TZM: what changed
What changed
TZM
NACE 70.200, Business and other management consultancy
filed annual accounts (NBB)
Net result for the year
€234,331
2024 · €154,197+€80,134
Equity
€852,689
2024 · €734,193+€118,497
Cash
€213,298
2024 · €127,541+€85,757
Balance sheet total
€1.9m
2024 · €1.6m+€315,012
Largest movements
Assets
- Tangible fixed assets +€239,880
up €239,880 (+30.7%), from €781,289 to €1.0m
of which Land and buildings: +€265,886
- Cash +€85,757
up €85,757 (+67.2%), from €127,541 to €213,298
mainly Net result for the year (+€234,331) and Short-term financial debts (+€179,373)
Equity and liabilities
- Short-term financial debts +€179,373
up €179,373 (+22,710%), from €790 to €180,162
of which Credit institutions: +€180,000
- Debts after one year +€150,338
up €150,338 (+27.8%), from €540,927 to €691,264
- Reserves +€118,497
up €118,497 (+16.3%), from €727,993 to €846,489
of which Distributable reserves: +€241,719
- Other debts -€80,968
down €80,968 (-100%), from €80,968 to €0
- Trade debts -€58,586
down €58,586 (-100%), from €58,586 to €0
Income statement
- Financial income +€99,901
up €99,901 (+89.9%), from €111,152 to €211,053
- Gross operating margin +€36,382
up €36,382 (+24.3%), from €149,934 to €186,316
- Depreciation +€21,336
up €21,336 (+50.1%), from €42,614 to €63,950
- Taxes +€15,875
up €15,875 (+45.6%), from €34,831 to €50,706
- Other operating charges +€11,219
up €11,219 (+143%), from €7,830 to €19,049
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Result 2024
€154,197
Gross operating margin
+€36,382
Depreciation
-€21,336
Other operating charges
-€11,219
Financial income
+€99,901
Financial charges
-€7,853
Taxes
-€15,875
Deferred taxes and other
+€134
Result 2025
€234,331
raises the resultlowers the resultnot broken down further in the accounts
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
From operations
+€161,942
Investment
-€303,830
Financing
+€227,645
Cash 2024
€127,541
From operations (derived)
+€161,942
Net result for the year
+€234,331
Depreciation
+€63,950
Receivables within one year
+€10,662
Smaller working-capital items
-€414
Trade debts
-€58,586
Tax, wage and social debts
-€1,218
Other debts
-€80,968
Accrued charges and deferred income
-€5,815
Investment (derived)
-€303,830
Investment in fixed assets (net)
-€303,830
Financing
+€227,645
Debts after one year
+€150,338
Current portion of long-term debt
+€13,769
Short-term financial debts
+€179,373
Contributions, distributions and other
-€115,834
Cash 2025
€213,298
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €1,563,942 | €1,878,954 | +€315,012 | +20.1% |
| Fixed assets | 21/28 | €1,381,289 | €1,621,169 | +€239,880 | +17.4% |
| Tangible fixed assets | 22/27 | €781,289 | €1,021,169 | +€239,880 | +30.7% |
| Land and buildings | 22 | €628,649 | €894,535 | +€265,886 | +42.3% |
| Plant, machinery and equipment | 23 | €11,883 | €11,554 | -€329 | -2.8% |
| Furniture and vehicles | 24 | €30,929 | €20,858 | -€10,070 | -32.6% |
| Other tangible fixed assets | 26 | €109,828 | €94,221 | -€15,607 | -14.2% |
| Financial fixed assets | 28 | €600,000 | €600,000 | = | 0.0% |
| Current assets | 29/58 | €182,654 | €257,786 | +€75,132 | +41.1% |
| Amounts receivable within one year | 40/41 | €52,411 | €41,749 | -€10,662 | -20.3% |
