TS Holding: 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 Holding
NACE 64.210, Activities of holding companies
financial year 2024 against 2025filed annual accounts (NBB)
Net result for the year
€1.2m
2024 · €1.3m-€78,409
Equity
€8.3m
2024 · €7.1m+€1.2m
Cash
€103,546
2024 · €61,647+€41,899
Balance sheet total
€53.5m
2024 · €23.5m+€30.0m
Largest movements
Assets
- Financial fixed assets +€23.1m
up €23.1m (+122.5%), from €18.9m to €42.0m
- Receivables within one year +€6.5m
up €6.5m (+202.1%), from €3.2m to €9.7m
of which Trade receivables: +€6.4m
Equity and liabilities
- Debts after one year +€24.6m
up €24.6m (+175.7%), from €14.0m to €38.6m
- Profit (loss) carried forward +€20.1m
up €20.1m, from -€19.8m to €337,323
- Contributions -€18.9m
down €18.9m (-70.3%), from €26.9m to €8.0m
- Other debts +€2.0m
up €2.0m (+149.1%), from €1.3m to €3.3m
- Trade debts +€1.8m
up €1.8m (+356.9%), from €493,773 to €2.3m
Income statement
- Turnover +€5.5m
up €5.5m (+106.8%), from €5.2m to €10.7m
- Services and other goods +€3.5m
up €3.5m (+125.2%), from €2.8m to €6.2m
- Financial charges +€1.4m
up €1.4m (+1852.5%), from €74,804 to €1.5m
- Staff costs +€225,757
up €225,757 (+24.4%), from €924,770 to €1.2m
- Depreciation +€185,482
up €185,482 (+149.6%), from €123,977 to €309,459
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
€1.3m
Turnover
+€5.5m
Other operating income
-€7,785
Goods and materials
+€2,437
Services and other goods
-€3.5m
Staff costs
-€225,757
Depreciation
-€185,482
Other operating charges
-€1,372
Other operating items
-€387,314
Financial income
+€332
Financial charges
-€1.4m
Taxes
+€23,406
Result 2025
€1.2m
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.
From operations
-€762,022
Investment
-€23.8m
Financing
+€24.6m
Cash 2024
€61,647
From operations (derived)
-€762,022
Net result for the year
+€1.2m
Depreciation
+€309,459
Receivables within one year
-€6.5m
Trade debts
+€1.8m
Tax, wage and social debts
+€545,380
Other debts
+€2.0m
Accrued charges and deferred income
-€52,100
Investment (derived)
-€23.8m
Investment in fixed assets (net)
-€23.8m
Financing
+€24.6m
Debts after one year
+€24.6m
Cash 2025
€103,546
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €23,463,525 | €53,470,845 | +€30.0m | +127.9% |
| Fixed assets | 21/28 | €20,193,698 | €43,673,863 | +€23.5m | +116.3% |
| Intangible fixed assets | 21 | €1,305,852 | €1,650,992 | +€345,140 | +26.4% |
| Financial fixed assets | 28 | €18,887,847 | €42,022,872 | +€23.1m | +122.5% |
| Affiliated companies | 280/1 | €18,887,847 | €42,022,872 | +€23.1m | +122.5% |
| Participating interests | 280 | €18,887,847 | €34,846,615 | +€16.0m | +84.5% |
| Amounts receivable | 281 | - | €7,176,256 | +€7.2m | |
| Current assets | 29/58 | €3,269,827 | €9,796,982 | +€6.5m | +199.6% |
| Amounts receivable within one year | 40/41 | €3,208,180 | €9,693,436 | +€6.5m | +202.1% |
| Trade receivables | 40 | €2,799,262 | €9,155,133 | +€6.4m | +227.1% |
| Other amounts receivable | 41 | €408,918 | €538,303 | +€129,385 | +31.6% |
| Cash at bank and in hand | 54/58 | €61,647 | €103,546 | +€41,899 | +68.0% |
| Total equity and liabilities | 10/49 | €23,463,525 | €53,470,845 | +€30.0m | +127.9% |
| Equity | 10/15 | €7,129,115 | €8,337,323 | +€1.2m | +16.9% |
