TMH: 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.
TMH
Largest movements
- Cash +€663
up €663 (+344%), from €193 to €855
mainly Depreciation (+€550) and Receivables within one year (+€442)
- Formation expenses -€550
down €550 (-34.1%), from €1,610 to €1,061
- Receivables within one year -€442
down €442 (-60.3%), from €732 to €290
of which Other amounts receivable: -€243
- Profit (loss) carried forward -€463
down €463 (-99.5%), from -€465 to -€928
- Tax, wage and social debts +€134
up €134, from €0 to €134
- Gross operating margin +€408
up €408, from -€68 to €340
- Depreciation +€111
up €111 (+25.2%), from €439 to €550
- Other operating charges +€4
up €4 (+2.1%), from €182 to €186
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 | €2,535 | €2,206 | -€328 | -13.0% |
| Formation expenses | 20 | €1,610 | €1,061 | -€550 | -34.1% |
| Current assets | 29/58 | €925 | €1,146 | +€221 | +23.9% |
| Amounts receivable within one year | 40/41 | €732 | €290 | -€442 | -60.3% |
| Trade receivables | 40 | €489 | €290 | -€199 | -40.7% |
| Other amounts receivable | 41 | €243 | €0 | -€243 | -100% |
| Cash at bank and in hand | 54/58 | €193 | €855 | +€663 | +344% |
| Total equity and liabilities | 10/49 | €2,535 | €2,206 | -€328 | -13.0% |
| Equity | 10/15 | €2,535 | €2,072 | -€463 | -18.3% |
| Contributions | 10/11 | €3,000 | €3,000 | = | 0.0% |
| Reserves | 13 | €0 | - | = | |
| Distributable reserves | 133 | €0 | - | = | |
| Profit (loss) carried forward | 14 | -€465 | -€928 | -€463 | -99.5% |
| Amounts payable | 17/49 | €0 | €134 | +€134 | |
| Amounts payable within one year | 42/48 | €0 | €134 | +€134 | |
| Trade debts | 44 | €0 | - | = | |
| Suppliers | 440/4 | €0 | - | = | |
| Taxes, remuneration and social security | 45 | €0 | €134 | +€134 | |
| Taxes | 450/3 | €0 | €134 | +€134 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €439 | €550 | +€111 | +25.2% |
| Other operating charges | 640/8 | €182 | €186 | +€4 | +2.1% |
| Gross operating margin | 9900 | -€68 | €340 | +€408 | |
| Operating profit (loss) | 9901 | -€689 | -€395 | +€294 | +42.6% |
| Financial charges | 65/66B | €67 | €67 | +€0 | +0.4% |
| Recurring financial charges | 65 | €67 | €67 | +€0 | +0.4% |
| Profit (loss) for the period before taxes | 9903 | -€756 | -€463 | +€293 | +38.8% |
| Income taxes | 67/77 | €0 | - | = | |
| Profit (loss) for the period | 9904 | -€756 | -€463 | +€293 | +38.8% |
| Profit (loss) for the period to be appropriated | 9905 | -€756 | -€463 | +€293 | +38.8% |
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 20 October 2026 via checked.be.