TIJARM: what changed
Two fiscal 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.
TIJARM
Largest movements
- Cash +€361,500
up €361,500 (+91.7%), from €394,365 to €755,865
mainly Depreciation (+€355,146) and Deferred charges and accrued income (+€40,467)
- Tangible fixed assets -€251,274
down €251,274 (-4.6%), from €5.5m to €5.2m
of which Land and buildings: -€355,146
No liability line moved by more than 1% of the balance sheet total.
- Financial charges -€112,160
down €112,160 (-32.7%), from €342,533 to €230,373
- Other operating charges +€76,746
up €76,746 (+59.7%), from €128,569 to €205,315
- Gross operating margin +€70,947
up €70,947 (+9.8%), from €722,324 to €793,271
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 | €7,102,930 | €7,154,528 | +€51,599 | +0.7% |
| Fixed assets | 21/28 | €5,496,169 | €5,244,895 | -€251,274 | -4.6% |
| Tangible fixed assets | 22/27 | €5,496,169 | €5,244,895 | -€251,274 | -4.6% |
| Land and buildings | 22 | €5,213,345 | €4,858,199 | -€355,146 | -6.8% |
| Assets under construction and advance payments | 27 | €282,825 | €386,696 | +€103,871 | +36.7% |
| Current assets | 29/58 | €1,606,760 | €1,909,633 | +€302,873 | +18.8% |
| Amounts receivable within one year | 40/41 | €820,700 | €802,540 | -€18,160 | -2.2% |
| Trade receivables | 40 | €386,897 | €390,661 | +€3,764 | +1.0% |
| Other amounts receivable | 41 | €433,803 | €411,879 | -€21,924 | -5.1% |
| Cash at bank and in hand | 54/58 | €394,365 | €755,865 | +€361,500 | +91.7% |
| Deferred charges and accrued income | 490/1 | €391,695 | €351,228 | -€40,467 | -10.3% |
| Total equity and liabilities | 10/49 | €7,102,930 | €7,154,528 | +€51,599 | +0.7% |
| Equity | 10/15 | -€108,809 | -€98,296 | +€10,513 | +9.7% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €1,860 | €1,860 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€129,269 | -€118,756 | +€10,513 | +8.1% |
| Amounts payable | 17/49 | €7,211,738 | €7,252,825 | +€41,086 | +0.6% |
| Amounts payable within one year | 42/48 | €7,024,738 | €7,062,286 | +€37,548 | +0.5% |
| Financial debts | 43 | €6,100,000 | €6,100,000 | = | 0.0% |
| Credit institutions | 430/8 | €6,100,000 | €6,100,000 | = | 0.0% |
| Trade debts | 44 | €897,287 | €905,162 | +€7,875 | +0.9% |
| Suppliers | 440/4 | €897,287 | €905,162 | +€7,875 | +0.9% |
| Taxes, remuneration and social security | 45 | €27,451 | €57,124 | +€29,673 | +108.1% |
| Taxes | 450/3 | €27,451 | €57,124 | +€29,673 | +108.1% |
| Accrued charges and deferred income | 492/3 | €187,000 | €190,538 | +€3,538 | +1.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €355,146 | €355,146 | = | 0.0% |
| Other operating charges | 640/8 | €128,569 | €205,315 | +€76,746 | +59.7% |
| Gross operating margin | 9900 | €722,324 | €793,271 | +€70,947 | +9.8% |
| Operating profit (loss) | 9901 | €238,610 | €232,810 | -€5,800 | -2.4% |
| Financial income | 75/76B | €3,803 | €8,076 | +€4,273 | +112.3% |
| Recurring financial income | 75 | €3,803 | €8,076 | +€4,273 | +112.3% |
| Financial charges | 65/66B | €342,533 | €230,373 | -€112,160 | -32.7% |
| Recurring financial charges | 65 | €342,533 | €230,373 | -€112,160 | -32.7% |
| Profit (loss) for the period before taxes | 9903 | -€100,120 | €10,513 | +€110,633 | |
| Profit (loss) for the period | 9904 | -€100,120 | €10,513 | +€110,633 | |
| Profit (loss) for the period to be appropriated | 9905 | -€100,120 | €10,513 | +€110,633 |
Source: filed annual accounts (NBB), fiscal 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.