| Contributions | 10/11 | €26,905,484 | €8,000,000 | -€18.9m | -70.3% |
| Capital | 10 | €26,905,484 | €8,000,000 | -€18.9m | -70.3% |
| Issued capital | 100 | €26,905,484 | €8,000,000 | -€18.9m | -70.3% |
| Profit (loss) carried forward | 14 | -€19,776,369 | €337,323 | +€20.1m | |
| Amounts payable | 17/49 | €16,334,410 | €45,133,522 | +€28.8m | +176.3% |
| Amounts payable after more than one year | 17 | €13,997,582 | €38,591,127 | +€24.6m | +175.7% |
| Financial debts | 170/4 | €13,997,582 | €38,591,127 | +€24.6m | +175.7% |
| Other loans | 174 | €13,997,582 | €38,591,127 | +€24.6m | +175.7% |
| Amounts payable within one year | 42/48 | €2,181,047 | €6,438,714 | +€4.3m | +195.2% |
| Trade debts | 44 | €493,773 | €2,255,806 | +€1.8m | +356.9% |
| Suppliers | 440/4 | €493,773 | €2,255,806 | +€1.8m | +356.9% |
| Taxes, remuneration and social security | 45 | €379,272 | €924,652 | +€545,380 | +143.8% |
| Taxes | 450/3 | €152,466 | €688,020 | +€535,554 | +351.3% |
| Remuneration and social security | 454/9 | €226,806 | €236,632 | +€9,826 | +4.3% |
| Other amounts payable | 47/48 | €1,308,002 | €3,258,256 | +€2.0m | +149.1% |
| Accrued charges and deferred income | 492/3 | €155,781 | €103,681 | -€52,100 | -33.4% |
| Operating income | 70/76A | €5,300,749 | €10,839,645 | +€5.5m | +104.5% |
| Turnover | 70 | €5,194,951 | €10,741,633 | +€5.5m | +106.8% |
| Other operating income | 74 | €105,798 | €98,012 | -€7,785 | -7.4% |
| Operating charges | 60/66A | €3,906,840 | €8,162,120 | +€4.3m | +108.9% |
| Goods for resale, raw materials and consumables | 60 | €5,369 | €2,932 | -€2,437 | -45.4% |
| Purchases | 600/8 | €5,369 | €2,932 | -€2,437 | -45.4% |
| Services and other goods | 61 | €2,762,094 | €6,219,887 | +€3.5m | +125.2% |
| Remuneration, social security and pensions | 62 | €924,770 | €1,150,527 | +€225,757 | +24.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €123,977 | €309,459 | +€185,482 | +149.6% |
| Other operating charges | 640/8 | €629 | €2,002 | +€1,372 | +218.1% |
| Non-recurring operating charges | 66A | €90,000 | €477,314 | +€387,314 | +430.3% |
| Operating profit (loss) | 9901 | €1,393,909 | €2,677,526 | +€1.3m | +92.1% |
| Financial income | 75/76B | €4,654 | €4,986 | +€332 | +7.1% |
| Recurring financial income | 75 | €4,654 | €4,986 | +€332 | +7.1% |
| Income from financial fixed assets | 750 | €2,366 | - | -€2,366 | |
| Other financial income | 752/9 | €2,288 | €4,986 | +€2,698 | +117.9% |
| Financial charges | 65/66B | €74,804 | €1,460,568 | +€1.4m | +1852.5% |
| Recurring financial charges | 65 | €74,804 | €1,460,568 | +€1.4m | +1852.5% |
| Debt charges | 650 | €67,990 | €1,459,520 | +€1.4m | +2046.7% |
| Other financial charges | 652/9 | €6,814 | €1,048 | -€5,766 | -84.6% |
| Profit (loss) for the period before taxes | 9903 | €1,323,759 | €1,221,944 | -€101,815 | -7.7% |
| Income taxes | 67/77 | €37,142 | €13,736 | -€23,406 | -63.0% |
| Taxes | 670/3 | €37,142 | €19,753 | -€17,390 | -46.8% |
| Tax adjustments and reversals of tax provisions | 77 | - | €6,016 | +€6,016 | |
| Profit (loss) for the period | 9904 | €1,286,617 | €1,208,208 | -€78,409 | -6.1% |
| Profit (loss) for the period to be appropriated | 9905 | €1,286,617 | €1,208,208 | -€78,409 | -6.1% |
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 12 October 2026 via checked.be.