TSH EVENTS: 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.
TSH EVENTS
Largest movements
- Tangible fixed assets +€76,904
up €76,904 (+62.9%), from €122,337 to €199,241
of which Leasing and similar rights: +€58,872
- Cash +€10,411
up €10,411 (+11.7%), from €88,626 to €99,037
mainly Net result for the year (+€46,596) and Debts after one year (+€45,067)
- Deferred charges and accrued income -€4,479
down €4,479 (-90.3%), from €4,962 to €483
- Receivables within one year +€3,659
new in 2025: €3,659
of which Trade receivables: +€2,801
- Debts after one year +€45,067
up €45,067 (+128.7%), from €35,028 to €80,095
- Reserves +€41,628
up €41,628 (+56.0%), from €74,310 to €115,937
of which Distributable reserves: +€45,000
- Other debts -€22,922
down €22,922 (-51.2%), from €44,797 to €21,875
- Current portion of long-term debt +€17,280
up €17,280 (+130.1%), from €13,283 to €30,564
- Profit (loss) carried forward +€4,969
up €4,969 (+31.6%), from €15,711 to €20,680
- Depreciation +€6,886
up €6,886 (+28.0%), from €24,556 to €31,443
- Gross operating margin +€6,425
up €6,425 (+5.3%), from €121,436 to €127,861
- Other operating charges +€5,654
up €5,654 (+359.4%), from €1,573 to €7,227
- Staff costs +€4,435
up €4,435 (+59.6%), from €7,446 to €11,881
- Taxes -€2,779
down €2,779 (-9.7%), from €28,622 to €25,843
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 | €218,826 | €305,322 | +€86,495 | +39.5% |
| Fixed assets | 21/28 | €125,238 | €202,142 | +€76,904 | +61.4% |
| Tangible fixed assets | 22/27 | €122,337 | €199,241 | +€76,904 | +62.9% |
| Plant, machinery and equipment | 23 | €95,019 | €90,534 | -€4,484 | -4.7% |
| Furniture and vehicles | 24 | €27,318 | €49,834 | +€22,516 | +82.4% |
| Leasing and similar rights | 25 | - | €58,872 | +€58,872 | |
| Financial fixed assets | 28 | €2,901 | €2,901 | = | 0.0% |
| Current assets | 29/58 | €93,588 | €103,179 | +€9,591 | +10.2% |
| Amounts receivable within one year | 40/41 | - | €3,659 | +€3,659 | |
| Trade receivables | 40 | - | €2,801 | +€2,801 | |
| Other amounts receivable | 41 | - | €858 | +€858 | |
| Cash at bank and in hand | 54/58 | €88,626 | €99,037 | +€10,411 | +11.7% |
| Deferred charges and accrued income | 490/1 | €4,962 | €483 | -€4,479 | -90.3% |
| Total equity and liabilities | 10/49 | €218,826 | €305,322 | +€86,495 | +39.5% |
| Equity | 10/15 | €90,535 | €137,132 | +€46,596 | +51.5% |
| Contributions | 10/11 | €515 | €515 | = | 0.0% |
| Reserves | 13 | €74,310 | €115,937 | +€41,628 | +56.0% |
| Tax-exempt reserves | 132 | €24,310 | €20,937 | -€3,372 | -13.9% |
| Distributable reserves | 133 | €50,000 | €95,000 | +€45,000 | +90.0% |
| Profit (loss) carried forward | 14 | €15,711 | €20,680 | +€4,969 | +31.6% |
| Provisions and deferred taxes | 16 | €6,077 | €5,234 | -€843 | -13.9% |
| Deferred taxes | 168 | €6,077 | €5,234 | -€843 | -13.9% |
| Amounts payable | 17/49 | €122,214 | €162,956 | +€40,742 | +33.3% |
| Amounts payable after more than one year | 17 | €35,028 | €80,095 | +€45,067 | +128.7% |
| Financial debts | 170/4 | €35,028 | €80,095 | +€45,067 | +128.7% |
| Amounts payable within one year | 42/48 | €87,186 | €82,861 | -€4,325 | -5.0% |
| Current portion of amounts payable after more than one year | 42 | €13,283 | €30,564 | +€17,280 | +130.1% |
| Trade debts | 44 | €1,398 | €2,315 | +€917 | +65.6% |
| Suppliers | 440/4 | €1,398 | €2,315 | +€917 | +65.6% |
| Taxes, remuneration and social security | 45 | €27,708 | €28,107 | +€400 | +1.4% |
| Taxes | 450/3 | €26,328 | €25,090 | -€1,238 | -4.7% |
| Remuneration and social security | 454/9 | €1,380 | €3,018 | +€1,638 | +118.7% |
| Other amounts payable | 47/48 | €44,797 | €21,875 | -€22,922 | -51.2% |
| Non-recurring operating income | 76A | €21,394 | €7,110 | -€14,284 | -66.8% |
| Remuneration, social security and pensions | 62 | €7,446 | €11,881 | +€4,435 | +59.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €24,556 | €31,443 | +€6,886 | +28.0% |
| Other operating charges | 640/8 | €1,573 | €7,227 | +€5,654 | +359.4% |
| Gross operating margin | 9900 | €121,436 | €127,861 | +€6,425 | +5.3% |
| Operating profit (loss) | 9901 | €87,861 | €77,310 | -€10,550 | -12.0% |
| Financial income | 75/76B | €230 | €315 | +€85 | +37.0% |
| Recurring financial income | 75 | €230 | €315 | +€85 | +37.0% |
| Financial charges | 65/66B | €3,659 | €6,030 | +€2,371 | +64.8% |
| Recurring financial charges | 65 | €3,659 | €6,030 | +€2,371 | +64.8% |
| Profit (loss) for the period before taxes | 9903 | €84,431 | €71,596 | -€12,836 | -15.2% |
| Transfer from deferred taxes | 780 | €902 | €843 | -€58 | -6.5% |
| Income taxes | 67/77 | €28,622 | €25,843 | -€2,779 | -9.7% |
| Profit (loss) for the period | 9904 | €56,711 | €46,596 | -€10,115 | -17.8% |
| Transfer from tax-exempt reserves | 789 | €3,606 | €3,372 | -€234 | -6.5% |
| Profit (loss) for the period to be appropriated | 9905 | €60,317 | €49,969 | -€10,349 | -17.2% |
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.