TM Holding: what changed
Two financial 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.
What changed
TM Holding
NACE 64.210, Activities of holding companies
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
-€343,415
2024 · -€310,943-€32,472
Equity
€8.7m
2024 · €9.0m-€343,415
Cash
€6,334
2024 · €35,475-€29,141
Balance sheet total
€19.2m
2024 · €19.3m-€77,512
Largest movements
Assets
No asset line moved by more than 1% of the balance sheet total.
Equity and liabilities
- Profit (loss) carried forward -€343,415
down €343,415 (-36.8%), from -€933,520 to -€1.3m
- Current portion of long-term debt +€299,432
new in 2025: €299,432
- Accrued charges and deferred income -€206,882
down €206,882 (-100%), from €206,882 to €0
Income statement
- Turnover +€105,353
up €105,353 (+26.4%), from €398,610 to €503,963
- Services and other goods +€93,276
up €93,276 (+26.8%), from €348,214 to €441,490
- Financial income -€24,132
down €24,132 (-82.6%), from €29,216 to €5,084
- Financial charges +€19,386
up €19,386 (+5.0%), from €390,437 to €409,823
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.
Result 2024
-€310,943
Turnover
+€105,353
Services and other goods
-€93,276
Other operating charges
-€1,030
Financial income
-€24,132
Financial charges
-€19,386
Result 2025
-€343,415
raises the resultlowers the result
Derived cash bridge
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.
From operations
-€327,148
Investment
€0
Financing
+€298,007
Cash 2024
€35,475
From operations (derived)
-€327,148
Net result for the year
-€343,415
Receivables within one year
+€48,886
Deferred charges and accrued income
-€515
Trade debts
+€38,074
Tax, wage and social debts
+€4,263
Other debts
+€132,441
Accrued charges and deferred income
-€206,882
Financing
+€298,007
Debts after one year
-€1,425
Current portion of long-term debt
+€299,432
Cash 2025
€6,334
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €19,268,136 | €19,190,623 | -€77,512 | -0.4% |
| Fixed assets | 21/28 | €19,147,588 | €19,147,588 | = | 0.0% |
| Financial fixed assets | 28 | €19,147,588 | €19,147,588 | = | 0.0% |
| Affiliated companies | 280/1 | €19,147,588 | €19,147,588 | = | 0.0% |
| Participating interests | 280 | €19,147,588 | €19,147,588 | = | 0.0% |
| Current assets | 29/58 | €120,548 | €43,035 | -€77,512 | -64.3% |
| Stocks and contracts in progress | 3 | €0 | €0 | = | |
| Amounts receivable within one year | 40/41 | €85,073 | €36,186 | -€48,886 | -57.5% |
| Trade receivables | 40 | €79,292 | €33,425 | -€45,867 | -57.8% |
| Other amounts receivable | 41 | €5,780 | €2,761 | -€3,019 | -52.2% |
| Cash at bank and in hand | 54/58 | €35,475 | €6,334 | -€29,141 | -82.1% |
| Deferred charges and accrued income | 490/1 | - | €515 | +€515 | |
| Total equity and liabilities | 10/49 | €19,268,136 | €19,190,623 | -€77,512 | -0.4% |
| Equity | 10/15 | €9,044,480 | €8,701,065 | -€343,415 | -3.8% |
| Contributions | 10/11 | €9,978,000 | €9,978,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€933,520 | -€1,276,935 | -€343,415 | -36.8% |
| Amounts payable | 17/49 | €10,223,656 | €10,489,558 | +€265,903 | +2.6% |
| Amounts payable after more than one year | 17 | €9,897,306 | €9,895,881 | -€1,425 | 0.0% |
| Financial debts | 170/4 | €9,897,306 | €9,895,881 | -€1,425 | 0.0% |
| Subordinated loans | 170 | - | €4,508,539 | +€4.5m | |
| Credit institutions | 173 | €5,822,000 | €5,387,342 | -€434,658 | -7.5% |
| Other loans | 174 | €4,075,306 | €0 | -€4.1m | -100% |
| Amounts payable within one year | 42/48 | €119,467 | €593,677 | +€474,210 | +397% |
| Current portion of amounts payable after more than one year | 42 | - | €299,432 | +€299,432 | |
| Trade debts | 44 | €17,467 | €55,542 | +€38,074 | +218% |
| Suppliers | 440/4 | €17,467 | €55,542 | +€38,074 | +218% |
| Taxes, remuneration and social security | 45 | - | €4,263 | +€4,263 | |
| Taxes | 450/3 | - | €4,263 | +€4,263 | |
| Other amounts payable | 47/48 | €102,000 | €234,441 | +€132,441 | +130% |
| Accrued charges and deferred income | 492/3 | €206,882 | €0 | -€206,882 | -100% |
| Operating income | 70/76A | €398,610 | €503,963 | +€105,353 | +26.4% |
| Turnover | 70 | €398,610 | €503,963 | +€105,353 | +26.4% |
| Operating charges | 60/66A | €348,332 | €442,639 | +€94,307 | +27.1% |
| Services and other goods | 61 | €348,214 | €441,490 | +€93,276 | +26.8% |
| Other operating charges | 640/8 | €118 | €1,148 | +€1,030 | +873% |
| Non-recurring operating charges | 66A | €0 | - | = | |
| Operating profit (loss) | 9901 | €50,278 | €61,324 | +€11,046 | +22.0% |
| Financial income | 75/76B | €29,216 | €5,084 | -€24,132 | -82.6% |
| Recurring financial income | 75 | €29,216 | €5,084 | -€24,132 | -82.6% |
| Other financial income | 752/9 | €29,216 | €5,084 | -€24,132 | -82.6% |
| Financial charges | 65/66B | €390,437 | €409,823 | +€19,386 | +5.0% |
| Recurring financial charges | 65 | €390,437 | €409,823 | +€19,386 | +5.0% |
| Debt charges | 650 | €376,402 | €408,283 | +€31,881 | +8.5% |
| Other financial charges | 652/9 | €14,034 | €1,540 | -€12,495 | -89.0% |
| Profit (loss) for the period before taxes | 9903 | -€310,943 | -€343,415 | -€32,472 | -10.4% |
| Profit (loss) for the period | 9904 | -€310,943 | -€343,415 | -€32,472 | -10.4% |
| Profit (loss) for the period to be appropriated | 9905 | -€310,943 | -€343,415 | -€32,472 | -10.4% |
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 14 October 2026 via checked.be.