TFM CONCEPT SERVICES: 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.
TFM CONCEPT SERVICES
Largest movements
- Receivables within one year -€137,700
down €137,700 (-66.4%), from €207,389 to €69,689
of which Trade receivables: -€148,066
- Tangible fixed assets -€29,337
down €29,337 (-61.4%), from €47,781 to €18,444
of which Leasing and similar rights: -€39,339
- Cash -€11,146
down €11,146 (-12.7%), from €87,773 to €76,627
mainly Trade debts (-€134,099) and Other debts (-€32,370)
- Stocks and contracts +€7,015
up €7,015 (+12.1%), from €58,174 to €65,188
- Trade debts -€134,099
down €134,099 (-59.6%), from €224,879 to €90,780
- Other debts -€32,370
down €32,370 (-90.2%), from €35,870 to €3,500
- Debts after one year -€21,340
down €21,340 (-100.0%), from €21,340 to €0
- Tax, wage and social debts +€15,952
up €15,952 (+49.0%), from €32,531 to €48,483
of which Remuneration and social security: +€26,217
- Accrued charges and deferred income +€6,283
up €6,283, from €0 to €6,283
- Turnover -€1.8m
no longer reported in 2025 (was €1.8m)
- Purchases and services -€1.7m
no longer reported in 2025 (was €1.7m)
- Gross operating margin +€72,984
up €72,984 (+38.9%), from €187,852 to €260,837
- Staff costs +€66,005
up €66,005 (+44.0%), from €150,146 to €216,150
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 | €403,476 | €232,308 | -€171,169 | -42.4% |
| Formation expenses | 20 | €0 | €0 | = | |
| Fixed assets | 21/28 | €50,141 | €20,804 | -€29,337 | -58.5% |
| Tangible fixed assets | 22/27 | €47,781 | €18,444 | -€29,337 | -61.4% |
| Land and buildings | 22 | €7,445 | €7,456 | +€11 | +0.1% |
| Furniture and vehicles | 24 | €0 | €996 | +€996 | |
| Leasing and similar rights | 25 | €39,339 | €0 | -€39,339 | -100.0% |
| Other tangible fixed assets | 26 | €997 | €9,992 | +€8,995 | +901.8% |
| Financial fixed assets | 28 | €2,360 | €2,360 | = | 0.0% |
| Current assets | 29/58 | €353,336 | €211,504 | -€141,831 | -40.1% |
| Stocks and contracts in progress | 3 | €58,174 | €65,188 | +€7,015 | +12.1% |
| Stocks | 30/36 | €58,174 | €65,188 | +€7,015 | +12.1% |
| Amounts receivable within one year | 40/41 | €207,389 | €69,689 | -€137,700 | -66.4% |
| Trade receivables | 40 | €180,772 | €32,706 | -€148,066 | -81.9% |
| Other amounts receivable | 41 | €26,617 | €36,983 | +€10,366 | +38.9% |
| Cash at bank and in hand | 54/58 | €87,773 | €76,627 | -€11,146 | -12.7% |
| Deferred charges and accrued income | 490/1 | €0 | - | = | |
| Total equity and liabilities | 10/49 | €403,476 | €232,308 | -€171,169 | -42.4% |
| Equity | 10/15 | €76,378 | €75,712 | -€666 | -0.9% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €71,378 | €70,712 | -€666 | -0.9% |
| Amounts payable | 17/49 | €327,098 | €156,596 | -€170,503 | -52.1% |
| Amounts payable after more than one year | 17 | €21,340 | €0 | -€21,340 | -100.0% |
| Financial debts | 170/4 | €21,340 | €0 | -€21,340 | -100.0% |
| Amounts payable within one year | 42/48 | €305,758 | €150,313 | -€155,445 | -50.8% |
| Current portion of amounts payable after more than one year | 42 | €12,478 | €7,550 | -€4,929 | -39.5% |
| Trade debts | 44 | €224,879 | €90,780 | -€134,099 | -59.6% |
| Suppliers | 440/4 | €224,879 | €90,780 | -€134,099 | -59.6% |
| Taxes, remuneration and social security | 45 | €32,531 | €48,483 | +€15,952 | +49.0% |
| Taxes | 450/3 | €13,738 | €3,473 | -€10,265 | -74.7% |
| Remuneration and social security | 454/9 | €18,793 | €45,011 | +€26,217 | +139.5% |
| Other amounts payable | 47/48 | €35,870 | €3,500 | -€32,370 | -90.2% |
| Accrued charges and deferred income | 492/3 | €0 | €6,283 | +€6,283 | |
| Turnover | 70 | €1,823,539 | - | -€1.8m | |
| Non-recurring operating income | 76A | €5,891 | - | -€5,891 | |
| Goods, raw materials, services and sundry goods | 60/61 | €1,657,032 | - | -€1.7m | |
| Remuneration, social security and pensions | 62 | €150,146 | €216,150 | +€66,005 | +44.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €5,410 | €1,459 | -€3,951 | -73.0% |
| Other operating charges | 640/8 | €2,659 | €3,349 | +€691 | +26.0% |
| Non-recurring operating charges | 66A | - | €22,632 | +€22,632 | |
| Gross operating margin | 9900 | €187,852 | €260,837 | +€72,984 | +38.9% |
| Operating profit (loss) | 9901 | €29,638 | €17,246 | -€12,392 | -41.8% |
| Financial income | 75/76B | €21 | €6 | -€15 | -69.4% |
| Recurring financial income | 75 | €21 | €6 | -€15 | -69.4% |
| Financial charges | 65/66B | €5,146 | €4,658 | -€488 | -9.5% |
| Recurring financial charges | 65 | €5,045 | €4,658 | -€387 | -7.7% |
| Non-recurring financial charges | 66B | €101 | €0 | -€101 | -100.0% |
| Profit (loss) for the period before taxes | 9903 | €24,513 | €12,594 | -€11,919 | -48.6% |
| Income taxes | 67/77 | €6,315 | €8,260 | +€1,944 | +30.8% |
| Profit (loss) for the period | 9904 | €18,198 | €4,334 | -€13,863 | -76.2% |
| Profit (loss) for the period to be appropriated | 9905 | €18,198 | €4,334 | -€13,863 | -76.2% |
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 9 October 2026 via checked.be.