TCSG: 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.
TCSG
Largest movements
- Receivables within one year -€136,945
down €136,945 (-42.3%), from €324,107 to €187,162
of which Trade receivables: -€238,020
- Cash -€101,664
down €101,664 (-99.4%), from €102,301 to €637
mainly Advances received (-€108,900) and Other debts (-€103,815)
- Tangible fixed assets -€22,024
down €22,024 (-24.7%), from €89,149 to €67,125
of which Leasing and similar rights: -€27,446
- Advances received -€108,900
down €108,900 (-93.2%), from €116,890 to €7,990
- Other debts -€103,815
down €103,815 (-51.2%), from €202,677 to €98,862
- Trade debts -€11,640
down €11,640 (-31.9%), from €36,512 to €24,872
- Profit (loss) carried forward -€8,377
down €8,377 (-7.2%), from €117,088 to €108,710
- Short-term financial debts -€8,353
no longer reported in 2025 (was €8,353)
- Gross operating margin +€8,523
up €8,523 (+12.5%), from €68,224 to €76,747
- Staff costs -€6,258
down €6,258 (-9.2%), from €67,805 to €61,547
- Depreciation +€6,219
up €6,219 (+48.9%), from €12,706 to €18,925
- Financial income -€1,899
down €1,899 (-96.5%), from €1,968 to €69
- Financial charges +€1,147
up €1,147 (+67.7%), from €1,695 to €2,842
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 | €574,567 | €318,884 | -€255,683 | -44.5% |
| Fixed assets | 21/28 | €90,512 | €67,508 | -€23,004 | -25.4% |
| Tangible fixed assets | 22/27 | €89,149 | €67,125 | -€22,024 | -24.7% |
| Plant, machinery and equipment | 23 | €10,594 | €7,314 | -€3,281 | -31.0% |
| Furniture and vehicles | 24 | €260 | €8,962 | +€8,702 | +3345.6% |
| Leasing and similar rights | 25 | €78,294 | €50,849 | -€27,446 | -35.1% |
| Financial fixed assets | 28 | €1,363 | €383 | -€980 | -71.9% |
| Current assets | 29/58 | €484,055 | €251,376 | -€232,679 | -48.1% |
| Stocks and contracts in progress | 3 | €57,647 | €62,495 | +€4,848 | +8.4% |
| Stocks | 30/36 | €57,647 | €62,495 | +€4,848 | +8.4% |
| Amounts receivable within one year | 40/41 | €324,107 | €187,162 | -€136,945 | -42.3% |
| Trade receivables | 40 | €312,435 | €74,415 | -€238,020 | -76.2% |
| Other amounts receivable | 41 | €11,671 | €112,747 | +€101,076 | +866.0% |
| Cash at bank and in hand | 54/58 | €102,301 | €637 | -€101,664 | -99.4% |
| Deferred charges and accrued income | 490/1 | - | €1,082 | +€1,082 | |
| Total equity and liabilities | 10/49 | €574,567 | €318,884 | -€255,683 | -44.5% |
| Equity | 10/15 | €137,539 | €129,162 | -€8,377 | -6.1% |
| Contributions | 10/11 | €20,451 | €20,451 | = | 0.0% |
| Outside capital | 11 | €20,451 | €20,451 | = | 0.0% |
| Other | 1109/19 | €20,451 | €20,451 | = | 0.0% |
| Profit (loss) carried forward | 14 | €117,088 | €108,710 | -€8,377 | -7.2% |
| Amounts payable | 17/49 | €437,028 | €189,722 | -€247,306 | -56.6% |
| Amounts payable after more than one year | 17 | €43,900 | €39,645 | -€4,255 | -9.7% |
| Financial debts | 170/4 | €43,900 | €39,645 | -€4,255 | -9.7% |
| Amounts payable within one year | 42/48 | €393,128 | €150,077 | -€243,050 | -61.8% |
| Current portion of amounts payable after more than one year | 42 | €13,981 | €8,604 | -€5,377 | -38.5% |
| Financial debts | 43 | €8,353 | - | -€8,353 | |
| Credit institutions | 430/8 | €8,353 | - | -€8,353 | |
| Trade debts | 44 | €36,512 | €24,872 | -€11,640 | -31.9% |
| Suppliers | 440/4 | €36,512 | €24,872 | -€11,640 | -31.9% |
| Advances received on contracts in progress | 46 | €116,890 | €7,990 | -€108,900 | -93.2% |
| Taxes, remuneration and social security | 45 | €14,716 | €9,750 | -€4,966 | -33.7% |
| Taxes | 450/3 | €6,783 | €1,996 | -€4,787 | -70.6% |
| Remuneration and social security | 454/9 | €7,933 | €7,753 | -€180 | -2.3% |
| Other amounts payable | 47/48 | €202,677 | €98,862 | -€103,815 | -51.2% |
| Non-recurring operating income | 76A | - | €24,370 | +€24,370 | |
| Remuneration, social security and pensions | 62 | €67,805 | €61,547 | -€6,258 | -9.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €12,706 | €18,925 | +€6,219 | +48.9% |
| Other operating charges | 640/8 | €2,019 | €1,880 | -€139 | -6.9% |
| Gross operating margin | 9900 | €68,224 | €76,747 | +€8,523 | +12.5% |
| Operating profit (loss) | 9901 | -€14,306 | -€5,604 | +€8,701 | +60.8% |
| Financial income | 75/76B | €1,968 | €69 | -€1,899 | -96.5% |
| Recurring financial income | 75 | €1,968 | €69 | -€1,899 | -96.5% |
| Financial charges | 65/66B | €1,695 | €2,842 | +€1,147 | +67.7% |
| Recurring financial charges | 65 | €1,695 | €2,842 | +€1,147 | +67.7% |
| Profit (loss) for the period before taxes | 9903 | -€14,033 | -€8,377 | +€5,656 | +40.3% |
| Profit (loss) for the period | 9904 | -€14,033 | -€8,377 | +€5,656 | +40.3% |
| Profit (loss) for the period to be appropriated | 9905 | -€14,033 | -€8,377 | +€5,656 | +40.3% |
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 5 October 2026 via checked.be.