TSB HOLDING: 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.
TSB HOLDING
Largest movements
- Financial fixed assets +€126,500
up €126,500 (+16.9%), from €750,000 to €876,500
- Cash +€12,791
up €12,791 (+41.1%), from €31,110 to €43,901
mainly Net result for the year (+€73,832) and Tax, wage and social debts (+€26,486)
- Reserves +€73,832
up €73,832 (+155%), from €47,625 to €121,457
- Tax, wage and social debts +€26,486
up €26,486 (+188%), from €14,099 to €40,585
of which Taxes: +€24,115
- Debts after one year +€22,988
up €22,988 (+3.5%), from €664,500 to €687,488
- Current portion of long-term debt +€18,509
up €18,509 (+34.3%), from €54,000 to €72,509
- Gross operating margin +€32,686
up €32,686 (+52.3%), from €62,488 to €95,175
- Taxes +€6,552
up €6,552 (+53.6%), from €12,213 to €18,765
- Depreciation -€2,032
down €2,032 (-76.7%), from €2,650 to €618
- Financial charges +€1,898
new in 2025: €1,898
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 | €795,643 | €934,316 | +€138,673 | +17.4% |
| Fixed assets | 21/28 | €750,618 | €876,500 | +€125,882 | +16.8% |
| Intangible fixed assets | 21 | €618 | €0 | -€618 | -100% |
| Financial fixed assets | 28 | €750,000 | €876,500 | +€126,500 | +16.9% |
| Current assets | 29/58 | €45,025 | €57,816 | +€12,791 | +28.4% |
| Amounts receivable within one year | 40/41 | €13,915 | €13,915 | = | 0.0% |
| Trade receivables | 40 | €13,915 | €13,915 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €31,110 | €43,901 | +€12,791 | +41.1% |
| Total equity and liabilities | 10/49 | €795,643 | €934,316 | +€138,673 | +17.4% |
| Equity | 10/15 | €52,625 | €126,457 | +€73,832 | +140% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Reserves | 13 | €47,625 | €121,457 | +€73,832 | +155% |
| Distributable reserves | 133 | €47,625 | €121,457 | +€73,832 | +155% |
| Amounts payable | 17/49 | €743,018 | €807,859 | +€64,841 | +8.7% |
| Amounts payable after more than one year | 17 | €664,500 | €687,488 | +€22,988 | +3.5% |
| Financial debts | 170/4 | €664,500 | €687,488 | +€22,988 | +3.5% |
| Amounts payable within one year | 42/48 | €78,518 | €120,371 | +€41,853 | +53.3% |
| Current portion of amounts payable after more than one year | 42 | €54,000 | €72,509 | +€18,509 | +34.3% |
| Trade debts | 44 | €1,447 | €844 | -€603 | -41.6% |
| Suppliers | 440/4 | €1,447 | €844 | -€603 | -41.6% |
| Taxes, remuneration and social security | 45 | €14,099 | €40,585 | +€26,486 | +188% |
| Taxes | 450/3 | €14,099 | €38,214 | +€24,115 | +171% |
| Remuneration and social security | 454/9 | - | €2,371 | +€2,371 | |
| Other amounts payable | 47/48 | €8,972 | €6,433 | -€2,539 | -28.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,650 | €618 | -€2,032 | -76.7% |
| Other operating charges | 640/8 | - | €62 | +€62 | |
| Gross operating margin | 9900 | €62,488 | €95,175 | +€32,686 | +52.3% |
| Operating profit (loss) | 9901 | €59,838 | €94,495 | +€34,657 | +57.9% |
| Financial charges | 65/66B | - | €1,898 | +€1,898 | |
| Recurring financial charges | 65 | - | €1,898 | +€1,898 | |
| Profit (loss) for the period before taxes | 9903 | €59,838 | €92,597 | +€32,758 | +54.7% |
| Income taxes | 67/77 | €12,213 | €18,765 | +€6,552 | +53.6% |
| Profit (loss) for the period | 9904 | €47,625 | €73,832 | +€26,207 | +55.0% |
| Profit (loss) for the period to be appropriated | 9905 | €47,625 | €73,832 | +€26,207 | +55.0% |
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 30 October 2026 via checked.be.