TS HOLDING: 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 HOLDING
Largest movements
- Cash -€8,609
down €8,609 (-19.4%), from €44,277 to €35,667
mainly Receivables within one year (-€7,485) and Other debts (-€6,262)
- Receivables within one year +€7,485
up €7,485 (+109.6%), from €6,828 to €14,312
of which Trade receivables: +€13,304
- Tangible fixed assets -€5,582
down €5,582 (-50.1%), from €11,137 to €5,555
- Deferred charges and accrued income -€800
down €800 (-47.1%), from €1,699 to €899
- Other debts -€6,262
down €6,262 (-62.6%), from €10,000 to €3,738
- Tax, wage and social debts -€2,913
down €2,913 (-25.0%), from €11,631 to €8,718
- Trade debts +€1,469
up €1,469 (+29.9%), from €4,905 to €6,373
- Gross operating margin -€4,260
down €4,260 (-25.5%), from €16,709 to €12,449
- Financial charges +€1,662
up €1,662 (+498.1%), from €334 to €1,996
- Other operating charges +€1,620
up €1,620 (+214.6%), from €755 to €2,375
- Taxes -€1,400
down €1,400 (-34.8%), from €4,023 to €2,623
- Financial income +€266
up €266 (+435.4%), from €61 to €328
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 | €66,989 | €59,483 | -€7,507 | -11.2% |
| Fixed assets | 21/28 | €14,187 | €8,605 | -€5,582 | -39.3% |
| Tangible fixed assets | 22/27 | €11,137 | €5,555 | -€5,582 | -50.1% |
| Furniture and vehicles | 24 | €11,137 | €5,555 | -€5,582 | -50.1% |
| Financial fixed assets | 28 | €3,050 | €3,050 | = | 0.0% |
| Current assets | 29/58 | €52,803 | €50,878 | -€1,925 | -3.6% |
| Amounts receivable within one year | 40/41 | €6,828 | €14,312 | +€7,485 | +109.6% |
| Trade receivables | 40 | €919 | €14,223 | +€13,304 | +1447.8% |
| Other amounts receivable | 41 | €5,909 | €90 | -€5,819 | -98.5% |
| Cash at bank and in hand | 54/58 | €44,277 | €35,667 | -€8,609 | -19.4% |
| Deferred charges and accrued income | 490/1 | €1,699 | €899 | -€800 | -47.1% |
| Total equity and liabilities | 10/49 | €66,989 | €59,483 | -€7,507 | -11.2% |
| Equity | 10/15 | €40,454 | €40,654 | +€201 | +0.5% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €1,877 | €1,877 | = | 0.0% |
| Distributable reserves | 133 | €1,877 | €1,877 | = | 0.0% |
| Profit (loss) carried forward | 14 | €19,977 | €20,178 | +€201 | +1.0% |
| Amounts payable | 17/49 | €26,536 | €18,829 | -€7,707 | -29.0% |
| Amounts payable within one year | 42/48 | €26,536 | €18,829 | -€7,707 | -29.0% |
| Trade debts | 44 | €4,905 | €6,373 | +€1,469 | +29.9% |
| Suppliers | 440/4 | €4,905 | €6,373 | +€1,469 | +29.9% |
| Taxes, remuneration and social security | 45 | €11,631 | €8,718 | -€2,913 | -25.0% |
| Taxes | 450/3 | €11,631 | €8,718 | -€2,913 | -25.0% |
| Other amounts payable | 47/48 | €10,000 | €3,738 | -€6,262 | -62.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €5,587 | €5,582 | -€5 | -0.1% |
| Other operating charges | 640/8 | €755 | €2,375 | +€1,620 | +214.6% |
| Gross operating margin | 9900 | €16,709 | €12,449 | -€4,260 | -25.5% |
| Operating profit (loss) | 9901 | €10,367 | €4,492 | -€5,875 | -56.7% |
| Financial income | 75/76B | €61 | €328 | +€266 | +435.4% |
| Recurring financial income | 75 | €61 | €328 | +€266 | +435.4% |
| Financial charges | 65/66B | €334 | €1,996 | +€1,662 | +498.1% |
| Recurring financial charges | 65 | €334 | €1,996 | +€1,662 | +498.1% |
| Profit (loss) for the period before taxes | 9903 | €10,094 | €2,823 | -€7,271 | -72.0% |
| Income taxes | 67/77 | €4,023 | €2,623 | -€1,400 | -34.8% |
| Profit (loss) for the period | 9904 | €6,071 | €201 | -€5,871 | -96.7% |
| Profit (loss) for the period to be appropriated | 9905 | €6,071 | €201 | -€5,871 | -96.7% |
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 7 October 2026 via checked.be.