TS 33: 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.
What changed
TS 33
NACE 68.121, Development of residential building projects
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€2.4m
2024 · €728,474+€1.7m
Equity
€11.6m
2024 · €7.2m+€4.4m
Cash
€2.3m
2024 · €1.5m+€742,975
Balance sheet total
€88.6m
2024 · €89.5m-€885,044
Largest movements
Assets
- Financial fixed assets -€15.8m
down €15.8m (-25.7%), from €61.3m to €45.6m
- Current investments +€12.9m
new in 2025: €12.9m
- Receivables after one year +€2.9m
up €2.9m (+54.6%), from €5.2m to €8.1m
- Receivables within one year -€2.4m
down €2.4m (-49.0%), from €4.9m to €2.5m
of which Trade receivables: -€3.0m
Equity and liabilities
- Other debts -€11.3m
down €11.3m (-99.9%), from €11.3m to €10,850
- Short-term financial debts +€7.5m
up €7.5m (+127%), from €5.9m to €13.4m
- Current portion of long-term debt -€6.1m
down €6.1m (-86.4%), from €7.1m to €958,353
- Debts after one year +€5.1m
up €5.1m (+9.2%), from €55.9m to €61.1m
of which Financial debts: +€10.6m
- Profit (loss) carried forward +€2.4m
up €2.4m (+54.7%), from €4.5m to €6.9m
Income statement
- Gross operating margin -€2.0m
down €2.0m (-29.8%), from €6.7m to €4.7m
- Other operating charges -€1.8m
down €1.8m (-85.2%), from €2.1m to €307,680
- Financial income +€918,943
up €918,943 (+890%), from €103,298 to €1.0m
of which Non-recurring financial income: +€872,037
- Financial charges -€594,195
down €594,195 (-18.5%), from €3.2m to €2.6m
of which Non-recurring financial charges: -€500,000
- Write-downs -€259,394
down €259,394 (-100%), from €259,394 to €0
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.
Result 2024
€728,474
Gross operating margin
-€2.0m
Depreciation
+€81,134
Write-downs
+€259,394
Other operating charges
+€1.8m
Other operating items
+€34,462
Financial income
+€918,943
Financial charges
+€594,195
Taxes
+€11,675
Result 2025
€2.4m
raises the resultlowers the resultnot broken down further in the accounts
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.
From operations
-€10.3m
Investment
+€2.5m
Financing
+€8.5m
Cash 2024
€1.5m
From operations (derived)
-€10.3m
Net result for the year
+€2.4m
Depreciation
+€292,284
Receivables after one year
-€2.9m
Stocks and contracts
-€602,523
Receivables within one year
+€2.4m
Deferred charges and accrued income
-€63,349
Provisions
-€10,119
Trade debts
-€1.0m
Tax, wage and social debts
+€428,371
Other debts
-€11.3m
Investment (derived)
+€2.5m
Investment in fixed assets (net)
+€15.3m
Current investments
-€12.9m
Financing
+€8.5m
Debts after one year
+€5.1m
Current portion of long-term debt
-€6.1m
Short-term financial debts
+€7.5m
Contributions, distributions and other
+€2.0m
Cash 2025
€2.3m
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €89,475,671 | €88,590,627 | -€885,044 | -1.0% |
| Fixed assets | 21/28 | €71,002,249 | €55,377,839 | -€15.6m | -22.0% |
| Intangible fixed assets | 21 | €33,739 | €16,892 | -€16,847 | -49.9% |
| Tangible fixed assets | 22/27 | €9,636,539 | €9,802,849 | +€166,310 | +1.7% |
| Land and buildings | 22 | €9,062,470 | €8,800,733 | -€261,737 | -2.9% |
| Plant, machinery and equipment | 23 | €49,757 | €18,844 | -€30,912 | -62.1% |
| Furniture and vehicles | 24 | €236,807 | €208,718 | -€28,089 | -11.9% |
| Leasing and similar rights | 25 | €21,371 | €18,791 | -€2,580 | -12.1% |
| Other tangible fixed assets | 26 | €117,364 | €569,588 | +€452,224 | +385% |
| Assets under construction and advance payments | 27 | €148,770 | €186,176 | +€37,406 | +25.1% |
| Financial fixed assets | 28 | €61,331,971 | €45,558,097 | -€15.8m | -25.7% |
| Current assets | 29/58 | €18,473,422 | €33,212,788 | +€14.7m | +79.8% |
| Amounts receivable after more than one year | 29 | €5,229,875 | €8,086,326 | +€2.9m | +54.6% |
| Other amounts receivable | 291 | €5,229,875 | €8,086,326 | +€2.9m | +54.6% |
| Stocks and contracts in progress | 3 | €6,667,398 | €7,269,921 | +€602,523 | +9.0% |
| Stocks | 30/36 | €6,667,398 | €7,269,921 | +€602,523 | +9.0% |
