TS INVEST: what changed
TS INVEST
Largest movements
- Tangible fixed assets +€190,197
up €190,197 (+19.7%), from €964,871 to €1.2m
of which Land and buildings: +€161,969
- Cash -€127,270
down €127,270 (-83.3%), from €152,708 to €25,438
mainly Investment in fixed assets (net) (-€239,148) and Other debts (-€101,504)
- Debts after one year +€147,712
up €147,712 (+17.3%), from €855,461 to €1.0m
- Other debts -€101,504
down €101,504 (-74.2%), from €136,793 to €35,289
- Current portion of long-term debt +€19,310
up €19,310 (+66.0%), from €29,244 to €48,555
- Profit (loss) carried forward -€12,545
down €12,545 (-81.9%), from €15,313 to €2,768
- Gross operating margin -€343,594
down €343,594 (-83.6%), from €411,146 to €67,552
- Turnover +€78,057
up €78,057 (+141%), from €55,233 to €133,290
- Depreciation -€56,378
down €56,378 (-53.3%), from €105,753 to €49,375
- Purchases and services -€16,002
down €16,002 (-17.6%), from €90,906 to €74,904
- Taxes -€11,270
down €11,270 (-88.6%), from €12,719 to €1,448
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 | €1,133,971 | €1,188,221 | +€54,250 | +4.8% |
| Fixed assets | 21/28 | €969,505 | €1,159,279 | +€189,773 | +19.6% |
| Intangible fixed assets | 21 | €4,635 | €4,210 | -€424 | -9.2% |
| Tangible fixed assets | 22/27 | €964,871 | €1,155,068 | +€190,197 | +19.7% |
| Land and buildings | 22 | €960,421 | €1,122,389 | +€161,969 | +16.9% |
| Furniture and vehicles | 24 | €4,450 | €10,604 | +€6,154 | +138% |
| Other tangible fixed assets | 26 | - | €22,075 | +€22,075 | |
| Current assets | 29/58 | €164,466 | €28,943 | -€135,524 | -82.4% |
| Amounts receivable within one year | 40/41 | €8,000 | - | -€8,000 | |
| Trade receivables | 40 | €8,000 | - | -€8,000 | |
| Cash at bank and in hand | 54/58 | €152,708 | €25,438 | -€127,270 | -83.3% |
| Deferred charges and accrued income | 490/1 | €3,758 | €3,505 | -€253 | -6.7% |
| Total equity and liabilities | 10/49 | €1,133,971 | €1,188,221 | +€54,250 | +4.8% |
| Equity | 10/15 | €95,313 | €82,768 | -€12,545 | -13.2% |
| Contributions | 10/11 | €80,000 | €80,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €15,313 | €2,768 | -€12,545 | -81.9% |
| Amounts payable | 17/49 | €1,038,658 | €1,105,454 | +€66,795 | +6.4% |
| Amounts payable after more than one year | 17 | €855,461 | €1,003,173 | +€147,712 | +17.3% |
| Financial debts | 170/4 | €855,461 | €1,003,173 | +€147,712 | +17.3% |
| Amounts payable within one year | 42/48 | €183,198 | €102,281 | -€80,917 | -44.2% |
| Current portion of amounts payable after more than one year | 42 | €29,244 | €48,555 | +€19,310 | +66.0% |
| Trade debts | 44 | €2,992 | €4,877 | +€1,885 | +63.0% |
| Suppliers | 440/4 | €2,992 | €4,877 | +€1,885 | +63.0% |
| Taxes, remuneration and social security | 45 | €14,168 | €13,561 | -€608 | -4.3% |
| Taxes | 450/3 | €12,668 | €13,561 | +€892 | +7.0% |
| Remuneration and social security | 454/9 | €1,500 | - | -€1,500 | |
| Other amounts payable | 47/48 | €136,793 | €35,289 | -€101,504 | -74.2% |
| Turnover | 70 | €55,233 | €133,290 | +€78,057 | +141% |
| Goods, raw materials, services and sundry goods | 60/61 | €90,906 | €74,904 | -€16,002 | -17.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €105,753 | €49,375 | -€56,378 | -53.3% |
| Other operating charges | 640/8 | €5,241 | €2,803 | -€2,438 | -46.5% |
| Gross operating margin | 9900 | €411,146 | €67,552 | -€343,594 | -83.6% |
| Operating profit (loss) | 9901 | €300,152 | €15,374 | -€284,778 | -94.9% |
| Financial income | 75/76B | €693 | €1,328 | +€635 | +91.7% |
| Recurring financial income | 75 | €693 | €1,328 | +€635 | +91.7% |
| Financial charges | 65/66B | €24,451 | €27,799 | +€3,348 | +13.7% |
| Recurring financial charges | 65 | €24,451 | €27,799 | +€3,348 | +13.7% |
| Profit (loss) for the period before taxes | 9903 | €276,394 | -€11,097 | -€287,491 | |
| Income taxes | 67/77 | €12,719 | €1,448 | -€11,270 | -88.6% |
| Profit (loss) for the period | 9904 | €263,675 | -€12,545 | -€276,220 | |
| Profit (loss) for the period to be appropriated | 9905 | €263,675 | -€12,545 | -€276,220 |
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 8 November 2026 via checked.be.