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
- Deferred charges and accrued income -€45,642
down €45,642 (-84.5%), from €54,000 to €8,358
- Cash +€27,140
up €27,140 (+372.5%), from €7,285 to €34,425
mainly Deferred charges and accrued income (+€45,642) and Receivables within one year (+€19,489)
- Receivables within one year -€19,489
down €19,489 (-15.9%), from €122,327 to €102,839
of which Other amounts receivable: -€63,489
- Trade debts -€25,376
down €25,376 (-61.7%), from €41,150 to €15,774
- Profit (loss) carried forward -€12,679
new in 2025: -€12,679
- Staff costs +€16,956
up €16,956 (+99.9%), from €16,970 to €33,926
- Gross operating margin +€3,403
up €3,403 (+19.7%), from €17,290 to €20,694
- Financial income -€2,610
down €2,610 (-41.8%), from €6,248 to €3,638
- Taxes -€873
down €873 (-86.1%), from €1,014 to €141
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 | €187,113 | €148,122 | -€38,991 | -20.8% |
| Fixed assets | 21/28 | €3,500 | €2,500 | -€1,000 | -28.6% |
| Tangible fixed assets | 22/27 | €3,500 | €2,500 | -€1,000 | -28.6% |
| Furniture and vehicles | 24 | €3,500 | €2,500 | -€1,000 | -28.6% |
| Current assets | 29/58 | €183,613 | €145,622 | -€37,991 | -20.7% |
| Amounts receivable within one year | 40/41 | €122,327 | €102,839 | -€19,489 | -15.9% |
| Trade receivables | 40 | €17,019 | €61,019 | +€44,001 | +258.5% |
| Other amounts receivable | 41 | €105,309 | €41,820 | -€63,489 | -60.3% |
| Cash at bank and in hand | 54/58 | €7,285 | €34,425 | +€27,140 | +372.5% |
| Deferred charges and accrued income | 490/1 | €54,000 | €8,358 | -€45,642 | -84.5% |
| Total equity and liabilities | 10/49 | €187,113 | €148,122 | -€38,991 | -20.8% |
| Equity | 10/15 | €143,900 | €131,221 | -€12,679 | -8.8% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €125,300 | €125,300 | = | 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% |
| Distributable reserves | 133 | €123,440 | €123,440 | = | 0.0% |
| Profit (loss) carried forward | 14 | - | -€12,679 | -€12,679 | |
| Amounts payable | 17/49 | €43,213 | €16,901 | -€26,312 | -60.9% |
| Amounts payable within one year | 42/48 | €43,213 | €16,901 | -€26,312 | -60.9% |
| Trade debts | 44 | €41,150 | €15,774 | -€25,376 | -61.7% |
| Suppliers | 440/4 | €41,150 | €15,774 | -€25,376 | -61.7% |
| Taxes, remuneration and social security | 45 | €2,063 | €1,127 | -€936 | -45.4% |
| Taxes | 450/3 | €2,063 | €1,127 | -€936 | -45.4% |
| Remuneration, social security and pensions | 62 | €16,970 | €33,926 | +€16,956 | +99.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,000 | €1,000 | = | 0.0% |
| Other operating charges | 640/8 | €1,595 | €1,743 | +€148 | +9.3% |
| Gross operating margin | 9900 | €17,290 | €20,694 | +€3,403 | +19.7% |
| Operating profit (loss) | 9901 | -€2,275 | -€15,975 | -€13,700 | -602.3% |
| Financial income | 75/76B | €6,248 | €3,638 | -€2,610 | -41.8% |
| Recurring financial income | 75 | €6,248 | €3,638 | -€2,610 | -41.8% |
| Financial charges | 65/66B | €378 | €201 | -€176 | -46.7% |
| Recurring financial charges | 65 | €378 | €201 | -€176 | -46.7% |
| Profit (loss) for the period before taxes | 9903 | €3,596 | -€12,538 | -€16,134 | |
| Income taxes | 67/77 | €1,014 | €141 | -€873 | -86.1% |
| Profit (loss) for the period | 9904 | €2,582 | -€12,679 | -€15,260 | |
| Profit (loss) for the period to be appropriated | 9905 | €2,582 | -€12,679 | -€15,260 |
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 2 October 2026 via checked.be.