TSE: 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.
TSE
Largest movements
- Receivables within one year +€5,042
up €5,042 (+35.8%), from €14,097 to €19,139
of which Trade receivables: +€4,730
- Reserves +€26,300
new in 2025: €26,300
- Debts after one year -€12,147
down €12,147 (-8.5%), from €143,296 to €131,149
- Profit (loss) carried forward -€11,469
down €11,469 (-100.0%), from €11,469 to €0
- Trade debts +€3,052
up €3,052 (+109.7%), from €2,782 to €5,834
- Tax, wage and social debts -€2,246
down €2,246 (-11.2%), from €20,033 to €17,787
of which Taxes: -€2,246
- Gross operating margin +€2,063
up €2,063 (+6.3%), from €32,730 to €34,793
- Taxes +€573
up €573 (+11.9%), from €4,829 to €5,402
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 | €205,986 | €211,622 | +€5,636 | +2.7% |
| Fixed assets | 21/28 | €191,407 | €192,098 | +€691 | +0.4% |
| Tangible fixed assets | 22/27 | €191,194 | €191,885 | +€691 | +0.4% |
| Land and buildings | 22 | €191,194 | €185,119 | -€6,075 | -3.2% |
| Furniture and vehicles | 24 | - | €6,766 | +€6,766 | |
| Financial fixed assets | 28 | €213 | €213 | = | 0.0% |
| Current assets | 29/58 | €14,579 | €19,525 | +€4,946 | +33.9% |
| Amounts receivable within one year | 40/41 | €14,097 | €19,139 | +€5,042 | +35.8% |
| Trade receivables | 40 | €14,061 | €18,791 | +€4,730 | +33.6% |
| Other amounts receivable | 41 | €36 | €348 | +€312 | +867.7% |
| Cash at bank and in hand | 54/58 | €248 | €386 | +€138 | +55.4% |
| Deferred charges and accrued income | 490/1 | €234 | €0 | -€234 | -100.0% |
| Total equity and liabilities | 10/49 | €205,986 | €211,622 | +€5,636 | +2.7% |
| Equity | 10/15 | €16,469 | €31,300 | +€14,830 | +90.0% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Reserves | 13 | - | €26,300 | +€26,300 | |
| Distributable reserves | 133 | - | €26,300 | +€26,300 | |
| Profit (loss) carried forward | 14 | €11,469 | €0 | -€11,469 | -100.0% |
| Amounts payable | 17/49 | €189,517 | €180,323 | -€9,194 | -4.9% |
| Amounts payable after more than one year | 17 | €143,296 | €131,149 | -€12,147 | -8.5% |
| Financial debts | 170/4 | €143,296 | €131,149 | -€12,147 | -8.5% |
| Amounts payable within one year | 42/48 | €46,221 | €49,174 | +€2,953 | +6.4% |
| Current portion of amounts payable after more than one year | 42 | €11,961 | €12,147 | +€186 | +1.6% |
| Financial debts | 43 | €612 | €1,070 | +€458 | +74.9% |
| Credit institutions | 430/8 | €612 | €1,070 | +€458 | +74.9% |
| Trade debts | 44 | €2,782 | €5,834 | +€3,052 | +109.7% |
| Suppliers | 440/4 | €2,782 | €5,834 | +€3,052 | +109.7% |
| Taxes, remuneration and social security | 45 | €20,033 | €17,787 | -€2,246 | -11.2% |
| Taxes | 450/3 | €20,033 | €17,787 | -€2,246 | -11.2% |
| Remuneration and social security | 454/9 | €0 | - | = | |
| Other amounts payable | 47/48 | €10,832 | €12,336 | +€1,504 | +13.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €6,075 | €6,353 | +€278 | +4.6% |
| Other operating charges | 640/8 | €1,808 | €1,621 | -€187 | -10.3% |
| Non-recurring operating charges | 66A | €0 | - | = | |
| Gross operating margin | 9900 | €32,730 | €34,793 | +€2,063 | +6.3% |
| Operating profit (loss) | 9901 | €24,846 | €26,819 | +€1,972 | +7.9% |
| Financial income | 75/76B | €0 | €0 | -€0 | -100.0% |
| Recurring financial income | 75 | €0 | €0 | -€0 | -100.0% |
| Financial charges | 65/66B | €6,687 | €6,586 | -€101 | -1.5% |
| Recurring financial charges | 65 | €6,687 | €6,586 | -€101 | -1.5% |
| Profit (loss) for the period before taxes | 9903 | €18,160 | €20,233 | +€2,073 | +11.4% |
| Income taxes | 67/77 | €4,829 | €5,402 | +€573 | +11.9% |
| Profit (loss) for the period | 9904 | €13,331 | €14,830 | +€1,500 | +11.3% |
| Profit (loss) for the period to be appropriated | 9905 | €13,331 | €14,830 | +€1,500 | +11.3% |
Source: filed annual accounts (NBB), fiscal years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 6 October 2026 via checked.be.