T.S.M.: 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.M.
Largest movements
- Cash -€69,871
down €69,871 (-98.0%), from €71,313 to €1,442
mainly Net result for the year (-€144,911) and Trade debts (-€137,288)
- Receivables within one year -€41,434
down €41,434 (-20.2%), from €204,935 to €163,501
of which Trade receivables: -€39,955
- Tangible fixed assets +€23,632
up €23,632 (+17.6%), from €134,620 to €158,252
of which Furniture and vehicles: +€31,291
- Stocks and contracts +€22,550
up €22,550 (+50.7%), from €44,448 to €66,998
of which Stocks: +€12,550
- Financial fixed assets -€9,774
no longer reported in 2025 (was €9,774)
- Other debts +€197,791
up €197,791 (+714%), from €27,694 to €225,485
- Profit (loss) carried forward -€144,911
down €144,911, from €125,151 to -€19,760
- Trade debts -€137,288
down €137,288 (-62.9%), from €218,110 to €80,822
- Debts after one year +€12,195
up €12,195 (+22.1%), from €55,115 to €67,311
- Current portion of long-term debt +€7,407
up €7,407 (+59.1%), from €12,524 to €19,931
- Gross operating margin -€152,399
down €152,399 (-44.3%), from €344,272 to €191,873
- Staff costs -€23,915
down €23,915 (-8.0%), from €298,670 to €274,755
- Depreciation +€16,169
up €16,169 (+69.1%), from €23,397 to €39,566
- Other operating charges -€5,611
down €5,611 (-36.9%), from €15,207 to €9,596
- Taxes -€3,684
down €3,684 (-98.1%), from €3,757 to €73
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 | €549,996 | €480,138 | -€69,858 | -12.7% |
| Fixed assets | 21/28 | €144,394 | €158,252 | +€13,858 | +9.6% |
| Tangible fixed assets | 22/27 | €134,620 | €158,252 | +€23,632 | +17.6% |
| Plant, machinery and equipment | 23 | €30,019 | €22,360 | -€7,659 | -25.5% |
| Furniture and vehicles | 24 | €104,601 | €135,892 | +€31,291 | +29.9% |
| Financial fixed assets | 28 | €9,774 | - | -€9,774 | |
| Current assets | 29/58 | €405,601 | €321,885 | -€83,716 | -20.6% |
| Amounts receivable after more than one year | 29 | €75,000 | €75,000 | = | 0.0% |
| Other amounts receivable | 291 | €75,000 | €75,000 | = | 0.0% |
| Stocks and contracts in progress | 3 | €44,448 | €66,998 | +€22,550 | +50.7% |
| Stocks | 30/36 | €44,448 | €56,998 | +€12,550 | +28.2% |
| Contracts in progress | 37 | - | €10,000 | +€10,000 | |
| Amounts receivable within one year | 40/41 | €204,935 | €163,501 | -€41,434 | -20.2% |
| Trade receivables | 40 | €183,848 | €143,893 | -€39,955 | -21.7% |
| Other amounts receivable | 41 | €21,088 | €19,608 | -€1,480 | -7.0% |
| Cash at bank and in hand | 54/58 | €71,313 | €1,442 | -€69,871 | -98.0% |
| Deferred charges and accrued income | 490/1 | €9,905 | €14,944 | +€5,039 | +50.9% |
| Total equity and liabilities | 10/49 | €549,996 | €480,138 | -€69,858 | -12.7% |
| Equity | 10/15 | €197,111 | €52,200 | -€144,911 | -73.5% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Contributions outside capital | 11 | €18,600 | €18,600 | = | 0.0% |
| Other | 1109/19 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €53,360 | €53,360 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Tax-exempt reserves | 132 | €10,000 | €10,000 | = | 0.0% |
| Distributable reserves | 133 | €41,500 | €41,500 | = | 0.0% |
| Profit (loss) carried forward | 14 | €125,151 | -€19,760 | -€144,911 | |
| Amounts payable | 17/49 | €352,884 | €427,937 | +€75,053 | +21.3% |
| Amounts payable after more than one year | 17 | €55,115 | €67,311 | +€12,195 | +22.1% |
| Financial debts | 170/4 | €55,115 | €67,311 | +€12,195 | +22.1% |
| Amounts payable within one year | 42/48 | €297,382 | €360,227 | +€62,845 | +21.1% |
| Current portion of amounts payable after more than one year | 42 | €12,524 | €19,931 | +€7,407 | +59.1% |
| Trade debts | 44 | €218,110 | €80,822 | -€137,288 | -62.9% |
| Suppliers | 440/4 | €218,110 | €80,822 | -€137,288 | -62.9% |
| Taxes, remuneration and social security | 45 | €39,054 | €33,989 | -€5,065 | -13.0% |
| Taxes | 450/3 | €8,347 | €3,966 | -€4,381 | -52.5% |
| Remuneration and social security | 454/9 | €30,707 | €30,023 | -€684 | -2.2% |
| Other amounts payable | 47/48 | €27,694 | €225,485 | +€197,791 | +714% |
| Accrued charges and deferred income | 492/3 | €387 | €400 | +€12 | +3.2% |
| Non-recurring operating income | 76A | €2,500 | €37,737 | +€35,237 | +1,409% |
| Remuneration, social security and pensions | 62 | €298,670 | €274,755 | -€23,915 | -8.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €23,397 | €39,566 | +€16,169 | +69.1% |
| Other operating charges | 640/8 | €15,207 | €9,596 | -€5,611 | -36.9% |
| Non-recurring operating charges | 66A | - | €8,027 | +€8,027 | |
| Gross operating margin | 9900 | €344,272 | €191,873 | -€152,399 | -44.3% |
| Operating profit (loss) | 9901 | €6,998 | -€140,071 | -€147,069 | |
| Financial income | 75/76B | €28 | €0 | -€28 | -99.9% |
| Recurring financial income | 75 | €28 | €0 | -€28 | -99.9% |
| Financial charges | 65/66B | €1,766 | €4,767 | +€3,001 | +170% |
| Recurring financial charges | 65 | €1,766 | €4,767 | +€3,001 | +170% |
| Profit (loss) for the period before taxes | 9903 | €5,260 | -€144,838 | -€150,098 | |
| Income taxes | 67/77 | €3,757 | €73 | -€3,684 | -98.1% |
| Profit (loss) for the period | 9904 | €1,502 | -€144,911 | -€146,414 | |
| Profit (loss) for the period to be appropriated | 9905 | €1,502 | -€144,911 | -€146,414 |
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 20 October 2026 via checked.be.