TSER: 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.
TSER
Largest movements
- Current investments +€155,188
up €155,188 (+433.7%), from €35,783 to €190,972
- Receivables within one year -€53,583
down €53,583 (-72.2%), from €74,239 to €20,656
of which Other amounts receivable: -€48,818
- Cash -€35,775
down €35,775 (-57.2%), from €62,587 to €26,812
mainly Contributions, distributions and other (-€250,000) and Current investments (-€155,188)
- Tangible fixed assets -€9,714
down €9,714 (-29.7%), from €32,756 to €23,043
of which Furniture and vehicles: -€8,577
- Other debts +€212,500
new in 2025: €212,500
- Reserves -€195,901
down €195,901 (-98.9%), from €198,114 to €2,213
- Tax, wage and social debts +€40,473
up €40,473 (+1487.0%), from €2,722 to €43,195
- Gross operating margin -€26,732
down €26,732 (-25.0%), from €106,785 to €80,054
- Taxes -€6,491
down €6,491 (-26.3%), from €24,696 to €18,205
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 | €207,699 | €264,832 | +€57,133 | +27.5% |
| Fixed assets | 21/28 | €32,756 | €23,043 | -€9,714 | -29.7% |
| Tangible fixed assets | 22/27 | €32,756 | €23,043 | -€9,714 | -29.7% |
| Plant, machinery and equipment | 23 | €3,978 | €2,842 | -€1,137 | -28.6% |
| Furniture and vehicles | 24 | €28,778 | €20,201 | -€8,577 | -29.8% |
| Current assets | 29/58 | €174,942 | €241,789 | +€66,847 | +38.2% |
| Amounts receivable within one year | 40/41 | €74,239 | €20,656 | -€53,583 | -72.2% |
| Trade receivables | 40 | €19,291 | €14,526 | -€4,765 | -24.7% |
| Other amounts receivable | 41 | €54,948 | €6,129 | -€48,818 | -88.8% |
| Current investments | 50/53 | €35,783 | €190,972 | +€155,188 | +433.7% |
| Cash at bank and in hand | 54/58 | €62,587 | €26,812 | -€35,775 | -57.2% |
| Deferred charges and accrued income | 490/1 | €2,333 | €3,350 | +€1,016 | +43.6% |
| Total equity and liabilities | 10/49 | €207,699 | €264,832 | +€57,133 | +27.5% |
| Equity | 10/15 | €203,114 | €7,213 | -€195,901 | -96.4% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Reserves | 13 | €198,114 | €2,213 | -€195,901 | -98.9% |
| Distributable reserves | 133 | €198,114 | €2,213 | -€195,901 | -98.9% |
| Amounts payable | 17/49 | €4,585 | €257,619 | +€253,034 | +5518.7% |
| Amounts payable within one year | 42/48 | €2,872 | €255,865 | +€252,994 | +8809.8% |
| Financial debts | 43 | - | €20 | +€20 | |
| Credit institutions | 430/8 | - | €20 | +€20 | |
| Trade debts | 44 | €150 | €150 | = | 0.0% |
| Suppliers | 440/4 | €150 | €150 | = | 0.0% |
| Taxes, remuneration and social security | 45 | €2,722 | €43,195 | +€40,473 | +1487.0% |
| Taxes | 450/3 | €2,722 | €43,195 | +€40,473 | +1487.0% |
| Other amounts payable | 47/48 | - | €212,500 | +€212,500 | |
| Accrued charges and deferred income | 492/3 | €1,713 | €1,754 | +€40 | +2.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €10,972 | €10,962 | -€9 | -0.1% |
| Other operating charges | 640/8 | €676 | €837 | +€161 | +23.8% |
| Gross operating margin | 9900 | €106,785 | €80,054 | -€26,732 | -25.0% |
| Operating profit (loss) | 9901 | €95,138 | €68,255 | -€26,883 | -28.3% |
| Financial income | 75/76B | €3,508 | €4,479 | +€972 | +27.7% |
| Recurring financial income | 75 | €3,508 | €4,479 | +€972 | +27.7% |
| Financial charges | 65/66B | €342 | €430 | +€88 | +25.8% |
| Recurring financial charges | 65 | €342 | €430 | +€88 | +25.8% |
| Profit (loss) for the period before taxes | 9903 | €98,304 | €72,304 | -€26,000 | -26.4% |
| Income taxes | 67/77 | €24,696 | €18,205 | -€6,491 | -26.3% |
| Profit (loss) for the period | 9904 | €73,608 | €54,099 | -€19,508 | -26.5% |
| Profit (loss) for the period to be appropriated | 9905 | €73,608 | €54,099 | -€19,508 | -26.5% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 8 October 2026 via checked.be.