TS-Market: 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-Market
Largest movements
- Cash -€63,927
down €63,927 (-27.5%), from €232,043 to €168,116
mainly Contributions, distributions and other (-€150,000) and Tax, wage and social debts (-€57,840)
- Receivables within one year +€37,580
up €37,580 (+65.0%), from €57,837 to €95,418
of which Other amounts receivable: +€25,028
- Stocks and contracts -€32,469
down €32,469 (-16.5%), from €196,985 to €164,516
- Tangible fixed assets -€19,745
down €19,745 (-2.6%), from €757,873 to €738,128
of which Land and buildings: -€38,805
- Tax, wage and social debts -€57,840
down €57,840 (-49.7%), from €116,445 to €58,605
of which Taxes: -€69,294
- Trade debts +€43,626
up €43,626 (+89.4%), from €48,816 to €92,442
- Profit (loss) carried forward -€32,104
down €32,104 (-6.5%), from €495,430 to €463,325
- Debts after one year -€25,268
down €25,268 (-4.6%), from €543,733 to €518,466
- Gross operating margin -€79,667
down €79,667 (-15.6%), from €510,570 to €430,903
- Other operating charges -€41,298
down €41,298 (-82.0%), from €50,344 to €9,046
- Depreciation +€19,530
up €19,530 (+57.4%), from €34,042 to €53,572
- Taxes -€9,965
down €9,965 (-20.2%), from €49,447 to €39,483
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.
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.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €1,245,694 | €1,168,431 | -€77,263 | -6.2% |
| Fixed assets | 21/28 | €758,073 | €738,128 | -€19,945 | -2.6% |
| Tangible fixed assets | 22/27 | €757,873 | €738,128 | -€19,745 | -2.6% |
| Land and buildings | 22 | €714,388 | €675,583 | -€38,805 | -5.4% |
| Plant, machinery and equipment | 23 | €26,143 | €23,764 | -€2,379 | -9.1% |
| Furniture and vehicles | 24 | €17,342 | €38,781 | +€21,439 | +124% |
| Financial fixed assets | 28 | €200 | - | -€200 | |
| Current assets | 29/58 | €487,621 | €430,303 | -€57,318 | -11.8% |
| Stocks and contracts in progress | 3 | €196,985 | €164,516 | -€32,469 | -16.5% |
| Stocks | 30/36 | €196,985 | €164,516 | -€32,469 | -16.5% |
| Amounts receivable within one year | 40/41 | €57,837 | €95,418 | +€37,580 | +65.0% |
| Trade receivables | 40 | €21,568 | €34,121 | +€12,553 | +58.2% |
| Other amounts receivable | 41 | €36,269 | €61,297 | +€25,028 | +69.0% |
| Cash at bank and in hand | 54/58 | €232,043 | €168,116 | -€63,927 | -27.5% |
| Deferred charges and accrued income | 490/1 | €755 | €2,253 | +€1,498 | +198% |
| Total equity and liabilities | 10/49 | €1,245,694 | €1,168,431 | -€77,263 | -6.2% |
| Equity | 10/15 | €498,430 | €466,325 | -€32,104 | -6.4% |
| Contributions | 10/11 | €3,000 | €3,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €495,430 | €463,325 | -€32,104 | -6.5% |
| Amounts payable | 17/49 | €747,264 | €702,106 | -€45,158 | -6.0% |
| Amounts payable after more than one year | 17 | €543,733 | €518,466 | -€25,268 | -4.6% |
| Financial debts | 170/4 | €543,733 | €518,466 | -€25,268 | -4.6% |
| Amounts payable within one year | 42/48 | €203,048 | €183,073 | -€19,975 | -9.8% |
| Current portion of amounts payable after more than one year | 42 | €37,787 | €32,026 | -€5,761 | -15.2% |
| Trade debts | 44 | €48,816 | €92,442 | +€43,626 | +89.4% |
| Suppliers | 440/4 | €48,816 | €92,442 | +€43,626 | +89.4% |
| Taxes, remuneration and social security | 45 | €116,445 | €58,605 | -€57,840 | -49.7% |
| Taxes | 450/3 | €109,297 | €40,003 | -€69,294 | -63.4% |
| Remuneration and social security | 454/9 | €7,147 | €18,602 | +€11,454 | +160% |
| Accrued charges and deferred income | 492/3 | €483 | €567 | +€84 | +17.5% |
| Remuneration, social security and pensions | 62 | €144,409 | €139,978 | -€4,431 | -3.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €34,042 | €53,572 | +€19,530 | +57.4% |
| Other operating charges | 640/8 | €50,344 | €9,046 | -€41,298 | -82.0% |
| Non-recurring operating charges | 66A | - | €1,939 | +€1,939 | |
| Gross operating margin | 9900 | €510,570 | €430,903 | -€79,667 | -15.6% |
| Operating profit (loss) | 9901 | €281,774 | €226,367 | -€55,407 | -19.7% |
| Financial income | 75/76B | €1,705 | €3,051 | +€1,346 | +78.9% |
| Recurring financial income | 75 | €1,705 | €3,051 | +€1,346 | +78.9% |
| Financial charges | 65/66B | €75,026 | €72,040 | -€2,986 | -4.0% |
| Recurring financial charges | 65 | €75,026 | €72,040 | -€2,986 | -4.0% |
| Profit (loss) for the period before taxes | 9903 | €208,454 | €157,378 | -€51,076 | -24.5% |
| Income taxes | 67/77 | €49,447 | €39,483 | -€9,965 | -20.2% |
| Profit (loss) for the period | 9904 | €159,007 | €117,896 | -€41,111 | -25.9% |
| Profit (loss) for the period to be appropriated | 9905 | €159,007 | €117,896 | -€41,111 | -25.9% |
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 30 October 2026 via checked.be.