TM DISTRIBUTION: 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 DISTRIBUTION
Largest movements
- Cash +€44,912
up €44,912 (+16.5%), from €272,072 to €316,984
mainly Depreciation (+€100,299) and Net result for the year (+€76,840)
- Stocks and contracts -€34,272
down €34,272 (-24.8%), from €138,111 to €103,838
- Tangible fixed assets -€25,600
down €25,600 (-3.7%), from €701,243 to €675,643
of which Land and buildings: -€47,280
- Receivables within one year +€13,184
up €13,184 (+9.0%), from €146,866 to €160,050
of which Trade receivables: +€8,502
- Reserves +€76,840
up €76,840 (+14.7%), from €524,096 to €600,936
of which Distributable reserves: +€77,478
- Other debts -€20,181
down €20,181 (-79.6%), from €25,342 to €5,161
- Current portion of long-term debt -€17,712
down €17,712 (-18.3%), from €96,863 to €79,151
- Tax, wage and social debts -€15,329
down €15,329 (-31.5%), from €48,639 to €33,310
of which Taxes: -€15,472
- Debts after one year -€15,208
down €15,208 (-5.0%), from €305,364 to €290,155
- Gross operating margin -€26,831
down €26,831 (-6.7%), from €398,867 to €372,037
- Taxes -€8,325
down €8,325 (-21.6%), from €38,612 to €30,287
- Financial charges -€7,076
down €7,076 (-36.7%), from €19,277 to €12,202
- Depreciation +€5,502
up €5,502 (+5.8%), from €94,797 to €100,299
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 | €1,263,119 | €1,269,802 | +€6,682 | +0.5% |
| Fixed assets | 21/28 | €705,304 | €686,993 | -€18,311 | -2.6% |
| Intangible fixed assets | 21 | €548 | €7,837 | +€7,289 | +1330.7% |
| Tangible fixed assets | 22/27 | €701,243 | €675,643 | -€25,600 | -3.7% |
| Land and buildings | 22 | €602,508 | €555,229 | -€47,280 | -7.8% |
| Furniture and vehicles | 24 | €98,734 | €120,414 | +€21,679 | +22.0% |
| Financial fixed assets | 28 | €3,513 | €3,513 | = | 0.0% |
| Current assets | 29/58 | €557,816 | €582,809 | +€24,993 | +4.5% |
| Stocks and contracts in progress | 3 | €138,111 | €103,838 | -€34,272 | -24.8% |
| Stocks | 30/36 | €138,111 | €103,838 | -€34,272 | -24.8% |
| Amounts receivable within one year | 40/41 | €146,866 | €160,050 | +€13,184 | +9.0% |
| Trade receivables | 40 | €146,806 | €155,308 | +€8,502 | +5.8% |
| Other amounts receivable | 41 | €60 | €4,742 | +€4,682 | +7803.7% |
| Cash at bank and in hand | 54/58 | €272,072 | €316,984 | +€44,912 | +16.5% |
| Deferred charges and accrued income | 490/1 | €768 | €1,937 | +€1,169 | +152.3% |
| Total equity and liabilities | 10/49 | €1,263,119 | €1,269,802 | +€6,682 | +0.5% |
| Equity | 10/15 | €682,536 | €756,662 | +€74,126 | +10.9% |
| Contributions | 10/11 | €112,400 | €112,400 | = | 0.0% |
| Reserves | 13 | €524,096 | €600,936 | +€76,840 | +14.7% |
| Non-distributable reserves | 130/1 | €7,146 | €7,146 | = | 0.0% |
| Reserves not available under the articles | 1311 | €7,146 | €7,146 | = | 0.0% |
| Tax-exempt reserves | 132 | €2,288 | €1,651 | -€637 | -27.9% |
| Distributable reserves | 133 | €514,662 | €592,140 | +€77,478 | +15.1% |
| Investment grants | 15 | €46,040 | €43,326 | -€2,714 | -5.9% |
| Provisions and deferred taxes | 16 | €572 | €419 | -€153 | -26.8% |
| Deferred taxes | 168 | €572 | €419 | -€153 | -26.8% |
| Amounts payable | 17/49 | €580,011 | €512,721 | -€67,291 | -11.6% |
| Amounts payable after more than one year | 17 | €305,364 | €290,155 | -€15,208 | -5.0% |
| Financial debts | 170/4 | €305,364 | €290,155 | -€15,208 | -5.0% |
| Amounts payable within one year | 42/48 | €274,648 | €217,998 | -€56,650 | -20.6% |
| Current portion of amounts payable after more than one year | 42 | €96,863 | €79,151 | -€17,712 | -18.3% |
| Trade debts | 44 | €103,804 | €100,375 | -€3,428 | -3.3% |
| Suppliers | 440/4 | €103,804 | €100,375 | -€3,428 | -3.3% |
| Taxes, remuneration and social security | 45 | €48,639 | €33,310 | -€15,329 | -31.5% |
| Taxes | 450/3 | €24,839 | €9,367 | -€15,472 | -62.3% |
| Remuneration and social security | 454/9 | €23,800 | €23,943 | +€143 | +0.6% |
| Other amounts payable | 47/48 | €25,342 | €5,161 | -€20,181 | -79.6% |
| Accrued charges and deferred income | 492/3 | - | €4,568 | +€4,568 | |
| Non-recurring operating income | 76A | €16,066 | - | -€16,066 | |
| Remuneration, social security and pensions | 62 | €149,362 | €147,380 | -€1,982 | -1.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €94,797 | €100,299 | +€5,502 | +5.8% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | €2,361 | +€2,361 | |
| Other operating charges | 640/8 | €9,935 | €9,851 | -€84 | -0.8% |
| Non-recurring operating charges | 66A | - | €129 | +€129 | |
| Gross operating margin | 9900 | €398,867 | €372,037 | -€26,831 | -6.7% |
| Operating profit (loss) | 9901 | €144,774 | €112,017 | -€32,758 | -22.6% |
| Financial income | 75/76B | €4,623 | €7,159 | +€2,536 | +54.9% |
| Recurring financial income | 75 | €4,623 | €2,744 | -€1,879 | -40.6% |
| Non-recurring financial income | 76B | - | €4,415 | +€4,415 | |
| Financial charges | 65/66B | €19,277 | €12,202 | -€7,076 | -36.7% |
| Recurring financial charges | 65 | €19,277 | €12,202 | -€7,076 | -36.7% |
| Profit (loss) for the period before taxes | 9903 | €130,120 | €106,974 | -€23,146 | -17.8% |
| Transfer from deferred taxes | 780 | €276 | €153 | -€122 | -44.4% |
| Transfer to deferred taxes | 680 | €0 | - | -€0 | |
| Income taxes | 67/77 | €38,612 | €30,287 | -€8,325 | -21.6% |
| Profit (loss) for the period | 9904 | €91,783 | €76,840 | -€14,943 | -16.3% |
| Transfer from tax-exempt reserves | 789 | €1,103 | €637 | -€466 | -42.2% |
| Profit (loss) for the period to be appropriated | 9905 | €92,886 | €77,478 | -€15,409 | -16.6% |
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 5 October 2026 via checked.be.