STUDIO TSAWA: 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.
STUDIO TSAWA
Largest movements
- Tangible fixed assets +€201,792
up €201,792 (+309%), from €65,207 to €266,999
of which Land and buildings: +€143,791
- Cash -€79,726
down €79,726 (-98.0%), from €81,371 to €1,645
- Receivables within one year -€5,067
down €5,067 (-12.3%), from €41,350 to €36,283
of which Trade receivables: -€15,675
- Debts after one year +€180,637
up €180,637 (+1,010%), from €17,884 to €198,521
- Profit (loss) carried forward -€51,790
down €51,790 (-43.5%), from €119,109 to €67,318
- Other debts -€23,699
down €23,699 (-99.6%), from €23,800 to €101
- Current portion of long-term debt +€11,726
up €11,726 (+221%), from €5,310 to €17,035
- Tax, wage and social debts -€8,152
down €8,152 (-43.9%), from €18,589 to €10,437
- Depreciation +€21,860
up €21,860 (+134%), from €16,289 to €38,149
- Taxes +€10,000
new in 2025: €10,000
- Financial charges +€5,574
up €5,574 (+815%), from €684 to €6,258
- Financial income -€4,000
no longer reported in 2025 (was €4,000)
- Other operating charges +€1,537
up €1,537 (+319%), from €482 to €2,019
From the 2023 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
A cash bridge needs two consecutive financial years: one year's result and depreciation cannot explain a change over several years. Pick two years that follow each other.
Every line side by side
| Line | Code | 2023 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €188,605 | €305,384 | +€116,779 | +61.9% |
| Fixed assets | 21/28 | €65,207 | €266,999 | +€201,792 | +309% |
| Tangible fixed assets | 22/27 | €65,207 | €266,999 | +€201,792 | +309% |
| Land and buildings | 22 | - | €143,791 | +€143,791 | |
| Plant, machinery and equipment | 23 | €3,724 | €6,590 | +€2,866 | +77.0% |
| Furniture and vehicles | 24 | €40,426 | €14,350 | -€26,076 | -64.5% |
| Other tangible fixed assets | 26 | €21,057 | €102,268 | +€81,210 | +386% |
| Current assets | 29/58 | €123,398 | €38,385 | -€85,013 | -68.9% |
| Amounts receivable within one year | 40/41 | €41,350 | €36,283 | -€5,067 | -12.3% |
| Trade receivables | 40 | €35,650 | €19,974 | -€15,675 | -44.0% |
| Other amounts receivable | 41 | €5,700 | €16,308 | +€10,608 | +186% |
| Cash at bank and in hand | 54/58 | €81,371 | €1,645 | -€79,726 | -98.0% |
| Deferred charges and accrued income | 490/1 | €677 | €457 | -€220 | -32.4% |
| Total equity and liabilities | 10/49 | €188,605 | €305,384 | +€116,779 | +61.9% |
| Equity | 10/15 | €119,109 | €67,318 | -€51,790 | -43.5% |
| Profit (loss) carried forward | 14 | €119,109 | €67,318 | -€51,790 | -43.5% |
| Amounts payable | 17/49 | €69,496 | €238,065 | +€168,569 | +243% |
| Amounts payable after more than one year | 17 | €17,884 | €198,521 | +€180,637 | +1,010% |
| Financial debts | 170/4 | €17,884 | €198,521 | +€180,637 | +1,010% |
| Amounts payable within one year | 42/48 | €51,612 | €39,544 | -€12,068 | -23.4% |
| Current portion of amounts payable after more than one year | 42 | €5,310 | €17,035 | +€11,726 | +221% |
| Trade debts | 44 | €3,914 | €11,971 | +€8,057 | +206% |
| Suppliers | 440/4 | €3,914 | €11,971 | +€8,057 | +206% |
| Taxes, remuneration and social security | 45 | €18,589 | €10,437 | -€8,152 | -43.9% |
| Taxes | 450/3 | €18,589 | €10,437 | -€8,152 | -43.9% |
| Other amounts payable | 47/48 | €23,800 | €101 | -€23,699 | -99.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €16,289 | €38,149 | +€21,860 | +134% |
| Other operating charges | 640/8 | €482 | €2,019 | +€1,537 | +319% |
| Gross operating margin | 9900 | €58,208 | €57,458 | -€749 | -1.3% |
| Operating profit (loss) | 9901 | €41,437 | €17,290 | -€24,147 | -58.3% |
| Financial income | 75/76B | €4,000 | - | -€4,000 | |
| Recurring financial income | 75 | €4,000 | - | -€4,000 | |
| Financial charges | 65/66B | €684 | €6,258 | +€5,574 | +815% |
| Recurring financial charges | 65 | €684 | €6,258 | +€5,574 | +815% |
| Profit (loss) for the period before taxes | 9903 | €44,753 | €11,032 | -€33,721 | -75.3% |
| Income taxes | 67/77 | - | €10,000 | +€10,000 | |
| Profit (loss) for the period | 9904 | €44,753 | €1,032 | -€43,721 | -97.7% |
| Profit (loss) for the period to be appropriated | 9905 | €44,753 | €1,032 | -€43,721 | -97.7% |
Source: filed annual accounts (NBB), financial years ended 31 December 2023 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.