TMC2: 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.
TMC2
Largest movements
- Current investments +€39,370
up €39,370 (+82.6%), from €47,669 to €87,039
- Cash +€28,130
up €28,130 (+55.2%), from €50,956 to €79,086
mainly Net result for the year (+€70,593) and Tax, wage and social debts (+€6,148)
- Receivables within one year -€5,206
down €5,206 (-21.5%), from €24,212 to €19,006
of which Trade receivables: -€5,163
- Deferred charges and accrued income +€3,966
up €3,966 (+604%), from €656 to €4,622
- Profit (loss) carried forward +€48,025
up €48,025, from -€48,025 to €0
- Reserves +€22,568
up €22,568 (+18.0%), from €125,636 to €148,203
- Trade debts -€7,076
down €7,076 (-72.4%), from €9,771 to €2,695
- Other debts -€6,560
down €6,560 (-81.6%), from €8,038 to €1,479
- Tax, wage and social debts +€6,148
up €6,148 (+56.1%), from €10,956 to €17,105
- Gross operating margin +€33,930
up €33,930 (+73.2%), from €46,349 to €80,279
- Taxes +€14,871
up €14,871 (+7,114%), from €209 to €15,080
- Financial income +€6,559
up €6,559 (+379%), from €1,732 to €8,291
- Depreciation -€6,077
down €6,077 (-87.8%), from €6,923 to €846
- Financial charges +€1,295
up €1,295 (+414%), from €313 to €1,608
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 | €125,033 | €191,545 | +€66,512 | +53.2% |
| Fixed assets | 21/28 | €1,540 | €1,793 | +€253 | +16.4% |
| Tangible fixed assets | 22/27 | €1,540 | €1,793 | +€253 | +16.4% |
| Furniture and vehicles | 24 | €218 | €911 | +€693 | +318% |
| Other tangible fixed assets | 26 | €1,322 | €881 | -€441 | -33.3% |
| Current assets | 29/58 | €123,493 | €189,752 | +€66,259 | +53.7% |
| Amounts receivable within one year | 40/41 | €24,212 | €19,006 | -€5,206 | -21.5% |
| Trade receivables | 40 | €24,170 | €19,006 | -€5,163 | -21.4% |
| Other amounts receivable | 41 | €43 | €0 | -€43 | -100% |
| Current investments | 50/53 | €47,669 | €87,039 | +€39,370 | +82.6% |
| Cash at bank and in hand | 54/58 | €50,956 | €79,086 | +€28,130 | +55.2% |
| Deferred charges and accrued income | 490/1 | €656 | €4,622 | +€3,966 | +604% |
| Total equity and liabilities | 10/49 | €125,033 | €191,545 | +€66,512 | +53.2% |
| Equity | 10/15 | €96,210 | €166,803 | +€70,593 | +73.4% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €125,636 | €148,203 | +€22,568 | +18.0% |
| Distributable reserves | 133 | €125,636 | €148,203 | +€22,568 | +18.0% |
| Profit (loss) carried forward | 14 | -€48,025 | €0 | +€48,025 | |
| Amounts payable | 17/49 | €28,823 | €24,741 | -€4,081 | -14.2% |
| Amounts payable within one year | 42/48 | €28,766 | €24,698 | -€4,068 | -14.1% |
| Financial debts | 43 | - | €3,419 | +€3,419 | |
| Credit institutions | 430/8 | - | €3,419 | +€3,419 | |
| Trade debts | 44 | €9,771 | €2,695 | -€7,076 | -72.4% |
| Suppliers | 440/4 | €9,771 | €2,695 | -€7,076 | -72.4% |
| Taxes, remuneration and social security | 45 | €10,956 | €17,105 | +€6,148 | +56.1% |
| Taxes | 450/3 | €10,956 | €17,105 | +€6,148 | +56.1% |
| Other amounts payable | 47/48 | €8,038 | €1,479 | -€6,560 | -81.6% |
| Accrued charges and deferred income | 492/3 | €57 | €44 | -€13 | -22.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €6,923 | €846 | -€6,077 | -87.8% |
| Other operating charges | 640/8 | €1,178 | €443 | -€735 | -62.4% |
| Gross operating margin | 9900 | €46,349 | €80,279 | +€33,930 | +73.2% |
| Operating profit (loss) | 9901 | €38,248 | €78,989 | +€40,741 | +107% |
| Financial income | 75/76B | €1,732 | €8,291 | +€6,559 | +379% |
| Recurring financial income | 75 | €1,732 | €8,291 | +€6,559 | +379% |
| Financial charges | 65/66B | €313 | €1,608 | +€1,295 | +414% |
| Recurring financial charges | 65 | €313 | €1,608 | +€1,295 | +414% |
| Profit (loss) for the period before taxes | 9903 | €39,667 | €85,673 | +€46,006 | +116% |
| Income taxes | 67/77 | €209 | €15,080 | +€14,871 | +7,114% |
| Profit (loss) for the period | 9904 | €39,458 | €70,593 | +€31,135 | +78.9% |
| Profit (loss) for the period to be appropriated | 9905 | €39,458 | €70,593 | +€31,135 | +78.9% |
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 16 October 2026 via checked.be.