (-€5,774) and Debts after one year (-€5,620)
- Reserves -€5,774
down €5,774 (-98.0%), from €5,895 to €121
- Debts after one year -€5,620
down €5,620 (-32.5%), from €17,308 to €11,688
- Current portion of long-term debt -€4,662
down €4,662 (-45.3%), from €10,282 to €5,620
- Trade debts +€4,521
up €4,521 (+28.8%), from €15,724 to €20,245
- Tax, wage and social debts +€3,778
up €3,778 (+114.8%), from €3,292 to €7,070
- Gross operating margin -€2,712
down €2,712 (-12.8%), from €21,263 to €18,551
- Taxes -€2,275
down €2,275 (-79.4%), from €2,865 to €590
- Other operating charges +€1,981
up €1,981 (+47.1%), from €4,205 to €6,186
- Financial income -€1,735
down €1,735 (-59.6%), from €2,910 to €1,175
of which Financial income: -€2,444
- Financial charges +€1,248
up €1,248 (+27.6%), from €4,516 to €5,764
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.
Cash bridge derived
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 | €57,309 | €52,009 | -€5,300 | -9.2% |
| Fixed assets | 21/28 | €38,611 | €32,463 | -€6,148 | -15.9% |
| Intangible fixed assets | 21 | €1 | €1 | -€0 | -33.0% |
| Tangible fixed assets | 22/27 | €38,610 | €32,463 | -€6,147 | -15.9% |
| Plant, machinery and equipment | 23 | €2,173 | €5,017 | +€2,844 | +130.9% |
| Furniture and vehicles | 24 | €4,065 | €1,836 | -€2,229 | -54.8% |
| Leasing and similar rights | 25 | €22,446 | €16,835 | -€5,611 | -25.0% |
| Other tangible fixed assets | 26 | €9,926 | €8,775 | -€1,151 | -11.6% |
| Current assets | 29/58 | €18,698 | €19,546 | +€848 | +4.5% |
| Stocks and contracts in progress | 3 | €7,521 | €5,153 | -€2,368 | -31.5% |
| Stocks | 30/36 | €7,521 | €5,153 | -€2,368 | -31.5% |
| Amounts receivable within one year | 40/41 | €7,876 | €12,632 | +€4,756 | +60.4% |
| Trade receivables | 40 | €5,932 | €6,206 | +€274 | +4.6% |
| Other amounts receivable | 41 | €1,944 | €6,426 | +€4,482 | +230.6% |
| Cash at bank and in hand | 54/58 | €2,847 | €1,299 | -€1,548 | -54.4% |
| Deferred charges and accrued income | 490/1 | €454 | €462 | +€8 | +1.8% |
| Total equity and liabilities | 10/49 | €57,309 | €52,009 | -€5,300 | -9.2% |
| Equity | 10/15 | €10,695 | €4,921 | -€5,774 | -54.0% |
| Contributions | 10/11 | €4,800 | €4,800 | = | 0.0% |
| Reserves | 13 | €5,895 | €121 | -€5,774 | -98.0% |
| Distributable reserves | 133 | €5,895 | €121 | -€5,774 | -98.0% |
| Amounts payable | 17/49 | €46,614 | €47,089 | +€475 | +1.0% |
| Amounts payable after more than one year | 17 | €17,308 | €11,688 | -€5,620 | -32.5% |
| Financial debts | 170/4 | €17,308 | €11,688 | -€5,620 | -32.5% |
| Amounts payable within one year | 42/48 | €29,306 | €35,401 | +€6,095 | +20.8% |
| Current portion of amounts payable after more than one year | 42 | €10,282 | €5,620 | -€4,662 | -45.3% |
| Financial debts | 43 | - | €2,453 | +€2,453 | |
| Credit institutions | 430/8 | - | €2,453 | +€2,453 | |
| Trade debts | 44 | €15,724 | €20,245 | +€4,521 | +28.8% |
| Suppliers | 440/4 | €15,724 | €20,245 | +€4,521 | +28.8% |
| Taxes, remuneration and social security | 45 | €3,292 | €7,070 | +€3,778 | +114.8% |
| Taxes | 450/3 | €3,292 | €7,070 | +€3,778 | +114.8% |
| Other amounts payable | 47/48 | €8 | €12 | +€4 | +52.6% |
| Remuneration, social security and pensions | 62 | €662 | €0 | -€662 | -100.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €9,665 | €9,742 | +€77 | +0.8% |
| Other operating charges | 640/8 | €4,205 | €6,186 | +€1,981 | +47.1% |
| Non-recurring operating charges | 66A | €79 | €3,218 | +€3,139 | +3973.4% |
| Gross operating margin | 9900 | €21,263 | €18,551 | -€2,712 | -12.8% |
| Operating profit (loss) | 9901 | €6,652 | -€596 | -€7,248 | |
| Financial income | 75/76B | €2,910 | €1,175 | -€1,735 | -59.6% |
| Recurring financial income | 75 | €2,910 | €466 | -€2,444 | -84.0% |
| Non-recurring financial income | 76B | - | €709 | +€709 | |
| Financial charges | 65/66B | €4,516 | €5,764 | +€1,248 | +27.6% |
| Recurring financial charges | 65 | €4,516 | €5,764 | +€1,248 | +27.6% |
| Profit (loss) for the period before taxes | 9903 | €5,046 | -€5,184 | -€10,230 | |
| Income taxes | 67/77 | €2,865 | €590 | -€2,275 | -79.4% |
| Profit (loss) for the period | 9904 | €2,181 | -€5,774 | -€7,955 | |
| Profit (loss) for the period to be appropriated | 9905 | €2,181 | -€5,774 | -€7,955 |
Source: filed annual accounts (NBB), financial years ended 31 March 2024 and 31 March 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 11 October 2026 via checked.be.