TMK: 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.
TMK
Largest movements
- Cash +€55,824
up €55,824 (+54.4%), from €102,630 to €158,454
mainly Depreciation (+€100,116) and Trade debts (+€60,797)
- Receivables within one year -€53,822
down €53,822 (-10.7%), from €501,664 to €447,842
of which Other amounts receivable: -€110,063
- Deferred charges and accrued income +€15,088
new in 2025: €15,088
- Stocks and contracts +€12,639
up €12,639 (+87.0%), from €14,527 to €27,166
- Trade debts +€60,797
up €60,797 (+52.4%), from €116,043 to €176,840
- Debts after one year -€55,851
down €55,851 (-29.3%), from €190,863 to €135,012
- Tax, wage and social debts -€53,684
down €53,684 (-40.0%), from €134,112 to €80,428
of which Remuneration and social security: -€36,189
- Reserves +€47,022
up €47,022 (+18.8%), from €250,740 to €297,762
- Current portion of long-term debt +€20,968
up €20,968 (+38.7%), from €54,223 to €75,191
- Write-downs -€32,424
new in 2025: -€32,424
- Staff costs +€24,002
up €24,002 (+2.7%), from €872,854 to €896,855
- Gross operating margin -€12,166
down €12,166 (-1.1%), from €1.1m to €1.1m
- Other operating charges -€10,696
down €10,696 (-54.1%), from €19,760 to €9,064
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 | €965,302 | €990,238 | +€24,936 | +2.6% |
| Fixed assets | 21/28 | €346,481 | €341,687 | -€4,794 | -1.4% |
| Intangible fixed assets | 21 | €4,756 | €1,423 | -€3,333 | -70.1% |
| Tangible fixed assets | 22/27 | €340,565 | €339,104 | -€1,460 | -0.4% |
| Land and buildings | 22 | €86,217 | €133,748 | +€47,532 | +55.1% |
| Plant, machinery and equipment | 23 | €57,548 | €56,007 | -€1,541 | -2.7% |
| Furniture and vehicles | 24 | €196,800 | €149,349 | -€47,451 | -24.1% |
| Financial fixed assets | 28 | €1,160 | €1,160 | = | 0.0% |
| Current assets | 29/58 | €618,821 | €648,551 | +€29,729 | +4.8% |
| Stocks and contracts in progress | 3 | €14,527 | €27,166 | +€12,639 | +87.0% |
| Stocks | 30/36 | €14,527 | €27,166 | +€12,639 | +87.0% |
| Amounts receivable within one year | 40/41 | €501,664 | €447,842 | -€53,822 | -10.7% |
| Trade receivables | 40 | €162,126 | €218,368 | +€56,242 | +34.7% |
| Other amounts receivable | 41 | €339,538 | €229,475 | -€110,063 | -32.4% |
| Cash at bank and in hand | 54/58 | €102,630 | €158,454 | +€55,824 | +54.4% |
| Deferred charges and accrued income | 490/1 | - | €15,088 | +€15,088 | |
| Total equity and liabilities | 10/49 | €965,302 | €990,238 | +€24,936 | +2.6% |
| Equity | 10/15 | €270,740 | €317,762 | +€47,022 | +17.4% |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Outside capital | 11 | €20,000 | €20,000 | = | 0.0% |
| Other | 1109/19 | €20,000 | €20,000 | = | 0.0% |
| Reserves | 13 | €250,740 | €297,762 | +€47,022 | +18.8% |
| Distributable reserves | 133 | €250,740 | €297,762 | +€47,022 | +18.8% |
| Amounts payable | 17/49 | €694,562 | €672,476 | -€22,086 | -3.2% |
| Amounts payable after more than one year | 17 | €190,863 | €135,012 | -€55,851 | -29.3% |
| Financial debts | 170/4 | €190,863 | €135,012 | -€55,851 | -29.3% |
| Amounts payable within one year | 42/48 | €503,699 | €537,464 | +€33,765 | +6.7% |
| Current portion of amounts payable after more than one year | 42 | €54,223 | €75,191 | +€20,968 | +38.7% |
| Financial debts | 43 | €175,000 | €186,750 | +€11,750 | +6.7% |
| Credit institutions | 430/8 | €175,000 | €186,750 | +€11,750 | +6.7% |
| Trade debts | 44 | €116,043 | €176,840 | +€60,797 | +52.4% |
| Suppliers | 440/4 | €116,043 | €176,840 | +€60,797 | +52.4% |
| Taxes, remuneration and social security | 45 | €134,112 | €80,428 | -€53,684 | -40.0% |
| Taxes | 450/3 | €37,313 | €19,818 | -€17,495 | -46.9% |
| Remuneration and social security | 454/9 | €96,799 | €60,609 | -€36,189 | -37.4% |
| Other amounts payable | 47/48 | €24,321 | €18,255 | -€6,066 | -24.9% |
| Non-recurring operating income | 76A | €36,872 | - | -€36,872 | |
| Remuneration, social security and pensions | 62 | €872,854 | €896,855 | +€24,002 | +2.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €91,206 | €100,116 | +€8,910 | +9.8% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | -€32,424 | -€32,424 | |
| Other operating charges | 640/8 | €19,760 | €9,064 | -€10,696 | -54.1% |
| Non-recurring operating charges | 66A | €15 | -€3,126 | -€3,141 | |
| Gross operating margin | 9900 | €1,069,370 | €1,057,203 | -€12,166 | -1.1% |
| Operating profit (loss) | 9901 | €85,536 | €86,718 | +€1,183 | +1.4% |
| Financial income | 75/76B | €3,289 | €6,263 | +€2,974 | +90.4% |
| Recurring financial income | 75 | €3,289 | €6,263 | +€2,974 | +90.4% |
| Financial charges | 65/66B | €25,182 | €30,042 | +€4,860 | +19.3% |
| Recurring financial charges | 65 | €25,182 | €30,042 | +€4,860 | +19.3% |
| Profit (loss) for the period before taxes | 9903 | €63,643 | €62,940 | -€703 | -1.1% |
| Income taxes | 67/77 | €17,046 | €15,918 | -€1,128 | -6.6% |
| Profit (loss) for the period | 9904 | €46,597 | €47,022 | +€425 | +0.9% |
| Profit (loss) for the period to be appropriated | 9905 | €46,597 | €47,022 | +€425 | +0.9% |
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 1 October 2026 via checked.be.