| Amounts receivable within one year | 40/41 | €4,906,365 | €2,502,313 | -€2.4m | -49.0% |
| Trade receivables | 40 | €3,198,768 | €193,990 | -€3.0m | -93.9% |
| Other amounts receivable | 41 | €1,707,597 | €2,308,323 | +€600,725 | +35.2% |
| Current investments | 50/53 | - | €12,878,119 | +€12.9m | |
| Cash at bank and in hand | 54/58 | €1,530,266 | €2,273,242 | +€742,975 | +48.6% |
| Deferred charges and accrued income | 490/1 | €139,519 | €202,868 | +€63,349 | +45.4% |
| Total equity and liabilities | 10/49 | €89,475,671 | €88,590,627 | -€885,044 | -1.0% |
| Equity | 10/15 | €7,228,498 | €11,648,998 | +€4.4m | +61.2% |
| Contributions | 10/11 | €74,400 | €2,074,400 | +€2.0m | +2,688% |
| Reserves | 13 | €2,685,745 | €2,661,655 | -€24,090 | -0.9% |
| Non-distributable reserves | 130/1 | €7,440 | €7,440 | = | 0.0% |
| Reserves not available under the articles | 1311 | €7,440 | €7,440 | = | 0.0% |
| Tax-exempt reserves | 132 | €699,750 | €675,660 | -€24,090 | -3.4% |
| Distributable reserves | 133 | €1,978,555 | €1,978,555 | = | 0.0% |
| Profit (loss) carried forward | 14 | €4,468,353 | €6,912,943 | +€2.4m | +54.7% |
| Provisions and deferred taxes | 16 | €270,303 | €260,184 | -€10,119 | -3.7% |
| Deferred taxes | 168 | €270,303 | €260,184 | -€10,119 | -3.7% |
| Amounts payable | 17/49 | €81,976,870 | €76,681,446 | -€5.3m | -6.5% |
| Amounts payable after more than one year | 17 | €55,910,939 | €61,060,914 | +€5.1m | +9.2% |
| Financial debts | 170/4 | €8,443,915 | €19,041,698 | +€10.6m | +126% |
| Other amounts payable | 178/9 | €47,467,024 | €42,019,216 | -€5.4m | -11.5% |
| Amounts payable within one year | 42/48 | €26,065,931 | €15,620,531 | -€10.4m | -40.1% |
| Current portion of amounts payable after more than one year | 42 | €7,065,287 | €958,353 | -€6.1m | -86.4% |
| Financial debts | 43 | €5,925,000 | €13,428,000 | +€7.5m | +127% |
| Credit institutions | 430/8 | €5,925,000 | €13,428,000 | +€7.5m | +127% |
| Trade debts | 44 | €1,670,726 | €668,897 | -€1.0m | -60.0% |
| Suppliers | 440/4 | €1,670,726 | €668,897 | -€1.0m | -60.0% |
| Taxes, remuneration and social security | 45 | €126,060 | €554,431 | +€428,371 | +340% |
| Taxes | 450/3 | €126,060 | €554,431 | +€428,371 | +340% |
| Other amounts payable | 47/48 | €11,278,857 | €10,850 | -€11.3m | -99.9% |
| Non-recurring operating income | 76A | €5,353,978 | €5,017,264 | -€336,714 | -6.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €373,418 | €292,284 | -€81,134 | -21.7% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €259,394 | €0 | -€259,394 | -100% |
| Other operating charges | 640/8 | €2,082,471 | €307,680 | -€1.8m | -85.2% |
| Non-recurring operating charges | 66A | €34,462 | €0 | -€34,462 | -100% |
| Gross operating margin | 9900 | €6,657,144 | €4,674,576 | -€2.0m | -29.8% |
| Operating profit (loss) | 9901 | €3,907,400 | €4,074,612 | +€167,213 | +4.3% |
| Financial income | 75/76B | €103,298 | €1,022,241 | +€918,943 | +890% |
| Recurring financial income | 75 | €54,271 | €101,177 | +€46,905 | +86.4% |
| Non-recurring financial income | 76B | €49,027 | €921,064 | +€872,037 | +1,779% |
| Financial charges | 65/66B | €3,207,685 | €2,613,490 | -€594,195 | -18.5% |
| Recurring financial charges | 65 | €2,707,685 | €2,613,490 | -€94,195 | -3.5% |
| Non-recurring financial charges | 66B | €500,000 | €0 | -€500,000 | -100% |
| Profit (loss) for the period before taxes | 9903 | €803,012 | €2,483,362 | +€1.7m | +209% |
| Transfer from deferred taxes | 780 | €10,119 | €10,119 | +€0 | 0.0% |
| Income taxes | 67/77 | €84,657 | €72,982 | -€11,675 | -13.8% |
| Profit (loss) for the period | 9904 | €728,474 | €2,420,499 | +€1.7m | +232% |
| Transfer from tax-exempt reserves | 789 | €372,890 | €24,090 | -€348,800 | -93.5% |
| Profit (loss) for the period to be appropriated | 9905 | €1,101,364 | €2,444,589 | +€1.3m | +122% |
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 15 October 2026 via checked.be.