TS & M: 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 & M
Largest movements
- Current investments -€34,134
down €34,134 (-53.6%), from €63,699 to €29,564
- Cash +€27,786
up €27,786 (+319.1%), from €8,707 to €36,493
mainly Current investments (+€34,134) and Depreciation (+€16,350)
- Tangible fixed assets -€16,350
down €16,350 (-3.0%), from €543,290 to €526,940
- Receivables within one year +€16,275
up €16,275 (+70.6%), from €23,059 to €39,335
of which Trade receivables: +€16,187
- Financial fixed assets -€15,000
down €15,000 (-3.2%), from €465,500 to €450,500
- Other debts -€47,020
down €47,020 (-98.2%), from €47,893 to €873
- Reserves +€13,537
up €13,537 (+3.8%), from €358,012 to €371,549
of which Distributable reserves: +€13,537
- Debts after one year +€12,830
up €12,830 (+4.5%), from €282,378 to €295,208
of which Other amounts payable: +€45,500
- Staff costs +€11,095
up €11,095 (+20.5%), from €54,183 to €65,278
- Taxes -€4,542
down €4,542 (-36.1%), from €12,582 to €8,040
- Other operating charges +€1,652
up €1,652 (+80.0%), from €2,065 to €3,717
- Financial income -€1,397
down €1,397 (-100.0%), from €1,397 to €0
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 | €1,104,255 | €1,082,832 | -€21,423 | -1.9% |
| Fixed assets | 21/28 | €1,008,790 | €977,440 | -€31,350 | -3.1% |
| Tangible fixed assets | 22/27 | €543,290 | €526,940 | -€16,350 | -3.0% |
| Land and buildings | 22 | €543,290 | €526,940 | -€16,350 | -3.0% |
| Financial fixed assets | 28 | €465,500 | €450,500 | -€15,000 | -3.2% |
| Current assets | 29/58 | €95,465 | €105,392 | +€9,927 | +10.4% |
| Amounts receivable within one year | 40/41 | €23,059 | €39,335 | +€16,275 | +70.6% |
| Trade receivables | 40 | €22,762 | €38,949 | +€16,187 | +71.1% |
| Other amounts receivable | 41 | €297 | €386 | +€89 | +29.8% |
| Current investments | 50/53 | €63,699 | €29,564 | -€34,134 | -53.6% |
| Cash at bank and in hand | 54/58 | €8,707 | €36,493 | +€27,786 | +319.1% |
| Total equity and liabilities | 10/49 | €1,104,255 | €1,082,832 | -€21,423 | -1.9% |
| Equity | 10/15 | €705,112 | €718,649 | +€13,537 | +1.9% |
| Contributions | 10/11 | €171,200 | €171,200 | = | 0.0% |
| Revaluation surpluses | 12 | €175,900 | €175,900 | = | 0.0% |
| Reserves | 13 | €358,012 | €371,549 | +€13,537 | +3.8% |
| Non-distributable reserves | 130/1 | €0 | - | = | |
| Reserves not available under the articles | 1311 | €0 | - | = | |
| Distributable reserves | 133 | €358,012 | €371,549 | +€13,537 | +3.8% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €399,143 | €364,183 | -€34,960 | -8.8% |
| Amounts payable after more than one year | 17 | €282,378 | €295,208 | +€12,830 | +4.5% |
| Financial debts | 170/4 | €268,378 | €235,708 | -€32,670 | -12.2% |
| Other amounts payable | 178/9 | €14,000 | €59,500 | +€45,500 | +325.0% |
| Amounts payable within one year | 42/48 | €116,765 | €68,975 | -€47,790 | -40.9% |
| Current portion of amounts payable after more than one year | 42 | €32,554 | €32,793 | +€239 | +0.7% |
| Trade debts | 44 | €6,369 | €7,302 | +€933 | +14.6% |
| Suppliers | 440/4 | €6,369 | €7,302 | +€933 | +14.6% |
| Advances received on contracts in progress | 46 | €0 | - | = | |
| Taxes, remuneration and social security | 45 | €29,949 | €28,007 | -€1,942 | -6.5% |
| Taxes | 450/3 | €20,046 | €12,968 | -€7,078 | -35.3% |
| Remuneration and social security | 454/9 | €9,903 | €15,039 | +€5,136 | +51.9% |
| Other amounts payable | 47/48 | €47,893 | €873 | -€47,020 | -98.2% |
| Remuneration, social security and pensions | 62 | €54,183 | €65,278 | +€11,095 | +20.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €16,350 | €16,350 | = | 0.0% |
| Other operating charges | 640/8 | €2,065 | €3,717 | +€1,652 | +80.0% |
| Gross operating margin | 9900 | €119,372 | €120,191 | +€819 | +0.7% |
| Operating profit (loss) | 9901 | €46,774 | €34,846 | -€11,928 | -25.5% |
| Financial income | 75/76B | €1,397 | €0 | -€1,397 | -100.0% |
| Recurring financial income | 75 | €1,397 | €0 | -€1,397 | -100.0% |
| Financial charges | 65/66B | €12,667 | €13,268 | +€601 | +4.7% |
| Recurring financial charges | 65 | €12,667 | €13,268 | +€601 | +4.7% |
| Profit (loss) for the period before taxes | 9903 | €35,504 | €21,577 | -€13,927 | -39.2% |
| Income taxes | 67/77 | €12,582 | €8,040 | -€4,542 | -36.1% |
| Profit (loss) for the period | 9904 | €22,922 | €13,537 | -€9,385 | -40.9% |
| Profit (loss) for the period to be appropriated | 9905 | €22,922 | €13,537 | -€9,385 | -40.9% |
Source: filed annual accounts (NBB), financial years ended 31 March 2024 and 31 March 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 10 October 2026 via checked.be.