TMM: 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.
TMM
Largest movements
- Cash +€15,701
up €15,701 (+7.1%), from €222,054 to €237,755
mainly Net result for the year (+€51,577) and Depreciation (+€11,114)
- Tangible fixed assets -€9,066
down €9,066 (-49.0%), from €18,520 to €9,454
- Receivables within one year +€4,122
up €4,122 (+20.6%), from €19,980 to €24,102
of which Other amounts receivable: +€2,706
- Reserves +€11,706
up €11,706 (+4.9%), from €237,947 to €249,653
of which Distributable reserves: +€11,706
- Gross operating margin +€1,355
up €1,355 (+1.7%), from €77,923 to €79,278
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 | €260,935 | €271,438 | +€10,503 | +4.0% |
| Fixed assets | 21/28 | €18,520 | €9,454 | -€9,066 | -49.0% |
| Tangible fixed assets | 22/27 | €18,520 | €9,454 | -€9,066 | -49.0% |
| Furniture and vehicles | 24 | €18,520 | €9,454 | -€9,066 | -49.0% |
| Current assets | 29/58 | €242,415 | €261,984 | +€19,568 | +8.1% |
| Amounts receivable within one year | 40/41 | €19,980 | €24,102 | +€4,122 | +20.6% |
| Trade receivables | 40 | €11,979 | €13,395 | +€1,416 | +11.8% |
| Other amounts receivable | 41 | €8,001 | €10,707 | +€2,706 | +33.8% |
| Cash at bank and in hand | 54/58 | €222,054 | €237,755 | +€15,701 | +7.1% |
| Deferred charges and accrued income | 490/1 | €381 | €127 | -€255 | -66.8% |
| Total equity and liabilities | 10/49 | €260,935 | €271,438 | +€10,503 | +4.0% |
| Equity | 10/15 | €244,147 | €255,853 | +€11,706 | +4.8% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €237,947 | €249,653 | +€11,706 | +4.9% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €236,087 | €247,793 | +€11,706 | +5.0% |
| Amounts payable | 17/49 | €16,788 | €15,585 | -€1,204 | -7.2% |
| Amounts payable within one year | 42/48 | €16,777 | €15,573 | -€1,204 | -7.2% |
| Trade debts | 44 | €677 | €244 | -€434 | -64.0% |
| Suppliers | 440/4 | €677 | €244 | -€434 | -64.0% |
| Taxes, remuneration and social security | 45 | €8,747 | €8,501 | -€246 | -2.8% |
| Taxes | 450/3 | €8,747 | €8,501 | -€246 | -2.8% |
| Other amounts payable | 47/48 | €7,353 | €6,828 | -€524 | -7.1% |
| Accrued charges and deferred income | 492/3 | €12 | €12 | = | 0.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €10,452 | €11,114 | +€662 | +6.3% |
| Other operating charges | 640/8 | €659 | €1,153 | +€494 | +74.9% |
| Gross operating margin | 9900 | €77,923 | €79,278 | +€1,355 | +1.7% |
| Operating profit (loss) | 9901 | €66,812 | €67,011 | +€199 | +0.3% |
| Financial income | 75/76B | €4,451 | €4,563 | +€112 | +2.5% |
| Recurring financial income | 75 | €4,451 | €4,563 | +€112 | +2.5% |
| Financial charges | 65/66B | €246 | €237 | -€8 | -3.4% |
| Recurring financial charges | 65 | €246 | €237 | -€8 | -3.4% |
| Profit (loss) for the period before taxes | 9903 | €71,017 | €71,336 | +€319 | +0.4% |
| Income taxes | 67/77 | €19,671 | €19,760 | +€89 | +0.5% |
| Profit (loss) for the period | 9904 | €51,346 | €51,577 | +€230 | +0.4% |
| Profit (loss) for the period to be appropriated | 9905 | €51,346 | €51,577 | +€230 | +0.4% |
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 3 October 2026 via checked.be.