TM CONSTRUCT: 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 CONSTRUCT
Largest movements
- Receivables within one year +€15,234
up €15,234 (+7.6%), from €200,745 to €215,979
of which Trade receivables: +€8,492
- Trade debts -€14,887
down €14,887 (-70.6%), from €21,079 to €6,192
- Profit (loss) carried forward +€13,060
up €13,060 (+15.2%), from €85,683 to €98,743
- Tax, wage and social debts +€12,775
new in 2025: €12,775
- Gross operating margin +€46,105
up €46,105 (+348.7%), from €13,220 to €59,325
- Write-downs +€38,977
new in 2025: €38,977
- Staff costs -€2,873
down €2,873 (-67.9%), from €4,232 to €1,360
- Taxes +€2,473
up €2,473 (+131.5%), from €1,880 to €4,353
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 | €205,566 | €217,513 | +€11,947 | +5.8% |
| Fixed assets | 21/28 | €814 | €617 | -€197 | -24.2% |
| Tangible fixed assets | 22/27 | €814 | €617 | -€197 | -24.2% |
| Plant, machinery and equipment | 23 | €814 | €617 | -€197 | -24.2% |
| Furniture and vehicles | 24 | €0 | - | -€0 | |
| Current assets | 29/58 | €204,752 | €216,896 | +€12,144 | +5.9% |
| Amounts receivable within one year | 40/41 | €200,745 | €215,979 | +€15,234 | +7.6% |
| Trade receivables | 40 | €78,824 | €87,316 | +€8,492 | +10.8% |
| Other amounts receivable | 41 | €121,921 | €128,663 | +€6,742 | +5.5% |
| Current investments | 50/53 | €862 | €862 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €1,295 | €55 | -€1,240 | -95.7% |
| Deferred charges and accrued income | 490/1 | €1,850 | - | -€1,850 | |
| Total equity and liabilities | 10/49 | €205,566 | €217,513 | +€11,947 | +5.8% |
| Equity | 10/15 | €106,143 | €119,203 | +€13,060 | +12.3% |
| 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 | €85,683 | €98,743 | +€13,060 | +15.2% |
| Amounts payable | 17/49 | €99,423 | €98,310 | -€1,112 | -1.1% |
| Amounts payable within one year | 42/48 | €99,423 | €98,310 | -€1,112 | -1.1% |
| Current portion of amounts payable after more than one year | 42 | €15,358 | €15,358 | = | 0.0% |
| Trade debts | 44 | €21,079 | €6,192 | -€14,887 | -70.6% |
| Suppliers | 440/4 | €21,079 | €6,192 | -€14,887 | -70.6% |
| Taxes, remuneration and social security | 45 | - | €12,775 | +€12,775 | |
| Taxes | 450/3 | - | €12,775 | +€12,775 | |
| Other amounts payable | 47/48 | €62,985 | €63,985 | +€1,000 | +1.6% |
| Remuneration, social security and pensions | 62 | €4,232 | €1,360 | -€2,873 | -67.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €147 | €197 | +€49 | +33.3% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | €38,977 | +€38,977 | |
| Other operating charges | 640/8 | €536 | €606 | +€70 | +13.1% |
| Gross operating margin | 9900 | €13,220 | €59,325 | +€46,105 | +348.7% |
| Operating profit (loss) | 9901 | €8,304 | €18,185 | +€9,881 | +119.0% |
| Financial income | 75/76B | €14 | - | -€14 | |
| Recurring financial income | 75 | €14 | - | -€14 | |
| Financial charges | 65/66B | €798 | €772 | -€25 | -3.2% |
| Recurring financial charges | 65 | €798 | €772 | -€25 | -3.2% |
| Profit (loss) for the period before taxes | 9903 | €7,520 | €17,413 | +€9,893 | +131.5% |
| Income taxes | 67/77 | €1,880 | €4,353 | +€2,473 | +131.5% |
| Profit (loss) for the period | 9904 | €5,640 | €13,060 | +€7,419 | +131.5% |
| Profit (loss) for the period to be appropriated | 9905 | €5,640 | €13,060 | +€7,419 | +131.5% |
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 29 September 2026 via checked.be.