TSF Factory: 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.
TSF Factory
Largest movements
- Receivables within one year -€431,337
down €431,337 (-72.7%), from €593,286 to €161,949
of which Trade receivables: -€394,930
- Tangible fixed assets -€112,857
down €112,857 (-93.5%), from €120,682 to €7,825
of which Other tangible fixed assets: -€65,330
- Intangible fixed assets -€76,948
down €76,948 (-51.5%), from €149,446 to €72,498
- Stocks and contracts -€38,866
down €38,866 (-50.5%), from €77,005 to €38,139
- Debts after one year -€247,201
down €247,201 (-99.4%), from €248,688 to €1,487
of which Other amounts payable: -€207,343
- Profit (loss) carried forward -€235,569
down €235,569 (-37.6%), from -€626,532 to -€862,101
- Current portion of long-term debt -€94,294
down €94,294 (-70.3%), from €134,151 to €39,858
- Trade debts -€74,587
down €74,587 (-73.8%), from €101,043 to €26,455
- Gross operating margin -€264,717
down €264,717 (-82.0%), from €322,894 to €58,177
- Staff costs -€84,944
down €84,944 (-26.0%), from €326,379 to €241,436
- Depreciation -€72,765
down €72,765 (-63.2%), from €115,097 to €42,332
- Write-downs +€49,100
no longer reported in 2025 (was -€49,100)
- Financial charges -€4,984
down €4,984 (-36.9%), from €13,514 to €8,530
of which Financial charges: -€3,122
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 | €965,471 | €304,986 | -€660,485 | -68.4% |
| Fixed assets | 21/28 | €275,527 | €85,723 | -€189,805 | -68.9% |
| Intangible fixed assets | 21 | €149,446 | €72,498 | -€76,948 | -51.5% |
| Tangible fixed assets | 22/27 | €120,682 | €7,825 | -€112,857 | -93.5% |
| Plant, machinery and equipment | 23 | €11,716 | €5,227 | -€6,488 | -55.4% |
| Furniture and vehicles | 24 | €4,847 | €2,597 | -€2,249 | -46.4% |
| Leasing and similar rights | 25 | €4,076 | - | -€4,076 | |
| Other tangible fixed assets | 26 | €65,330 | - | -€65,330 | |
| Assets under construction and advance payments | 27 | €34,714 | - | -€34,714 | |
| Financial fixed assets | 28 | €5,400 | €5,400 | = | 0.0% |
| Current assets | 29/58 | €689,944 | €219,264 | -€470,680 | -68.2% |
| Stocks and contracts in progress | 3 | €77,005 | €38,139 | -€38,866 | -50.5% |
| Stocks | 30/36 | €77,005 | €38,139 | -€38,866 | -50.5% |
| Amounts receivable within one year | 40/41 | €593,286 | €161,949 | -€431,337 | -72.7% |
| Trade receivables | 40 | €462,400 | €67,470 | -€394,930 | -85.4% |
| Other amounts receivable | 41 | €130,886 | €94,479 | -€36,407 | -27.8% |
| Cash at bank and in hand | 54/58 | €12,400 | €11,704 | -€696 | -5.6% |
| Deferred charges and accrued income | 490/1 | €7,252 | €7,471 | +€219 | +3.0% |
| Total equity and liabilities | 10/49 | €965,471 | €304,986 | -€660,485 | -68.4% |
| Equity | 10/15 | €431,529 | €195,960 | -€235,569 | -54.6% |
| Contributions | 10/11 | €1,056,201 | €1,056,201 | = | 0.0% |
| Reserves | 13 | €1,860 | €1,860 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€626,532 | -€862,101 | -€235,569 | -37.6% |
| Amounts payable | 17/49 | €533,942 | €109,026 | -€424,916 | -79.6% |
| Amounts payable after more than one year | 17 | €248,688 | €1,487 | -€247,201 | -99.4% |
| Financial debts | 170/4 | €41,345 | €1,487 | -€39,858 | -96.4% |
| Other amounts payable | 178/9 | €207,343 | - | -€207,343 | |
| Amounts payable within one year | 42/48 | €285,171 | €106,379 | -€178,792 | -62.7% |
| Current portion of amounts payable after more than one year | 42 | €134,151 | €39,858 | -€94,294 | -70.3% |
| Trade debts | 44 | €101,043 | €26,455 | -€74,587 | -73.8% |
| Suppliers | 440/4 | €101,043 | €26,455 | -€74,587 | -73.8% |
| Advances received on contracts in progress | 46 | €1,266 | - | -€1,266 | |
| Taxes, remuneration and social security | 45 | €48,381 | €40,026 | -€8,354 | -17.3% |
| Taxes | 450/3 | €48,381 | €2,968 | -€45,412 | -93.9% |
| Remuneration and social security | 454/9 | - | €37,058 | +€37,058 | |
| Other amounts payable | 47/48 | €330 | €39 | -€290 | -88.0% |
| Accrued charges and deferred income | 492/3 | €83 | €1,160 | +€1,077 | +1296.6% |
| Non-recurring operating income | 76A | - | €22,799 | +€22,799 | |
| Remuneration, social security and pensions | 62 | €326,379 | €241,436 | -€84,944 | -26.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €115,097 | €42,332 | -€72,765 | -63.2% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | -€49,100 | - | +€49,100 | |
| Other operating charges | 640/8 | €2,151 | €1,449 | -€702 | -32.6% |
| Gross operating margin | 9900 | €322,894 | €58,177 | -€264,717 | -82.0% |
| Operating profit (loss) | 9901 | -€71,634 | -€227,040 | -€155,406 | -216.9% |
| Financial income | 75/76B | €119 | €1 | -€118 | -99.0% |
| Recurring financial income | 75 | €119 | €1 | -€118 | -99.0% |
| Financial charges | 65/66B | €13,514 | €8,530 | -€4,984 | -36.9% |
| Recurring financial charges | 65 | €11,652 | €8,530 | -€3,122 | -26.8% |
| Non-recurring financial charges | 66B | €1,862 | - | -€1,862 | |
| Profit (loss) for the period before taxes | 9903 | -€85,029 | -€235,569 | -€150,541 | -177.0% |
| Profit (loss) for the period | 9904 | -€85,029 | -€235,569 | -€150,541 | -177.0% |
| Profit (loss) for the period to be appropriated | 9905 | -€85,029 | -€235,569 | -€150,541 | -177.0% |
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 10 October 2026 via checked.be.