TSA 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.
TSA Management
Largest movements
- Cash +€21,335
up €21,335 (+98.8%), from €21,605 to €42,940
mainly Net result for the year (+€16,376) and Tax, wage and social debts (+€8,485)
- Tangible fixed assets +€4,488
new in 2025: €4,488
of which Furniture and vehicles: +€3,567
- Deferred charges and accrued income +€1,551
new in 2025: €1,551
- Formation expenses -€1,395
down €1,395 (-100.0%), from €1,395 to €0
- Reserves +€16,376
up €16,376 (+47.4%), from €34,514 to €50,890
- Tax, wage and social debts +€8,485
up €8,485 (+71.3%), from €11,906 to €20,392
- Trade debts +€1,091
up €1,091 (+174.2%), from €626 to €1,717
- Gross operating margin +€15,155
up €15,155 (+32.5%), from €46,624 to €61,779
- Financial charges +€2,333
up €2,333 (+113.8%), from €2,050 to €4,383
- Taxes -€1,576
down €1,576 (-17.9%), from €8,779 to €7,204
- Depreciation +€659
up €659 (+51.5%), from €1,280 to €1,940
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 | €52,047 | €77,999 | +€25,952 | +49.9% |
| Formation expenses | 20 | €1,395 | €0 | -€1,395 | -100.0% |
| Fixed assets | 21/28 | - | €4,488 | +€4,488 | |
| Tangible fixed assets | 22/27 | - | €4,488 | +€4,488 | |
| Plant, machinery and equipment | 23 | - | €921 | +€921 | |
| Furniture and vehicles | 24 | - | €3,567 | +€3,567 | |
| Current assets | 29/58 | €50,652 | €73,511 | +€22,859 | +45.1% |
| Amounts receivable within one year | 40/41 | €29,047 | €29,020 | -€27 | -0.1% |
| Trade receivables | 40 | €29,040 | €29,020 | -€20 | -0.1% |
| Other amounts receivable | 41 | €7 | - | -€7 | |
| Cash at bank and in hand | 54/58 | €21,605 | €42,940 | +€21,335 | +98.8% |
| Deferred charges and accrued income | 490/1 | - | €1,551 | +€1,551 | |
| Total equity and liabilities | 10/49 | €52,047 | €77,999 | +€25,952 | +49.9% |
| Equity | 10/15 | €39,514 | €55,890 | +€16,376 | +41.4% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Reserves | 13 | €34,514 | €50,890 | +€16,376 | +47.4% |
| Distributable reserves | 133 | €34,514 | €50,890 | +€16,376 | +47.4% |
| Amounts payable | 17/49 | €12,533 | €22,109 | +€9,576 | +76.4% |
| Amounts payable within one year | 42/48 | €12,533 | €22,109 | +€9,576 | +76.4% |
| Trade debts | 44 | €626 | €1,717 | +€1,091 | +174.2% |
| Suppliers | 440/4 | €626 | €1,717 | +€1,091 | +174.2% |
| Taxes, remuneration and social security | 45 | €11,906 | €20,392 | +€8,485 | +71.3% |
| Taxes | 450/3 | €11,906 | €20,392 | +€8,485 | +71.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,280 | €1,940 | +€659 | +51.5% |
| Other operating charges | 640/8 | - | €222 | +€222 | |
| Non-recurring operating charges | 66A | - | €31,657 | +€31,657 | |
| Gross operating margin | 9900 | €46,624 | €61,779 | +€15,155 | +32.5% |
| Operating profit (loss) | 9901 | €45,344 | €27,959 | -€17,384 | -38.3% |
| Financial income | 75/76B | - | €3 | +€3 | |
| Recurring financial income | 75 | - | €3 | +€3 | |
| Financial charges | 65/66B | €2,050 | €4,383 | +€2,333 | +113.8% |
| Recurring financial charges | 65 | €2,050 | €4,383 | +€2,333 | +113.8% |
| Profit (loss) for the period before taxes | 9903 | €43,294 | €23,580 | -€19,714 | -45.5% |
| Income taxes | 67/77 | €8,779 | €7,204 | -€1,576 | -17.9% |
| Profit (loss) for the period | 9904 | €34,514 | €16,376 | -€18,138 | -52.6% |
| Profit (loss) for the period to be appropriated | 9905 | €34,514 | €16,376 | -€18,138 | -52.6% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 3 October 2026 via checked.be.