T.S.A.: 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.
T.S.A.
Largest movements
- Tangible fixed assets -€19,204
down €19,204 (-3.6%), from €527,840 to €508,636
of which Furniture and vehicles: -€15,469
- Receivables within one year -€8,682
down €8,682 (-94.7%), from €9,165 to €483
of which Other amounts receivable: -€8,682
- Reserves -€25,450
down €25,450 (-24.5%), from €103,878 to €78,428
- Other debts +€15,793
up €15,793 (+86.6%), from €18,229 to €34,022
- Profit (loss) carried forward -€14,276
down €14,276, from €1 to -€14,276
- Gross operating margin -€16,945
down €16,945 (-61.7%), from €27,454 to €10,509
- Depreciation -€2,305
down €2,305 (-10.2%), from €22,600 to €20,295
- Taxes -€654
down €654 (-78.3%), from €835 to €182
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 | €609,715 | €586,192 | -€23,522 | -3.9% |
| Fixed assets | 21/28 | €529,301 | €508,636 | -€20,664 | -3.9% |
| Tangible fixed assets | 22/27 | €527,840 | €508,636 | -€19,204 | -3.6% |
| Land and buildings | 22 | €487,367 | €485,417 | -€1,950 | -0.4% |
| Plant, machinery and equipment | 23 | €2,948 | €1,370 | -€1,577 | -53.5% |
| Furniture and vehicles | 24 | €36,698 | €21,230 | -€15,469 | -42.2% |
| Other tangible fixed assets | 26 | €827 | €619 | -€208 | -25.1% |
| Financial fixed assets | 28 | €1,461 | €0 | -€1,461 | -100% |
| Current assets | 29/58 | €80,414 | €77,556 | -€2,858 | -3.6% |
| Amounts receivable within one year | 40/41 | €9,165 | €483 | -€8,682 | -94.7% |
| Trade receivables | 40 | €0 | - | = | |
| Other amounts receivable | 41 | €9,165 | €483 | -€8,682 | -94.7% |
| Cash at bank and in hand | 54/58 | €70,378 | €74,556 | +€4,178 | +5.9% |
| Deferred charges and accrued income | 490/1 | €871 | €2,516 | +€1,645 | +189% |
| Total equity and liabilities | 10/49 | €609,715 | €586,192 | -€23,522 | -3.9% |
| Equity | 10/15 | €588,778 | €549,052 | -€39,726 | -6.7% |
| Contributions | 10/11 | €484,900 | €484,900 | = | 0.0% |
| Reserves | 13 | €103,878 | €78,428 | -€25,450 | -24.5% |
| Distributable reserves | 133 | €103,878 | €78,428 | -€25,450 | -24.5% |
| Profit (loss) carried forward | 14 | €1 | -€14,276 | -€14,276 | |
| Amounts payable | 17/49 | €20,936 | €37,141 | +€16,204 | +77.4% |
| Amounts payable within one year | 42/48 | €20,854 | €37,013 | +€16,159 | +77.5% |
| Trade debts | 44 | €144 | €2,126 | +€1,982 | +1,375% |
| Suppliers | 440/4 | €144 | €2,126 | +€1,982 | +1,375% |
| Taxes, remuneration and social security | 45 | €2,481 | €865 | -€1,616 | -65.1% |
| Taxes | 450/3 | €2,481 | €865 | -€1,616 | -65.1% |
| Other amounts payable | 47/48 | €18,229 | €34,022 | +€15,793 | +86.6% |
| Accrued charges and deferred income | 492/3 | €83 | €128 | +€45 | +54.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €22,600 | €20,295 | -€2,305 | -10.2% |
| Other operating charges | 640/8 | €2,846 | €2,745 | -€101 | -3.6% |
| Non-recurring operating charges | 66A | - | €1,461 | +€1,461 | |
| Gross operating margin | 9900 | €27,454 | €10,509 | -€16,945 | -61.7% |
| Operating profit (loss) | 9901 | €2,008 | -€13,991 | -€16,000 | |
| Financial income | 75/76B | €0 | €69 | +€69 | +18,108% |
| Recurring financial income | 75 | €0 | €69 | +€69 | +18,108% |
| Financial charges | 65/66B | €123 | €173 | +€50 | +40.4% |
| Recurring financial charges | 65 | €123 | €173 | +€50 | +40.4% |
| Profit (loss) for the period before taxes | 9903 | €1,886 | -€14,095 | -€15,981 | |
| Income taxes | 67/77 | €835 | €182 | -€654 | -78.3% |
| Profit (loss) for the period | 9904 | €1,051 | -€14,276 | -€15,327 | |
| Profit (loss) for the period to be appropriated | 9905 | €1,051 | -€14,276 | -€15,327 |
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 18 October 2026 via checked.be.