TSM EVENTS: 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.
TSM EVENTS
Largest movements
- Tangible fixed assets +€201,108
up €201,108 (+12.4%), from €1.6m to €1.8m
of which Plant, machinery and equipment: +€176,392
- Receivables within one year +€122,232
up €122,232 (+27.0%), from €452,962 to €575,194
of which Other amounts receivable: +€121,204
- Other debts +€146,247
up €146,247 (+359%), from €40,714 to €186,961
- Reserves +€77,506
up €77,506 (+7.4%), from €1.1m to €1.1m
of which Distributable reserves: +€161,706
- Tax, wage and social debts +€67,438
up €67,438 (+338%), from €19,977 to €87,415
of which Taxes: +€67,516
- Depreciation +€105,383
up €105,383 (+70.2%), from €150,088 to €255,471
- Financial charges +€26,934
up €26,934 (+171%), from €15,728 to €42,662
- Staff costs +€24,960
up €24,960 (+18.9%), from €132,173 to €157,133
- Other operating charges -€19,532
down €19,532 (-51.4%), from €37,976 to €18,444
- Taxes -€11,423
down €11,423 (-8.5%), from €135,060 to €123,637
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 | €2,367,548 | €2,686,720 | +€319,171 | +13.5% |
| Formation expenses | 20 | €0 | €0 | = | |
| Fixed assets | 21/28 | €1,630,939 | €1,830,707 | +€199,768 | +12.2% |
| Intangible fixed assets | 21 | €4,752 | €3,412 | -€1,340 | -28.2% |
| Tangible fixed assets | 22/27 | €1,625,792 | €1,826,901 | +€201,108 | +12.4% |
| Land and buildings | 22 | €1,166,755 | €1,111,226 | -€55,529 | -4.8% |
| Plant, machinery and equipment | 23 | €376,896 | €553,288 | +€176,392 | +46.8% |
| Furniture and vehicles | 24 | €82,142 | €162,387 | +€80,246 | +97.7% |
| Financial fixed assets | 28 | €395 | €395 | = | 0.0% |
| Current assets | 29/58 | €736,609 | €856,012 | +€119,403 | +16.2% |
| Amounts receivable within one year | 40/41 | €452,962 | €575,194 | +€122,232 | +27.0% |
| Trade receivables | 40 | €376,332 | €377,360 | +€1,028 | +0.3% |
| Other amounts receivable | 41 | €76,631 | €197,834 | +€121,204 | +158% |
| Cash at bank and in hand | 54/58 | €277,123 | €278,613 | +€1,490 | +0.5% |
| Deferred charges and accrued income | 490/1 | €6,524 | €2,205 | -€4,319 | -66.2% |
| Total equity and liabilities | 10/49 | €2,367,548 | €2,686,720 | +€319,171 | +13.5% |
| Equity | 10/15 | €1,203,770 | €1,281,276 | +€77,506 | +6.4% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €1,051,837 | €1,129,342 | +€77,506 | +7.4% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Tax-exempt reserves | 132 | €249,940 | €165,740 | -€84,200 | -33.7% |
| Distributable reserves | 133 | €800,037 | €961,742 | +€161,706 | +20.2% |
| Profit (loss) carried forward | 14 | €133,333 | €133,333 | = | 0.0% |
| Amounts payable | 17/49 | €1,163,778 | €1,405,444 | +€241,666 | +20.8% |
| Amounts payable after more than one year | 17 | €1,022,832 | €1,021,884 | -€948 | -0.1% |
| Financial debts | 170/4 | €1,022,832 | €1,021,884 | -€948 | -0.1% |
| Amounts payable within one year | 42/48 | €139,604 | €383,560 | +€243,956 | +175% |
| Current portion of amounts payable after more than one year | 42 | €69,562 | €95,141 | +€25,580 | +36.8% |
| Trade debts | 44 | €9,352 | €14,042 | +€4,691 | +50.2% |
| Suppliers | 440/4 | €9,352 | €14,042 | +€4,691 | +50.2% |
| Taxes, remuneration and social security | 45 | €19,977 | €87,415 | +€67,438 | +338% |
| Taxes | 450/3 | €2,950 | €70,466 | +€67,516 | +2,289% |
| Remuneration and social security | 454/9 | €17,027 | €16,949 | -€78 | -0.5% |
| Other amounts payable | 47/48 | €40,714 | €186,961 | +€146,247 | +359% |
| Accrued charges and deferred income | 492/3 | €1,342 | €0 | -€1,342 | -100% |
| Turnover | 70 | - | €0 | = | |
| Goods, raw materials, services and sundry goods | 60/61 | - | €0 | = | |
| Remuneration, social security and pensions | 62 | €132,173 | €157,133 | +€24,960 | +18.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €150,088 | €255,471 | +€105,383 | +70.2% |
| Other operating charges | 640/8 | €37,976 | €18,444 | -€19,532 | -51.4% |
| Gross operating margin | 9900 | €871,318 | €870,054 | -€1,264 | -0.1% |
| Operating profit (loss) | 9901 | €551,081 | €439,005 | -€112,076 | -20.3% |
| Financial income | 75/76B | €3,298 | €4,758 | +€1,460 | +44.3% |
| Recurring financial income | 75 | €3,298 | €4,758 | +€1,460 | +44.3% |
| Financial charges | 65/66B | €15,728 | €42,662 | +€26,934 | +171% |
| Recurring financial charges | 65 | €15,728 | €42,662 | +€26,934 | +171% |
| Profit (loss) for the period before taxes | 9903 | €538,650 | €401,101 | -€137,549 | -25.5% |
| Income taxes | 67/77 | €135,060 | €123,637 | -€11,423 | -8.5% |
| Profit (loss) for the period | 9904 | €403,590 | €277,464 | -€126,126 | -31.3% |
| Transfer from tax-exempt reserves | 789 | - | €84,200 | +€84,200 | |
| Transfer to tax-exempt reserves | 689 | €143,140 | - | -€143,140 | |
| Profit (loss) for the period to be appropriated | 9905 | €260,450 | €361,664 | +€101,214 | +38.9% |
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 17 October 2026 via checked.be.