T.S.G.-NAMUR: 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.G.-NAMUR
Largest movements
- Tangible fixed assets -€22,192
down €22,192 (-67.2%), from €33,017 to €10,825
of which Plant, machinery and equipment: -€17,590
- Cash +€17,389
up €17,389 (+6.9%), from €250,756 to €268,145
mainly Depreciation (+€22,192) and Trade debts (+€10,882)
- Financial fixed assets -€9,200
no longer reported in 2025 (was €9,200)
- Stocks and contracts -€6,127
down €6,127 (-31.4%), from €19,518 to €13,392
- Profit (loss) carried forward -€30,607
down €30,607 (-10.0%), from €307,560 to €276,954
- Trade debts +€10,882
up €10,882 (+28.3%), from €38,431 to €49,314
- Gross operating margin -€77,587
down €77,587 (-17.3%), from €448,405 to €370,818
- Taxes -€18,015
down €18,015 (-33.9%), from €53,101 to €35,086
- Staff costs +€14,318
up €14,318 (+4.4%), from €325,341 to €339,660
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 | €456,268 | €436,210 | -€20,058 | -4.4% |
| Fixed assets | 21/28 | €42,217 | €10,825 | -€31,392 | -74.4% |
| Tangible fixed assets | 22/27 | €33,017 | €10,825 | -€22,192 | -67.2% |
| Plant, machinery and equipment | 23 | €28,415 | €10,825 | -€17,590 | -61.9% |
| Furniture and vehicles | 24 | €4,602 | - | -€4,602 | |
| Financial fixed assets | 28 | €9,200 | - | -€9,200 | |
| Current assets | 29/58 | €414,051 | €425,385 | +€11,335 | +2.7% |
| Stocks and contracts in progress | 3 | €19,518 | €13,392 | -€6,127 | -31.4% |
| Stocks | 30/36 | €19,518 | €13,392 | -€6,127 | -31.4% |
| Amounts receivable within one year | 40/41 | €143,776 | €143,848 | +€72 | +0.1% |
| Trade receivables | 40 | €2,119 | €5,293 | +€3,174 | +150% |
| Other amounts receivable | 41 | €141,657 | €138,555 | -€3,102 | -2.2% |
| Cash at bank and in hand | 54/58 | €250,756 | €268,145 | +€17,389 | +6.9% |
| Total equity and liabilities | 10/49 | €456,268 | €436,210 | -€20,058 | -4.4% |
| Equity | 10/15 | €376,860 | €346,254 | -€30,607 | -8.1% |
| Contributions | 10/11 | €63,000 | €63,000 | = | 0.0% |
| Capital | 10 | €63,000 | €63,000 | = | 0.0% |
| Issued capital | 100 | €63,000 | €63,000 | = | 0.0% |
| Reserves | 13 | €6,300 | €6,300 | = | 0.0% |
| Non-distributable reserves | 130/1 | €6,300 | €6,300 | = | 0.0% |
| Legal reserve | 130 | €6,300 | €6,300 | = | 0.0% |
| Profit (loss) carried forward | 14 | €307,560 | €276,954 | -€30,607 | -10.0% |
| Amounts payable | 17/49 | €79,408 | €89,956 | +€10,549 | +13.3% |
| Amounts payable within one year | 42/48 | €79,408 | €89,956 | +€10,549 | +13.3% |
| Current portion of amounts payable after more than one year | 42 | €17,536 | €16,448 | -€1,088 | -6.2% |
| Trade debts | 44 | €38,431 | €49,314 | +€10,882 | +28.3% |
| Suppliers | 440/4 | €38,431 | €49,314 | +€10,882 | +28.3% |
| Taxes, remuneration and social security | 45 | €23,441 | €24,195 | +€754 | +3.2% |
| Taxes | 450/3 | €6,950 | €7,137 | +€187 | +2.7% |
| Remuneration and social security | 454/9 | €16,490 | €17,058 | +€568 | +3.4% |
| Non-recurring operating income | 76A | €14,780 | €6,925 | -€7,855 | -53.1% |
| Remuneration, social security and pensions | 62 | €325,341 | €339,660 | +€14,318 | +4.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €22,192 | €22,192 | -€0 | 0.0% |
| Other operating charges | 640/8 | €7,153 | €3,954 | -€3,200 | -44.7% |
| Gross operating margin | 9900 | €448,405 | €370,818 | -€77,587 | -17.3% |
| Operating profit (loss) | 9901 | €93,719 | €5,012 | -€88,706 | -94.7% |
| Financial income | 75/76B | €255 | €791 | +€535 | +210% |
| Recurring financial income | 75 | €255 | €791 | +€535 | +210% |
| Financial charges | 65/66B | €986 | €1,324 | +€338 | +34.2% |
| Recurring financial charges | 65 | €986 | €1,324 | +€338 | +34.2% |
| Profit (loss) for the period before taxes | 9903 | €92,988 | €4,479 | -€88,508 | -95.2% |
| Income taxes | 67/77 | €53,101 | €35,086 | -€18,015 | -33.9% |
| Profit (loss) for the period | 9904 | €39,887 | -€30,607 | -€70,494 | |
| Profit (loss) for the period to be appropriated | 9905 | €39,887 | -€30,607 | -€70,494 |
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 30 October 2026 via checked.be.