TM MONTAGE: 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.
TM MONTAGE
Largest movements
- Stocks and contracts +€158,535
up €158,535 (+839%), from €18,904 to €177,438
- Receivables within one year +€50,559
up €50,559 (+5.9%), from €860,246 to €910,805
of which Other amounts receivable: +€61,690
- Deferred charges and accrued income +€37,251
up €37,251 (+841%), from €4,428 to €41,679
- Formation expenses -€13,055
down €13,055 (-33.4%), from €39,132 to €26,078
- Cash +€12,642
up €12,642 (+92.6%), from €13,658 to €26,300
mainly Trade debts (+€282,363) and Net result for the year (+€162,582)
- Trade debts +€282,363
up €282,363 (+89.1%), from €317,047 to €599,409
- Tax, wage and social debts -€254,797
down €254,797 (-65.6%), from €388,680 to €133,884
of which Remuneration and social security: -€221,031
- Profit (loss) carried forward +€149,779
up €149,779, from -€130,861 to €18,918
- Accrued charges and deferred income -€138,273
down €138,273 (-100%), from €138,273 to €0
- Contributions +€128,027
up €128,027 (+207%), from €61,973 to €190,000
- Staff costs -€170,805
down €170,805 (-12.2%), from €1.4m to €1.2m
- Financial charges -€34,014
down €34,014 (-65.2%), from €52,133 to €18,119
- Other operating charges +€30,376
up €30,376 (+63.4%), from €47,884 to €78,260
- Depreciation +€16,273
up €16,273 (+277%), from €5,866 to €22,138
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.
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.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €981,123 | €1,235,169 | +€254,046 | +25.9% |
| Formation expenses | 20 | €39,132 | €26,078 | -€13,055 | -33.4% |
| Fixed assets | 21/28 | €44,755 | €52,869 | +€8,114 | +18.1% |
| Tangible fixed assets | 22/27 | €24,826 | €32,445 | +€7,619 | +30.7% |
| Plant, machinery and equipment | 23 | €23,251 | €25,441 | +€2,189 | +9.4% |
| Furniture and vehicles | 24 | €1,575 | €7,005 | +€5,430 | +345% |
| Financial fixed assets | 28 | €19,929 | €20,423 | +€495 | +2.5% |
| Current assets | 29/58 | €897,236 | €1,156,223 | +€258,987 | +28.9% |
| Stocks and contracts in progress | 3 | €18,904 | €177,438 | +€158,535 | +839% |
| Stocks | 30/36 | €18,904 | €177,438 | +€158,535 | +839% |
| Amounts receivable within one year | 40/41 | €860,246 | €910,805 | +€50,559 | +5.9% |
| Trade receivables | 40 | €850,904 | €839,774 | -€11,130 | -1.3% |
| Other amounts receivable | 41 | €9,342 | €71,031 | +€61,690 | +660% |
| Cash at bank and in hand | 54/58 | €13,658 | €26,300 | +€12,642 | +92.6% |
| Deferred charges and accrued income | 490/1 | €4,428 | €41,679 | +€37,251 | +841% |
| Total equity and liabilities | 10/49 | €981,123 | €1,235,169 | +€254,046 | +25.9% |
| Equity | 10/15 | -€62,690 | €227,918 | +€290,608 | |
| Contributions | 10/11 | €61,973 | €190,000 | +€128,027 | +207% |
| Capital | 10 | €61,973 | €190,000 | +€128,027 | +207% |
| Issued capital | 100 | €61,973 | €190,000 | +€128,027 | +207% |
| Reserves | 13 | €6,197 | €19,000 | +€12,803 | +207% |
| Non-distributable reserves | 130/1 | €6,197 | €19,000 | +€12,803 | +207% |
| Legal reserve | 130 | €6,197 | €19,000 | +€12,803 | +207% |
| Profit (loss) carried forward | 14 | -€130,861 | €18,918 | +€149,779 | |
| Amounts payable | 17/49 | €1,043,813 | €1,007,251 | -€36,562 | -3.5% |
| Amounts payable within one year | 42/48 | €905,540 | €1,007,251 | +€101,712 | +11.2% |
| Financial debts | 43 | €159,795 | €270,929 | +€111,134 | +69.5% |
| Credit institutions | 430/8 | €159,795 | €270,929 | +€111,134 | +69.5% |
| Trade debts | 44 | €317,047 | €599,409 | +€282,363 | +89.1% |
| Suppliers | 440/4 | €317,047 | €599,409 | +€282,363 | +89.1% |
| Taxes, remuneration and social security | 45 | €388,680 | €133,884 | -€254,797 | -65.6% |
| Taxes | 450/3 | €42,197 | €8,432 | -€33,766 | -80.0% |
| Remuneration and social security | 454/9 | €346,483 | €125,452 | -€221,031 | -63.8% |
| Other amounts payable | 47/48 | €40,018 | €3,029 | -€36,989 | -92.4% |
| Accrued charges and deferred income | 492/3 | €138,273 | €0 | -€138,273 | -100% |
| Remuneration, social security and pensions | 62 | €1,403,681 | €1,232,876 | -€170,805 | -12.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €5,866 | €22,138 | +€16,273 | +277% |
| Other operating charges | 640/8 | €47,884 | €78,260 | +€30,376 | +63.4% |
| Gross operating margin | 9900 | €1,518,285 | €1,522,410 | +€4,125 | +0.3% |
| Operating profit (loss) | 9901 | €60,854 | €189,136 | +€128,282 | +211% |
| Financial income | 75/76B | €69 | €22 | -€47 | -67.9% |
| Recurring financial income | 75 | €69 | €22 | -€47 | -67.9% |
| Financial charges | 65/66B | €52,133 | €18,119 | -€34,014 | -65.2% |
| Recurring financial charges | 65 | €52,133 | €18,119 | -€34,014 | -65.2% |
| Profit (loss) for the period before taxes | 9903 | €8,790 | €171,039 | +€162,249 | +1,846% |
| Income taxes | 67/77 | €567 | €8,457 | +€7,890 | +1,391% |
| Profit (loss) for the period | 9904 | €8,223 | €162,582 | +€154,359 | +1,877% |
| Profit (loss) for the period to be appropriated | 9905 | €8,223 | €162,582 | +€154,359 | +1,877% |
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 25 October 2026 via checked.be.