TMA GROUP: 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.
TMA GROUP
Largest movements
- Receivables within one year +€74,584
up €74,584 (+287%), from €25,982 to €100,566
of which Trade receivables: +€76,051
- Financial fixed assets +€20,980
up €20,980 (+150%), from €14,000 to €34,980
- Receivables after one year +€15,979
up €15,979 (+120%), from €13,339 to €29,318
- Cash -€2,230
down €2,230 (-51.9%), from €4,294 to €2,064
mainly Receivables within one year (-€74,584) and Investment in fixed assets (net) (-€23,166)
- Tax, wage and social debts +€61,617
up €61,617 (+338%), from €18,221 to €79,838
of which Taxes: +€37,867
- Trade debts +€42,797
up €42,797 (+655%), from €6,529 to €49,326
- Profit (loss) carried forward +€3,627
up €3,627 (+11.5%), from €31,465 to €35,092
- Other debts +€2,603
new in 2025: €2,603
- Staff costs +€136,060
up €136,060 (+815%), from €16,689 to €152,749
- Gross operating margin +€101,408
up €101,408 (+170%), from €59,794 to €161,202
- Taxes -€5,547
down €5,547 (-71.1%), from €7,800 to €2,253
- Other operating charges -€1,713
down €1,713 (-44.1%), from €3,887 to €2,174
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 | €59,215 | €169,859 | +€110,644 | +187% |
| Fixed assets | 21/28 | €15,600 | €37,911 | +€22,311 | +143% |
| Tangible fixed assets | 22/27 | €1,600 | €2,931 | +€1,331 | +83.2% |
| Furniture and vehicles | 24 | €1,600 | €2,931 | +€1,331 | +83.2% |
| Financial fixed assets | 28 | €14,000 | €34,980 | +€20,980 | +150% |
| Current assets | 29/58 | €43,615 | €131,948 | +€88,333 | +203% |
| Amounts receivable after more than one year | 29 | €13,339 | €29,318 | +€15,979 | +120% |
| Trade receivables | 290 | €13,339 | €29,318 | +€15,979 | +120% |
| Amounts receivable within one year | 40/41 | €25,982 | €100,566 | +€74,584 | +287% |
| Trade receivables | 40 | €24,515 | €100,566 | +€76,051 | +310% |
| Other amounts receivable | 41 | €1,467 | - | -€1,467 | |
| Cash at bank and in hand | 54/58 | €4,294 | €2,064 | -€2,230 | -51.9% |
| Total equity and liabilities | 10/49 | €59,215 | €169,859 | +€110,644 | +187% |
| Equity | 10/15 | €34,465 | €38,092 | +€3,627 | +10.5% |
| Contributions | 10/11 | €3,000 | €3,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €31,465 | €35,092 | +€3,627 | +11.5% |
| Amounts payable | 17/49 | €24,750 | €131,767 | +€107,017 | +432% |
| Amounts payable within one year | 42/48 | €24,750 | €131,767 | +€107,017 | +432% |
| Trade debts | 44 | €6,529 | €49,326 | +€42,797 | +655% |
| Suppliers | 440/4 | €6,529 | €49,326 | +€42,797 | +655% |
| Taxes, remuneration and social security | 45 | €18,221 | €79,838 | +€61,617 | +338% |
| Taxes | 450/3 | €13,118 | €50,985 | +€37,867 | +289% |
| Remuneration and social security | 454/9 | €5,103 | €28,853 | +€23,750 | +465% |
| Other amounts payable | 47/48 | - | €2,603 | +€2,603 | |
| Remuneration, social security and pensions | 62 | €16,689 | €152,749 | +€136,060 | +815% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €291 | €855 | +€564 | +194% |
| Other operating charges | 640/8 | €3,887 | €2,174 | -€1,713 | -44.1% |
| Gross operating margin | 9900 | €59,794 | €161,202 | +€101,408 | +170% |
| Operating profit (loss) | 9901 | €38,927 | €5,424 | -€33,503 | -86.1% |
| Financial income | 75/76B | €340 | €930 | +€590 | +174% |
| Recurring financial income | 75 | €340 | €930 | +€590 | +174% |
| Financial charges | 65/66B | €2 | €474 | +€472 | +23,600% |
| Recurring financial charges | 65 | €2 | €474 | +€472 | +23,600% |
| Profit (loss) for the period before taxes | 9903 | €39,265 | €5,880 | -€33,385 | -85.0% |
| Income taxes | 67/77 | €7,800 | €2,253 | -€5,547 | -71.1% |
| Profit (loss) for the period | 9904 | €31,465 | €3,627 | -€27,838 | -88.5% |
| Profit (loss) for the period to be appropriated | 9905 | €31,465 | €3,627 | -€27,838 | -88.5% |
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 17 October 2026 via checked.be.