TSL SYSTEMS: 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.
TSL SYSTEMS
Largest movements
- Tangible fixed assets +€97,672
up €97,672 (+15.6%), from €628,082 to €725,754
of which Plant, machinery and equipment: +€81,258
- Cash -€57,260
down €57,260 (-51.9%), from €110,254 to €52,994
mainly Investment in fixed assets (net) (-€249,750) and Receivables within one year (-€30,973)
- Receivables within one year +€30,973
up €30,973 (+50.7%), from €61,125 to €92,098
of which Trade receivables: +€32,994
- Reserves +€90,978
up €90,978 (+62.5%), from €145,492 to €236,471
- Tax, wage and social debts +€23,178
up €23,178 (+324%), from €7,150 to €30,328
- Advances received -€22,077
down €22,077 (-100%), from €22,077 to €0
- Trade debts -€11,920
down €11,920 (-39.9%), from €29,882 to €17,962
- Current portion of long-term debt -€9,045
down €9,045 (-14.3%), from €63,104 to €54,059
- Depreciation -€42,285
down €42,285 (-21.8%), from €194,363 to €152,078
- Taxes +€16,999
up €16,999 (+94.6%), from €17,963 to €34,962
- Gross operating margin -€3,788
down €3,788 (-1.3%), from €290,316 to €286,528
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.
Derived cash bridge
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 | €801,437 | €874,109 | +€72,672 | +9.1% |
| Formation expenses | 20 | €0 | - | = | |
| Fixed assets | 21/28 | €628,105 | €725,777 | +€97,672 | +15.6% |
| Tangible fixed assets | 22/27 | €628,082 | €725,754 | +€97,672 | +15.6% |
| Land and buildings | 22 | €208,521 | €224,856 | +€16,335 | +7.8% |
| Plant, machinery and equipment | 23 | €418,319 | €499,576 | +€81,258 | +19.4% |
| Furniture and vehicles | 24 | €1,242 | €1,321 | +€79 | +6.4% |
| Financial fixed assets | 28 | €23 | €23 | = | 0.0% |
| Current assets | 29/58 | €173,332 | €148,332 | -€25,000 | -14.4% |
| Amounts receivable within one year | 40/41 | €61,125 | €92,098 | +€30,973 | +50.7% |
| Trade receivables | 40 | €58,953 | €91,947 | +€32,994 | +56.0% |
| Other amounts receivable | 41 | €2,172 | €151 | -€2,021 | -93.0% |
| Cash at bank and in hand | 54/58 | €110,254 | €52,994 | -€57,260 | -51.9% |
| Deferred charges and accrued income | 490/1 | €1,954 | €3,240 | +€1,286 | +65.8% |
| Total equity and liabilities | 10/49 | €801,437 | €874,109 | +€72,672 | +9.1% |
| Equity | 10/15 | €355,492 | €446,471 | +€90,978 | +25.6% |
| Contributions | 10/11 | €210,000 | €210,000 | = | 0.0% |
| Reserves | 13 | €145,492 | €236,471 | +€90,978 | +62.5% |
| Distributable reserves | 133 | €145,492 | €236,471 | +€90,978 | +62.5% |
| Amounts payable | 17/49 | €445,945 | €427,638 | -€18,307 | -4.1% |
| Amounts payable after more than one year | 17 | €162,902 | €164,592 | +€1,689 | +1.0% |
| Financial debts | 170/4 | €162,902 | €164,592 | +€1,689 | +1.0% |
| Amounts payable within one year | 42/48 | €283,042 | €263,047 | -€19,996 | -7.1% |
| Current portion of amounts payable after more than one year | 42 | €63,104 | €54,059 | -€9,045 | -14.3% |
| Trade debts | 44 | €29,882 | €17,962 | -€11,920 | -39.9% |
| Suppliers | 440/4 | €29,882 | €17,962 | -€11,920 | -39.9% |
| Advances received on contracts in progress | 46 | €22,077 | €0 | -€22,077 | -100% |
| Taxes, remuneration and social security | 45 | €7,150 | €30,328 | +€23,178 | +324% |
| Taxes | 450/3 | €7,150 | €30,328 | +€23,178 | +324% |
| Other amounts payable | 47/48 | €160,829 | €160,697 | -€132 | -0.1% |
| Non-recurring operating income | 76A | €3,552 | €0 | -€3,552 | -100% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €194,363 | €152,078 | -€42,285 | -21.8% |
| Other operating charges | 640/8 | €1,855 | €2,085 | +€230 | +12.4% |
| Gross operating margin | 9900 | €290,316 | €286,528 | -€3,788 | -1.3% |
| Operating profit (loss) | 9901 | €94,099 | €132,365 | +€38,266 | +40.7% |
| Financial income | 75/76B | €1,029 | €934 | -€95 | -9.2% |
| Recurring financial income | 75 | €1,029 | €934 | -€95 | -9.2% |
| Financial charges | 65/66B | €7,634 | €7,359 | -€275 | -3.6% |
| Recurring financial charges | 65 | €7,634 | €7,359 | -€275 | -3.6% |
| Profit (loss) for the period before taxes | 9903 | €87,493 | €125,940 | +€38,447 | +43.9% |
| Income taxes | 67/77 | €17,963 | €34,962 | +€16,999 | +94.6% |
| Profit (loss) for the period | 9904 | €69,531 | €90,978 | +€21,448 | +30.8% |
| Profit (loss) for the period to be appropriated | 9905 | €69,531 | €90,978 | +€21,448 | +30.8% |
Source: filed annual accounts (NBB), financial years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 30 October 2026 via checked.be.