TM PROJECTS: 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 PROJECTS
Largest movements
- Tangible fixed assets +€1.7m
up €1.7m (+2,687%), from €64,337 to €1.8m
of which Land and buildings: +€1.7m
- Receivables within one year -€48,455
down €48,455 (-24.0%), from €202,080 to €153,625
of which Other amounts receivable: -€29,867
- Cash -€33,406
down €33,406 (-80.4%), from €41,549 to €8,143
mainly Investment in fixed assets (net) (-€1.8m) and Contributions, distributions and other (-€326,445)
- Debts after one year +€1.4m
up €1.4m (+31,655%), from €4,339 to €1.4m
- Other debts +€322,596
up €322,596 (+1,075%), from €30,000 to €352,596
- Profit (loss) carried forward -€226,445
down €226,445 (-100%), from €226,445 to €0
- Tax, wage and social debts +€90,358
up €90,358 (+319%), from €28,318 to €118,676
- Current portion of long-term debt +€68,641
up €68,641 (+535%), from €12,836 to €81,477
- Gross operating margin +€23,110
up €23,110 (+13.5%), from €171,639 to €194,749
- Financial charges +€22,963
up €22,963 (+3,786%), from €607 to €23,569
- Depreciation +€11,593
up €11,593 (+55.7%), from €20,819 to €32,413
- Other operating charges +€5,886
up €5,886 (+731%), from €805 to €6,691
- Taxes -€3,425
down €3,425 (-9.8%), from €34,925 to €31,500
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 | €311,125 | €1,955,699 | +€1.6m | +529% |
| Fixed assets | 21/28 | €64,837 | €1,793,403 | +€1.7m | +2,666% |
| Tangible fixed assets | 22/27 | €64,337 | €1,792,903 | +€1.7m | +2,687% |
| Land and buildings | 22 | €19,757 | €1,763,215 | +€1.7m | +8,825% |
| Plant, machinery and equipment | 23 | €157 | €103 | -€54 | -34.6% |
| Furniture and vehicles | 24 | €44,423 | €29,586 | -€14,837 | -33.4% |
| Financial fixed assets | 28 | €500 | €500 | = | 0.0% |
| Current assets | 29/58 | €246,288 | €162,296 | -€83,993 | -34.1% |
| Amounts receivable within one year | 40/41 | €202,080 | €153,625 | -€48,455 | -24.0% |
| Trade receivables | 40 | €168,482 | €149,894 | -€18,588 | -11.0% |
| Other amounts receivable | 41 | €33,598 | €3,731 | -€29,867 | -88.9% |
| Cash at bank and in hand | 54/58 | €41,549 | €8,143 | -€33,406 | -80.4% |
| Deferred charges and accrued income | 490/1 | €2,660 | €528 | -€2,132 | -80.1% |
| Total equity and liabilities | 10/49 | €311,125 | €1,955,699 | +€1.6m | +529% |
| Equity | 10/15 | €232,645 | €6,279 | -€226,366 | -97.3% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | - | €79 | +€79 | |
| Distributable reserves | 133 | - | €79 | +€79 | |
| Profit (loss) carried forward | 14 | €226,445 | €0 | -€226,445 | -100% |
| Amounts payable | 17/49 | €78,480 | €1,949,420 | +€1.9m | +2,384% |
| Amounts payable after more than one year | 17 | €4,339 | €1,377,796 | +€1.4m | +31,655% |
| Financial debts | 170/4 | €4,339 | €1,377,796 | +€1.4m | +31,655% |
| Amounts payable within one year | 42/48 | €74,141 | €559,424 | +€485,283 | +655% |
| Current portion of amounts payable after more than one year | 42 | €12,836 | €81,477 | +€68,641 | +535% |
| Financial debts | 43 | - | €425 | +€425 | |
| Credit institutions | 430/8 | - | €425 | +€425 | |
| Trade debts | 44 | €2,987 | €6,250 | +€3,263 | +109% |
| Suppliers | 440/4 | €2,987 | €6,250 | +€3,263 | +109% |
| Taxes, remuneration and social security | 45 | €28,318 | €118,676 | +€90,358 | +319% |
| Taxes | 450/3 | €28,318 | €118,676 | +€90,358 | +319% |
| Other amounts payable | 47/48 | €30,000 | €352,596 | +€322,596 | +1,075% |
| Accrued charges and deferred income | 492/3 | - | €12,200 | +€12,200 | |
| Non-recurring operating income | 76A | - | €13,003 | +€13,003 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €20,819 | €32,413 | +€11,593 | +55.7% |
| Other operating charges | 640/8 | €805 | €6,691 | +€5,886 | +731% |
| Non-recurring operating charges | 66A | - | €1,218 | +€1,218 | |
| Gross operating margin | 9900 | €171,639 | €194,749 | +€23,110 | +13.5% |
| Operating profit (loss) | 9901 | €150,015 | €154,428 | +€4,413 | +2.9% |
| Financial income | 75/76B | - | €720 | +€720 | |
| Recurring financial income | 75 | - | €720 | +€720 | |
| Financial charges | 65/66B | €607 | €23,569 | +€22,963 | +3,786% |
| Recurring financial charges | 65 | €607 | €23,569 | +€22,963 | +3,786% |
| Profit (loss) for the period before taxes | 9903 | €149,408 | €131,579 | -€17,830 | -11.9% |
| Income taxes | 67/77 | €34,925 | €31,500 | -€3,425 | -9.8% |
| Profit (loss) for the period | 9904 | €114,484 | €100,079 | -€14,405 | -12.6% |
| Profit (loss) for the period to be appropriated | 9905 | €114,484 | €100,079 | -€14,405 | -12.6% |
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 22 October 2026 via checked.be.