TUMULI MANAGEMENT: 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.
TUMULI MANAGEMENT
Largest movements
- Tangible fixed assets +€1.6m
up €1.6m (+32.4%), from €4.9m to €6.5m
of which Land and buildings: +€1.1m
- Financial fixed assets -€620,000
no longer reported in 2025 (was €620,000)
- Receivables within one year -€484,082
down €484,082 (-95.3%), from €508,011 to €23,930
of which Other amounts receivable: -€480,278
- Short-term financial debts -€1.5m
no longer reported in 2025 (was €1.5m)
- Debts after one year +€1.2m
up €1.2m (+201.6%), from €600,000 to €1.8m
- Profit (loss) carried forward +€1.1m
up €1.1m, from -€413,201 to €725,550
- Other debts -€503,708
down €503,708 (-14.8%), from €3.4m to €2.9m
- Current portion of long-term debt +€237,962
new in 2025: €237,962
- Financial income +€1.3m
up €1.3m (+1426509711.1%), from €0 to €1.3m
of which Non-recurring financial income: +€1.3m
- Gross operating margin -€313,677
down €313,677 (-54.6%), from €574,289 to €260,613
- Depreciation +€233,280
up €233,280 (+359.7%), from €64,862 to €298,142
- Financial charges -€78,058
down €78,058 (-49.7%), from €156,969 to €78,911
- Other operating charges +€26,517
up €26,517 (+187.5%), from €14,140 to €40,658
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 | €6,123,381 | €6,675,316 | +€551,935 | +9.0% |
| Fixed assets | 21/28 | €5,541,336 | €6,515,517 | +€974,181 | +17.6% |
| Tangible fixed assets | 22/27 | €4,921,336 | €6,515,517 | +€1.6m | +32.4% |
| Land and buildings | 22 | €4,900,572 | €5,995,185 | +€1.1m | +22.3% |
| Furniture and vehicles | 24 | €20,764 | €20,157 | -€607 | -2.9% |
| Other tangible fixed assets | 26 | - | €500,175 | +€500,175 | |
| Financial fixed assets | 28 | €620,000 | - | -€620,000 | |
| Current assets | 29/58 | €582,045 | €159,798 | -€422,246 | -72.5% |
| Amounts receivable within one year | 40/41 | €508,011 | €23,930 | -€484,082 | -95.3% |
| Trade receivables | 40 | €8,288 | €4,483 | -€3,804 | -45.9% |
| Other amounts receivable | 41 | €499,724 | €19,446 | -€480,278 | -96.1% |
| Cash at bank and in hand | 54/58 | €72,974 | €132,313 | +€59,339 | +81.3% |
| Deferred charges and accrued income | 490/1 | €1,060 | €3,556 | +€2,496 | +235.6% |
| Total equity and liabilities | 10/49 | €6,123,381 | €6,675,316 | +€551,935 | +9.0% |
| Equity | 10/15 | €436,976 | €1,566,615 | +€1.1m | +258.5% |
| Contributions | 10/11 | €250,000 | €250,000 | = | 0.0% |
| Capital | 10 | €250,000 | €250,000 | = | 0.0% |
| Issued capital | 100 | €250,000 | €250,000 | = | 0.0% |
| Reserves | 13 | €600,177 | €591,065 | -€9,113 | -1.5% |
| Non-distributable reserves | 130/1 | €25,000 | €25,000 | = | 0.0% |
| Legal reserve | 130 | €25,000 | €25,000 | = | 0.0% |
| Tax-exempt reserves | 132 | €442,595 | €433,483 | -€9,113 | -2.1% |
| Distributable reserves | 133 | €132,582 | €132,582 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€413,201 | €725,550 | +€1.1m | |
| Provisions and deferred taxes | 16 | €147,532 | €144,494 | -€3,038 | -2.1% |
| Deferred taxes | 168 | €147,532 | €144,494 | -€3,038 | -2.1% |
| Amounts payable | 17/49 | €5,538,873 | €4,964,207 | -€574,666 | -10.4% |
| Amounts payable after more than one year | 17 | €600,000 | €1,809,568 | +€1.2m | +201.6% |
| Financial debts | 170/4 | €600,000 | €1,809,568 | +€1.2m | +201.6% |
| Amounts payable within one year | 42/48 | €4,923,444 | €3,146,020 | -€1.8m | -36.1% |
| Current portion of amounts payable after more than one year | 42 | - | €237,962 | +€237,962 | |
| Financial debts | 43 | €1,500,000 | - | -€1.5m | |
| Credit institutions | 430/8 | €1,500,000 | - | -€1.5m | |
| Trade debts | 44 | €11,429 | €3,220 | -€8,208 | -71.8% |
| Suppliers | 440/4 | €11,429 | €3,220 | -€8,208 | -71.8% |
| Taxes, remuneration and social security | 45 | €3,527 | €57 | -€3,470 | -98.4% |
| Taxes | 450/3 | €3,527 | €57 | -€3,470 | -98.4% |
| Other amounts payable | 47/48 | €3,408,488 | €2,904,780 | -€503,708 | -14.8% |
| Accrued charges and deferred income | 492/3 | €15,429 | €8,620 | -€6,809 | -44.1% |
| Non-recurring operating income | 76A | €607,521 | - | -€607,521 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €64,862 | €298,142 | +€233,280 | +359.7% |
| Other operating charges | 640/8 | €14,140 | €40,658 | +€26,517 | +187.5% |
| Gross operating margin | 9900 | €574,289 | €260,613 | -€313,677 | -54.6% |
| Operating profit (loss) | 9901 | €495,287 | -€78,187 | -€573,474 | |
| Financial income | 75/76B | €0 | €1,283,859 | +€1.3m | +1426509711.1% |
| Recurring financial income | 75 | €0 | €1,241 | +€1,240 | +1378255.6% |
| Non-recurring financial income | 76B | - | €1,282,618 | +€1.3m | |
| Financial charges | 65/66B | €156,969 | €78,911 | -€78,058 | -49.7% |
| Recurring financial charges | 65 | €156,969 | €78,911 | -€78,058 | -49.7% |
| Profit (loss) for the period before taxes | 9903 | €338,318 | €1,126,761 | +€788,443 | +233.0% |
| Transfer from deferred taxes | 780 | €4,348 | €3,038 | -€1,311 | -30.1% |
| Transfer to deferred taxes | 680 | €151,880 | - | -€151,880 | |
| Income taxes | 67/77 | €174 | €160 | -€14 | -8.3% |
| Profit (loss) for the period | 9904 | €190,612 | €1,129,638 | +€939,027 | +492.6% |
| Transfer from tax-exempt reserves | 789 | €13,045 | €9,113 | -€3,932 | -30.1% |
| Transfer to tax-exempt reserves | 689 | €455,641 | - | -€455,641 | |
| Profit (loss) for the period to be appropriated | 9905 | -€251,984 | €1,138,751 | +€1.4m |
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 10 October 2026 via checked.be.