TMEX: what changed
Two fiscal 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.
TMEX
Largest movements
- Financial fixed assets +€96,000
up €96,000 (+62.7%), from €153,000 to €249,000
- Cash -€53,254
down €53,254 (-89.7%), from €59,349 to €6,096
mainly Investment in fixed assets (net) (-€103,687) and Trade debts (-€47,935)
- Receivables within one year -€31,456
down €31,456 (-83.9%), from €37,508 to €6,053
of which Trade receivables: -€24,388
- Tangible fixed assets -€25,561
down €25,561 (-1.8%), from €1.4m to €1.4m
of which Land and buildings: -€13,148
- Profit (loss) carried forward +€54,867
up €54,867 (+7.0%), from €785,599 to €840,466
- Trade debts -€47,935
down €47,935 (-99.0%), from €48,437 to €502
- Tax, wage and social debts -€20,881
down €20,881 (-82.1%), from €25,431 to €4,550
- Gross operating margin -€131,301
down €131,301 (-49.8%), from €263,641 to €132,340
- Taxes -€27,773
down €27,773 (-55.2%), from €50,291 to €22,518
- Other operating charges +€3,976
up €3,976 (+77.4%), from €5,136 to €9,112
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 | €1,642,459 | €1,628,705 | -€13,754 | -0.8% |
| Fixed assets | 21/28 | €1,545,601 | €1,616,040 | +€70,439 | +4.6% |
| Tangible fixed assets | 22/27 | €1,392,601 | €1,367,040 | -€25,561 | -1.8% |
| Land and buildings | 22 | €1,363,422 | €1,350,274 | -€13,148 | -1.0% |
| Plant, machinery and equipment | 23 | €2,887 | €1,751 | -€1,136 | -39.3% |
| Furniture and vehicles | 24 | €26,292 | €15,014 | -€11,278 | -42.9% |
| Financial fixed assets | 28 | €153,000 | €249,000 | +€96,000 | +62.7% |
| Current assets | 29/58 | €96,858 | €12,665 | -€84,193 | -86.9% |
| Amounts receivable within one year | 40/41 | €37,508 | €6,053 | -€31,456 | -83.9% |
| Trade receivables | 40 | €24,388 | - | -€24,388 | |
| Other amounts receivable | 41 | €13,120 | €6,053 | -€7,067 | -53.9% |
| Cash at bank and in hand | 54/58 | €59,349 | €6,096 | -€53,254 | -89.7% |
| Deferred charges and accrued income | 490/1 | - | €516 | +€516 | |
| Total equity and liabilities | 10/49 | €1,642,459 | €1,628,705 | -€13,754 | -0.8% |
| Equity | 10/15 | €836,231 | €891,099 | +€54,867 | +6.6% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €32,033 | €32,033 | = | 0.0% |
| Distributable reserves | 133 | €32,033 | €32,033 | = | 0.0% |
| Profit (loss) carried forward | 14 | €785,599 | €840,466 | +€54,867 | +7.0% |
| Amounts payable | 17/49 | €806,227 | €737,606 | -€68,621 | -8.5% |
| Amounts payable after more than one year | 17 | €702,200 | €702,200 | = | 0.0% |
| Financial debts | 170/4 | €702,200 | €702,200 | = | 0.0% |
| Amounts payable within one year | 42/48 | €93,594 | €14,540 | -€79,054 | -84.5% |
| Trade debts | 44 | €48,437 | €502 | -€47,935 | -99.0% |
| Suppliers | 440/4 | €48,437 | €502 | -€47,935 | -99.0% |
| Taxes, remuneration and social security | 45 | €25,431 | €4,550 | -€20,881 | -82.1% |
| Taxes | 450/3 | €25,431 | €4,550 | -€20,881 | -82.1% |
| Other amounts payable | 47/48 | €19,726 | €9,488 | -€10,238 | -51.9% |
| Accrued charges and deferred income | 492/3 | €10,433 | €20,866 | +€10,433 | +100.0% |
| Non-recurring operating income | 76A | - | €3,790 | +€3,790 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €33,798 | €33,248 | -€550 | -1.6% |
| Other operating charges | 640/8 | €5,136 | €9,112 | +€3,976 | +77.4% |
| Gross operating margin | 9900 | €263,641 | €132,340 | -€131,301 | -49.8% |
| Operating profit (loss) | 9901 | €224,707 | €89,980 | -€134,727 | -60.0% |
| Financial income | 75/76B | €209 | €69 | -€139 | -66.7% |
| Recurring financial income | 75 | €209 | €69 | -€139 | -66.7% |
| Financial charges | 65/66B | €12,391 | €11,804 | -€587 | -4.7% |
| Recurring financial charges | 65 | €12,391 | €11,804 | -€587 | -4.7% |
| Profit (loss) for the period before taxes | 9903 | €212,524 | €78,245 | -€134,279 | -63.2% |
| Income taxes | 67/77 | €50,291 | €22,518 | -€27,773 | -55.2% |
| Profit (loss) for the period | 9904 | €162,233 | €55,726 | -€106,507 | -65.7% |
| Profit (loss) for the period to be appropriated | 9905 | €162,233 | €55,726 | -€106,507 | -65.7% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 4 October 2026 via checked.be.