TSL: 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.
TSL
Largest movements
- Tangible fixed assets -€680,896
down €680,896 (-15.6%), from €4.4m to €3.7m
of which Leasing and similar rights: -€785,539
- Receivables within one year +€226,727
up €226,727 (+31.6%), from €717,215 to €943,942
of which Trade receivables: +€174,485
- Cash -€179,982
down €179,982 (-35.2%), from €511,554 to €331,572
mainly Debts after one year (-€658,746) and Receivables within one year (-€226,727)
- Debts after one year -€658,746
down €658,746 (-24.7%), from €2.7m to €2.0m
- Other debts -€201,649
down €201,649 (-48.1%), from €419,420 to €217,771
- Short-term financial debts +€195,720
up €195,720 (+1155.6%), from €16,937 to €212,657
- Tax, wage and social debts +€71,702
up €71,702 (+45.8%), from €156,494 to €228,196
of which Remuneration and social security: +€70,330
- Current portion of long-term debt -€60,184
down €60,184 (-7.8%), from €775,508 to €715,323
- Gross operating margin -€57,272
down €57,272 (-1.4%), from €4.0m to €4.0m
- Depreciation +€46,890
up €46,890 (+5.7%), from €828,480 to €875,369
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 | €5,599,681 | €4,965,530 | -€634,152 | -11.3% |
| Fixed assets | 21/28 | €4,370,912 | €3,690,016 | -€680,896 | -15.6% |
| Tangible fixed assets | 22/27 | €4,370,817 | €3,689,921 | -€680,896 | -15.6% |
| Plant, machinery and equipment | 23 | €38,801 | €34,321 | -€4,480 | -11.5% |
| Furniture and vehicles | 24 | €187,756 | €220,566 | +€32,810 | +17.5% |
| Leasing and similar rights | 25 | €3,817,029 | €3,031,491 | -€785,539 | -20.6% |
| Assets under construction and advance payments | 27 | €327,231 | €403,543 | +€76,313 | +23.3% |
| Financial fixed assets | 28 | €95 | €95 | = | 0.0% |
| Current assets | 29/58 | €1,228,770 | €1,275,514 | +€46,745 | +3.8% |
| Amounts receivable within one year | 40/41 | €717,215 | €943,942 | +€226,727 | +31.6% |
| Trade receivables | 40 | €708,972 | €883,457 | +€174,485 | +24.6% |
| Other amounts receivable | 41 | €8,243 | €60,485 | +€52,242 | +633.7% |
| Cash at bank and in hand | 54/58 | €511,554 | €331,572 | -€179,982 | -35.2% |
| Total equity and liabilities | 10/49 | €5,599,681 | €4,965,530 | -€634,152 | -11.3% |
| Equity | 10/15 | €1,328,597 | €1,387,673 | +€59,076 | +4.4% |
| Contributions | 10/11 | €365,000 | €365,000 | = | 0.0% |
| Reserves | 13 | €963,597 | €1,022,673 | +€59,076 | +6.1% |
| Distributable reserves | 133 | €963,597 | €1,022,673 | +€59,076 | +6.1% |
| Amounts payable | 17/49 | €4,271,085 | €3,577,857 | -€693,228 | -16.2% |
| Amounts payable after more than one year | 17 | €2,668,293 | €2,009,547 | -€658,746 | -24.7% |
| Financial debts | 170/4 | €2,668,293 | €2,009,547 | -€658,746 | -24.7% |
| Amounts payable within one year | 42/48 | €1,602,791 | €1,568,310 | -€34,482 | -2.2% |
| Current portion of amounts payable after more than one year | 42 | €775,508 | €715,323 | -€60,184 | -7.8% |
| Financial debts | 43 | €16,937 | €212,657 | +€195,720 | +1155.6% |
| Credit institutions | 430/8 | €16,937 | €212,657 | +€195,720 | +1155.6% |
| Trade debts | 44 | €234,433 | €194,362 | -€40,071 | -17.1% |
| Suppliers | 440/4 | €234,433 | €194,362 | -€40,071 | -17.1% |
| Taxes, remuneration and social security | 45 | €156,494 | €228,196 | +€71,702 | +45.8% |
| Taxes | 450/3 | €12,765 | €14,137 | +€1,372 | +10.7% |
| Remuneration and social security | 454/9 | €143,729 | €214,059 | +€70,330 | +48.9% |
| Other amounts payable | 47/48 | €419,420 | €217,771 | -€201,649 | -48.1% |
| Remuneration, social security and pensions | 62 | €2,207,660 | €2,209,970 | +€2,310 | +0.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €828,480 | €875,369 | +€46,890 | +5.7% |
| Other operating charges | 640/8 | €511,876 | €507,390 | -€4,487 | -0.9% |
| Gross operating margin | 9900 | €4,012,868 | €3,955,596 | -€57,272 | -1.4% |
| Operating profit (loss) | 9901 | €464,852 | €362,867 | -€101,985 | -21.9% |
| Financial income | 75/76B | €220 | €36 | -€184 | -83.8% |
| Recurring financial income | 75 | €220 | €36 | -€184 | -83.8% |
| Financial charges | 65/66B | €113,721 | €104,615 | -€9,106 | -8.0% |
| Recurring financial charges | 65 | €113,721 | €104,615 | -€9,106 | -8.0% |
| Profit (loss) for the period before taxes | 9903 | €351,350 | €258,287 | -€93,063 | -26.5% |
| Income taxes | 67/77 | €93,666 | €79,211 | -€14,455 | -15.4% |
| Profit (loss) for the period | 9904 | €257,684 | €179,076 | -€78,608 | -30.5% |
| Profit (loss) for the period to be appropriated | 9905 | €257,684 | €179,076 | -€78,608 | -30.5% |
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 28 September 2026 via checked.be.