TS FINANCE: what changed
TS FINANCE
Largest movements
- Receivables within one year +€12,326
up €12,326 (+9,630%), from €128 to €12,454
- Cash -€9,704
down €9,704 (-47.9%), from €20,279 to €10,575
mainly Receivables within one year (-€12,326) and Other debts (-€10,000)
- Tangible fixed assets -€5,115
down €5,115 (-29.7%), from €17,194 to €12,079
of which Other tangible fixed assets: -€2,930
- Profit (loss) carried forward +€11,937
up €11,937 (+27.7%), from -€43,150 to -€31,213
- Other debts -€10,000
down €10,000 (-98.8%), from €10,123 to €123
- Debts after one year -€7,685
down €7,685 (-63.5%), from €12,109 to €4,424
- Trade debts +€3,698
new in 2025: €3,698
- Current portion of long-term debt -€442
down €442 (-4.9%), from €8,973 to €8,531
- Gross operating margin +€32,683
up €32,683, from -€14,574 to €18,109
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €38,055 | €35,563 | -€2,492 | -6.5% |
| Fixed assets | 21/28 | €17,194 | €12,079 | -€5,115 | -29.7% |
| Tangible fixed assets | 22/27 | €17,194 | €12,079 | -€5,115 | -29.7% |
| Furniture and vehicles | 24 | €6,118 | €3,933 | -€2,185 | -35.7% |
| Other tangible fixed assets | 26 | €11,076 | €8,146 | -€2,930 | -26.5% |
| Current assets | 29/58 | €20,861 | €23,484 | +€2,623 | +12.6% |
| Amounts receivable within one year | 40/41 | €128 | €12,454 | +€12,326 | +9,630% |
| Trade receivables | 40 | €128 | €12,454 | +€12,326 | +9,630% |
| Cash at bank and in hand | 54/58 | €20,279 | €10,575 | -€9,704 | -47.9% |
| Deferred charges and accrued income | 490/1 | €454 | €455 | +€1 | +0.2% |
| Total equity and liabilities | 10/49 | €38,055 | €35,563 | -€2,492 | -6.5% |
| Equity | 10/15 | €6,850 | €18,787 | +€11,937 | +174% |
| Contributions | 10/11 | €50,000 | €50,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€43,150 | -€31,213 | +€11,937 | +27.7% |
| Amounts payable | 17/49 | €31,205 | €16,776 | -€14,429 | -46.2% |
| Amounts payable after more than one year | 17 | €12,109 | €4,424 | -€7,685 | -63.5% |
| Financial debts | 170/4 | €12,109 | €4,424 | -€7,685 | -63.5% |
| Amounts payable within one year | 42/48 | €19,096 | €12,352 | -€6,744 | -35.3% |
| Current portion of amounts payable after more than one year | 42 | €8,973 | €8,531 | -€442 | -4.9% |
| Trade debts | 44 | - | €3,698 | +€3,698 | |
| Suppliers | 440/4 | - | €3,698 | +€3,698 | |
| Other amounts payable | 47/48 | €10,123 | €123 | -€10,000 | -98.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €5,245 | €5,115 | -€130 | -2.5% |
| Other operating charges | 640/8 | €193 | €193 | = | 0.0% |
| Gross operating margin | 9900 | -€14,574 | €18,109 | +€32,683 | |
| Operating profit (loss) | 9901 | -€20,012 | €12,801 | +€32,813 | |
| Financial charges | 65/66B | €708 | €864 | +€156 | +22.0% |
| Recurring financial charges | 65 | €708 | €864 | +€156 | +22.0% |
| Profit (loss) for the period before taxes | 9903 | -€20,720 | €11,937 | +€32,657 | |
| Profit (loss) for the period | 9904 | -€20,720 | €11,937 | +€32,657 | |
| Profit (loss) for the period to be appropriated | 9905 | -€20,720 | €11,937 | +€32,657 |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 6 November 2026 via checked.be.