TS-R: 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-R
Largest movements
- Receivables within one year +€46,265
up €46,265 (+138%), from €33,535 to €79,801
of which Trade receivables: +€46,117
- Tangible fixed assets -€18,106
down €18,106 (-4.9%), from €365,849 to €347,743
of which Land and buildings: -€12,326
- Cash -€11,881
down €11,881 (-72.7%), from €16,347 to €4,466
mainly Receivables within one year (-€46,265) and Trade debts (-€5,756)
- Tax, wage and social debts +€18,855
up €18,855 (+193%), from €9,767 to €28,622
- Trade debts -€5,756
down €5,756 (-15.6%), from €36,862 to €31,106
- Gross operating margin +€14,484
up €14,484 (+45.0%), from €32,210 to €46,694
- Financial charges +€14,377
up €14,377 (+186%), from €7,709 to €22,086
- Other operating charges +€1,108
up €1,108 (+93.4%), from €1,187 to €2,295
- Taxes +€522
up €522 (+27.3%), from €1,910 to €2,432
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 | €464,367 | €477,975 | +€13,607 | +2.9% |
| Fixed assets | 21/28 | €365,849 | €347,743 | -€18,106 | -4.9% |
| Tangible fixed assets | 22/27 | €365,849 | €347,743 | -€18,106 | -4.9% |
| Land and buildings | 22 | €358,492 | €346,165 | -€12,326 | -3.4% |
| Furniture and vehicles | 24 | €4,261 | €1,193 | -€3,068 | -72.0% |
| Other tangible fixed assets | 26 | €3,096 | €385 | -€2,711 | -87.6% |
| Current assets | 29/58 | €98,518 | €130,231 | +€31,713 | +32.2% |
| Stocks and contracts in progress | 3 | €48,636 | €45,965 | -€2,671 | -5.5% |
| Stocks | 30/36 | €48,636 | €45,965 | -€2,671 | -5.5% |
| Amounts receivable within one year | 40/41 | €33,535 | €79,801 | +€46,265 | +138% |
| Trade receivables | 40 | €28,965 | €75,082 | +€46,117 | +159% |
| Other amounts receivable | 41 | €4,570 | €4,718 | +€148 | +3.2% |
| Cash at bank and in hand | 54/58 | €16,347 | €4,466 | -€11,881 | -72.7% |
| Total equity and liabilities | 10/49 | €464,367 | €477,975 | +€13,607 | +2.9% |
| Equity | 10/15 | €59,993 | €62,284 | +€2,291 | +3.8% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €44,649 | €44,649 | = | 0.0% |
| Distributable reserves | 133 | €44,649 | €44,649 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€3,256 | -€965 | +€2,291 | +70.4% |
| Amounts payable | 17/49 | €404,374 | €415,690 | +€11,316 | +2.8% |
| Amounts payable after more than one year | 17 | €349,040 | €344,691 | -€4,349 | -1.2% |
| Financial debts | 170/4 | €293,040 | €282,691 | -€10,349 | -3.5% |
| Other amounts payable | 178/9 | €56,000 | €62,000 | +€6,000 | +10.7% |
| Amounts payable within one year | 42/48 | €55,334 | €70,999 | +€15,665 | +28.3% |
| Current portion of amounts payable after more than one year | 42 | €8,705 | €11,271 | +€2,566 | +29.5% |
| Trade debts | 44 | €36,862 | €31,106 | -€5,756 | -15.6% |
| Suppliers | 440/4 | €36,862 | €31,106 | -€5,756 | -15.6% |
| Taxes, remuneration and social security | 45 | €9,767 | €28,622 | +€18,855 | +193% |
| Taxes | 450/3 | €9,767 | €28,622 | +€18,855 | +193% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €17,718 | €18,106 | +€387 | +2.2% |
| Other operating charges | 640/8 | €1,187 | €2,295 | +€1,108 | +93.4% |
| Gross operating margin | 9900 | €32,210 | €46,694 | +€14,484 | +45.0% |
| Operating profit (loss) | 9901 | €13,305 | €26,293 | +€12,988 | +97.6% |
| Financial income | 75/76B | €123 | €516 | +€393 | +319% |
| Recurring financial income | 75 | €123 | €516 | +€393 | +319% |
| Financial charges | 65/66B | €7,709 | €22,086 | +€14,377 | +186% |
| Recurring financial charges | 65 | €7,709 | €22,086 | +€14,377 | +186% |
| Profit (loss) for the period before taxes | 9903 | €5,719 | €4,723 | -€996 | -17.4% |
| Income taxes | 67/77 | €1,910 | €2,432 | +€522 | +27.3% |
| Profit (loss) for the period | 9904 | €3,809 | €2,291 | -€1,518 | -39.9% |
| Profit (loss) for the period to be appropriated | 9905 | €3,809 | €2,291 | -€1,518 | -39.9% |
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 20 October 2026 via checked.be.