TISNE: 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.
TISNE
Largest movements
- Tangible fixed assets -€100,096
down €100,096 (-11.7%), from €855,963 to €755,867
of which Plant, machinery and equipment: -€52,594
- Cash -€17,719
down €17,719 (-52.6%), from €33,678 to €15,959
mainly Other debts (-€238,210) and Contributions, distributions and other (-€130,000)
- Other debts -€238,210
down €238,210 (-99.7%), from €239,000 to €791
- Debts after one year +€199,336
up €199,336 (+32.8%), from €608,316 to €807,652
of which Other amounts payable: +€286,426
- Reserves -€59,874
down €59,874 (-99.8%), from €59,993 to €119
- Current portion of long-term debt -€17,143
down €17,143 (-15.2%), from €112,787 to €95,644
- Depreciation -€6,574
down €6,574 (-6.2%), from €106,670 to €100,096
- Financial charges -€5,136
down €5,136 (-19.5%), from €26,323 to €21,187
- Gross operating margin +€4,374
up €4,374 (+2.0%), from €223,229 to €227,603
- Taxes +€4,055
up €4,055 (+17.5%), from €23,187 to €27,242
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 | €1,056,025 | €948,071 | -€107,954 | -10.2% |
| Fixed assets | 21/28 | €998,463 | €898,367 | -€100,096 | -10.0% |
| Intangible fixed assets | 21 | €0 | - | = | |
| Tangible fixed assets | 22/27 | €855,963 | €755,867 | -€100,096 | -11.7% |
| Land and buildings | 22 | €647,035 | €603,431 | -€43,604 | -6.7% |
| Plant, machinery and equipment | 23 | €196,615 | €144,021 | -€52,594 | -26.7% |
| Furniture and vehicles | 24 | €12,313 | €8,415 | -€3,898 | -31.7% |
| Financial fixed assets | 28 | €142,500 | €142,500 | = | 0.0% |
| Current assets | 29/58 | €57,562 | €49,704 | -€7,858 | -13.7% |
| Stocks and contracts in progress | 3 | €17,543 | €18,128 | +€584 | +3.3% |
| Stocks | 30/36 | €17,543 | €18,128 | +€584 | +3.3% |
| Amounts receivable within one year | 40/41 | €6,068 | €13,909 | +€7,842 | +129% |
| Trade receivables | 40 | €60 | €0 | -€60 | -100% |
| Other amounts receivable | 41 | €6,008 | €13,909 | +€7,902 | +132% |
| Cash at bank and in hand | 54/58 | €33,678 | €15,959 | -€17,719 | -52.6% |
| Deferred charges and accrued income | 490/1 | €273 | €1,708 | +€1,435 | +525% |
| Total equity and liabilities | 10/49 | €1,056,025 | €948,071 | -€107,954 | -10.2% |
| Equity | 10/15 | €64,993 | €5,119 | -€59,874 | -92.1% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Reserves | 13 | €59,993 | €119 | -€59,874 | -99.8% |
| Distributable reserves | 133 | €59,993 | €119 | -€59,874 | -99.8% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €991,032 | €942,952 | -€48,080 | -4.9% |
| Amounts payable after more than one year | 17 | €608,316 | €807,652 | +€199,336 | +32.8% |
| Financial debts | 170/4 | €608,316 | €521,226 | -€87,090 | -14.3% |
| Other amounts payable | 178/9 | - | €286,426 | +€286,426 | |
| Amounts payable within one year | 42/48 | €382,717 | €127,644 | -€255,073 | -66.6% |
| Current portion of amounts payable after more than one year | 42 | €112,787 | €95,644 | -€17,143 | -15.2% |
| Trade debts | 44 | €27,530 | €27,650 | +€120 | +0.4% |
| Suppliers | 440/4 | €27,530 | €27,650 | +€120 | +0.4% |
| Advances received on contracts in progress | 46 | €728 | €0 | -€728 | -100% |
| Taxes, remuneration and social security | 45 | €2,671 | €3,559 | +€888 | +33.2% |
| Taxes | 450/3 | €2,671 | €3,559 | +€888 | +33.2% |
| Other amounts payable | 47/48 | €239,000 | €791 | -€238,210 | -99.7% |
| Accrued charges and deferred income | 492/3 | - | €7,657 | +€7,657 | |
| Non-recurring operating income | 76A | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €106,670 | €100,096 | -€6,574 | -6.2% |
| Other operating charges | 640/8 | €8,225 | €9,208 | +€983 | +12.0% |
| Gross operating margin | 9900 | €223,229 | €227,603 | +€4,374 | +2.0% |
| Operating profit (loss) | 9901 | €108,335 | €118,299 | +€9,965 | +9.2% |
| Financial income | 75/76B | €1,168 | €256 | -€912 | -78.1% |
| Recurring financial income | 75 | €1,168 | €256 | -€912 | -78.1% |
| Financial charges | 65/66B | €26,323 | €21,187 | -€5,136 | -19.5% |
| Recurring financial charges | 65 | €26,323 | €21,187 | -€5,136 | -19.5% |
| Profit (loss) for the period before taxes | 9903 | €83,180 | €97,368 | +€14,189 | +17.1% |
| Income taxes | 67/77 | €23,187 | €27,242 | +€4,055 | +17.5% |
| Profit (loss) for the period | 9904 | €59,993 | €70,126 | +€10,133 | +16.9% |
| Profit (loss) for the period to be appropriated | 9905 | €59,993 | €70,126 | +€10,133 | +16.9% |
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 24 October 2026 via checked.be.