TSEDEK: 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.
TSEDEK
Largest movements
- Receivables within one year -€54,125
down €54,125 (-50.8%), from €106,452 to €52,327
of which Other amounts receivable: -€34,501
- Tangible fixed assets +€49,415
up €49,415 (+15.6%), from €316,223 to €365,639
of which Land and buildings: +€316,287
- Cash -€37,087
down €37,087 (-54.2%), from €68,384 to €31,298
mainly Investment in fixed assets (net) (-€56,385) and Trade debts (-€25,772)
- Trade debts -€25,772
down €25,772 (-92.0%), from €28,012 to €2,241
- Accrued charges and deferred income -€17,488
down €17,488 (-100.0%), from €17,488 to €0
- Reserves +€9,904
up €9,904 (+5.1%), from €194,929 to €204,832
of which Distributable reserves: +€11,764
- Tax, wage and social debts -€9,668
down €9,668 (-69.4%), from €13,923 to €4,255
of which Taxes: -€9,668
- Current portion of long-term debt +€8,867
new in 2024: €8,867
- Gross operating margin -€13,009
down €13,009 (-20.0%), from €65,139 to €52,129
- Depreciation +€5,005
up €5,005 (+254.7%), from €1,965 to €6,970
- Taxes -€4,675
down €4,675 (-29.0%), from €16,116 to €11,441
- Other operating charges -€3,422
down €3,422 (-47.9%), from €7,148 to €3,725
- Financial charges +€2,706
up €2,706 (+34.8%), from €7,766 to €10,472
From the 2023 result to the 2024 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 2023 and 2024 balance sheets and the 2024 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2023 | 2024 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €493,271 | €453,511 | -€39,761 | -8.1% |
| Fixed assets | 21/28 | €316,248 | €365,664 | +€49,415 | +15.6% |
| Tangible fixed assets | 22/27 | €316,223 | €365,639 | +€49,415 | +15.6% |
| Land and buildings | 22 | €45,602 | €361,888 | +€316,287 | +693.6% |
| Plant, machinery and equipment | 23 | €1,847 | €1,104 | -€743 | -40.2% |
| Furniture and vehicles | 24 | €2,039 | €1,361 | -€678 | -33.3% |
| Other tangible fixed assets | 26 | €1,607 | €1,286 | -€321 | -20.0% |
| Assets under construction and advance payments | 27 | €265,129 | €0 | -€265,129 | -100.0% |
| Financial fixed assets | 28 | €25 | €25 | = | 0.0% |
| Current assets | 29/58 | €177,023 | €87,847 | -€89,176 | -50.4% |
| Amounts receivable within one year | 40/41 | €106,452 | €52,327 | -€54,125 | -50.8% |
| Trade receivables | 40 | €20,321 | €697 | -€19,624 | -96.6% |
| Other amounts receivable | 41 | €86,131 | €51,629 | -€34,501 | -40.1% |
| Cash at bank and in hand | 54/58 | €68,384 | €31,298 | -€37,087 | -54.2% |
| Deferred charges and accrued income | 490/1 | €2,187 | €4,223 | +€2,036 | +93.1% |
| Total equity and liabilities | 10/49 | €493,271 | €453,511 | -€39,761 | -8.1% |
| Equity | 10/15 | €207,329 | €219,092 | +€11,764 | +5.7% |
| Contributions | 10/11 | €12,400 | €14,260 | +€1,860 | +15.0% |
| Reserves | 13 | €194,929 | €204,832 | +€9,904 | +5.1% |
| Non-distributable reserves | 130/1 | €1,860 | - | -€1,860 | |
| Reserves not available under the articles | 1311 | €1,860 | - | -€1,860 | |
| Distributable reserves | 133 | €193,069 | €204,832 | +€11,764 | +6.1% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €285,943 | €234,419 | -€51,524 | -18.0% |
| Amounts payable after more than one year | 17 | €225,679 | €219,057 | -€6,623 | -2.9% |
| Financial debts | 170/4 | €225,679 | €219,057 | -€6,623 | -2.9% |
| Amounts payable within one year | 42/48 | €42,775 | €15,362 | -€27,413 | -64.1% |
| Current portion of amounts payable after more than one year | 42 | - | €8,867 | +€8,867 | |
| Financial debts | 43 | €840 | €0 | -€840 | -100.0% |
| Credit institutions | 430/8 | €840 | €0 | -€840 | -100.0% |
| Trade debts | 44 | €28,012 | €2,241 | -€25,772 | -92.0% |
| Suppliers | 440/4 | €28,012 | €2,241 | -€25,772 | -92.0% |
| Taxes, remuneration and social security | 45 | €13,923 | €4,255 | -€9,668 | -69.4% |
| Taxes | 450/3 | €13,923 | €4,255 | -€9,668 | -69.4% |
| Remuneration and social security | 454/9 | €0 | - | = | |
| Accrued charges and deferred income | 492/3 | €17,488 | €0 | -€17,488 | -100.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,965 | €6,970 | +€5,005 | +254.7% |
| Other operating charges | 640/8 | €7,148 | €3,725 | -€3,422 | -47.9% |
| Gross operating margin | 9900 | €65,139 | €52,129 | -€13,009 | -20.0% |
| Operating profit (loss) | 9901 | €56,026 | €41,434 | -€14,592 | -26.0% |
| Financial income | 75/76B | €3,320 | €1,978 | -€1,342 | -40.4% |
| Recurring financial income | 75 | €3,320 | €1,978 | -€1,342 | -40.4% |
| Financial charges | 65/66B | €7,766 | €10,472 | +€2,706 | +34.8% |
| Recurring financial charges | 65 | €7,766 | €10,472 | +€2,706 | +34.8% |
| Profit (loss) for the period before taxes | 9903 | €51,580 | €32,940 | -€18,640 | -36.1% |
| Income taxes | 67/77 | €16,116 | €11,441 | -€4,675 | -29.0% |
| Profit (loss) for the period | 9904 | €35,464 | €21,499 | -€13,965 | -39.4% |
| Profit (loss) for the period to be appropriated | 9905 | €35,464 | €21,499 | -€13,965 | -39.4% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2023 and 31 December 2024. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 1 October 2026 via checked.be.