TISEAU: 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.
TISEAU
Largest movements
- Current investments +€111,705
new in 2025: €111,705
- Cash -€110,141
down €110,141 (-60.0%), from €183,437 to €73,296
mainly Current investments (-€111,705) and Investment in fixed assets (net) (-€39,833)
- Tangible fixed assets +€30,509
up €30,509 (+145%), from €21,040 to €51,550
of which Plant, machinery and equipment: +€24,482
- Receivables within one year +€27,228
up €27,228 (+76.7%), from €35,519 to €62,748
of which Trade receivables: +€13,921
- Deferred charges and accrued income -€13,388
down €13,388 (-90.8%), from €14,741 to €1,353
- Reserves +€77,000
up €77,000 (+70.0%), from €110,000 to €187,000
- Tax, wage and social debts -€26,552
down €26,552 (-36.8%), from €72,056 to €45,504
- Current portion of long-term debt -€5,404
down €5,404 (-78.3%), from €6,900 to €1,496
- Profit (loss) carried forward +€3,060
up €3,060 (+5.5%), from €55,174 to €58,234
- Gross operating margin -€73,440
down €73,440 (-35.3%), from €207,808 to €134,368
- Taxes -€20,988
down €20,988 (-38.5%), from €54,496 to €33,508
- Depreciation +€3,849
up €3,849 (+68.4%), from €5,625 to €9,474
- Financial income +€3,187
up €3,187 (+2,162%), from €147 to €3,334
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 | €255,200 | €300,963 | +€45,763 | +17.9% |
| Formation expenses | 20 | €463 | €312 | -€151 | -32.6% |
| Fixed assets | 21/28 | €21,040 | €51,550 | +€30,509 | +145% |
| Tangible fixed assets | 22/27 | €21,040 | €51,550 | +€30,509 | +145% |
| Land and buildings | 22 | €1,238 | €9,537 | +€8,299 | +670% |
| Plant, machinery and equipment | 23 | €6,983 | €31,465 | +€24,482 | +351% |
| Furniture and vehicles | 24 | €12,820 | €10,548 | -€2,272 | -17.7% |
| Current assets | 29/58 | €233,697 | €249,102 | +€15,405 | +6.6% |
| Amounts receivable within one year | 40/41 | €35,519 | €62,748 | +€27,228 | +76.7% |
| Trade receivables | 40 | €19,034 | €32,955 | +€13,921 | +73.1% |
| Other amounts receivable | 41 | €16,486 | €29,793 | +€13,307 | +80.7% |
| Current investments | 50/53 | - | €111,705 | +€111,705 | |
| Cash at bank and in hand | 54/58 | €183,437 | €73,296 | -€110,141 | -60.0% |
| Deferred charges and accrued income | 490/1 | €14,741 | €1,353 | -€13,388 | -90.8% |
| Total equity and liabilities | 10/49 | €255,200 | €300,963 | +€45,763 | +17.9% |
| Equity | 10/15 | €170,174 | €250,234 | +€80,060 | +47.0% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Reserves | 13 | €110,000 | €187,000 | +€77,000 | +70.0% |
| Distributable reserves | 133 | €110,000 | €187,000 | +€77,000 | +70.0% |
| Profit (loss) carried forward | 14 | €55,174 | €58,234 | +€3,060 | +5.5% |
| Amounts payable | 17/49 | €85,027 | €50,729 | -€34,297 | -40.3% |
| Amounts payable after more than one year | 17 | €1,496 | - | -€1,496 | |
| Financial debts | 170/4 | €1,496 | - | -€1,496 | |
| Amounts payable within one year | 42/48 | €81,632 | €48,293 | -€33,339 | -40.8% |
| Current portion of amounts payable after more than one year | 42 | €6,900 | €1,496 | -€5,404 | -78.3% |
| Trade debts | 44 | €2,676 | €1,292 | -€1,383 | -51.7% |
| Suppliers | 440/4 | €2,676 | €1,292 | -€1,383 | -51.7% |
| Taxes, remuneration and social security | 45 | €72,056 | €45,504 | -€26,552 | -36.8% |
| Taxes | 450/3 | €72,056 | €45,504 | -€26,552 | -36.8% |
| Accrued charges and deferred income | 492/3 | €1,899 | €2,437 | +€538 | +28.3% |
| Remuneration, social security and pensions | 62 | €13,146 | €13,480 | +€333 | +2.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €5,625 | €9,474 | +€3,849 | +68.4% |
| Other operating charges | 640/8 | €751 | €858 | +€107 | +14.3% |
| Gross operating margin | 9900 | €207,808 | €134,368 | -€73,440 | -35.3% |
| Operating profit (loss) | 9901 | €188,285 | €110,555 | -€77,730 | -41.3% |
| Financial income | 75/76B | €147 | €3,334 | +€3,187 | +2,162% |
| Recurring financial income | 75 | €147 | €3,334 | +€3,187 | +2,162% |
| Financial charges | 65/66B | €361 | €321 | -€40 | -11.1% |
| Recurring financial charges | 65 | €361 | €321 | -€40 | -11.1% |
| Profit (loss) for the period before taxes | 9903 | €188,072 | €113,568 | -€74,504 | -39.6% |
| Income taxes | 67/77 | €54,496 | €33,508 | -€20,988 | -38.5% |
| Profit (loss) for the period | 9904 | €133,576 | €80,060 | -€53,516 | -40.1% |
| Profit (loss) for the period to be appropriated | 9905 | €133,576 | €80,060 | -€53,516 | -40.1% |
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 28 October 2026 via checked.be.