TMAC: 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.
TMAC
Largest movements
- Tangible fixed assets -€46,962
down €46,962 (-18.3%), from €257,032 to €210,071
of which Land and buildings: -€36,781
- Receivables within one year +€45,557
up €45,557 (+79.6%), from €57,263 to €102,820
of which Other amounts receivable: +€43,970
- Current portion of long-term debt -€15,465
no longer reported in 2025 (was €15,465)
- Reserves +€12,804
up €12,804 (+7.3%), from €175,902 to €188,706
- Gross operating margin +€14,444
up €14,444 (+15.8%), from €91,256 to €105,699
- Taxes +€4,075
up €4,075 (+29.2%), from €13,955 to €18,030
- Financial charges -€1,133
down €1,133 (-59.8%), from €1,894 to €760
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 | €328,281 | €327,054 | -€1,228 | -0.4% |
| Fixed assets | 21/28 | €257,032 | €210,071 | -€46,962 | -18.3% |
| Tangible fixed assets | 22/27 | €257,032 | €210,071 | -€46,962 | -18.3% |
| Land and buildings | 22 | €227,463 | €190,682 | -€36,781 | -16.2% |
| Plant, machinery and equipment | 23 | €3,038 | €1,637 | -€1,401 | -46.1% |
| Furniture and vehicles | 24 | €26,532 | €17,752 | -€8,780 | -33.1% |
| Current assets | 29/58 | €71,249 | €116,983 | +€45,734 | +64.2% |
| Amounts receivable within one year | 40/41 | €57,263 | €102,820 | +€45,557 | +79.6% |
| Trade receivables | 40 | €48,581 | €50,167 | +€1,587 | +3.3% |
| Other amounts receivable | 41 | €8,683 | €52,653 | +€43,970 | +506.4% |
| Cash at bank and in hand | 54/58 | €2,921 | €2,986 | +€65 | +2.2% |
| Deferred charges and accrued income | 490/1 | €11,065 | €11,177 | +€111 | +1.0% |
| Total equity and liabilities | 10/49 | €328,281 | €327,054 | -€1,228 | -0.4% |
| Equity | 10/15 | €298,354 | €311,158 | +€12,804 | +4.3% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €175,902 | €188,706 | +€12,804 | +7.3% |
| Distributable reserves | 133 | €175,902 | €188,706 | +€12,804 | +7.3% |
| Profit (loss) carried forward | 14 | €110,052 | €110,052 | = | 0.0% |
| Amounts payable | 17/49 | €29,927 | €15,896 | -€14,031 | -46.9% |
| Amounts payable within one year | 42/48 | €29,619 | €15,896 | -€13,724 | -46.3% |
| Current portion of amounts payable after more than one year | 42 | €15,465 | - | -€15,465 | |
| Trade debts | 44 | €3,885 | €4,435 | +€551 | +14.2% |
| Suppliers | 440/4 | €3,885 | €4,435 | +€551 | +14.2% |
| Taxes, remuneration and social security | 45 | €10,269 | €11,460 | +€1,191 | +11.6% |
| Taxes | 450/3 | €10,269 | €11,460 | +€1,191 | +11.6% |
| Accrued charges and deferred income | 492/3 | €307 | - | -€307 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €49,165 | €48,625 | -€540 | -1.1% |
| Other operating charges | 640/8 | €2,308 | €2,379 | +€70 | +3.1% |
| Gross operating margin | 9900 | €91,256 | €105,699 | +€14,444 | +15.8% |
| Operating profit (loss) | 9901 | €39,783 | €54,696 | +€14,913 | +37.5% |
| Financial charges | 65/66B | €1,894 | €760 | -€1,133 | -59.8% |
| Recurring financial charges | 65 | €1,894 | €760 | -€1,133 | -59.8% |
| Profit (loss) for the period before taxes | 9903 | €37,889 | €53,936 | +€16,046 | +42.4% |
| Income taxes | 67/77 | €13,955 | €18,030 | +€4,075 | +29.2% |
| Profit (loss) for the period | 9904 | €23,934 | €35,905 | +€11,971 | +50.0% |
| Profit (loss) for the period to be appropriated | 9905 | €23,934 | €35,905 | +€11,971 | +50.0% |
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 12 October 2026 via checked.be.