4 TSR: 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.
4 TSR
Largest movements
- Receivables within one year -€8,294
down €8,294 (-38.8%), from €21,365 to €13,071
of which Trade receivables: -€13,232
- Tangible fixed assets -€5,510
down €5,510 (-23.6%), from €23,371 to €17,861
- Cash -€903
down €903 (-56.4%), from €1,600 to €697
mainly Net result for the year (-€10,995) and Debts after one year (-€4,050)
- Profit (loss) carried forward -€10,995
down €10,995 (-78.3%), from €14,047 to €3,051
- Debts after one year -€4,050
down €4,050 (-20.2%), from €20,080 to €16,030
- Other debts +€1,884
new in 2025: €1,884
- Trade debts -€1,545
down €1,545 (-69.9%), from €2,209 to €664
- Gross operating margin -€27,500
down €27,500, from €22,608 to -€4,892
- Taxes -€3,927
down €3,927 (-100%), from €3,927 to €0
- Depreciation +€2,375
up €2,375 (+75.8%), from €3,134 to €5,510
- Other operating charges -€826
down €826 (-58.0%), from €1,424 to €597
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 | €46,336 | €31,629 | -€14,706 | -31.7% |
| Fixed assets | 21/28 | €23,371 | €17,861 | -€5,510 | -23.6% |
| Tangible fixed assets | 22/27 | €23,371 | €17,861 | -€5,510 | -23.6% |
| Furniture and vehicles | 24 | €23,371 | €17,861 | -€5,510 | -23.6% |
| Current assets | 29/58 | €22,965 | €13,768 | -€9,197 | -40.0% |
| Amounts receivable within one year | 40/41 | €21,365 | €13,071 | -€8,294 | -38.8% |
| Trade receivables | 40 | €17,089 | €3,858 | -€13,232 | -77.4% |
| Other amounts receivable | 41 | €4,276 | €9,213 | +€4,938 | +115% |
| Cash at bank and in hand | 54/58 | €1,600 | €697 | -€903 | -56.4% |
| Total equity and liabilities | 10/49 | €46,336 | €31,629 | -€14,706 | -31.7% |
| Equity | 10/15 | €24,047 | €13,051 | -€10,995 | -45.7% |
| Contributions | 10/11 | €10,000 | €10,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €14,047 | €3,051 | -€10,995 | -78.3% |
| Amounts payable | 17/49 | €22,289 | €18,578 | -€3,711 | -16.6% |
| Amounts payable after more than one year | 17 | €20,080 | €16,030 | -€4,050 | -20.2% |
| Financial debts | 170/4 | €20,080 | €16,030 | -€4,050 | -20.2% |
| Amounts payable within one year | 42/48 | €2,209 | €2,548 | +€339 | +15.3% |
| Trade debts | 44 | €2,209 | €664 | -€1,545 | -69.9% |
| Suppliers | 440/4 | €2,209 | €664 | -€1,545 | -69.9% |
| Other amounts payable | 47/48 | - | €1,884 | +€1,884 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €3,134 | €5,510 | +€2,375 | +75.8% |
| Other operating charges | 640/8 | €1,424 | €597 | -€826 | -58.0% |
| Gross operating margin | 9900 | €22,608 | -€4,892 | -€27,500 | |
| Operating profit (loss) | 9901 | €18,050 | -€10,999 | -€29,050 | |
| Financial income | 75/76B | €0 | €74 | +€74 | +370,750% |
| Recurring financial income | 75 | €0 | €74 | +€74 | +370,750% |
| Financial charges | 65/66B | €77 | €70 | -€6 | -8.4% |
| Recurring financial charges | 65 | €77 | €70 | -€6 | -8.4% |
| Profit (loss) for the period before taxes | 9903 | €17,974 | -€10,995 | -€28,969 | |
| Income taxes | 67/77 | €3,927 | €0 | -€3,927 | -100% |
| Profit (loss) for the period | 9904 | €14,047 | -€10,995 | -€25,042 | |
| Profit (loss) for the period to be appropriated | 9905 | €14,047 | -€10,995 | -€25,042 |
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 14 October 2026 via checked.be.