TSL Belgium: what changed
TSL Belgium
Largest movements
- Deferred charges and accrued income -€595,256
down €595,256 (-100%), from €595,256 to €0
- Receivables within one year +€65,476
up €65,476 (+804%), from €8,144 to €73,620
- Cash -€6,114
down €6,114 (-100%), from €6,114 to €0
mainly Other debts (-€329,574) and Trade debts (-€171,142)
- Other debts -€329,574
down €329,574 (-100%), from €329,574 to €0
- Trade debts -€171,142
down €171,142 (-100%), from €171,142 to €0
- Tax, wage and social debts +€80,605
up €80,605 (+129%), from €62,615 to €143,221
of which Taxes: +€132,919
- Debts after one year -€59,585
down €59,585 (-100%), from €59,585 to €0
- Accrued charges and deferred income -€42,891
down €42,891 (-100%), from €42,891 to €0
- Gross operating margin -€207,726
down €207,726 (-58.3%), from €356,192 to €148,465
- Staff costs -€193,958
down €193,958 (-55.2%), from €351,327 to €157,369
- Financial charges +€4,002
up €4,002 (+996%), from €402 to €4,403
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €609,514 | €73,620 | -€535,894 | -87.9% |
| Current assets | 29/58 | €609,514 | €73,620 | -€535,894 | -87.9% |
| Amounts receivable within one year | 40/41 | €8,144 | €73,620 | +€65,476 | +804% |
| Other amounts receivable | 41 | €8,144 | €73,620 | +€65,476 | +804% |
| Cash at bank and in hand | 54/58 | €6,114 | €0 | -€6,114 | -100% |
| Deferred charges and accrued income | 490/1 | €595,256 | €0 | -€595,256 | -100% |
| Total equity and liabilities | 10/49 | €609,514 | €73,620 | -€535,894 | -87.9% |
| Equity | 10/15 | -€56,294 | -€69,601 | -€13,307 | -23.6% |
| Contributions | 10/11 | €18,550 | €18,550 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€74,844 | -€88,151 | -€13,307 | -17.8% |
| Amounts payable | 17/49 | €665,808 | €143,221 | -€522,587 | -78.5% |
| Amounts payable after more than one year | 17 | €59,585 | €0 | -€59,585 | -100% |
| Financial debts | 170/4 | €59,585 | €0 | -€59,585 | -100% |
| Amounts payable within one year | 42/48 | €563,332 | €143,221 | -€420,111 | -74.6% |
| Trade debts | 44 | €171,142 | €0 | -€171,142 | -100% |
| Suppliers | 440/4 | €171,142 | €0 | -€171,142 | -100% |
| Taxes, remuneration and social security | 45 | €62,615 | €143,221 | +€80,605 | +129% |
| Taxes | 450/3 | €10,302 | €143,221 | +€132,919 | +1,290% |
| Remuneration and social security | 454/9 | €52,313 | €0 | -€52,313 | -100% |
| Other amounts payable | 47/48 | €329,574 | €0 | -€329,574 | -100% |
| Accrued charges and deferred income | 492/3 | €42,891 | €0 | -€42,891 | -100% |
| Remuneration, social security and pensions | 62 | €351,327 | €157,369 | -€193,958 | -55.2% |
| Other operating charges | 640/8 | €387 | €0 | -€387 | -100% |
| Gross operating margin | 9900 | €356,192 | €148,465 | -€207,726 | -58.3% |
| Operating profit (loss) | 9901 | €4,478 | -€8,903 | -€13,381 | |
| Financial income | 75/76B | €43 | €0 | -€43 | -100% |
| Recurring financial income | 75 | €43 | €0 | -€43 | -100% |
| Financial charges | 65/66B | €402 | €4,403 | +€4,002 | +996% |
| Recurring financial charges | 65 | €402 | €4,403 | +€4,002 | +996% |
| Profit (loss) for the period before taxes | 9903 | €4,119 | -€13,307 | -€17,425 | |
| Profit (loss) for the period | 9904 | €4,119 | -€13,307 | -€17,425 | |
| Profit (loss) for the period to be appropriated | 9905 | €4,119 | -€13,307 | -€17,425 |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 4 November 2026 via checked.be.