T.S.E.P.: 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.E.P.
Largest movements
- Receivables within one year +€49,776
up €49,776 (+71.7%), from €69,454 to €119,230
of which Trade receivables: +€27,527
- Cash +€7,010
up €7,010 (+791.0%), from €886 to €7,896
mainly Trade debts (+€40,104) and Short-term financial debts (+€18,000)
- Tangible fixed assets -€2,977
down €2,977 (-37.9%), from €7,863 to €4,886
of which Furniture and vehicles: -€2,977
- Trade debts +€40,104
up €40,104 (+122.3%), from €32,784 to €72,888
- Tax, wage and social debts -€19,163
down €19,163 (-100.0%), from €19,163 to €0
- Short-term financial debts +€18,000
new in 2025: €18,000
- Reserves +€15,346
up €15,346 (+195.2%), from €7,861 to €23,207
of which Distributable reserves: +€15,346
- Gross operating margin +€30,734
up €30,734 (+212.4%), from €14,472 to €45,206
- Taxes +€9,222
up €9,222 (+284.0%), from €3,248 to €12,469
- Depreciation -€2,511
down €2,511 (-45.8%), from €5,488 to €2,977
- Other operating charges -€1,644
down €1,644 (-64.6%), from €2,544 to €901
- Financial income -€974
down €974 (-22.8%), from €4,269 to €3,295
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.
Cash bridge derived
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 | €78,407 | €132,695 | +€54,288 | +69.2% |
| Fixed assets | 21/28 | €7,864 | €5,337 | -€2,527 | -32.1% |
| Intangible fixed assets | 21 | €1 | €1 | = | 0.0% |
| Tangible fixed assets | 22/27 | €7,863 | €4,886 | -€2,977 | -37.9% |
| Plant, machinery and equipment | 23 | €0 | - | = | |
| Furniture and vehicles | 24 | €7,863 | €4,886 | -€2,977 | -37.9% |
| Financial fixed assets | 28 | - | €450 | +€450 | |
| Current assets | 29/58 | €70,543 | €127,358 | +€56,815 | +80.5% |
| Amounts receivable within one year | 40/41 | €69,454 | €119,230 | +€49,776 | +71.7% |
| Trade receivables | 40 | €20,305 | €47,832 | +€27,527 | +135.6% |
| Other amounts receivable | 41 | €49,149 | €71,398 | +€22,249 | +45.3% |
| Cash at bank and in hand | 54/58 | €886 | €7,896 | +€7,010 | +791.0% |
| Deferred charges and accrued income | 490/1 | €204 | €232 | +€28 | +13.9% |
| Total equity and liabilities | 10/49 | €78,407 | €132,695 | +€54,288 | +69.2% |
| Equity | 10/15 | €26,461 | €41,807 | +€15,346 | +58.0% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €7,861 | €23,207 | +€15,346 | +195.2% |
| Non-distributable reserves | 130/1 | €0 | - | = | |
| Reserves not available under the articles | 1311 | €0 | - | = | |
| Distributable reserves | 133 | €7,861 | €23,207 | +€15,346 | +195.2% |
| Profit (loss) carried forward | 14 | €0 | - | = | |
| Amounts payable | 17/49 | €51,946 | €90,888 | +€38,941 | +75.0% |
| Amounts payable within one year | 42/48 | €51,946 | €90,888 | +€38,941 | +75.0% |
| Financial debts | 43 | - | €18,000 | +€18,000 | |
| Other loans | 439 | - | €18,000 | +€18,000 | |
| Trade debts | 44 | €32,784 | €72,888 | +€40,104 | +122.3% |
| Suppliers | 440/4 | €32,784 | €72,888 | +€40,104 | +122.3% |
| Taxes, remuneration and social security | 45 | €19,163 | €0 | -€19,163 | -100.0% |
| Taxes | 450/3 | €19,163 | €0 | -€19,163 | -100.0% |
| Other amounts payable | 47/48 | €0 | - | = | |
| Non-recurring operating income | 76A | €8,995 | €0 | -€8,995 | -100.0% |
| Remuneration, social security and pensions | 62 | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €5,488 | €2,977 | -€2,511 | -45.8% |
| Other operating charges | 640/8 | €2,544 | €901 | -€1,644 | -64.6% |
| Non-recurring operating charges | 66A | - | €15,350 | +€15,350 | |
| Gross operating margin | 9900 | €14,472 | €45,206 | +€30,734 | +212.4% |
| Operating profit (loss) | 9901 | €6,440 | €25,978 | +€19,538 | +303.4% |
| Financial income | 75/76B | €4,269 | €3,295 | -€974 | -22.8% |
| Recurring financial income | 75 | €4,269 | €3,295 | -€974 | -22.8% |
| Financial charges | 65/66B | €1,460 | €1,457 | -€3 | -0.2% |
| Recurring financial charges | 65 | €1,460 | €1,457 | -€3 | -0.2% |
| Profit (loss) for the period before taxes | 9903 | €9,248 | €27,816 | +€18,567 | +200.8% |
| Income taxes | 67/77 | €3,248 | €12,469 | +€9,222 | +284.0% |
| Profit (loss) for the period | 9904 | €6,001 | €15,346 | +€9,345 | +155.7% |
| Profit (loss) for the period to be appropriated | 9905 | €6,001 | €15,346 | +€9,345 | +155.7% |
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 12 October 2026 via checked.be.