T.S.I.: 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.I.
Largest movements
- Receivables within one year +€73,348
up €73,348 (+45.2%), from €162,102 to €235,450
of which Trade receivables: +€71,619
- Intangible fixed assets -€20,282
down €20,282 (-19.5%), from €103,897 to €83,615
- Accrued charges and deferred income +€39,340
new in 2025: €39,340
- Profit (loss) carried forward +€10,117
up €10,117 (+5.6%), from €180,478 to €190,594
- Staff costs +€17,866
new in 2025: €17,866
- Gross operating margin +€5,802
up €5,802 (+8.4%), from €68,761 to €74,563
- Taxes -€3,692
down €3,692 (-50.1%), from €7,363 to €3,671
- Depreciation +€2,980
up €2,980 (+7.8%), from €38,103 to €41,083
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 | €617,929 | €673,085 | +€55,156 | +8.9% |
| Fixed assets | 21/28 | €105,901 | €85,769 | -€20,132 | -19.0% |
| Intangible fixed assets | 21 | €103,897 | €83,615 | -€20,282 | -19.5% |
| Financial fixed assets | 28 | €2,004 | €2,154 | +€150 | +7.5% |
| Current assets | 29/58 | €512,028 | €587,316 | +€75,288 | +14.7% |
| Amounts receivable within one year | 40/41 | €162,102 | €235,450 | +€73,348 | +45.2% |
| Trade receivables | 40 | €154,579 | €226,198 | +€71,619 | +46.3% |
| Other amounts receivable | 41 | €7,523 | €9,252 | +€1,729 | +23.0% |
| Cash at bank and in hand | 54/58 | €342,462 | €343,826 | +€1,364 | +0.4% |
| Deferred charges and accrued income | 490/1 | €7,464 | €8,039 | +€575 | +7.7% |
| Total equity and liabilities | 10/49 | €617,929 | €673,085 | +€55,156 | +8.9% |
| Equity | 10/15 | €608,435 | €618,552 | +€10,117 | +1.7% |
| Contributions | 10/11 | €416,957 | €416,957 | = | 0.0% |
| Capital | 10 | €110,000 | €110,000 | = | 0.0% |
| Issued capital | 100 | €110,000 | €110,000 | = | 0.0% |
| Contributions outside capital | 11 | €306,957 | €306,957 | = | 0.0% |
| Share premium | 1100/10 | €306,957 | €306,957 | = | 0.0% |
| Reserves | 13 | €11,000 | €11,000 | = | 0.0% |
| Non-distributable reserves | 130/1 | €11,000 | €11,000 | = | 0.0% |
| Legal reserve | 130 | €11,000 | €11,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €180,478 | €190,594 | +€10,117 | +5.6% |
| Amounts payable | 17/49 | €9,494 | €54,533 | +€45,039 | +474% |
| Amounts payable within one year | 42/48 | €9,494 | €15,193 | +€5,699 | +60.0% |
| Trade debts | 44 | €9,438 | €12,629 | +€3,191 | +33.8% |
| Suppliers | 440/4 | €9,438 | €12,629 | +€3,191 | +33.8% |
| Taxes, remuneration and social security | 45 | - | €2,509 | +€2,509 | |
| Taxes | 450/3 | - | €177 | +€177 | |
| Remuneration and social security | 454/9 | - | €2,332 | +€2,332 | |
| Other amounts payable | 47/48 | €56 | €56 | = | 0.0% |
| Accrued charges and deferred income | 492/3 | - | €39,340 | +€39,340 | |
| Non-recurring operating income | 76A | €2,362 | - | -€2,362 | |
| Remuneration, social security and pensions | 62 | - | €17,866 | +€17,866 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €38,103 | €41,083 | +€2,980 | +7.8% |
| Other operating charges | 640/8 | €421 | €403 | -€19 | -4.4% |
| Gross operating margin | 9900 | €68,761 | €74,563 | +€5,802 | +8.4% |
| Operating profit (loss) | 9901 | €30,237 | €15,213 | -€15,025 | -49.7% |
| Financial income | 75/76B | €9 | - | -€9 | |
| Recurring financial income | 75 | €9 | - | -€9 | |
| Financial charges | 65/66B | €1,403 | €1,425 | +€22 | +1.6% |
| Recurring financial charges | 65 | €1,403 | €1,425 | +€22 | +1.6% |
| Profit (loss) for the period before taxes | 9903 | €28,843 | €13,787 | -€15,055 | -52.2% |
| Income taxes | 67/77 | €7,363 | €3,671 | -€3,692 | -50.1% |
| Profit (loss) for the period | 9904 | €21,480 | €10,117 | -€11,363 | -52.9% |
| Profit (loss) for the period to be appropriated | 9905 | €21,480 | €10,117 | -€11,363 | -52.9% |
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 27 October 2026 via checked.be.