TS DIRECT PRIVATE EQUITY: 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.
TS DIRECT PRIVATE EQUITY
Largest movements
- Financial fixed assets -€1.3m
down €1.3m (-56.8%), from €2.3m to €1.0m
- Cash -€32,438
down €32,438 (-33.6%), from €96,674 to €64,237
mainly Net result for the year (-€1.6m) and Smaller working-capital items (-€2,158)
- Profit (loss) carried forward -€1.6m
down €1.6m (-61.4%), from -€2.6m to -€4.1m
- Contributions +€211,250
up €211,250 (+4.5%), from €4.7m to €4.9m
- Financial charges -€275,256
down €275,256 (-15.0%), from €1.8m to €1.6m
of which Non-recurring financial charges: -€267,957
- Financial income +€4,001
new in 2025: €4,001
- Gross operating margin +€3,208
up €3,208 (+12.3%), from -€26,167 to -€22,960
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 | €2,443,974 | €1,079,954 | -€1.4m | -55.8% |
| Fixed assets | 21/28 | €2,347,300 | €1,014,629 | -€1.3m | -56.8% |
| Financial fixed assets | 28 | €2,347,300 | €1,014,629 | -€1.3m | -56.8% |
| Current assets | 29/58 | €96,674 | €65,326 | -€31,349 | -32.4% |
| Amounts receivable within one year | 40/41 | - | €1,089 | +€1,089 | |
| Other amounts receivable | 41 | - | €1,089 | +€1,089 | |
| Cash at bank and in hand | 54/58 | €96,674 | €64,237 | -€32,438 | -33.6% |
| Total equity and liabilities | 10/49 | €2,443,974 | €1,079,954 | -€1.4m | -55.8% |
| Equity | 10/15 | €2,123,252 | €760,301 | -€1.4m | -64.2% |
| Contributions | 10/11 | €4,688,750 | €4,900,000 | +€211,250 | +4.5% |
| Profit (loss) carried forward | 14 | -€2,565,498 | -€4,139,699 | -€1.6m | -61.4% |
| Amounts payable | 17/49 | €320,722 | €319,653 | -€1,069 | -0.3% |
| Amounts payable after more than one year | 17 | €310,000 | €310,000 | = | 0.0% |
| Financial debts | 170/4 | €310,000 | €310,000 | = | 0.0% |
| Amounts payable within one year | 42/48 | €9,274 | €9,653 | +€380 | +4.1% |
| Trade debts | 44 | €9,274 | €9,653 | +€380 | +4.1% |
| Suppliers | 440/4 | €9,274 | €9,653 | +€380 | +4.1% |
| Accrued charges and deferred income | 492/3 | €1,449 | - | -€1,449 | |
| Other operating charges | 640/8 | €968 | €1,107 | +€140 | +14.5% |
| Gross operating margin | 9900 | -€26,167 | -€22,960 | +€3,208 | +12.3% |
| Operating profit (loss) | 9901 | -€27,135 | -€24,067 | +€3,068 | +11.3% |
| Financial income | 75/76B | - | €4,001 | +€4,001 | |
| Recurring financial income | 75 | - | €4,001 | +€4,001 | |
| Financial charges | 65/66B | €1,829,391 | €1,554,134 | -€275,256 | -15.0% |
| Recurring financial charges | 65 | €20,570 | €13,271 | -€7,299 | -35.5% |
| Non-recurring financial charges | 66B | €1,808,821 | €1,540,863 | -€267,957 | -14.8% |
| Profit (loss) for the period before taxes | 9903 | -€1,856,526 | -€1,574,200 | +€282,325 | +15.2% |
| Profit (loss) for the period | 9904 | -€1,856,526 | -€1,574,200 | +€282,325 | +15.2% |
| Profit (loss) for the period to be appropriated | 9905 | -€1,856,526 | -€1,574,200 | +€282,325 | +15.2% |
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 23 October 2026 via checked.be.