TMK: 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.
TMK
Largest movements
- Cash -€41,782
down €41,782 (-72.7%), from €57,447 to €15,665
mainly Debts after one year (-€94,579) and Investment in fixed assets (net) (-€76,647)
- Deferred charges and accrued income +€15,710
up €15,710 (+1613.0%), from €974 to €16,684
- Tangible fixed assets +€14,924
up €14,924 (+1.1%), from €1.3m to €1.4m
of which Other tangible fixed assets: +€36,605
- Debts after one year -€94,579
down €94,579 (-15.8%), from €600,192 to €505,613
of which Financial debts: -€95,089
- Profit (loss) carried forward +€37,402
up €37,402 (+15.8%), from €236,770 to €274,171
- Other debts +€35,000
up €35,000 (+19.4%), from €180,000 to €215,000
- Depreciation +€14,862
up €14,862 (+31.7%), from €46,861 to €61,723
- Gross operating margin +€11,330
up €11,330 (+8.5%), from €133,673 to €145,003
- Financial charges -€3,690
down €3,690 (-10.2%), from €36,242 to €32,552
- Taxes -€1,942
down €1,942 (-34.5%), from €5,630 to €3,687
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 | €1,412,615 | €1,398,409 | -€14,206 | -1.0% |
| Fixed assets | 21/28 | €1,349,824 | €1,364,748 | +€14,924 | +1.1% |
| Tangible fixed assets | 22/27 | €1,349,824 | €1,364,748 | +€14,924 | +1.1% |
| Land and buildings | 22 | €961,591 | €926,319 | -€35,272 | -3.7% |
| Plant, machinery and equipment | 23 | €397 | €13,988 | +€13,591 | +3422.2% |
| Other tangible fixed assets | 26 | €387,836 | €424,441 | +€36,605 | +9.4% |
| Current assets | 29/58 | €62,792 | €33,661 | -€29,130 | -46.4% |
| Amounts receivable within one year | 40/41 | €4,370 | €1,313 | -€3,058 | -70.0% |
| Other amounts receivable | 41 | €4,370 | €1,313 | -€3,058 | -70.0% |
| Cash at bank and in hand | 54/58 | €57,447 | €15,665 | -€41,782 | -72.7% |
| Deferred charges and accrued income | 490/1 | €974 | €16,684 | +€15,710 | +1613.0% |
| Total equity and liabilities | 10/49 | €1,412,615 | €1,398,409 | -€14,206 | -1.0% |
| Equity | 10/15 | €511,861 | €549,263 | +€37,402 | +7.3% |
| Contributions | 10/11 | €230,000 | €230,000 | = | 0.0% |
| Revaluation surpluses | 12 | €6,017 | €6,017 | = | 0.0% |
| Reserves | 13 | €39,074 | €39,074 | = | 0.0% |
| Distributable reserves | 133 | €39,074 | €39,074 | = | 0.0% |
| Profit (loss) carried forward | 14 | €236,770 | €274,171 | +€37,402 | +15.8% |
| Amounts payable | 17/49 | €900,754 | €849,146 | -€51,608 | -5.7% |
| Amounts payable after more than one year | 17 | €600,192 | €505,613 | -€94,579 | -15.8% |
| Financial debts | 170/4 | €599,217 | €504,128 | -€95,089 | -15.9% |
| Other amounts payable | 178/9 | €975 | €1,485 | +€510 | +52.3% |
| Amounts payable within one year | 42/48 | €280,093 | €314,906 | +€34,812 | +12.4% |
| Current portion of amounts payable after more than one year | 42 | €93,426 | €95,089 | +€1,664 | +1.8% |
| Trade debts | 44 | €6,668 | €4,816 | -€1,852 | -27.8% |
| Suppliers | 440/4 | €6,668 | €4,816 | -€1,852 | -27.8% |
| Taxes, remuneration and social security | 45 | €0 | - | = | |
| Taxes | 450/3 | €0 | - | = | |
| Other amounts payable | 47/48 | €180,000 | €215,000 | +€35,000 | +19.4% |
| Accrued charges and deferred income | 492/3 | €20,469 | €28,628 | +€8,159 | +39.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €46,861 | €61,723 | +€14,862 | +31.7% |
| Other operating charges | 640/8 | €9,395 | €9,638 | +€244 | +2.6% |
| Gross operating margin | 9900 | €133,673 | €145,003 | +€11,330 | +8.5% |
| Operating profit (loss) | 9901 | €77,417 | €73,641 | -€3,776 | -4.9% |
| Financial charges | 65/66B | €36,242 | €32,552 | -€3,690 | -10.2% |
| Recurring financial charges | 65 | €36,242 | €32,552 | -€3,690 | -10.2% |
| Profit (loss) for the period before taxes | 9903 | €41,175 | €41,089 | -€86 | -0.2% |
| Income taxes | 67/77 | €5,630 | €3,687 | -€1,942 | -34.5% |
| Profit (loss) for the period | 9904 | €35,545 | €37,402 | +€1,856 | +5.2% |
| Profit (loss) for the period to be appropriated | 9905 | €35,545 | €37,402 | +€1,856 | +5.2% |
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 11 October 2026 via checked.be.