TMA MANAGEMENT: 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 MANAGEMENT
Largest movements
- Cash -€164,867
down €164,867 (-66.4%), from €248,240 to €83,373
mainly Other debts (-€141,593) and Contributions, distributions and other (-€122,661)
- Other debts -€141,593
down €141,593 (-57.6%), from €245,618 to €104,024
- Debts after one year -€29,367
down €29,367 (-49.7%), from €59,145 to €29,779
- Gross operating margin +€41,526
up €41,526 (+4,655%), from €892 to €42,418
- Financial income -€23,016
down €23,016 (-18.4%), from €125,226 to €102,210
- Taxes +€7,287
up €7,287 (+2,668%), from €273 to €7,560
- Depreciation -€4,023
down €4,023 (-28.8%), from €13,980 to €9,957
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 | €677,443 | €510,618 | -€166,825 | -24.6% |
| Fixed assets | 21/28 | €395,090 | €388,918 | -€6,172 | -1.6% |
| Tangible fixed assets | 22/27 | €45,197 | €39,026 | -€6,172 | -13.7% |
| Land and buildings | 22 | €4,000 | €4,000 | = | 0.0% |
| Plant, machinery and equipment | 23 | - | €2,301 | +€2,301 | |
| Furniture and vehicles | 24 | €3,312 | €819 | -€2,492 | -75.3% |
| Other tangible fixed assets | 26 | €37,886 | €31,905 | -€5,981 | -15.8% |
| Financial fixed assets | 28 | €349,893 | €349,893 | = | 0.0% |
| Current assets | 29/58 | €282,353 | €121,700 | -€160,653 | -56.9% |
| Amounts receivable within one year | 40/41 | €31,976 | €34,857 | +€2,881 | +9.0% |
| Trade receivables | 40 | €1,214 | €22,151 | +€20,937 | +1,725% |
| Other amounts receivable | 41 | €30,762 | €12,706 | -€18,056 | -58.7% |
| Cash at bank and in hand | 54/58 | €248,240 | €83,373 | -€164,867 | -66.4% |
| Deferred charges and accrued income | 490/1 | €2,137 | €3,470 | +€1,333 | +62.4% |
| Total equity and liabilities | 10/49 | €677,443 | €510,618 | -€166,825 | -24.6% |
| Equity | 10/15 | €336,255 | €336,255 | = | 0.0% |
| Contributions | 10/11 | €8,000 | €8,000 | = | 0.0% |
| Reserves | 13 | €312,000 | €312,000 | = | 0.0% |
| Distributable reserves | 133 | €312,000 | €312,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €16,255 | €16,255 | = | 0.0% |
| Amounts payable | 17/49 | €341,188 | €174,363 | -€166,825 | -48.9% |
| Amounts payable after more than one year | 17 | €59,145 | €29,779 | -€29,367 | -49.7% |
| Financial debts | 170/4 | €59,145 | €29,779 | -€29,367 | -49.7% |
| Amounts payable within one year | 42/48 | €281,995 | €144,525 | -€137,470 | -48.7% |
| Current portion of amounts payable after more than one year | 42 | €29,661 | €29,367 | -€294 | -1.0% |
| Trade debts | 44 | €2,291 | €3,940 | +€1,649 | +72.0% |
| Suppliers | 440/4 | €2,291 | €3,940 | +€1,649 | +72.0% |
| Taxes, remuneration and social security | 45 | €4,426 | €7,194 | +€2,768 | +62.5% |
| Taxes | 450/3 | €4,426 | €7,026 | +€2,600 | +58.8% |
| Remuneration and social security | 454/9 | - | €168 | +€168 | |
| Other amounts payable | 47/48 | €245,618 | €104,024 | -€141,593 | -57.6% |
| Accrued charges and deferred income | 492/3 | €48 | €59 | +€11 | +24.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €13,980 | €9,957 | -€4,023 | -28.8% |
| Other operating charges | 640/8 | €1,446 | €1,621 | +€175 | +12.1% |
| Gross operating margin | 9900 | €892 | €42,418 | +€41,526 | +4,655% |
| Operating profit (loss) | 9901 | -€14,534 | €30,839 | +€45,373 | |
| Financial income | 75/76B | €125,226 | €102,210 | -€23,016 | -18.4% |
| Recurring financial income | 75 | €125,226 | €102,210 | -€23,016 | -18.4% |
| Financial charges | 65/66B | €2,580 | €2,829 | +€249 | +9.6% |
| Recurring financial charges | 65 | €2,580 | €2,829 | +€249 | +9.6% |
| Profit (loss) for the period before taxes | 9903 | €108,112 | €130,220 | +€22,108 | +20.4% |
| Income taxes | 67/77 | €273 | €7,560 | +€7,287 | +2,668% |
| Profit (loss) for the period | 9904 | €107,839 | €122,661 | +€14,821 | +13.7% |
| Profit (loss) for the period to be appropriated | 9905 | €107,839 | €122,661 | +€14,821 | +13.7% |
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 13 October 2026 via checked.be.