TMVS: 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.
TMVS
Largest movements
- Cash +€1.1m
up €1.1m (+195.0%), from €561,380 to €1.7m
mainly Receivables within one year (+€507,225) and Deferred charges and accrued income (+€503,993)
- Receivables within one year -€507,225
down €507,225 (-100.0%), from €507,450 to €225
of which Other amounts receivable: -€431,737
- Deferred charges and accrued income -€503,993
down €503,993 (-98.7%), from €510,745 to €6,752
- Tangible fixed assets +€72,748
up €72,748 (+11.4%), from €638,343 to €711,090
of which Furniture and vehicles: +€108,787
- Reserves +€179,000
up €179,000 (+22.1%), from €809,622 to €988,622
of which Distributable reserves: +€179,000
- Debts after one year -€103,093
down €103,093 (-21.4%), from €480,927 to €377,834
- Tax, wage and social debts +€88,062
up €88,062 (+289.4%), from €30,429 to €118,491
of which Taxes: +€92,443
- Gross operating margin -€132,412
down €132,412 (-28.3%), from €467,201 to €334,789
- Taxes -€33,878
down €33,878 (-27.9%), from €121,548 to €87,671
- Depreciation -€10,949
down €10,949 (-17.6%), from €62,157 to €51,208
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 | €2,217,918 | €2,374,200 | +€156,282 | +7.0% |
| Fixed assets | 21/28 | €638,343 | €711,090 | +€72,748 | +11.4% |
| Tangible fixed assets | 22/27 | €638,343 | €711,090 | +€72,748 | +11.4% |
| Land and buildings | 22 | €555,740 | €538,020 | -€17,720 | -3.2% |
| Plant, machinery and equipment | 23 | €43,522 | €25,203 | -€18,320 | -42.1% |
| Furniture and vehicles | 24 | €39,081 | €147,868 | +€108,787 | +278.4% |
| Current assets | 29/58 | €1,579,575 | €1,663,109 | +€83,534 | +5.3% |
| Amounts receivable within one year | 40/41 | €507,450 | €225 | -€507,225 | -100.0% |
| Trade receivables | 40 | €75,488 | - | -€75,488 | |
| Other amounts receivable | 41 | €431,962 | €225 | -€431,737 | -99.9% |
| Cash at bank and in hand | 54/58 | €561,380 | €1,656,132 | +€1.1m | +195.0% |
| Deferred charges and accrued income | 490/1 | €510,745 | €6,752 | -€503,993 | -98.7% |
| Total equity and liabilities | 10/49 | €2,217,918 | €2,374,200 | +€156,282 | +7.0% |
| Equity | 10/15 | €1,648,654 | €1,828,356 | +€179,701 | +10.9% |
| Contributions | 10/11 | €6,324 | €6,324 | = | 0.0% |
| Reserves | 13 | €809,622 | €988,622 | +€179,000 | +22.1% |
| 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 | €807,762 | €986,762 | +€179,000 | +22.2% |
| Profit (loss) carried forward | 14 | €832,708 | €833,410 | +€701 | +0.1% |
| Amounts payable | 17/49 | €569,263 | €545,844 | -€23,419 | -4.1% |
| Amounts payable after more than one year | 17 | €480,927 | €377,834 | -€103,093 | -21.4% |
| Financial debts | 170/4 | €480,927 | €377,834 | -€103,093 | -21.4% |
| Amounts payable within one year | 42/48 | €88,336 | €167,851 | +€79,515 | +90.0% |
| Current portion of amounts payable after more than one year | 42 | €46,590 | €23,090 | -€23,500 | -50.4% |
| Trade debts | 44 | €5,071 | €19,125 | +€14,054 | +277.2% |
| Suppliers | 440/4 | €5,071 | €19,125 | +€14,054 | +277.2% |
| Taxes, remuneration and social security | 45 | €30,429 | €118,491 | +€88,062 | +289.4% |
| Taxes | 450/3 | €26,048 | €118,491 | +€92,443 | +354.9% |
| Remuneration and social security | 454/9 | €4,381 | - | -€4,381 | |
| Other amounts payable | 47/48 | €6,247 | €7,146 | +€899 | +14.4% |
| Accrued charges and deferred income | 492/3 | - | €160 | +€160 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €62,157 | €51,208 | -€10,949 | -17.6% |
| Other operating charges | 640/8 | €7,779 | €7,474 | -€305 | -3.9% |
| Gross operating margin | 9900 | €467,201 | €334,789 | -€132,412 | -28.3% |
| Operating profit (loss) | 9901 | €397,265 | €276,107 | -€121,159 | -30.5% |
| Financial income | 75/76B | €5 | €4,559 | +€4,554 | +86407.4% |
| Recurring financial income | 75 | €5 | €4,559 | +€4,554 | +86407.4% |
| Financial charges | 65/66B | €15,201 | €13,294 | -€1,907 | -12.5% |
| Recurring financial charges | 65 | €15,201 | €13,294 | -€1,907 | -12.5% |
| Profit (loss) for the period before taxes | 9903 | €382,069 | €267,372 | -€114,698 | -30.0% |
| Income taxes | 67/77 | €121,548 | €87,671 | -€33,878 | -27.9% |
| Profit (loss) for the period | 9904 | €260,521 | €179,701 | -€80,820 | -31.0% |
| Profit (loss) for the period to be appropriated | 9905 | €260,521 | €179,701 | -€80,820 | -31.0% |
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.