TMF: 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.
TMF
Largest movements
- Tangible fixed assets -€73,949
down €73,949 (-39.1%), from €189,084 to €115,135
of which Leasing and similar rights: -€71,014
- Cash +€27,686
up €27,686 (+223.0%), from €12,413 to €40,098
mainly Depreciation (+€91,651) and Receivables within one year (+€23,044)
- Receivables within one year -€23,044
down €23,044 (-6.5%), from €352,243 to €329,199
of which Trade receivables: -€35,080
- Stocks and contracts -€13,500
down €13,500 (-100.0%), from €13,500 to €0
of which Contracts in progress: -€7,000
- Debts after one year -€69,834
down €69,834 (-76.9%), from €90,811 to €20,976
- Current portion of long-term debt -€22,430
down €22,430 (-24.3%), from €92,264 to €69,834
- Profit (loss) carried forward +€16,856
up €16,856 (+6.6%), from €254,600 to €271,456
- Advances received -€8,546
down €8,546 (-100.0%), from €8,546 to €0
- Write-downs +€74,798
no longer reported in 2025 (was -€74,798)
- Other operating charges -€55,677
down €55,677 (-73.3%), from €75,924 to €20,246
- Gross operating margin +€27,419
up €27,419 (+17.6%), from €155,849 to €183,268
- Financial income +€10,182
up €10,182 (+7985.4%), from €128 to €10,310
- Staff costs +€10,090
up €10,090 (+22.8%), from €44,202 to €54,291
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 | €581,787 | €495,228 | -€86,559 | -14.9% |
| Formation expenses | 20 | - | €0 | = | |
| Fixed assets | 21/28 | €199,269 | €125,320 | -€73,949 | -37.1% |
| Tangible fixed assets | 22/27 | €189,084 | €115,135 | -€73,949 | -39.1% |
| Plant, machinery and equipment | 23 | €52,062 | €38,759 | -€13,303 | -25.6% |
| Furniture and vehicles | 24 | €23,798 | €34,165 | +€10,367 | +43.6% |
| Leasing and similar rights | 25 | €113,225 | €42,211 | -€71,014 | -62.7% |
| Financial fixed assets | 28 | €10,185 | €10,185 | = | 0.0% |
| Current assets | 29/58 | €382,517 | €369,908 | -€12,609 | -3.3% |
| Stocks and contracts in progress | 3 | €13,500 | €0 | -€13,500 | -100.0% |
| Stocks | 30/36 | €6,500 | €0 | -€6,500 | -100.0% |
| Contracts in progress | 37 | €7,000 | €0 | -€7,000 | -100.0% |
| Amounts receivable within one year | 40/41 | €352,243 | €329,199 | -€23,044 | -6.5% |
| Trade receivables | 40 | €352,190 | €317,111 | -€35,080 | -10.0% |
| Other amounts receivable | 41 | €53 | €12,089 | +€12,036 | +22877.6% |
| Cash at bank and in hand | 54/58 | €12,413 | €40,098 | +€27,686 | +223.0% |
| Deferred charges and accrued income | 490/1 | €4,362 | €610 | -€3,751 | -86.0% |
| Total equity and liabilities | 10/49 | €581,787 | €495,228 | -€86,559 | -14.9% |
| Equity | 10/15 | €268,860 | €286,917 | +€18,057 | +6.7% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €1,860 | €1,860 | = | 0.0% |
| Profit (loss) carried forward | 14 | €254,600 | €271,456 | +€16,856 | +6.6% |
| Investment grants | 15 | - | €1,201 | +€1,201 | |
| Amounts payable | 17/49 | €312,926 | €208,311 | -€104,616 | -33.4% |
| Amounts payable after more than one year | 17 | €90,811 | €20,976 | -€69,834 | -76.9% |
| Financial debts | 170/4 | €90,811 | €20,976 | -€69,834 | -76.9% |
| Amounts payable within one year | 42/48 | €222,019 | €187,314 | -€34,705 | -15.6% |
| Current portion of amounts payable after more than one year | 42 | €92,264 | €69,834 | -€22,430 | -24.3% |
| Financial debts | 43 | €91 | €0 | -€91 | -100.0% |
| Credit institutions | 430/8 | €91 | €0 | -€91 | -100.0% |
| Trade debts | 44 | €94,926 | €99,719 | +€4,793 | +5.0% |
| Suppliers | 440/4 | €94,926 | €99,719 | +€4,793 | +5.0% |
| Advances received on contracts in progress | 46 | €8,546 | €0 | -€8,546 | -100.0% |
| Taxes, remuneration and social security | 45 | €16,668 | €12,636 | -€4,032 | -24.2% |
| Taxes | 450/3 | €11,248 | €5,106 | -€6,142 | -54.6% |
| Remuneration and social security | 454/9 | €5,420 | €7,530 | +€2,110 | +38.9% |
| Other amounts payable | 47/48 | €9,524 | €5,125 | -€4,399 | -46.2% |
| Accrued charges and deferred income | 492/3 | €97 | €20 | -€77 | -79.3% |
| Remuneration, social security and pensions | 62 | €44,202 | €54,291 | +€10,090 | +22.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €97,489 | €91,651 | -€5,838 | -6.0% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | -€74,798 | - | +€74,798 | |
| Other operating charges | 640/8 | €75,924 | €20,246 | -€55,677 | -73.3% |
| Gross operating margin | 9900 | €155,849 | €183,268 | +€27,419 | +17.6% |
| Operating profit (loss) | 9901 | €13,033 | €17,080 | +€4,047 | +31.1% |
| Financial income | 75/76B | €128 | €10,310 | +€10,182 | +7985.4% |
| Recurring financial income | 75 | €128 | €10,310 | +€10,182 | +7985.4% |
| Financial charges | 65/66B | €6,871 | €9,412 | +€2,541 | +37.0% |
| Recurring financial charges | 65 | €6,871 | €5,786 | -€1,085 | -15.8% |
| Non-recurring financial charges | 66B | - | €3,626 | +€3,626 | |
| Profit (loss) for the period before taxes | 9903 | €6,289 | €17,977 | +€11,688 | +185.8% |
| Income taxes | 67/77 | €4,985 | €1,121 | -€3,864 | -77.5% |
| Profit (loss) for the period | 9904 | €1,304 | €16,856 | +€15,552 | +1192.6% |
| Profit (loss) for the period to be appropriated | 9905 | €1,304 | €16,856 | +€15,552 | +1192.6% |
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 6 October 2026 via checked.be.