TSARA: 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.
TSARA
Largest movements
- Receivables within one year -€25,250
down €25,250 (-91.3%), from €27,641 to €2,392
of which Trade receivables: -€24,357
- Cash -€8,397
down €8,397 (-23.7%), from €35,481 to €27,084
mainly Contributions, distributions and other (-€93,942) and Other debts (-€38,143)
- Tangible fixed assets -€8,004
down €8,004 (-8.7%), from €92,173 to €84,169
of which Land and buildings: -€4,441
- Other debts -€38,143
down €38,143 (-33.6%), from €113,611 to €75,468
- Debts after one year -€11,279
down €11,279 (-100.0%), from €11,279 to €0
- Tax, wage and social debts +€10,370
up €10,370 (+110.4%), from €9,390 to €19,760
of which Taxes: +€13,736
- Trade debts -€5,751
down €5,751 (-100.0%), from €5,751 to €0
- Accrued charges and deferred income +€3,138
up €3,138, from €0 to €3,138
- Gross operating margin +€23,575
up €23,575 (+20.8%), from €113,527 to €137,102
- Taxes +€5,849
up €5,849 (+25.9%), from €22,554 to €28,403
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 | €155,295 | €113,644 | -€41,651 | -26.8% |
| Fixed assets | 21/28 | €92,173 | €84,169 | -€8,004 | -8.7% |
| Tangible fixed assets | 22/27 | €92,173 | €84,169 | -€8,004 | -8.7% |
| Land and buildings | 22 | €68,360 | €63,919 | -€4,441 | -6.5% |
| Plant, machinery and equipment | 23 | €12,367 | €8,844 | -€3,523 | -28.5% |
| Furniture and vehicles | 24 | €11,446 | €11,406 | -€40 | -0.3% |
| Current assets | 29/58 | €63,122 | €29,476 | -€33,647 | -53.3% |
| Amounts receivable within one year | 40/41 | €27,641 | €2,392 | -€25,250 | -91.3% |
| Trade receivables | 40 | €26,744 | €2,388 | -€24,357 | -91.1% |
| Other amounts receivable | 41 | €897 | €4 | -€893 | -99.5% |
| Cash at bank and in hand | 54/58 | €35,481 | €27,084 | -€8,397 | -23.7% |
| Deferred charges and accrued income | 490/1 | €0 | - | = | |
| Total equity and liabilities | 10/49 | €155,295 | €113,644 | -€41,651 | -26.8% |
| Equity | 10/15 | €4,262 | €4,000 | -€262 | -6.2% |
| Contributions | 10/11 | €4,000 | €4,000 | = | 0.0% |
| Reserves | 13 | €262 | €0 | -€262 | -100.0% |
| Distributable reserves | 133 | €262 | €0 | -€262 | -100.0% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €151,033 | €109,644 | -€41,389 | -27.4% |
| Amounts payable after more than one year | 17 | €11,279 | €0 | -€11,279 | -100.0% |
| Financial debts | 170/4 | €11,279 | €0 | -€11,279 | -100.0% |
| Amounts payable within one year | 42/48 | €139,754 | €106,506 | -€33,248 | -23.8% |
| Current portion of amounts payable after more than one year | 42 | €11,003 | €11,279 | +€276 | +2.5% |
| Trade debts | 44 | €5,751 | €0 | -€5,751 | -100.0% |
| Suppliers | 440/4 | €5,751 | €0 | -€5,751 | -100.0% |
| Taxes, remuneration and social security | 45 | €9,390 | €19,760 | +€10,370 | +110.4% |
| Taxes | 450/3 | €2,684 | €16,420 | +€13,736 | +511.8% |
| Remuneration and social security | 454/9 | €6,706 | €3,340 | -€3,366 | -50.2% |
| Other amounts payable | 47/48 | €113,611 | €75,468 | -€38,143 | -33.6% |
| Accrued charges and deferred income | 492/3 | €0 | €3,138 | +€3,138 | |
| Non-recurring operating income | 76A | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €12,367 | €11,304 | -€1,063 | -8.6% |
| Other operating charges | 640/8 | €1,811 | €1,975 | +€165 | +9.1% |
| Gross operating margin | 9900 | €113,527 | €137,102 | +€23,575 | +20.8% |
| Operating profit (loss) | 9901 | €99,349 | €123,823 | +€24,474 | +24.6% |
| Financial income | 75/76B | €0 | €12 | +€12 | |
| Recurring financial income | 75 | €0 | €12 | +€12 | |
| Financial charges | 65/66B | €1,063 | €1,752 | +€689 | +64.8% |
| Recurring financial charges | 65 | €1,063 | €1,752 | +€689 | +64.8% |
| Profit (loss) for the period before taxes | 9903 | €98,286 | €122,083 | +€23,797 | +24.2% |
| Income taxes | 67/77 | €22,554 | €28,403 | +€5,849 | +25.9% |
| Profit (loss) for the period | 9904 | €75,732 | €93,680 | +€17,948 | +23.7% |
| Profit (loss) for the period to be appropriated | 9905 | €75,732 | €93,680 | +€17,948 | +23.7% |
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 30 September 2026 via checked.be.