T.S. PRODUCT: what changed
T.S. PRODUCT
Largest movements
- Receivables within one year -€49,462
down €49,462 (-53.9%), from €91,767 to €42,305
of which Trade receivables: -€32,627
- Current investments +€45,827
up €45,827 (+44.2%), from €103,746 to €149,573
- Cash +€9,408
up €9,408 (+592%), from €1,590 to €10,997
mainly Receivables within one year (+€49,462) and Net result for the year (+€17,278)
- Tangible fixed assets +€2,182
up €2,182 (+18.5%), from €11,768 to €13,950
of which Other tangible fixed assets: +€2,322
- Reserves +€9,000
up €9,000 (+5.3%), from €170,860 to €179,860
of which Distributable reserves: +€9,000
- Trade debts -€6,130
down €6,130 (-40.1%), from €15,275 to €9,145
- Other debts +€3,776
up €3,776 (+92.8%), from €4,069 to €7,845
- Write-downs +€3,600
no longer reported in 2025 (was -€3,600)
- Other operating charges -€1,979
down €1,979 (-51.5%), from €3,842 to €1,862
- Taxes +€1,188
up €1,188 (+10.5%), from €11,316 to €12,504
- Financial income +€697
up €697 (+139%), from €503 to €1,200
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €210,014 | €218,012 | +€7,998 | +3.8% |
| Fixed assets | 21/28 | €11,917 | €14,099 | +€2,182 | +18.3% |
| Tangible fixed assets | 22/27 | €11,768 | €13,950 | +€2,182 | +18.5% |
| Furniture and vehicles | 24 | €5,968 | €5,828 | -€140 | -2.4% |
| Other tangible fixed assets | 26 | €5,800 | €8,122 | +€2,322 | +40.0% |
| Financial fixed assets | 28 | €149 | €149 | = | 0.0% |
| Current assets | 29/58 | €198,096 | €203,912 | +€5,816 | +2.9% |
| Amounts receivable within one year | 40/41 | €91,767 | €42,305 | -€49,462 | -53.9% |
| Trade receivables | 40 | €65,402 | €32,775 | -€32,627 | -49.9% |
| Other amounts receivable | 41 | €26,365 | €9,530 | -€16,834 | -63.9% |
| Current investments | 50/53 | €103,746 | €149,573 | +€45,827 | +44.2% |
| Cash at bank and in hand | 54/58 | €1,590 | €10,997 | +€9,408 | +592% |
| Deferred charges and accrued income | 490/1 | €995 | €1,037 | +€43 | +4.3% |
| Total equity and liabilities | 10/49 | €210,014 | €218,012 | +€7,998 | +3.8% |
| Equity | 10/15 | €189,176 | €198,454 | +€9,278 | +4.9% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Contributions outside capital | 11 | €12,400 | €12,400 | = | 0.0% |
| Other | 1109/19 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €170,860 | €179,860 | +€9,000 | +5.3% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €169,000 | €178,000 | +€9,000 | +5.3% |
| Profit (loss) carried forward | 14 | €5,916 | €6,194 | +€278 | +4.7% |
| Amounts payable | 17/49 | €20,838 | €19,558 | -€1,280 | -6.1% |
| Amounts payable within one year | 42/48 | €20,838 | €19,558 | -€1,280 | -6.1% |
| Trade debts | 44 | €15,275 | €9,145 | -€6,130 | -40.1% |
| Suppliers | 440/4 | €15,275 | €9,145 | -€6,130 | -40.1% |
| Taxes, remuneration and social security | 45 | €1,494 | €2,568 | +€1,074 | +71.9% |
| Taxes | 450/3 | €1,494 | €2,568 | +€1,074 | +71.9% |
| Other amounts payable | 47/48 | €4,069 | €7,845 | +€3,776 | +92.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €3,599 | €3,736 | +€137 | +3.8% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | -€3,600 | - | +€3,600 | |
| Other operating charges | 640/8 | €3,842 | €1,862 | -€1,979 | -51.5% |
| Gross operating margin | 9900 | €34,530 | €34,504 | -€26 | -0.1% |
| Operating profit (loss) | 9901 | €30,689 | €28,906 | -€1,783 | -5.8% |
| Financial income | 75/76B | €503 | €1,200 | +€697 | +139% |
| Recurring financial income | 75 | €503 | €1,200 | +€697 | +139% |
| Financial charges | 65/66B | €412 | €324 | -€88 | -21.3% |
| Recurring financial charges | 65 | €412 | €324 | -€88 | -21.3% |
| Profit (loss) for the period before taxes | 9903 | €30,780 | €29,782 | -€998 | -3.2% |
| Income taxes | 67/77 | €11,316 | €12,504 | +€1,188 | +10.5% |
| Profit (loss) for the period | 9904 | €19,464 | €17,278 | -€2,186 | -11.2% |
| Profit (loss) for the period to be appropriated | 9905 | €19,464 | €17,278 | -€2,186 | -11.2% |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 30 June 2024 and 30 June 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 5 November 2026 via checked.be.