T.S.L.: what changed
Two fiscal 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.L.
Largest movements
- Financial fixed assets -€2.4m
down €2.4m (-32.4%), from €7.3m to €4.9m
- Receivables within one year +€630,951
up €630,951 (+19.3%), from €3.3m to €3.9m
of which Other amounts receivable: +€396,892
- Other debts -€1.8m
down €1.8m (-34.5%), from €5.2m to €3.4m
- Debts after one year -€250,000
down €250,000 (-9.9%), from €2.5m to €2.3m
- Short-term financial debts +€187,500
up €187,500 (+300.0%), from €62,500 to €250,000
- Trade debts +€181,965
up €181,965 (+29.2%), from €622,673 to €804,638
- Financial income +€187,012
up €187,012 (+241.5%), from €77,432 to €264,443
- Gross operating margin +€60,541
up €60,541 (+88.3%), from -€68,542 to -€8,001
- Turnover +€31,570
new in 2024: €31,570
- Purchases and services -€28,971
down €28,971 (-42.3%), from €68,542 to €39,571
- Financial charges +€9,711
up €9,711 (+4.5%), from €216,938 to €226,649
From the 2023 result to the 2024 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 2023 and 2024 balance sheets and the 2024 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2023 | 2024 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €10,777,027 | €9,113,129 | -€1.7m | -15.4% |
| Formation expenses | 20 | €0 | €0 | = | |
| Fixed assets | 21/28 | €7,512,523 | €5,152,541 | -€2.4m | -31.4% |
| Intangible fixed assets | 21 | €225,000 | €225,000 | = | 0.0% |
| Financial fixed assets | 28 | €7,287,523 | €4,927,541 | -€2.4m | -32.4% |
| Current assets | 29/58 | €3,264,504 | €3,960,588 | +€696,084 | +21.3% |
| Amounts receivable within one year | 40/41 | €3,263,901 | €3,894,852 | +€630,951 | +19.3% |
| Trade receivables | 40 | €84,403 | €318,463 | +€234,059 | +277.3% |
| Other amounts receivable | 41 | €3,179,497 | €3,576,389 | +€396,892 | +12.5% |
| Cash at bank and in hand | 54/58 | €473 | €65,736 | +€65,263 | +13804.7% |
| Deferred charges and accrued income | 490/1 | €130 | €0 | -€130 | -100.0% |
| Total equity and liabilities | 10/49 | €10,777,027 | €9,113,129 | -€1.7m | -15.4% |
| Equity | 10/15 | €2,321,495 | €2,341,357 | +€19,862 | +0.9% |
| Contributions | 10/11 | €3,637,000 | €3,637,000 | = | 0.0% |
| Capital | 10 | - | €3,637,000 | +€3.6m | |
| Issued capital | 100 | - | €3,637,000 | +€3.6m | |
| Profit (loss) carried forward | 14 | -€1,315,505 | -€1,295,643 | +€19,862 | +1.5% |
| Amounts payable | 17/49 | €8,455,533 | €6,771,771 | -€1.7m | -19.9% |
| Amounts payable after more than one year | 17 | €2,537,343 | €2,287,343 | -€250,000 | -9.9% |
| Financial debts | 170/4 | €2,537,343 | €2,287,343 | -€250,000 | -9.9% |
| Amounts payable within one year | 42/48 | €5,918,189 | €4,484,428 | -€1.4m | -24.2% |
| Financial debts | 43 | €62,500 | €250,000 | +€187,500 | +300.0% |
| Credit institutions | 430/8 | €62,500 | €250,000 | +€187,500 | +300.0% |
| Trade debts | 44 | €622,673 | €804,638 | +€181,965 | +29.2% |
| Suppliers | 440/4 | €622,673 | €804,638 | +€181,965 | +29.2% |
| Taxes, remuneration and social security | 45 | €1,417 | €3,426 | +€2,010 | +141.8% |
| Taxes | 450/3 | €1,417 | €3,426 | +€2,010 | +141.8% |
| Other amounts payable | 47/48 | €5,231,600 | €3,426,364 | -€1.8m | -34.5% |
| Turnover | 70 | - | €31,570 | +€31,570 | |
| Goods, raw materials, services and sundry goods | 60/61 | €68,542 | €39,571 | -€28,971 | -42.3% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | €6,972 | +€6,972 | |
| Other operating charges | 640/8 | - | €2,959 | +€2,959 | |
| Gross operating margin | 9900 | -€68,542 | -€8,001 | +€60,541 | +88.3% |
| Operating profit (loss) | 9901 | -€68,542 | -€17,932 | +€50,610 | +73.8% |
| Financial income | 75/76B | €77,432 | €264,443 | +€187,012 | +241.5% |
| Recurring financial income | 75 | €77,432 | €264,443 | +€187,012 | +241.5% |
| Financial charges | 65/66B | €216,938 | €226,649 | +€9,711 | +4.5% |
| Recurring financial charges | 65 | €216,938 | €226,649 | +€9,711 | +4.5% |
| Profit (loss) for the period before taxes | 9903 | -€208,048 | €19,862 | +€227,911 | |
| Profit (loss) for the period | 9904 | -€208,048 | €19,862 | +€227,911 | |
| Profit (loss) for the period to be appropriated | 9905 | -€208,048 | €19,862 | +€227,911 |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2023 and 31 December 2024. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 1 October 2026 via checked.be.