| Trade receivables | 40 | €52,255 | €21,923 | -€30,332 | -58.0% |
| Other amounts receivable | 41 | €156 | €19,826 | +€19,670 | +12,591% |
| Cash at bank and in hand | 54/58 | €127,541 | €213,298 | +€85,757 | +67.2% |
| Deferred charges and accrued income | 490/1 | €2,702 | €2,738 | +€37 | +1.4% |
| Total equity and liabilities | 10/49 | €1,563,942 | €1,878,954 | +€315,012 | +20.1% |
| Equity | 10/15 | €734,193 | €852,689 | +€118,497 | +16.1% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €727,993 | €846,489 | +€118,497 | +16.3% |
| Tax-exempt reserves | 132 | €201,551 | €78,329 | -€123,222 | -61.1% |
| Distributable reserves | 133 | €526,441 | €768,160 | +€241,719 | +45.9% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Provisions and deferred taxes | 16 | €12,454 | €12,076 | -€377 | -3.0% |
| Deferred taxes | 168 | €12,454 | €12,076 | -€377 | -3.0% |
| Amounts payable | 17/49 | €817,296 | €1,014,189 | +€196,893 | +24.1% |
| Amounts payable after more than one year | 17 | €540,927 | €691,264 | +€150,338 | +27.8% |
| Financial debts | 170/4 | €540,927 | €691,264 | +€150,338 | +27.8% |
| Amounts payable within one year | 42/48 | €270,554 | €322,924 | +€52,370 | +19.4% |
| Current portion of amounts payable after more than one year | 42 | €56,782 | €70,552 | +€13,769 | +24.2% |
| Financial debts | 43 | €790 | €180,162 | +€179,373 | +22,710% |
| Credit institutions | 430/8 | - | €180,000 | +€180,000 | |
| Other loans | 439 | €790 | €162 | -€627 | -79.4% |
| Trade debts | 44 | €58,586 | €0 | -€58,586 | -100% |
| Suppliers | 440/4 | €58,586 | €0 | -€58,586 | -100% |
| Taxes, remuneration and social security | 45 | €73,428 | €72,210 | -€1,218 | -1.7% |
| Taxes | 450/3 | €73,428 | €72,210 | -€1,218 | -1.7% |
| Other amounts payable | 47/48 | €80,968 | €0 | -€80,968 | -100% |
| Accrued charges and deferred income | 492/3 | €5,815 | €0 | -€5,815 | -100% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €42,614 | €63,950 | +€21,336 | +50.1% |
| Other operating charges | 640/8 | €7,830 | €19,049 | +€11,219 | +143% |
| Non-recurring operating charges | 66A | €0 | - | = | |
| Gross operating margin | 9900 | €149,934 | €186,316 | +€36,382 | +24.3% |
| Operating profit (loss) | 9901 | €99,490 | €103,317 | +€3,827 | +3.8% |
| Financial income | 75/76B | €111,152 | €211,053 | +€99,901 | +89.9% |
| Recurring financial income | 75 | €111,152 | €211,053 | +€99,901 | +89.9% |
| Financial charges | 65/66B | €21,857 | €29,710 | +€7,853 | +35.9% |
| Recurring financial charges | 65 | €21,857 | €29,710 | +€7,853 | +35.9% |
| Profit (loss) for the period before taxes | 9903 | €188,785 | €284,660 | +€95,875 | +50.8% |
| Transfer from deferred taxes | 780 | €243 | €377 | +€134 | +55.2% |
| Transfer to deferred taxes | 680 | €0 | - | = | |
| Income taxes | 67/77 | €34,831 | €50,706 | +€15,875 | +45.6% |
| Profit (loss) for the period | 9904 | €154,197 | €234,331 | +€80,134 | +52.0% |
| Transfer from tax-exempt reserves | 789 | €118,610 | €123,222 | +€4,613 | +3.9% |
| Transfer to tax-exempt reserves | 689 | €42,100 | €0 | -€42,100 | -100% |
| Profit (loss) for the period to be appropriated | 9905 | €230,707 | €357,553 | +€126,847 | +55.0% |
Next steps
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Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 7 November 2026 via checked.be.