TSM CONCEPT: 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.
TSM CONCEPT
Largest movements
- Receivables within one year -€4,465
down €4,465 (-28.8%), from €15,524 to €11,058
of which Trade receivables: -€4,564
- Tangible fixed assets -€4,314
down €4,314 (-97.2%), from €4,436 to €122
- Cash -€2,546
down €2,546 (-9.7%), from €26,331 to €23,785
mainly Net result for the year (-€8,261) and Other debts (-€3,404)
- Profit (loss) carried forward -€8,261
down €8,261 (-50.3%), from €16,427 to €8,166
- Other debts -€3,404
down €3,404 (-64.2%), from €5,298 to €1,895
- Tax, wage and social debts -€2,806
down €2,806 (-62.1%), from €4,517 to €1,711
- Trade debts +€2,755
up €2,755 (+83.1%), from €3,316 to €6,071
- Gross operating margin -€17,072
down €17,072 (-93.7%), from €18,226 to €1,154
- Taxes +€3,827
up €3,827 (+382.7%), from €1,000 to €4,827
- Depreciation -€838
down €838 (-16.3%), from €5,152 to €4,314
- Financial charges -€563
down €563 (-72.8%), from €774 to €211
- Other operating charges -€288
down €288 (-82.0%), from €352 to €63
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 | €48,236 | €36,520 | -€11,716 | -24.3% |
| Fixed assets | 21/28 | €4,436 | €122 | -€4,314 | -97.2% |
| Tangible fixed assets | 22/27 | €4,436 | €122 | -€4,314 | -97.2% |
| Furniture and vehicles | 24 | €4,436 | €122 | -€4,314 | -97.2% |
| Current assets | 29/58 | €43,799 | €36,397 | -€7,402 | -16.9% |
| Stocks and contracts in progress | 3 | €827 | €437 | -€390 | -47.2% |
| Stocks | 30/36 | €827 | €437 | -€390 | -47.2% |
| Amounts receivable within one year | 40/41 | €15,524 | €11,058 | -€4,465 | -28.8% |
| Trade receivables | 40 | €15,524 | €10,960 | -€4,564 | -29.4% |
| Other amounts receivable | 41 | - | €99 | +€99 | |
| Cash at bank and in hand | 54/58 | €26,331 | €23,785 | -€2,546 | -9.7% |
| Deferred charges and accrued income | 490/1 | €1,118 | €1,118 | = | 0.0% |
| Total equity and liabilities | 10/49 | €48,236 | €36,520 | -€11,716 | -24.3% |
| Equity | 10/15 | €35,104 | €26,843 | -€8,261 | -23.5% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €77 | €77 | = | 0.0% |
| Non-distributable reserves | 130/1 | €77 | €77 | = | 0.0% |
| Reserves not available under the articles | 1311 | €77 | €77 | = | 0.0% |
| Profit (loss) carried forward | 14 | €16,427 | €8,166 | -€8,261 | -50.3% |
| Amounts payable | 17/49 | €13,132 | €9,677 | -€3,455 | -26.3% |
| Amounts payable within one year | 42/48 | €13,132 | €9,677 | -€3,455 | -26.3% |
| Trade debts | 44 | €3,316 | €6,071 | +€2,755 | +83.1% |
| Suppliers | 440/4 | €3,316 | €6,071 | +€2,755 | +83.1% |
| Taxes, remuneration and social security | 45 | €4,517 | €1,711 | -€2,806 | -62.1% |
| Taxes | 450/3 | €4,517 | €1,711 | -€2,806 | -62.1% |
| Other amounts payable | 47/48 | €5,298 | €1,895 | -€3,404 | -64.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €5,152 | €4,314 | -€838 | -16.3% |
| Other operating charges | 640/8 | €352 | €63 | -€288 | -82.0% |
| Gross operating margin | 9900 | €18,226 | €1,154 | -€17,072 | -93.7% |
| Operating profit (loss) | 9901 | €12,723 | -€3,223 | -€15,946 | |
| Financial charges | 65/66B | €774 | €211 | -€563 | -72.8% |
| Recurring financial charges | 65 | €774 | €211 | -€563 | -72.8% |
| Profit (loss) for the period before taxes | 9903 | €11,949 | -€3,434 | -€15,383 | |
| Income taxes | 67/77 | €1,000 | €4,827 | +€3,827 | +382.7% |
| Profit (loss) for the period | 9904 | €10,949 | -€8,261 | -€19,210 | |
| Profit (loss) for the period to be appropriated | 9905 | €10,949 | -€8,261 | -€19,210 |
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 4 October 2026 via checked.be.