TM4: 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.
TM4
Largest movements
- Receivables within one year +€144,872
up €144,872 (+1366.9%), from €10,599 to €155,471
- Deferred charges and accrued income -€28,754
down €28,754 (-23.4%), from €123,126 to €94,372
- Tangible fixed assets -€22,377
down €22,377 (-38.1%), from €58,781 to €36,403
of which Furniture and vehicles: -€17,473
- Profit (loss) carried forward +€143,114
new in 2025: €143,114
- Other debts -€34,250
no longer reported in 2025 (was €34,250)
- Debts after one year -€14,719
down €14,719 (-92.3%), from €15,952 to €1,233
- Taxes -€4,613
down €4,613 (-8.6%), from €53,404 to €48,792
- Financial income +€2,756
up €2,756 (+27562.2%), from €10 to €2,766
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 | €227,759 | €322,112 | +€94,354 | +41.4% |
| Fixed assets | 21/28 | €58,781 | €36,403 | -€22,377 | -38.1% |
| Tangible fixed assets | 22/27 | €58,781 | €36,403 | -€22,377 | -38.1% |
| Plant, machinery and equipment | 23 | €6,537 | €3,969 | -€2,568 | -39.3% |
| Furniture and vehicles | 24 | €37,048 | €19,575 | -€17,473 | -47.2% |
| Other tangible fixed assets | 26 | €15,196 | €12,859 | -€2,336 | -15.4% |
| Current assets | 29/58 | €168,978 | €285,709 | +€116,731 | +69.1% |
| Amounts receivable within one year | 40/41 | €10,599 | €155,471 | +€144,872 | +1366.9% |
| Other amounts receivable | 41 | €10,599 | €155,471 | +€144,872 | +1366.9% |
| Current investments | 50/53 | €250 | €250 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €35,003 | €35,616 | +€613 | +1.8% |
| Deferred charges and accrued income | 490/1 | €123,126 | €94,372 | -€28,754 | -23.4% |
| Total equity and liabilities | 10/49 | €227,759 | €322,112 | +€94,354 | +41.4% |
| Equity | 10/15 | €161,107 | €304,221 | +€143,114 | +88.8% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Reserves | 13 | €156,107 | €156,107 | = | 0.0% |
| Distributable reserves | 133 | €156,107 | €156,107 | = | 0.0% |
| Profit (loss) carried forward | 14 | - | €143,114 | +€143,114 | |
| Amounts payable | 17/49 | €66,652 | €17,891 | -€48,761 | -73.2% |
| Amounts payable after more than one year | 17 | €15,952 | €1,233 | -€14,719 | -92.3% |
| Financial debts | 170/4 | €15,952 | €1,233 | -€14,719 | -92.3% |
| Amounts payable within one year | 42/48 | €50,700 | €16,658 | -€34,042 | -67.1% |
| Current portion of amounts payable after more than one year | 42 | €14,572 | €14,719 | +€147 | +1.0% |
| Trade debts | 44 | €1,434 | €1,939 | +€505 | +35.2% |
| Suppliers | 440/4 | €1,434 | €1,939 | +€505 | +35.2% |
| Taxes, remuneration and social security | 45 | €443 | - | -€443 | |
| Taxes | 450/3 | €443 | - | -€443 | |
| Other amounts payable | 47/48 | €34,250 | - | -€34,250 | |
| Non-recurring operating income | 76A | €1,382 | - | -€1,382 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €22,157 | €22,377 | +€221 | +1.0% |
| Other operating charges | 640/8 | €1,049 | €843 | -€206 | -19.7% |
| Non-recurring operating charges | 66A | - | €21,685 | +€21,685 | |
| Gross operating margin | 9900 | €233,192 | €234,394 | +€1,202 | +0.5% |
| Operating profit (loss) | 9901 | €209,986 | €189,489 | -€20,497 | -9.8% |
| Financial income | 75/76B | €10 | €2,766 | +€2,756 | +27562.2% |
| Recurring financial income | 75 | €10 | €2,766 | +€2,756 | +27562.2% |
| Financial charges | 65/66B | €485 | €349 | -€135 | -27.9% |
| Recurring financial charges | 65 | €485 | €349 | -€135 | -27.9% |
| Profit (loss) for the period before taxes | 9903 | €209,511 | €191,906 | -€17,605 | -8.4% |
| Income taxes | 67/77 | €53,404 | €48,792 | -€4,613 | -8.6% |
| Profit (loss) for the period | 9904 | €156,107 | €143,114 | -€12,993 | -8.3% |
| Profit (loss) for the period to be appropriated | 9905 | €156,107 | €143,114 | -€12,993 | -8.3% |
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 30 September 2026 via checked.be.