Project TST: 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.
Project TST
Largest movements
- Receivables within one year +€45,484
up €45,484 (+174%), from €26,085 to €71,569
of which Trade receivables: +€24,200
- Cash -€11,428
down €11,428 (-91.0%), from €12,561 to €1,134
mainly Receivables within one year (-€45,484)
- Deferred charges and accrued income -€1,499
down €1,499 (-30.8%), from €4,871 to €3,372
- Reserves +€15,627
up €15,627 (+41.6%), from €37,534 to €53,161
- Trade debts +€12,503
up €12,503 (+2,854%), from €438 to €12,941
- Tax, wage and social debts +€4,427
up €4,427 (+32.7%), from €13,545 to €17,972
of which Taxes: +€4,427
- Gross operating margin -€17,253
down €17,253 (-42.1%), from €40,935 to €23,682
- Taxes -€3,120
down €3,120 (-39.2%), from €7,967 to €4,847
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 | €53,517 | €86,075 | +€32,558 | +60.8% |
| Current assets | 29/58 | €53,517 | €86,075 | +€32,558 | +60.8% |
| Amounts receivable after more than one year | 29 | €10,000 | €10,000 | = | 0.0% |
| Trade receivables | 290 | €10,000 | - | -€10,000 | |
| Other amounts receivable | 291 | - | €10,000 | +€10,000 | |
| Amounts receivable within one year | 40/41 | €26,085 | €71,569 | +€45,484 | +174% |
| Trade receivables | 40 | €6,655 | €30,855 | +€24,200 | +364% |
| Other amounts receivable | 41 | €19,430 | €40,714 | +€21,284 | +110% |
| Cash at bank and in hand | 54/58 | €12,561 | €1,134 | -€11,428 | -91.0% |
| Deferred charges and accrued income | 490/1 | €4,871 | €3,372 | -€1,499 | -30.8% |
| Total equity and liabilities | 10/49 | €53,517 | €86,075 | +€32,558 | +60.8% |
| Equity | 10/15 | €39,534 | €55,161 | +€15,627 | +39.5% |
| Contributions | 10/11 | €2,000 | €2,000 | = | 0.0% |
| Reserves | 13 | €37,534 | €53,161 | +€15,627 | +41.6% |
| Distributable reserves | 133 | €37,534 | €53,161 | +€15,627 | +41.6% |
| Amounts payable | 17/49 | €13,983 | €30,913 | +€16,930 | +121% |
| Amounts payable within one year | 42/48 | €13,983 | €30,913 | +€16,930 | +121% |
| Trade debts | 44 | €438 | €12,941 | +€12,503 | +2,854% |
| Suppliers | 440/4 | €438 | €12,941 | +€12,503 | +2,854% |
| Taxes, remuneration and social security | 45 | €13,545 | €17,972 | +€4,427 | +32.7% |
| Taxes | 450/3 | €13,545 | €17,972 | +€4,427 | +32.7% |
| Remuneration and social security | 454/9 | €0 | - | = | |
| Other amounts payable | 47/48 | €0 | - | = | |
| Other operating charges | 640/8 | €182 | €120 | -€62 | -34.0% |
| Gross operating margin | 9900 | €40,935 | €23,682 | -€17,253 | -42.1% |
| Operating profit (loss) | 9901 | €40,753 | €23,562 | -€17,191 | -42.2% |
| Financial charges | 65/66B | €3,037 | €3,088 | +€51 | +1.7% |
| Recurring financial charges | 65 | €3,037 | €3,088 | +€51 | +1.7% |
| Profit (loss) for the period before taxes | 9903 | €37,716 | €20,474 | -€17,242 | -45.7% |
| Income taxes | 67/77 | €7,967 | €4,847 | -€3,120 | -39.2% |
| Profit (loss) for the period | 9904 | €29,749 | €15,627 | -€14,122 | -47.5% |
| Profit (loss) for the period to be appropriated | 9905 | €29,749 | €15,627 | -€14,122 | -47.5% |
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.