TS Retail: 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 Retail
Largest movements
- Current investments -€29,247
down €29,247 (-100.0%), from €29,247 to €0
- Cash -€24,646
down €24,646 (-55.7%), from €44,213 to €19,567
mainly Trade debts (-€21,550) and Investment in fixed assets (net) (-€18,530)
- Tangible fixed assets +€13,226
up €13,226 (+238.2%), from €5,553 to €18,778
of which Leasing and similar rights: +€10,412
- Stocks and contracts -€12,234
down €12,234 (-20.5%), from €59,636 to €47,402
- Intangible fixed assets -€8,884
down €8,884 (-12.1%), from €73,283 to €64,399
- Trade debts -€21,550
down €21,550 (-34.7%), from €62,021 to €40,471
- Debts after one year -€13,561
down €13,561 (-18.0%), from €75,356 to €61,795
- Other debts -€13,086
down €13,086 (-100.0%), from €13,086 to €0
- Reserves -€12,650
down €12,650 (-48.1%), from €26,289 to €13,640
- Current portion of long-term debt +€3,774
up €3,774 (+18.5%), from €20,387 to €24,161
- Gross operating margin -€29,716
down €29,716 (-43.8%), from €67,826 to €38,110
- Staff costs -€4,240
down €4,240 (-13.6%), from €31,125 to €26,885
- Financial income +€4,140
up €4,140 (+507.0%), from €817 to €4,956
- Depreciation +€3,610
up €3,610 (+34.1%), from €10,578 to €14,188
- Taxes -€2,340
down €2,340 (-93.4%), from €2,506 to €165
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 | €227,435 | €171,616 | -€55,819 | -24.5% |
| Fixed assets | 21/28 | €79,186 | €83,528 | +€4,342 | +5.5% |
| Intangible fixed assets | 21 | €73,283 | €64,399 | -€8,884 | -12.1% |
| Tangible fixed assets | 22/27 | €5,553 | €18,778 | +€13,226 | +238.2% |
| Plant, machinery and equipment | 23 | €3,039 | €6,703 | +€3,663 | +120.5% |
| Furniture and vehicles | 24 | €2,513 | €1,664 | -€849 | -33.8% |
| Leasing and similar rights | 25 | - | €10,412 | +€10,412 | |
| Financial fixed assets | 28 | €350 | €350 | = | 0.0% |
| Current assets | 29/58 | €148,249 | €88,088 | -€60,161 | -40.6% |
| Stocks and contracts in progress | 3 | €59,636 | €47,402 | -€12,234 | -20.5% |
| Stocks | 30/36 | €59,636 | €47,402 | -€12,234 | -20.5% |
| Amounts receivable within one year | 40/41 | €13,400 | €18,766 | +€5,367 | +40.0% |
| Trade receivables | 40 | €12,097 | €948 | -€11,149 | -92.2% |
| Other amounts receivable | 41 | €1,303 | €17,819 | +€16,516 | +1267.4% |
| Current investments | 50/53 | €29,247 | €0 | -€29,247 | -100.0% |
| Cash at bank and in hand | 54/58 | €44,213 | €19,567 | -€24,646 | -55.7% |
| Deferred charges and accrued income | 490/1 | €1,754 | €2,354 | +€600 | +34.2% |
| Total equity and liabilities | 10/49 | €227,435 | €171,616 | -€55,819 | -24.5% |
| Equity | 10/15 | €28,289 | €15,640 | -€12,650 | -44.7% |
| Contributions | 10/11 | €2,000 | €2,000 | = | 0.0% |
| Reserves | 13 | €26,289 | €13,640 | -€12,650 | -48.1% |
| Distributable reserves | 133 | €26,289 | €13,640 | -€12,650 | -48.1% |
| Amounts payable | 17/49 | €199,145 | €155,976 | -€43,169 | -21.7% |
| Amounts payable after more than one year | 17 | €75,356 | €61,795 | -€13,561 | -18.0% |
| Financial debts | 170/4 | €75,356 | €61,795 | -€13,561 | -18.0% |
| Amounts payable within one year | 42/48 | €122,796 | €93,262 | -€29,535 | -24.1% |
| Current portion of amounts payable after more than one year | 42 | €20,387 | €24,161 | +€3,774 | +18.5% |
| Financial debts | 43 | €25,000 | €25,000 | = | 0.0% |
| Credit institutions | 430/8 | €25,000 | €25,000 | = | 0.0% |
| Trade debts | 44 | €62,021 | €40,471 | -€21,550 | -34.7% |
| Suppliers | 440/4 | €62,021 | €40,471 | -€21,550 | -34.7% |
| Taxes, remuneration and social security | 45 | €2,303 | €3,630 | +€1,327 | +57.6% |
| Taxes | 450/3 | €2,303 | €921 | -€1,382 | -60.0% |
| Remuneration and social security | 454/9 | - | €2,709 | +€2,709 | |
| Other amounts payable | 47/48 | €13,086 | €0 | -€13,086 | -100.0% |
| Accrued charges and deferred income | 492/3 | €993 | €919 | -€74 | -7.4% |
| Non-recurring operating income | 76A | €6,500 | €0 | -€6,500 | -100.0% |
| Remuneration, social security and pensions | 62 | €31,125 | €26,885 | -€4,240 | -13.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €10,578 | €14,188 | +€3,610 | +34.1% |
| Other operating charges | 640/8 | €2,385 | €871 | -€1,514 | -63.5% |
| Non-recurring operating charges | 66A | €0 | - | = | |
| Gross operating margin | 9900 | €67,826 | €38,110 | -€29,716 | -43.8% |
| Operating profit (loss) | 9901 | €23,738 | -€3,834 | -€27,571 | |
| Financial income | 75/76B | €817 | €4,956 | +€4,140 | +507.0% |
| Recurring financial income | 75 | €817 | €4,956 | +€4,140 | +507.0% |
| Financial charges | 65/66B | €14,108 | €13,607 | -€501 | -3.6% |
| Recurring financial charges | 65 | €14,108 | €13,607 | -€501 | -3.6% |
| Profit (loss) for the period before taxes | 9903 | €10,446 | -€12,484 | -€22,931 | |
| Income taxes | 67/77 | €2,506 | €165 | -€2,340 | -93.4% |
| Profit (loss) for the period | 9904 | €7,941 | -€12,650 | -€20,590 | |
| Profit (loss) for the period to be appropriated | 9905 | €7,941 | -€12,650 | -€20,590 |
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 5 October 2026 via checked.be.