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 -€22,101
down €22,101 (-65.4%), from €33,811 to €11,710
- Receivables within one year +€1,986
up €1,986 (+401%), from €495 to €2,482
of which Trade receivables: +€2,112
- Cash -€1,134
down €1,134 (-49.6%), from €2,285 to €1,151
mainly Net result for the year (-€19,604) and Other debts (-€5,458)
- Profit (loss) carried forward -€19,604
down €19,604 (-49.6%), from -€39,543 to -€59,147
- Other debts -€5,458
down €5,458 (-9.5%), from €57,507 to €52,049
- Trade debts +€4,045
new in 2025: €4,045
- Gross operating margin +€9,674
up €9,674 (+88.8%), from -€10,893 to -€1,218
- Other operating charges +€5,625
up €5,625 (+429%), from €1,312 to €6,938
- Depreciation -€1,137
down €1,137 (-9.6%), from €11,825 to €10,689
- Staff costs +€770
new in 2025: €770
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 | €36,659 | €15,642 | -€21,016 | -57.3% |
| Fixed assets | 21/28 | €33,811 | €11,710 | -€22,101 | -65.4% |
| Tangible fixed assets | 22/27 | €33,811 | €11,710 | -€22,101 | -65.4% |
| Furniture and vehicles | 24 | €33,811 | €11,710 | -€22,101 | -65.4% |
| Current assets | 29/58 | €2,848 | €3,933 | +€1,085 | +38.1% |
| Amounts receivable within one year | 40/41 | €495 | €2,482 | +€1,986 | +401% |
| Trade receivables | 40 | - | €2,112 | +€2,112 | |
| Other amounts receivable | 41 | €495 | €369 | -€126 | -25.4% |
| Cash at bank and in hand | 54/58 | €2,285 | €1,151 | -€1,134 | -49.6% |
| Deferred charges and accrued income | 490/1 | €68 | €300 | +€233 | +345% |
| Total equity and liabilities | 10/49 | €36,659 | €15,642 | -€21,016 | -57.3% |
| Equity | 10/15 | -€20,943 | -€40,547 | -€19,604 | -93.6% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Capital | 10 | €18,600 | €18,600 | = | 0.0% |
| Issued capital | 100 | €18,600 | €18,600 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€39,543 | -€59,147 | -€19,604 | -49.6% |
| Amounts payable | 17/49 | €57,602 | €56,189 | -€1,413 | -2.5% |
| Amounts payable within one year | 42/48 | €57,602 | €56,189 | -€1,413 | -2.5% |
| Trade debts | 44 | - | €4,045 | +€4,045 | |
| Suppliers | 440/4 | - | €4,045 | +€4,045 | |
| Taxes, remuneration and social security | 45 | €95 | €95 | = | 0.0% |
| Taxes | 450/3 | €95 | €95 | = | 0.0% |
| Other amounts payable | 47/48 | €57,507 | €52,049 | -€5,458 | -9.5% |
| Remuneration, social security and pensions | 62 | - | €770 | +€770 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €11,825 | €10,689 | -€1,137 | -9.6% |
| Other operating charges | 640/8 | €1,312 | €6,938 | +€5,625 | +429% |
| Gross operating margin | 9900 | -€10,893 | -€1,218 | +€9,674 | +88.8% |
| Operating profit (loss) | 9901 | -€24,031 | -€19,615 | +€4,416 | +18.4% |
| Financial income | 75/76B | €2 | €11 | +€9 | +430% |
| Recurring financial income | 75 | €2 | €11 | +€9 | +430% |
| Profit (loss) for the period before taxes | 9903 | -€24,028 | -€19,604 | +€4,425 | +18.4% |
| Profit (loss) for the period | 9904 | -€24,028 | -€19,604 | +€4,425 | +18.4% |
| Profit (loss) for the period to be appropriated | 9905 | -€24,028 | -€19,604 | +€4,425 | +18.4% |
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 23 October 2026 via checked.be.