TMZ: 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.
TMZ
Largest movements
- Receivables after one year -€85,536
down €85,536 (-100%), from €85,536 to €0
- Receivables within one year -€51,878
down €51,878 (-48.8%), from €106,398 to €54,520
of which Trade receivables: -€74,659
- Tangible fixed assets +€14,364
up €14,364 (+46.8%), from €30,709 to €45,073
of which Plant, machinery and equipment: +€21,439
- Financial fixed assets +€13,096
up €13,096 (+14.0%), from €93,606 to €106,703
- Cash -€7,369
down €7,369 (-18.1%), from €40,758 to €33,390
mainly Trade debts (-€104,332) and Other debts (-€50,000)
- Trade debts -€104,332
down €104,332 (-90.9%), from €114,815 to €10,483
- Other debts -€50,000
down €50,000 (-100%), from €50,000 to €0
- Profit (loss) carried forward +€29,421
up €29,421 (+15.6%), from €188,114 to €217,535
- Tax, wage and social debts +€8,835
up €8,835 (+89.7%), from €9,851 to €18,685
of which Taxes: +€13,221
- Taxes +€32,391
up €32,391 (+668%), from €4,848 to €37,239
- Staff costs -€26,163
down €26,163 (-60.0%), from €43,616 to €17,453
- Gross operating margin +€21,147
up €21,147 (+28.6%), from €73,944 to €95,091
- Financial income -€955
down €955 (-17.0%), from €5,632 to €4,677
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.
Derived cash bridge
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 | €372,780 | €256,704 | -€116,076 | -31.1% |
| Fixed assets | 21/28 | €124,315 | €151,775 | +€27,460 | +22.1% |
| Tangible fixed assets | 22/27 | €30,709 | €45,073 | +€14,364 | +46.8% |
| Plant, machinery and equipment | 23 | €7,155 | €28,594 | +€21,439 | +300% |
| Furniture and vehicles | 24 | €23,553 | €16,479 | -€7,075 | -30.0% |
| Financial fixed assets | 28 | €93,606 | €106,703 | +€13,096 | +14.0% |
| Current assets | 29/58 | €248,465 | €104,928 | -€143,536 | -57.8% |
| Amounts receivable after more than one year | 29 | €85,536 | €0 | -€85,536 | -100% |
| Trade receivables | 290 | €85,536 | €0 | -€85,536 | -100% |
| Stocks and contracts in progress | 3 | €13,446 | €14,669 | +€1,223 | +9.1% |
| Stocks | 30/36 | €13,446 | €14,669 | +€1,223 | +9.1% |
| Amounts receivable within one year | 40/41 | €106,398 | €54,520 | -€51,878 | -48.8% |
| Trade receivables | 40 | €97,480 | €22,821 | -€74,659 | -76.6% |
| Other amounts receivable | 41 | €8,919 | €31,699 | +€22,781 | +255% |
| Cash at bank and in hand | 54/58 | €40,758 | €33,390 | -€7,369 | -18.1% |
| Deferred charges and accrued income | 490/1 | €2,326 | €2,350 | +€24 | +1.0% |
| Total equity and liabilities | 10/49 | €372,780 | €256,704 | -€116,076 | -31.1% |
| Equity | 10/15 | €198,114 | €227,535 | +€29,421 | +14.9% |
| Contributions | 10/11 | €10,000 | €10,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €188,114 | €217,535 | +€29,421 | +15.6% |
| Amounts payable | 17/49 | €174,666 | €29,168 | -€145,497 | -83.3% |
| Amounts payable within one year | 42/48 | €174,666 | €29,168 | -€145,497 | -83.3% |
| Trade debts | 44 | €114,815 | €10,483 | -€104,332 | -90.9% |
| Suppliers | 440/4 | €114,815 | €10,483 | -€104,332 | -90.9% |
| Advances received on contracts in progress | 46 | €0 | - | = | |
| Taxes, remuneration and social security | 45 | €9,851 | €18,685 | +€8,835 | +89.7% |
| Taxes | 450/3 | €4,848 | €18,068 | +€13,221 | +273% |
| Remuneration and social security | 454/9 | €5,003 | €617 | -€4,386 | -87.7% |
| Other amounts payable | 47/48 | €50,000 | €0 | -€50,000 | -100% |
| Remuneration, social security and pensions | 62 | €43,616 | €17,453 | -€26,163 | -60.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €13,104 | €13,982 | +€879 | +6.7% |
| Other operating charges | 640/8 | €609 | €594 | -€16 | -2.6% |
| Non-recurring operating charges | 66A | €0 | - | = | |
| Gross operating margin | 9900 | €73,944 | €95,091 | +€21,147 | +28.6% |
| Operating profit (loss) | 9901 | €16,614 | €63,061 | +€46,447 | +280% |
| Financial income | 75/76B | €5,632 | €4,677 | -€955 | -17.0% |
| Recurring financial income | 75 | €5,632 | €4,677 | -€955 | -17.0% |
| Financial charges | 65/66B | €207 | €1,078 | +€872 | +422% |
| Recurring financial charges | 65 | €207 | €1,078 | +€872 | +422% |
| Profit (loss) for the period before taxes | 9903 | €22,040 | €66,661 | +€44,620 | +202% |
| Income taxes | 67/77 | €4,848 | €37,239 | +€32,391 | +668% |
| Profit (loss) for the period | 9904 | €17,192 | €29,421 | +€12,229 | +71.1% |
| Profit (loss) for the period to be appropriated | 9905 | €17,192 | €29,421 | +€12,229 | +71.1% |
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 15 October 2026 via checked.be.