TS-Management: 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-Management
Largest movements
- Receivables within one year -€404,868
down €404,868 (-13.8%), from €2.9m to €2.5m
of which Other amounts receivable: -€424,111
- Other debts -€270,000
down €270,000 (-27.8%), from €970,000 to €700,000
- Debts after one year -€45,825
down €45,825 (-16.0%), from €285,825 to €240,000
of which Financial debts: -€45,825
- Current portion of long-term debt -€45,268
down €45,268 (-49.7%), from €91,093 to €45,825
- Financial income -€6,515
down €6,515 (-13.1%), from €49,854 to €43,339
- Depreciation -€5,943
down €5,943 (-11.7%), from €50,932 to €44,989
- Gross operating margin -€4,751
down €4,751 (-402.8%), from -€1,179 to -€5,930
- Taxes -€1,552
down €1,552 (-83.3%), from €1,863 to €311
- Financial charges -€1,074
down €1,074 (-54.6%), from €1,968 to €894
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 | €3,732,885 | €3,353,846 | -€379,038 | -10.2% |
| Fixed assets | 21/28 | €774,573 | €795,972 | +€21,399 | +2.8% |
| Tangible fixed assets | 22/27 | €774,572 | €795,971 | +€21,399 | +2.8% |
| Land and buildings | 22 | €665,243 | €716,260 | +€51,017 | +7.7% |
| Plant, machinery and equipment | 23 | €58,333 | €43,333 | -€15,000 | -25.7% |
| Furniture and vehicles | 24 | €50,996 | €36,377 | -€14,618 | -28.7% |
| Financial fixed assets | 28 | €1 | €1 | = | 0.0% |
| Current assets | 29/58 | €2,958,312 | €2,557,874 | -€400,437 | -13.5% |
| Amounts receivable within one year | 40/41 | €2,936,886 | €2,532,018 | -€404,868 | -13.8% |
| Trade receivables | 40 | €10,697 | €29,940 | +€19,244 | +179.9% |
| Other amounts receivable | 41 | €2,926,189 | €2,502,078 | -€424,111 | -14.5% |
| Cash at bank and in hand | 54/58 | €21,021 | €25,857 | +€4,835 | +23.0% |
| Deferred charges and accrued income | 490/1 | €405 | - | -€405 | |
| Total equity and liabilities | 10/49 | €3,732,885 | €3,353,846 | -€379,038 | -10.2% |
| Equity | 10/15 | €2,311,352 | €2,301,893 | -€9,459 | -0.4% |
| Contributions | 10/11 | €2,109,500 | €2,109,500 | = | 0.0% |
| Capital | 10 | €2,109,500 | €2,109,500 | = | 0.0% |
| Issued capital | 100 | €2,109,500 | €2,109,500 | = | 0.0% |
| Reserves | 13 | €209,866 | €197,159 | -€12,707 | -6.1% |
| Tax-exempt reserves | 132 | €209,866 | €197,159 | -€12,707 | -6.1% |
| Profit (loss) carried forward | 14 | -€8,014 | -€4,766 | +€3,247 | +40.5% |
| Provisions and deferred taxes | 16 | €69,956 | €65,721 | -€4,236 | -6.1% |
| Deferred taxes | 168 | €69,956 | €65,721 | -€4,236 | -6.1% |
| Amounts payable | 17/49 | €1,351,576 | €986,233 | -€365,343 | -27.0% |
| Amounts payable after more than one year | 17 | €285,825 | €240,000 | -€45,825 | -16.0% |
| Financial debts | 170/4 | €45,825 | - | -€45,825 | |
| Other amounts payable | 178/9 | €240,000 | €240,000 | = | 0.0% |
| Amounts payable within one year | 42/48 | €1,065,752 | €746,233 | -€319,519 | -30.0% |
| Current portion of amounts payable after more than one year | 42 | €91,093 | €45,825 | -€45,268 | -49.7% |
| Trade debts | 44 | €1,174 | €185 | -€989 | -84.2% |
| Suppliers | 440/4 | €1,174 | €185 | -€989 | -84.2% |
| Taxes, remuneration and social security | 45 | €3,485 | €224 | -€3,261 | -93.6% |
| Taxes | 450/3 | €3,485 | €224 | -€3,261 | -93.6% |
| Other amounts payable | 47/48 | €970,000 | €700,000 | -€270,000 | -27.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €50,932 | €44,989 | -€5,943 | -11.7% |
| Other operating charges | 640/8 | €4,912 | €4,910 | -€1 | 0.0% |
| Gross operating margin | 9900 | -€1,179 | -€5,930 | -€4,751 | -402.8% |
| Operating profit (loss) | 9901 | -€57,022 | -€55,829 | +€1,193 | +2.1% |
| Financial income | 75/76B | €49,854 | €43,339 | -€6,515 | -13.1% |
| Recurring financial income | 75 | €49,854 | €43,339 | -€6,515 | -13.1% |
| Financial charges | 65/66B | €1,968 | €894 | -€1,074 | -54.6% |
| Recurring financial charges | 65 | €1,968 | €894 | -€1,074 | -54.6% |
| Profit (loss) for the period before taxes | 9903 | -€9,137 | -€13,384 | -€4,247 | -46.5% |
| Transfer from deferred taxes | 780 | €5,737 | €4,236 | -€1,502 | -26.2% |
| Income taxes | 67/77 | €1,863 | €311 | -€1,552 | -83.3% |
| Profit (loss) for the period | 9904 | -€5,262 | -€9,459 | -€4,197 | -79.8% |
| Transfer from tax-exempt reserves | 789 | €17,211 | €12,707 | -€4,505 | -26.2% |
| Profit (loss) for the period to be appropriated | 9905 | €11,949 | €3,247 | -€8,702 | -72.8% |
Source: filed annual accounts (NBB), fiscal years ended 31 March 2024 and 31 March 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 1 October 2026 via checked.be.