TCMR: 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.
TCMR
Largest movements
- Receivables after one year +€162,000
new in 2025: €162,000
- Receivables within one year -€100,180
down €100,180 (-88.8%), from €112,851 to €12,671
of which Other amounts receivable: -€99,529
- Cash -€17,973
down €17,973 (-12.8%), from €140,041 to €122,068
mainly Receivables after one year (-€162,000) and Contributions, distributions and other (-€93,754)
- Tangible fixed assets -€10,200
down €10,200 (-31.5%), from €32,371 to €22,170
of which Furniture and vehicles: -€8,874
- Other debts +€94,079
new in 2025: €94,079
- Reserves -€55,849
down €55,849 (-25.0%), from €223,102 to €167,253
of which Distributable reserves: -€55,849
- Gross operating margin -€24,214
down €24,214 (-25.3%), from €95,569 to €71,355
- Taxes -€7,119
down €7,119 (-27.4%), from €25,947 to €18,828
- Depreciation +€1,525
up €1,525 (+14.6%), from €10,454 to €11,979
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 | €288,349 | €322,172 | +€33,823 | +11.7% |
| Fixed assets | 21/28 | €32,371 | €22,170 | -€10,200 | -31.5% |
| Tangible fixed assets | 22/27 | €32,371 | €22,170 | -€10,200 | -31.5% |
| Plant, machinery and equipment | 23 | €6,740 | €6,619 | -€122 | -1.8% |
| Furniture and vehicles | 24 | €23,502 | €14,628 | -€8,874 | -37.8% |
| Other tangible fixed assets | 26 | €2,128 | €923 | -€1,205 | -56.6% |
| Current assets | 29/58 | €255,979 | €300,002 | +€44,023 | +17.2% |
| Amounts receivable after more than one year | 29 | - | €162,000 | +€162,000 | |
| Other amounts receivable | 291 | - | €162,000 | +€162,000 | |
| Amounts receivable within one year | 40/41 | €112,851 | €12,671 | -€100,180 | -88.8% |
| Trade receivables | 40 | €13,151 | €12,500 | -€651 | -5.0% |
| Other amounts receivable | 41 | €99,700 | €171 | -€99,529 | -99.8% |
| Cash at bank and in hand | 54/58 | €140,041 | €122,068 | -€17,973 | -12.8% |
| Deferred charges and accrued income | 490/1 | €3,086 | €3,263 | +€177 | +5.7% |
| Total equity and liabilities | 10/49 | €288,349 | €322,172 | +€33,823 | +11.7% |
| Equity | 10/15 | €229,302 | €173,453 | -€55,849 | -24.4% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €223,102 | €167,253 | -€55,849 | -25.0% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Tax-exempt reserves | 132 | €542 | €542 | = | 0.0% |
| Distributable reserves | 133 | €220,701 | €164,851 | -€55,849 | -25.3% |
| Profit (loss) carried forward | 14 | - | €0 | = | |
| Amounts payable | 17/49 | €59,047 | €148,719 | +€89,672 | +152% |
| Amounts payable within one year | 42/48 | €59,047 | €148,719 | +€89,672 | +152% |
| Financial debts | 43 | €361 | €194 | -€167 | -46.2% |
| Credit institutions | 430/8 | €361 | €194 | -€167 | -46.2% |
| Trade debts | 44 | €3,354 | €1,801 | -€1,553 | -46.3% |
| Suppliers | 440/4 | €3,354 | €1,801 | -€1,553 | -46.3% |
| Advances received on contracts in progress | 46 | €605 | €605 | = | 0.0% |
| Taxes, remuneration and social security | 45 | €54,727 | €52,039 | -€2,688 | -4.9% |
| Taxes | 450/3 | €54,727 | €52,039 | -€2,688 | -4.9% |
| Other amounts payable | 47/48 | - | €94,079 | +€94,079 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €10,454 | €11,979 | +€1,525 | +14.6% |
| Other operating charges | 640/8 | €1,559 | €1,854 | +€295 | +18.9% |
| Gross operating margin | 9900 | €95,569 | €71,355 | -€24,214 | -25.3% |
| Operating profit (loss) | 9901 | €83,556 | €57,522 | -€26,033 | -31.2% |
| Financial income | 75/76B | €11 | €50 | +€40 | +377% |
| Recurring financial income | 75 | €11 | €50 | +€40 | +377% |
| Financial charges | 65/66B | €1,011 | €840 | -€172 | -17.0% |
| Recurring financial charges | 65 | €1,011 | €840 | -€172 | -17.0% |
| Profit (loss) for the period before taxes | 9903 | €82,555 | €56,733 | -€25,822 | -31.3% |
| Income taxes | 67/77 | €25,947 | €18,828 | -€7,119 | -27.4% |
| Profit (loss) for the period | 9904 | €56,608 | €37,905 | -€18,703 | -33.0% |
| Profit (loss) for the period to be appropriated | 9905 | €56,608 | €37,905 | -€18,703 | -33.0% |
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 26 October 2026 via checked.be.