TSC SECURITY: 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.
TSC SECURITY
Largest movements
- Receivables within one year -€34,681
down €34,681 (-23.3%), from €148,740 to €114,060
of which Trade receivables: -€33,350
- Cash +€32,138
up €32,138 (+167%), from €19,229 to €51,366
mainly Receivables within one year (+€34,681) and Trade debts (+€17,543)
- Tangible fixed assets +€11,371
up €11,371 (+14.8%), from €76,652 to €88,023
of which Other tangible fixed assets: +€14,258
- Trade debts +€17,543
up €17,543 (+21.8%), from €80,450 to €97,993
- Profit (loss) carried forward -€10,469
down €10,469, from €636 to -€9,833
- Short-term financial debts +€8,542
new in 2025: €8,542
- Tax, wage and social debts -€8,160
down €8,160 (-16.8%), from €48,568 to €40,408
of which Taxes: -€6,691
- Current portion of long-term debt +€3,963
up €3,963 (+41.1%), from €9,651 to €13,615
- Gross operating margin -€26,778
down €26,778 (-8.2%), from €324,823 to €298,045
- Depreciation +€7,101
up €7,101 (+89.7%), from €7,920 to €15,021
- Staff costs -€5,605
down €5,605 (-2.0%), from €284,355 to €278,750
- Taxes -€5,586
down €5,586 (-94.4%), from €5,919 to €333
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 | €253,442 | €262,924 | +€9,482 | +3.7% |
| Fixed assets | 21/28 | €79,952 | €91,323 | +€11,371 | +14.2% |
| Tangible fixed assets | 22/27 | €76,652 | €88,023 | +€11,371 | +14.8% |
| Plant, machinery and equipment | 23 | €2,828 | €1,390 | -€1,437 | -50.8% |
| Furniture and vehicles | 24 | €17,099 | €15,650 | -€1,449 | -8.5% |
| Other tangible fixed assets | 26 | €56,725 | €70,982 | +€14,258 | +25.1% |
| Financial fixed assets | 28 | €3,300 | €3,300 | = | 0.0% |
| Current assets | 29/58 | €173,491 | €171,602 | -€1,889 | -1.1% |
| Stocks and contracts in progress | 3 | €5,132 | €3,974 | -€1,158 | -22.6% |
| Stocks | 30/36 | €5,132 | €3,974 | -€1,158 | -22.6% |
| Amounts receivable within one year | 40/41 | €148,740 | €114,060 | -€34,681 | -23.3% |
| Trade receivables | 40 | €92,789 | €59,439 | -€33,350 | -35.9% |
| Other amounts receivable | 41 | €55,951 | €54,620 | -€1,331 | -2.4% |
| Cash at bank and in hand | 54/58 | €19,229 | €51,366 | +€32,138 | +167% |
| Deferred charges and accrued income | 490/1 | €390 | €2,202 | +€1,812 | +465% |
| Total equity and liabilities | 10/49 | €253,442 | €262,924 | +€9,482 | +3.7% |
| Equity | 10/15 | €80,228 | €69,759 | -€10,469 | -13.0% |
| Contributions | 10/11 | €30,000 | €30,000 | = | 0.0% |
| Reserves | 13 | €49,592 | €49,592 | = | 0.0% |
| Distributable reserves | 133 | €49,592 | €49,592 | = | 0.0% |
| Profit (loss) carried forward | 14 | €636 | -€9,833 | -€10,469 | |
| Amounts payable | 17/49 | €173,214 | €193,165 | +€19,951 | +11.5% |
| Amounts payable after more than one year | 17 | €24,849 | €22,786 | -€2,062 | -8.3% |
| Financial debts | 170/4 | €24,849 | €22,786 | -€2,062 | -8.3% |
| Amounts payable within one year | 42/48 | €138,669 | €160,557 | +€21,888 | +15.8% |
| Current portion of amounts payable after more than one year | 42 | €9,651 | €13,615 | +€3,963 | +41.1% |
| Financial debts | 43 | - | €8,542 | +€8,542 | |
| Credit institutions | 430/8 | - | €8,542 | +€8,542 | |
| Trade debts | 44 | €80,450 | €97,993 | +€17,543 | +21.8% |
| Suppliers | 440/4 | €80,450 | €97,993 | +€17,543 | +21.8% |
| Taxes, remuneration and social security | 45 | €48,568 | €40,408 | -€8,160 | -16.8% |
| Taxes | 450/3 | €8,366 | €1,675 | -€6,691 | -80.0% |
| Remuneration and social security | 454/9 | €40,202 | €38,733 | -€1,469 | -3.7% |
| Accrued charges and deferred income | 492/3 | €9,697 | €9,822 | +€125 | +1.3% |
| Remuneration, social security and pensions | 62 | €284,355 | €278,750 | -€5,605 | -2.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €7,920 | €15,021 | +€7,101 | +89.7% |
| Other operating charges | 640/8 | €5,588 | €4,721 | -€867 | -15.5% |
| Gross operating margin | 9900 | €324,823 | €298,045 | -€26,778 | -8.2% |
| Operating profit (loss) | 9901 | €26,960 | -€447 | -€27,407 | |
| Financial income | 75/76B | €774 | €1,398 | +€624 | +80.7% |
| Recurring financial income | 75 | €774 | €1,398 | +€624 | +80.7% |
| Financial charges | 65/66B | €11,179 | €11,087 | -€91 | -0.8% |
| Recurring financial charges | 65 | €11,179 | €11,087 | -€91 | -0.8% |
| Profit (loss) for the period before taxes | 9903 | €16,555 | -€10,136 | -€26,691 | |
| Income taxes | 67/77 | €5,919 | €333 | -€5,586 | -94.4% |
| Profit (loss) for the period | 9904 | €10,636 | -€10,469 | -€21,105 | |
| Profit (loss) for the period to be appropriated | 9905 | €10,636 | -€10,469 | -€21,105 |
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 18 October 2026 via checked.be.