TSL Projects: what changed
TSL Projects
Largest movements
- Cash -€33,149
down €33,149 (-73.7%), from €44,967 to €11,818
mainly Trade debts (-€55,010) and Debts after one year (-€18,642)
- Receivables within one year -€19,146
down €19,146 (-6.2%), from €310,637 to €291,491
of which Trade receivables: -€44,344
- Tangible fixed assets -€17,445
down €17,445 (-40.5%), from €43,120 to €25,674
of which Plant, machinery and equipment: -€22,956
- Trade debts -€55,010
down €55,010 (-30.6%), from €179,783 to €124,773
- Debts after one year -€18,642
down €18,642 (-29.2%), from €63,911 to €45,270
- Profit (loss) carried forward +€18,246
up €18,246 (+19.0%), from €96,001 to €114,248
- Tax, wage and social debts -€10,765
down €10,765 (-44.2%), from €24,336 to €13,571
of which Taxes: -€12,216
- Current portion of long-term debt -€5,269
down €5,269 (-19.8%), from €26,550 to €21,281
- Gross operating margin -€103,340
down €103,340 (-53.0%), from €194,837 to €91,498
- Staff costs -€26,839
down €26,839 (-47.1%), from €57,019 to €30,180
- Write-downs -€11,375
no longer reported in 2025 (was €11,375)
- Taxes -€8,001
down €8,001 (-50.3%), from €15,923 to €7,921
- Depreciation -€2,811
down €2,811 (-9.4%), from €30,050 to €27,239
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 | €400,582 | €329,142 | -€71,440 | -17.8% |
| Formation expenses | 20 | €0 | €0 | = | |
| Fixed assets | 21/28 | €43,120 | €25,674 | -€17,445 | -40.5% |
| Tangible fixed assets | 22/27 | €43,120 | €25,674 | -€17,445 | -40.5% |
| Plant, machinery and equipment | 23 | €39,394 | €16,438 | -€22,956 | -58.3% |
| Furniture and vehicles | 24 | €3,726 | €9,236 | +€5,510 | +148% |
| Current assets | 29/58 | €357,462 | €303,467 | -€53,995 | -15.1% |
| Amounts receivable within one year | 40/41 | €310,637 | €291,491 | -€19,146 | -6.2% |
| Trade receivables | 40 | €157,134 | €112,790 | -€44,344 | -28.2% |
| Other amounts receivable | 41 | €153,504 | €178,701 | +€25,197 | +16.4% |
| Cash at bank and in hand | 54/58 | €44,967 | €11,818 | -€33,149 | -73.7% |
| Deferred charges and accrued income | 490/1 | €1,858 | €159 | -€1,699 | -91.5% |
| Total equity and liabilities | 10/49 | €400,582 | €329,142 | -€71,440 | -17.8% |
| Equity | 10/15 | €106,001 | €124,248 | +€18,246 | +17.2% |
| Contributions | 10/11 | €10,000 | €10,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €96,001 | €114,248 | +€18,246 | +19.0% |
| Amounts payable | 17/49 | €294,580 | €204,894 | -€89,686 | -30.4% |
| Amounts payable after more than one year | 17 | €63,911 | €45,270 | -€18,642 | -29.2% |
| Financial debts | 170/4 | €63,911 | €45,270 | -€18,642 | -29.2% |
| Amounts payable within one year | 42/48 | €230,669 | €159,625 | -€71,045 | -30.8% |
| Current portion of amounts payable after more than one year | 42 | €26,550 | €21,281 | -€5,269 | -19.8% |
| Trade debts | 44 | €179,783 | €124,773 | -€55,010 | -30.6% |
| Suppliers | 440/4 | €179,783 | €124,773 | -€55,010 | -30.6% |
| Taxes, remuneration and social security | 45 | €24,336 | €13,571 | -€10,765 | -44.2% |
| Taxes | 450/3 | €21,327 | €9,111 | -€12,216 | -57.3% |
| Remuneration and social security | 454/9 | €3,009 | €4,460 | +€1,451 | +48.2% |
| Remuneration, social security and pensions | 62 | €57,019 | €30,180 | -€26,839 | -47.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €30,050 | €27,239 | -€2,811 | -9.4% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €11,375 | - | -€11,375 | |
| Other operating charges | 640/8 | €3,499 | €3,549 | +€50 | +1.4% |
| Non-recurring operating charges | 66A | €12,097 | - | -€12,097 | |
| Gross operating margin | 9900 | €194,837 | €91,498 | -€103,340 | -53.0% |
| Operating profit (loss) | 9901 | €80,797 | €30,530 | -€50,267 | -62.2% |
| Financial income | 75/76B | €28 | €99 | +€71 | +251% |
| Recurring financial income | 75 | €28 | €99 | +€71 | +251% |
| Financial charges | 65/66B | €6,910 | €4,461 | -€2,449 | -35.4% |
| Recurring financial charges | 65 | €6,910 | €4,461 | -€2,449 | -35.4% |
| Profit (loss) for the period before taxes | 9903 | €73,915 | €26,167 | -€47,748 | -64.6% |
| Income taxes | 67/77 | €15,923 | €7,921 | -€8,001 | -50.3% |
| Profit (loss) for the period | 9904 | €57,993 | €18,246 | -€39,746 | -68.5% |
| Profit (loss) for the period to be appropriated | 9905 | €57,993 | €18,246 | -€39,746 | -68.5% |
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 2 November 2026 via checked.be.