TISAR: 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.
TISAR
Largest movements
- Financial fixed assets +€40,000
new in 2025: €40,000
- Tangible fixed assets -€18,982
down €18,982 (-25.3%), from €74,914 to €55,932
of which Furniture and vehicles: -€20,263
- Receivables within one year -€10,682
down €10,682 (-12.0%), from €88,733 to €78,051
of which Trade receivables: -€50,028
- Debts after one year +€13,993
up €13,993 (+37.0%), from €37,847 to €51,839
- Other debts -€13,977
down €13,977 (-69.3%), from €20,160 to €6,184
- Current portion of long-term debt +€9,609
up €9,609 (+53.6%), from €17,916 to €27,525
- Reserves +€8,928
up €8,928 (+17.1%), from €52,237 to €61,166
- Trade debts -€7,146
down €7,146 (-47.7%), from €14,977 to €7,831
- Gross operating margin -€47,153
down €47,153 (-56.3%), from €83,786 to €36,634
- Taxes -€9,285
down €9,285 (-78.3%), from €11,860 to €2,574
- Depreciation +€1,958
up €1,958 (+9.7%), from €20,114 to €22,072
- Financial charges -€1,101
down €1,101 (-31.1%), from €3,535 to €2,434
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 | €178,219 | €188,039 | +€9,820 | +5.5% |
| Fixed assets | 21/28 | €74,914 | €95,932 | +€21,018 | +28.1% |
| Tangible fixed assets | 22/27 | €74,914 | €55,932 | -€18,982 | -25.3% |
| Furniture and vehicles | 24 | €60,872 | €40,610 | -€20,263 | -33.3% |
| Other tangible fixed assets | 26 | €14,042 | €15,323 | +€1,281 | +9.1% |
| Financial fixed assets | 28 | - | €40,000 | +€40,000 | |
| Current assets | 29/58 | €103,305 | €92,107 | -€11,198 | -10.8% |
| Amounts receivable within one year | 40/41 | €88,733 | €78,051 | -€10,682 | -12.0% |
| Trade receivables | 40 | €88,733 | €38,705 | -€50,028 | -56.4% |
| Other amounts receivable | 41 | €0 | €39,346 | +€39,346 | |
| Cash at bank and in hand | 54/58 | €12,424 | €12,041 | -€382 | -3.1% |
| Deferred charges and accrued income | 490/1 | €2,148 | €2,014 | -€134 | -6.2% |
| Total equity and liabilities | 10/49 | €178,219 | €188,039 | +€9,820 | +5.5% |
| Equity | 10/15 | €57,237 | €66,166 | +€8,928 | +15.6% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Reserves | 13 | €52,237 | €61,166 | +€8,928 | +17.1% |
| Distributable reserves | 133 | €52,237 | €61,166 | +€8,928 | +17.1% |
| Amounts payable | 17/49 | €120,981 | €121,873 | +€892 | +0.7% |
| Amounts payable after more than one year | 17 | €37,847 | €51,839 | +€13,993 | +37.0% |
| Financial debts | 170/4 | €37,847 | €51,839 | +€13,993 | +37.0% |
| Amounts payable within one year | 42/48 | €81,134 | €69,630 | -€11,504 | -14.2% |
| Current portion of amounts payable after more than one year | 42 | €17,916 | €27,525 | +€9,609 | +53.6% |
| Trade debts | 44 | €14,977 | €7,831 | -€7,146 | -47.7% |
| Suppliers | 440/4 | €14,977 | €7,831 | -€7,146 | -47.7% |
| Taxes, remuneration and social security | 45 | €28,080 | €28,090 | +€10 | 0.0% |
| Taxes | 450/3 | €25,580 | €23,134 | -€2,446 | -9.6% |
| Remuneration and social security | 454/9 | €2,500 | €4,956 | +€2,456 | +98.3% |
| Other amounts payable | 47/48 | €20,160 | €6,184 | -€13,977 | -69.3% |
| Accrued charges and deferred income | 492/3 | €2,001 | €404 | -€1,597 | -79.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €20,114 | €22,072 | +€1,958 | +9.7% |
| Other operating charges | 640/8 | €737 | €624 | -€113 | -15.3% |
| Gross operating margin | 9900 | €83,786 | €36,634 | -€47,153 | -56.3% |
| Operating profit (loss) | 9901 | €62,935 | €13,937 | -€48,998 | -77.9% |
| Financial charges | 65/66B | €3,535 | €2,434 | -€1,101 | -31.1% |
| Recurring financial charges | 65 | €3,535 | €2,434 | -€1,101 | -31.1% |
| Profit (loss) for the period before taxes | 9903 | €59,400 | €11,503 | -€47,897 | -80.6% |
| Income taxes | 67/77 | €11,860 | €2,574 | -€9,285 | -78.3% |
| Profit (loss) for the period | 9904 | €47,540 | €8,928 | -€38,612 | -81.2% |
| Profit (loss) for the period to be appropriated | 9905 | €47,540 | €8,928 | -€38,612 | -81.2% |
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 10 October 2026 via checked.be.