T.S.P.: 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.P.
Largest movements
- Current investments +€90,808
up €90,808 (+15.1%), from €599,722 to €690,530
- Cash +€8,119
up €8,119 (+85.3%), from €9,516 to €17,636
mainly Net result for the year (+€53,812) and Other debts (+€45,179)
- Other debts +€45,179
up €45,179 (+85.7%), from €52,733 to €97,912
- Reserves +€34,900
up €34,900 (+6.4%), from €541,340 to €576,240
of which Distributable reserves: +€34,900
- Contributions +€18,600
new in 2025: €18,600
- Gross operating margin -€19,828
down €19,828 (-48.4%), from €40,972 to €21,143
- Taxes -€10,704
down €10,704 (-43.4%), from €24,688 to €13,983
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 | €613,594 | €710,571 | +€96,977 | +15.8% |
| Fixed assets | 21/28 | - | €595 | +€595 | |
| Tangible fixed assets | 22/27 | - | €595 | +€595 | |
| Plant, machinery and equipment | 23 | - | €595 | +€595 | |
| Current assets | 29/58 | €613,594 | €709,976 | +€96,381 | +15.7% |
| Amounts receivable within one year | 40/41 | €4,356 | €1,810 | -€2,546 | -58.5% |
| Trade receivables | 40 | €4,356 | €1,803 | -€2,553 | -58.6% |
| Other amounts receivable | 41 | - | €7 | +€7 | |
| Current investments | 50/53 | €599,722 | €690,530 | +€90,808 | +15.1% |
| Cash at bank and in hand | 54/58 | €9,516 | €17,636 | +€8,119 | +85.3% |
| Total equity and liabilities | 10/49 | €613,594 | €710,571 | +€96,977 | +15.8% |
| Equity | 10/15 | €558,404 | €612,216 | +€53,812 | +9.6% |
| Contributions | 10/11 | - | €18,600 | +€18,600 | |
| Outside capital | 11 | - | €18,600 | +€18,600 | |
| Other | 1109/19 | - | €18,600 | +€18,600 | |
| Reserves | 13 | €541,340 | €576,240 | +€34,900 | +6.4% |
| Non-distributable reserves | 130/1 | €14,700 | €14,700 | = | 0.0% |
| Legal reserve | 130 | €14,700 | €14,700 | = | 0.0% |
| Distributable reserves | 133 | €526,640 | €561,540 | +€34,900 | +6.6% |
| Profit (loss) carried forward | 14 | €17,064 | €17,376 | +€312 | +1.8% |
| Amounts payable | 17/49 | €55,191 | €98,355 | +€43,164 | +78.2% |
| Amounts payable within one year | 42/48 | €55,191 | €98,355 | +€43,164 | +78.2% |
| Current portion of amounts payable after more than one year | 42 | €2,175 | - | -€2,175 | |
| Trade debts | 44 | €181 | €443 | +€262 | +144.6% |
| Suppliers | 440/4 | €181 | €443 | +€262 | +144.6% |
| Taxes, remuneration and social security | 45 | €101 | - | -€101 | |
| Taxes | 450/3 | €101 | - | -€101 | |
| Other amounts payable | 47/48 | €52,733 | €97,912 | +€45,179 | +85.7% |
| Remuneration, social security and pensions | 62 | €457 | €89 | -€368 | -80.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | - | €297 | +€297 | |
| Other operating charges | 640/8 | €433 | €444 | +€10 | +2.4% |
| Gross operating margin | 9900 | €40,972 | €21,143 | -€19,828 | -48.4% |
| Operating profit (loss) | 9901 | €40,081 | €20,313 | -€19,769 | -49.3% |
| Financial income | 75/76B | €48,884 | €48,605 | -€279 | -0.6% |
| Recurring financial income | 75 | €48,884 | €48,605 | -€279 | -0.6% |
| Financial charges | 65/66B | €1,097 | €1,122 | +€25 | +2.3% |
| Recurring financial charges | 65 | €1,097 | €1,122 | +€25 | +2.3% |
| Profit (loss) for the period before taxes | 9903 | €87,868 | €67,795 | -€20,072 | -22.8% |
| Income taxes | 67/77 | €24,688 | €13,983 | -€10,704 | -43.4% |
| Profit (loss) for the period | 9904 | €63,180 | €53,812 | -€9,368 | -14.8% |
| Profit (loss) for the period to be appropriated | 9905 | €63,180 | €53,812 | -€9,368 | -14.8% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 8 October 2026 via checked.be.