TM: 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.
TM
Largest movements
- Receivables within one year +€676,772
up €676,772 (+610.3%), from €110,898 to €787,671
of which Other amounts receivable: +€761,772
- Cash -€474,446
down €474,446 (-98.7%), from €480,934 to €6,488
mainly Contributions, distributions and other (-€857,578) and Receivables within one year (-€676,772)
- Current investments -€287,031
down €287,031 (-48.0%), from €598,382 to €311,351
- Tangible fixed assets -€229,424
down €229,424 (-11.9%), from €1.9m to €1.7m
of which Land and buildings: -€229,424
- Other debts +€469,004
up €469,004 (+141.7%), from €330,996 to €800,000
- Reserves -€449,389
down €449,389 (-32.3%), from €1.4m to €940,661
of which Distributable reserves: -€777,810
- Tax, wage and social debts -€329,154
down €329,154 (-97.7%), from €336,909 to €7,754
- Provisions +€109,474
new in 2025: €109,474
- Contributions -€57,578
down €57,578 (-6.5%), from €884,678 to €827,100
- Gross operating margin +€503,162
up €503,162 (+2846.8%), from €17,675 to €520,837
- Financial income -€75,987
down €75,987 (-99.6%), from €76,291 to €304
- Depreciation -€26,831
down €26,831 (-34.8%), from €77,070 to €50,240
- Taxes +€7,418
up €7,418 (+4150.2%), from €179 to €7,596
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 | €3,112,845 | €2,804,467 | -€308,379 | -9.9% |
| Fixed assets | 21/28 | €1,922,631 | €1,693,207 | -€229,424 | -11.9% |
| Tangible fixed assets | 22/27 | €1,922,631 | €1,693,207 | -€229,424 | -11.9% |
| Land and buildings | 22 | €1,922,631 | €1,693,207 | -€229,424 | -11.9% |
| Plant, machinery and equipment | 23 | €0 | - | = | |
| Current assets | 29/58 | €1,190,215 | €1,111,260 | -€78,955 | -6.6% |
| Amounts receivable within one year | 40/41 | €110,898 | €787,671 | +€676,772 | +610.3% |
| Trade receivables | 40 | €85,000 | €0 | -€85,000 | -100.0% |
| Other amounts receivable | 41 | €25,898 | €787,671 | +€761,772 | +2941.4% |
| Current investments | 50/53 | €598,382 | €311,351 | -€287,031 | -48.0% |
| Cash at bank and in hand | 54/58 | €480,934 | €6,488 | -€474,446 | -98.7% |
| Deferred charges and accrued income | 490/1 | €0 | €5,750 | +€5,750 | |
| Total equity and liabilities | 10/49 | €3,112,845 | €2,804,467 | -€308,379 | -9.9% |
| Equity | 10/15 | €2,274,727 | €1,767,760 | -€506,967 | -22.3% |
| Contributions | 10/11 | €884,678 | €827,100 | -€57,578 | -6.5% |
| Reserves | 13 | €1,390,050 | €940,661 | -€449,389 | -32.3% |
| Non-distributable reserves | 130/1 | €311,329 | €311,329 | = | 0.0% |
| Own shares acquired | 1312 | €311,329 | €311,329 | = | 0.0% |
| Tax-exempt reserves | 132 | - | €328,421 | +€328,421 | |
| Distributable reserves | 133 | €1,078,720 | €300,910 | -€777,810 | -72.1% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Provisions and deferred taxes | 16 | - | €109,474 | +€109,474 | |
| Deferred taxes | 168 | - | €109,474 | +€109,474 | |
| Amounts payable | 17/49 | €838,118 | €927,233 | +€89,115 | +10.6% |
| Amounts payable after more than one year | 17 | €95,833 | €38,333 | -€57,500 | -60.0% |
| Financial debts | 170/4 | €95,833 | €38,333 | -€57,500 | -60.0% |
| Amounts payable within one year | 42/48 | €734,731 | €877,439 | +€142,708 | +19.4% |
| Current portion of amounts payable after more than one year | 42 | €57,500 | €57,500 | = | 0.0% |
| Trade debts | 44 | €9,327 | €12,185 | +€2,858 | +30.6% |
| Suppliers | 440/4 | €9,327 | €12,185 | +€2,858 | +30.6% |
| Taxes, remuneration and social security | 45 | €336,909 | €7,754 | -€329,154 | -97.7% |
| Taxes | 450/3 | €336,909 | €7,754 | -€329,154 | -97.7% |
| Other amounts payable | 47/48 | €330,996 | €800,000 | +€469,004 | +141.7% |
| Accrued charges and deferred income | 492/3 | €7,554 | €11,461 | +€3,907 | +51.7% |
| Non-recurring operating income | 76A | €0 | - | = | |
| Remuneration, social security and pensions | 62 | €190 | €0 | -€190 | -100.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €77,070 | €50,240 | -€26,831 | -34.8% |
| Other operating charges | 640/8 | €5,232 | €769 | -€4,463 | -85.3% |
| Gross operating margin | 9900 | €17,675 | €520,837 | +€503,162 | +2846.8% |
| Operating profit (loss) | 9901 | -€64,817 | €469,829 | +€534,646 | |
| Financial income | 75/76B | €76,291 | €304 | -€75,987 | -99.6% |
| Recurring financial income | 75 | €76,291 | €304 | -€75,987 | -99.6% |
| Financial charges | 65/66B | €6,972 | €2,452 | -€4,521 | -64.8% |
| Recurring financial charges | 65 | €6,972 | €2,452 | -€4,521 | -64.8% |
| Profit (loss) for the period before taxes | 9903 | €4,502 | €467,681 | +€463,179 | +10288.7% |
| Transfer to deferred taxes | 680 | - | €109,474 | +€109,474 | |
| Income taxes | 67/77 | €179 | €7,596 | +€7,418 | +4150.2% |
| Profit (loss) for the period | 9904 | €4,323 | €350,611 | +€346,288 | +8010.2% |
| Transfer to tax-exempt reserves | 689 | - | €328,421 | +€328,421 | |
| Profit (loss) for the period to be appropriated | 9905 | €4,323 | €22,190 | +€17,867 | +413.3% |
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 28 September 2026 via checked.be.