TS Cargo: 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.
TS Cargo
Largest movements
- Receivables within one year -€46,988
down €46,988 (-74.1%), from €63,386 to €16,398
of which Trade receivables: -€44,450
- Deferred charges and accrued income +€1,692
new in 2025: €1,692
- Cash -€1,350
down €1,350 (-50.2%), from €2,689 to €1,339
mainly Trade debts (-€54,764) and Deferred charges and accrued income (-€1,692)
- Trade debts -€54,764
down €54,764 (-87.9%), from €62,282 to €7,517
- Profit (loss) carried forward +€6,852
up €6,852, from -€1,952 to €4,900
- Gross operating margin +€3,924
up €3,924 (+72.4%), from €5,417 to €9,341
- Taxes +€1,676
new in 2025: €1,676
- Other operating charges +€496
up €496 (+2351.5%), from €21 to €517
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 | €67,057 | €20,185 | -€46,873 | -69.9% |
| Fixed assets | 21/28 | €983 | €756 | -€227 | -23.1% |
| Tangible fixed assets | 22/27 | €785 | €558 | -€227 | -28.9% |
| Furniture and vehicles | 24 | €785 | €558 | -€227 | -28.9% |
| Financial fixed assets | 28 | €198 | €198 | = | 0.0% |
| Current assets | 29/58 | €66,075 | €19,429 | -€46,646 | -70.6% |
| Amounts receivable within one year | 40/41 | €63,386 | €16,398 | -€46,988 | -74.1% |
| Trade receivables | 40 | €60,848 | €16,398 | -€44,450 | -73.1% |
| Other amounts receivable | 41 | €2,537 | - | -€2,537 | |
| Cash at bank and in hand | 54/58 | €2,689 | €1,339 | -€1,350 | -50.2% |
| Deferred charges and accrued income | 490/1 | - | €1,692 | +€1,692 | |
| Total equity and liabilities | 10/49 | €67,057 | €20,185 | -€46,873 | -69.9% |
| Equity | 10/15 | €2,048 | €8,900 | +€6,852 | +334.6% |
| Contributions | 10/11 | €4,000 | €4,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€1,952 | €4,900 | +€6,852 | |
| Amounts payable | 17/49 | €65,010 | €11,285 | -€53,725 | -82.6% |
| Amounts payable within one year | 42/48 | €65,010 | €11,285 | -€53,725 | -82.6% |
| Trade debts | 44 | €62,282 | €7,517 | -€54,764 | -87.9% |
| Suppliers | 440/4 | €62,282 | €7,517 | -€54,764 | -87.9% |
| Taxes, remuneration and social security | 45 | €2,728 | €3,315 | +€587 | +21.5% |
| Taxes | 450/3 | €1,928 | €2,515 | +€587 | +30.4% |
| Remuneration and social security | 454/9 | €800 | €800 | = | 0.0% |
| Other amounts payable | 47/48 | - | €452 | +€452 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €227 | €227 | = | 0.0% |
| Other operating charges | 640/8 | €21 | €517 | +€496 | +2351.5% |
| Gross operating margin | 9900 | €5,417 | €9,341 | +€3,924 | +72.4% |
| Operating profit (loss) | 9901 | €5,169 | €8,597 | +€3,428 | +66.3% |
| Financial charges | 65/66B | €60 | €69 | +€9 | +15.2% |
| Recurring financial charges | 65 | €60 | €69 | +€9 | +15.2% |
| Profit (loss) for the period before taxes | 9903 | €5,109 | €8,528 | +€3,419 | +66.9% |
| Income taxes | 67/77 | - | €1,676 | +€1,676 | |
| Profit (loss) for the period | 9904 | €5,109 | €6,852 | +€1,742 | +34.1% |
| Profit (loss) for the period to be appropriated | 9905 | €5,109 | €6,852 | +€1,742 | +34.1% |
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.