TMS CONSTRUCT: 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.
TMS CONSTRUCT
Largest movements
- Receivables within one year +€148,910
up €148,910 (+107.1%), from €139,057 to €287,967
of which Trade receivables: +€135,368
- Stocks and contracts +€125,424
up €125,424 (+234.8%), from €53,427 to €178,851
- Cash +€90,122
up €90,122 (+109.4%), from €82,403 to €172,524
mainly Short-term financial debts (+€370,000) and Depreciation (+€19,766)
- Deferred charges and accrued income -€14,541
down €14,541 (-77.0%), from €18,887 to €4,346
- Tangible fixed assets +€11,673
up €11,673 (+17.8%), from €65,430 to €77,103
of which Furniture and vehicles: +€10,555
- Short-term financial debts +€370,000
new in 2025: €370,000
- Other debts -€39,446
down €39,446 (-34.3%), from €115,082 to €75,635
- Trade debts +€12,515
up €12,515 (+45.8%), from €27,335 to €39,849
- Debts after one year +€7,809
up €7,809 (+18.0%), from €43,305 to €51,114
- Financial charges +€5,613
up €5,613 (+104.1%), from €5,394 to €11,007
- Depreciation -€3,600
down €3,600 (-15.4%), from €23,366 to €19,766
- Other operating charges -€2,039
down €2,039 (-24.0%), from €8,500 to €6,461
- Gross operating margin -€1,999
down €1,999 (-1.8%), from €108,252 to €106,253
- Staff costs -€1,711
down €1,711 (-3.1%), from €55,905 to €54,193
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 | €370,966 | €728,104 | +€357,138 | +96.3% |
| Fixed assets | 21/28 | €77,193 | €84,416 | +€7,223 | +9.4% |
| Intangible fixed assets | 21 | €7,458 | €3,008 | -€4,450 | -59.7% |
| Tangible fixed assets | 22/27 | €65,430 | €77,103 | +€11,673 | +17.8% |
| Plant, machinery and equipment | 23 | €236 | €2,247 | +€2,010 | +850.1% |
| Furniture and vehicles | 24 | €64,164 | €74,719 | +€10,555 | +16.4% |
| Other tangible fixed assets | 26 | €1,029 | €137 | -€892 | -86.7% |
| Financial fixed assets | 28 | €4,305 | €4,305 | = | 0.0% |
| Current assets | 29/58 | €293,773 | €643,688 | +€349,914 | +119.1% |
| Stocks and contracts in progress | 3 | €53,427 | €178,851 | +€125,424 | +234.8% |
| Stocks | 30/36 | €53,427 | €178,851 | +€125,424 | +234.8% |
| Amounts receivable within one year | 40/41 | €139,057 | €287,967 | +€148,910 | +107.1% |
| Trade receivables | 40 | €139,018 | €274,387 | +€135,368 | +97.4% |
| Other amounts receivable | 41 | €38 | €13,580 | +€13,542 | +35218.6% |
| Cash at bank and in hand | 54/58 | €82,403 | €172,524 | +€90,122 | +109.4% |
| Deferred charges and accrued income | 490/1 | €18,887 | €4,346 | -€14,541 | -77.0% |
| Total equity and liabilities | 10/49 | €370,966 | €728,104 | +€357,138 | +96.3% |
| Equity | 10/15 | €137,793 | €143,549 | +€5,755 | +4.2% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €86,810 | €92,560 | +€5,750 | +6.6% |
| Distributable reserves | 133 | €86,810 | €92,560 | +€5,750 | +6.6% |
| Profit (loss) carried forward | 14 | €32,383 | €32,389 | +€5 | 0.0% |
| Amounts payable | 17/49 | €233,173 | €584,555 | +€351,382 | +150.7% |
| Amounts payable after more than one year | 17 | €43,305 | €51,114 | +€7,809 | +18.0% |
| Financial debts | 170/4 | €43,305 | €51,114 | +€7,809 | +18.0% |
| Amounts payable within one year | 42/48 | €189,867 | €533,341 | +€343,474 | +180.9% |
| Current portion of amounts payable after more than one year | 42 | €15,730 | €20,589 | +€4,859 | +30.9% |
| Financial debts | 43 | - | €370,000 | +€370,000 | |
| Credit institutions | 430/8 | - | €370,000 | +€370,000 | |
| Trade debts | 44 | €27,335 | €39,849 | +€12,515 | +45.8% |
| Suppliers | 440/4 | €27,335 | €39,849 | +€12,515 | +45.8% |
| Advances received on contracts in progress | 46 | €1,600 | - | -€1,600 | |
| Taxes, remuneration and social security | 45 | €30,121 | €27,268 | -€2,853 | -9.5% |
| Taxes | 450/3 | €20,521 | €11,944 | -€8,577 | -41.8% |
| Remuneration and social security | 454/9 | €9,600 | €15,324 | +€5,723 | +59.6% |
| Other amounts payable | 47/48 | €115,082 | €75,635 | -€39,446 | -34.3% |
| Accrued charges and deferred income | 492/3 | - | €99 | +€99 | |
| Non-recurring operating income | 76A | - | €3,446 | +€3,446 | |
| Remuneration, social security and pensions | 62 | €55,905 | €54,193 | -€1,711 | -3.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €23,366 | €19,766 | -€3,600 | -15.4% |
| Other operating charges | 640/8 | €8,500 | €6,461 | -€2,039 | -24.0% |
| Non-recurring operating charges | 66A | - | €3,584 | +€3,584 | |
| Gross operating margin | 9900 | €108,252 | €106,253 | -€1,999 | -1.8% |
| Operating profit (loss) | 9901 | €20,482 | €22,249 | +€1,767 | +8.6% |
| Financial income | 75/76B | €69 | €346 | +€277 | +401.1% |
| Recurring financial income | 75 | €69 | €346 | +€277 | +401.1% |
| Financial charges | 65/66B | €5,394 | €11,007 | +€5,613 | +104.1% |
| Recurring financial charges | 65 | €5,394 | €11,007 | +€5,613 | +104.1% |
| Profit (loss) for the period before taxes | 9903 | €15,156 | €11,587 | -€3,569 | -23.5% |
| Income taxes | 67/77 | €6,465 | €5,832 | -€633 | -9.8% |
| Profit (loss) for the period | 9904 | €8,691 | €5,755 | -€2,936 | -33.8% |
| Profit (loss) for the period to be appropriated | 9905 | €8,691 | €5,755 | -€2,936 | -33.8% |
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.