TS MANAGEMENT: 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 MANAGEMENT
NACE 70.200, Business and other management consultancy
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€59,204
2024 · €38,260+€20,943
Equity
€139,836
2024 · €80,632+€59,204
Cash
€26,256
2024 · €18,515+€7,741
Balance sheet total
€2.9m
2024 · €363,686+€2.6m
Largest movements
Assets
- Financial fixed assets +€2.6m
up €2.6m (+737,143%), from €350 to €2.6m
Equity and liabilities
- Short-term financial debts +€1.8m
up €1.8m (+169,718%), from €1,061 to €1.8m
- Other debts +€721,784
up €721,784 (+2,123%), from €34,000 to €755,784
- Reserves +€59,204
up €59,204 (+95.1%), from €62,232 to €121,436
Income statement
- Gross operating margin +€45,014
up €45,014 (+44.9%), from €100,202 to €145,215
- Taxes +€15,509
up €15,509 (+89.0%), from €17,418 to €32,927
- Financial charges +€3,514
up €3,514 (+48.7%), from €7,208 to €10,721
- Depreciation +€3,084
up €3,084 (+9.2%), from €33,488 to €36,572
- Financial income -€1,470
down €1,470 (-99.1%), from €1,482 to €13
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
€38,260
Gross operating margin
+€45,014
Depreciation
-€3,084
Other operating charges
-€494
Financial income
-€1,470
Financial charges
-€3,514
Taxes
-€15,509
Result 2025
€59,204
raises the resultlowers the result
Derived cash bridge
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
+€834,027
Investment
-€2.6m
Financing
+€1.8m
Cash 2024
€18,515
From operations (derived)
+€834,027
Net result for the year
+€59,204
Depreciation
+€36,572
Receivables within one year
+€6,708
Smaller working-capital items
+€9,759
Other debts
+€721,784
Investment (derived)
-€2.6m
Investment in fixed assets (net)
-€2.6m
Financing
+€1.8m
Debts after one year
-€28,207
Current portion of long-term debt
-€1,743
Short-term financial debts
+€1.8m
Cash 2025
€26,256
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €363,686 | €2,924,098 | +€2.6m | +704% |
| Fixed assets | 21/28 | €260,702 | €2,820,783 | +€2.6m | +982% |
| Tangible fixed assets | 22/27 | €260,352 | €240,433 | -€19,919 | -7.7% |
| Land and buildings | 22 | €187,902 | €189,314 | +€1,411 | +0.8% |
| Plant, machinery and equipment | 23 | €1,499 | €1,053 | -€447 | -29.8% |
| Furniture and vehicles | 24 | €35,540 | €27,158 | -€8,382 | -23.6% |
| Leasing and similar rights | 25 | €26,945 | €17,265 | -€9,680 | -35.9% |
| Other tangible fixed assets | 26 | €8,465 | €5,643 | -€2,822 | -33.3% |
| Financial fixed assets | 28 | €350 | €2,580,350 | +€2.6m | +737,143% |
| Current assets | 29/58 | €102,984 | €103,315 | +€331 | +0.3% |
| Amounts receivable within one year | 40/41 | €81,026 | €74,318 | -€6,708 | -8.3% |
| Trade receivables | 40 | €47,700 | €58,600 | +€10,900 | +22.9% |
| Other amounts receivable | 41 | €33,326 | €15,718 | -€17,608 | -52.8% |
| Cash at bank and in hand | 54/58 | €18,515 | €26,256 | +€7,741 | +41.8% |
| Deferred charges and accrued income | 490/1 | €3,443 | €2,741 | -€702 | -20.4% |
| Total equity and liabilities | 10/49 | €363,686 | €2,924,098 | +€2.6m | +704% |
| Equity | 10/15 | €80,632 | €139,836 | +€59,204 | +73.4% |
| Contributions | 10/11 | €18,400 | €18,400 | = | 0.0% |
| Reserves | 13 | €62,232 | €121,436 | +€59,204 | +95.1% |
| Distributable reserves | 133 | €62,232 | €121,436 | +€59,204 | +95.1% |
| Amounts payable | 17/49 | €283,054 | €2,784,262 | +€2.5m | +884% |
| Amounts payable after more than one year | 17 | €194,650 | €166,443 | -€28,207 | -14.5% |
| Financial debts | 170/4 | €194,650 | €166,443 | -€28,207 | -14.5% |
| Amounts payable within one year | 42/48 | €88,404 | €2,614,498 | +€2.5m | +2,857% |
| Current portion of amounts payable after more than one year | 42 | €29,028 | €27,284 | -€1,743 | -6.0% |
| Financial debts | 43 | €1,061 | €1,801,378 | +€1.8m | +169,718% |
| Credit institutions | 430/8 | €1,061 | €1,801,378 | +€1.8m | +169,718% |
| Trade debts | 44 | €3,784 | €8,757 | +€4,973 | +131% |
| Suppliers | 440/4 | €3,784 | €8,757 | +€4,973 | +131% |
| Taxes, remuneration and social security | 45 | €20,531 | €21,294 | +€763 | +3.7% |
| Taxes | 450/3 | €20,531 | €21,294 | +€763 | +3.7% |
| Other amounts payable | 47/48 | €34,000 | €755,784 | +€721,784 | +2,123% |
| Accrued charges and deferred income | 492/3 | - | €3,321 | +€3,321 | |
| Non-recurring operating income | 76A | €1,000 | €0 | -€1,000 | -100% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €33,488 | €36,572 | +€3,084 | +9.2% |
| Other operating charges | 640/8 | €5,310 | €5,804 | +€494 | +9.3% |
| Gross operating margin | 9900 | €100,202 | €145,215 | +€45,014 | +44.9% |
| Operating profit (loss) | 9901 | €61,404 | €102,839 | +€41,436 | +67.5% |
| Financial income | 75/76B | €1,482 | €13 | -€1,470 | -99.1% |
| Recurring financial income | 75 | €1,482 | €13 | -€1,470 | -99.1% |
| Financial charges | 65/66B | €7,208 | €10,721 | +€3,514 | +48.7% |
| Recurring financial charges | 65 | €7,208 | €10,721 | +€3,514 | +48.7% |
| Profit (loss) for the period before taxes | 9903 | €55,678 | €92,131 | +€36,453 | +65.5% |
| Income taxes | 67/77 | €17,418 | €32,927 | +€15,509 | +89.0% |
| Profit (loss) for the period | 9904 | €38,260 | €59,204 | +€20,943 | +54.7% |
| Profit (loss) for the period to be appropriated | 9905 | €38,260 | €59,204 | +€20,943 | +54.7% |
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 20 October 2026 via checked.be.