TMB 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.
TMB projects
Largest movements
- Cash +€461,763
up €461,763 (+350.1%), from €131,878 to €593,641
mainly Net result for the year (+€425,725) and Current portion of long-term debt (+€100,714)
- Receivables within one year +€256,095
up €256,095 (+28.2%), from €907,462 to €1.2m
of which Trade receivables: +€418,181
- Tangible fixed assets -€114,685
down €114,685 (-11.5%), from €993,185 to €878,500
of which Plant, machinery and equipment: -€67,477
- Stocks and contracts -€63,371
down €63,371 (-50.1%), from €126,565 to €63,194
of which Contracts in progress: -€56,439
- Deferred charges and accrued income +€62,555
new in 2025: €62,555
- Reserves +€425,725
up €425,725 (+31.7%), from €1.3m to €1.8m
of which Distributable reserves: +€425,725
- Current portion of long-term debt +€100,714
up €100,714 (+51.0%), from €197,550 to €298,264
- Trade debts +€94,398
up €94,398 (+63.5%), from €148,683 to €243,081
- Accrued charges and deferred income +€86,900
new in 2025: €86,900
- Debts after one year -€64,539
down €64,539 (-15.0%), from €429,268 to €364,729
- Gross operating margin +€329,394
up €329,394 (+35.6%), from €925,820 to €1.3m
- Taxes +€120,619
up €120,619 (+146.9%), from €82,089 to €202,708
- Financial income +€34,801
up €34,801 (+1569.0%), from €2,218 to €37,019
of which Non-recurring financial income: +€35,393
- Depreciation -€19,867
down €19,867 (-18.1%), from €109,878 to €90,011
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 | €2,269,090 | €2,871,447 | +€602,357 | +26.5% |
| Fixed assets | 21/28 | €993,185 | €878,500 | -€114,685 | -11.5% |
| Tangible fixed assets | 22/27 | €993,185 | €878,500 | -€114,685 | -11.5% |
| Land and buildings | 22 | €822,450 | €791,508 | -€30,942 | -3.8% |
| Plant, machinery and equipment | 23 | €146,479 | €79,002 | -€67,477 | -46.1% |
| Furniture and vehicles | 24 | €24,256 | €7,990 | -€16,266 | -67.1% |
| Current assets | 29/58 | €1,275,905 | €1,992,947 | +€717,042 | +56.2% |
| Amounts receivable after more than one year | 29 | €110,000 | €110,000 | = | 0.0% |
| Other amounts receivable | 291 | €110,000 | €110,000 | = | 0.0% |
| Stocks and contracts in progress | 3 | €126,565 | €63,194 | -€63,371 | -50.1% |
| Stocks | 30/36 | €53,288 | €46,356 | -€6,932 | -13.0% |
| Contracts in progress | 37 | €73,277 | €16,838 | -€56,439 | -77.0% |
| Amounts receivable within one year | 40/41 | €907,462 | €1,163,557 | +€256,095 | +28.2% |
| Trade receivables | 40 | €712,678 | €1,130,859 | +€418,181 | +58.7% |
| Other amounts receivable | 41 | €194,784 | €32,698 | -€162,086 | -83.2% |
| Cash at bank and in hand | 54/58 | €131,878 | €593,641 | +€461,763 | +350.1% |
| Deferred charges and accrued income | 490/1 | - | €62,555 | +€62,555 | |
| Total equity and liabilities | 10/49 | €2,269,090 | €2,871,447 | +€602,357 | +26.5% |
| Equity | 10/15 | €1,347,924 | €1,773,649 | +€425,725 | +31.6% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €1,341,724 | €1,767,449 | +€425,725 | +31.7% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €1,339,864 | €1,765,589 | +€425,725 | +31.8% |
| Amounts payable | 17/49 | €921,166 | €1,097,798 | +€176,632 | +19.2% |
| Amounts payable after more than one year | 17 | €429,268 | €364,729 | -€64,539 | -15.0% |
| Financial debts | 170/4 | €429,268 | €364,729 | -€64,539 | -15.0% |
| Amounts payable within one year | 42/48 | €491,898 | €646,169 | +€154,271 | +31.4% |
| Current portion of amounts payable after more than one year | 42 | €197,550 | €298,264 | +€100,714 | +51.0% |
| Financial debts | 43 | €3,386 | €4,327 | +€941 | +27.8% |
| Credit institutions | 430/8 | €3,386 | €4,327 | +€941 | +27.8% |
| Trade debts | 44 | €148,683 | €243,081 | +€94,398 | +63.5% |
| Suppliers | 440/4 | €148,683 | €243,081 | +€94,398 | +63.5% |
| Taxes, remuneration and social security | 45 | €23,259 | €34,949 | +€11,690 | +50.3% |
| Taxes | 450/3 | €1,451 | €7,309 | +€5,858 | +403.7% |
| Remuneration and social security | 454/9 | €21,808 | €27,640 | +€5,832 | +26.7% |
| Other amounts payable | 47/48 | €119,020 | €65,548 | -€53,472 | -44.9% |
| Accrued charges and deferred income | 492/3 | - | €86,900 | +€86,900 | |
| Remuneration, social security and pensions | 62 | €556,450 | €553,804 | -€2,646 | -0.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €109,878 | €90,011 | -€19,867 | -18.1% |
| Other operating charges | 640/8 | €5,096 | €4,002 | -€1,094 | -21.5% |
| Gross operating margin | 9900 | €925,820 | €1,255,214 | +€329,394 | +35.6% |
| Operating profit (loss) | 9901 | €254,396 | €607,397 | +€353,001 | +138.8% |
| Financial income | 75/76B | €2,218 | €37,019 | +€34,801 | +1569.0% |
| Recurring financial income | 75 | €2,218 | €1,626 | -€592 | -26.7% |
| Non-recurring financial income | 76B | - | €35,393 | +€35,393 | |
| Financial charges | 65/66B | €18,714 | €15,983 | -€2,731 | -14.6% |
| Recurring financial charges | 65 | €18,714 | €15,983 | -€2,731 | -14.6% |
| Profit (loss) for the period before taxes | 9903 | €237,900 | €628,433 | +€390,533 | +164.2% |
| Income taxes | 67/77 | €82,089 | €202,708 | +€120,619 | +146.9% |
| Profit (loss) for the period | 9904 | €155,811 | €425,725 | +€269,914 | +173.2% |
| Profit (loss) for the period to be appropriated | 9905 | €155,811 | €425,725 | +€269,914 | +173.2% |
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.