TSARO: 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.
TSARO
Largest movements
- Cash +€211,346
up €211,346 (+218%), from €96,843 to €308,189
mainly Current investments (+€200,000) and Net result for the year (+€10,716)
- Current investments -€200,000
no longer reported in 2025 (was €200,000)
- Receivables within one year +€3,922
up €3,922 (+70.0%), from €5,604 to €9,526
of which Other amounts receivable: +€4,146
- Profit (loss) carried forward +€10,716
up €10,716 (+9.0%), from €119,677 to €130,393
- Gross operating margin +€23,143
up €23,143, from -€10,948 to €12,195
- Financial income +€4,655
up €4,655 (+46,551,800%), from €0 to €4,655
- Depreciation +€206
up €206 (+3.8%), from €5,407 to €5,612
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 | €319,184 | €332,027 | +€12,843 | +4.0% |
| Fixed assets | 21/28 | €16,737 | €14,311 | -€2,425 | -14.5% |
| Tangible fixed assets | 22/27 | €16,737 | €14,311 | -€2,425 | -14.5% |
| Plant, machinery and equipment | 23 | - | €2,981 | +€2,981 | |
| Furniture and vehicles | 24 | €16,737 | €11,330 | -€5,407 | -32.3% |
| Current assets | 29/58 | €302,447 | €317,716 | +€15,268 | +5.0% |
| Amounts receivable within one year | 40/41 | €5,604 | €9,526 | +€3,922 | +70.0% |
| Trade receivables | 40 | €5,448 | €5,224 | -€224 | -4.1% |
| Other amounts receivable | 41 | €157 | €4,303 | +€4,146 | +2,648% |
| Current investments | 50/53 | €200,000 | - | -€200,000 | |
| Cash at bank and in hand | 54/58 | €96,843 | €308,189 | +€211,346 | +218% |
| Total equity and liabilities | 10/49 | €319,184 | €332,027 | +€12,843 | +4.0% |
| Equity | 10/15 | €318,505 | €329,221 | +€10,716 | +3.4% |
| Contributions | 10/11 | €167,328 | €167,328 | = | 0.0% |
| Reserves | 13 | €31,500 | €31,500 | = | 0.0% |
| Distributable reserves | 133 | €31,500 | €31,500 | = | 0.0% |
| Profit (loss) carried forward | 14 | €119,677 | €130,393 | +€10,716 | +9.0% |
| Amounts payable | 17/49 | €679 | €2,806 | +€2,127 | +314% |
| Amounts payable within one year | 42/48 | €679 | €2,806 | +€2,127 | +314% |
| Trade debts | 44 | €579 | €810 | +€231 | +39.9% |
| Suppliers | 440/4 | €579 | €810 | +€231 | +39.9% |
| Taxes, remuneration and social security | 45 | €100 | €496 | +€396 | +396% |
| Taxes | 450/3 | €100 | €496 | +€396 | +396% |
| Other amounts payable | 47/48 | - | €1,500 | +€1,500 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €5,407 | €5,612 | +€206 | +3.8% |
| Other operating charges | 640/8 | €387 | €400 | +€12 | +3.2% |
| Gross operating margin | 9900 | -€10,948 | €12,195 | +€23,143 | |
| Operating profit (loss) | 9901 | -€16,742 | €6,183 | +€22,925 | |
| Financial income | 75/76B | €0 | €4,655 | +€4,655 | +46,551,800% |
| Recurring financial income | 75 | €0 | €4,655 | +€4,655 | +46,551,800% |
| Financial charges | 65/66B | €196 | €123 | -€73 | -37.3% |
| Recurring financial charges | 65 | €196 | €123 | -€73 | -37.3% |
| Profit (loss) for the period before taxes | 9903 | -€16,937 | €10,716 | +€27,653 | |
| Profit (loss) for the period | 9904 | -€16,937 | €10,716 | +€27,653 | |
| Profit (loss) for the period to be appropriated | 9905 | -€16,937 | €10,716 | +€27,653 |
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 16 October 2026 via checked.be.