TSM VITSE: what changed
TSM VITSE
Largest movements
- Stocks and contracts -€7,500
down €7,500 (-100%), from €7,500 to €0
- Receivables within one year -€3,513
down €3,513 (-23.3%), from €15,081 to €11,568
of which Other amounts receivable: -€3,229
- Cash -€1,539
down €1,539 (-15.5%), from €9,915 to €8,376
mainly Net result for the year (-€31,437) and Trade debts (-€6,859)
- Tangible fixed assets -€603
down €603 (-100%), from €603 to €0
of which Plant, machinery and equipment: -€365
- Deferred charges and accrued income -€505
down €505 (-100%), from €505 to €0
- Other debts +€33,282
up €33,282 (+773%), from €4,303 to €37,585
- Profit (loss) carried forward -€31,437
down €31,437 (-207%), from -€15,175 to -€46,612
- Trade debts -€6,859
down €6,859 (-40.2%), from €17,065 to €10,206
- Debts after one year -€4,428
down €4,428 (-25.3%), from €17,520 to €13,092
- Current portion of long-term debt -€3,675
down €3,675 (-58.1%), from €6,325 to €2,650
- Gross operating margin -€23,572
down €23,572 (-431%), from -€5,473 to -€29,044
- Depreciation -€2,942
down €2,942 (-89.0%), from €3,307 to €365
- Other operating charges -€429
down €429 (-30.1%), from €1,423 to €994
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 | €35,404 | €21,744 | -€13,660 | -38.6% |
| Fixed assets | 21/28 | €2,403 | €1,800 | -€603 | -25.1% |
| Tangible fixed assets | 22/27 | €603 | €0 | -€603 | -100% |
| Plant, machinery and equipment | 23 | €365 | €0 | -€365 | -100% |
| Furniture and vehicles | 24 | €238 | €0 | -€238 | -100% |
| Financial fixed assets | 28 | €1,800 | €1,800 | = | 0.0% |
| Current assets | 29/58 | €33,002 | €19,944 | -€13,058 | -39.6% |
| Stocks and contracts in progress | 3 | €7,500 | €0 | -€7,500 | -100% |
| Stocks | 30/36 | €7,500 | €0 | -€7,500 | -100% |
| Amounts receivable within one year | 40/41 | €15,081 | €11,568 | -€3,513 | -23.3% |
| Trade receivables | 40 | €11,852 | €11,568 | -€284 | -2.4% |
| Other amounts receivable | 41 | €3,229 | €0 | -€3,229 | -100% |
| Cash at bank and in hand | 54/58 | €9,915 | €8,376 | -€1,539 | -15.5% |
| Deferred charges and accrued income | 490/1 | €505 | €0 | -€505 | -100% |
| Total equity and liabilities | 10/49 | €35,404 | €21,744 | -€13,660 | -38.6% |
| Equity | 10/15 | -€12,000 | -€43,437 | -€31,437 | -262% |
| Contributions | 10/11 | €3,000 | €3,000 | = | 0.0% |
| Reserves | 13 | €175 | €175 | = | 0.0% |
| Distributable reserves | 133 | €175 | €175 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€15,175 | -€46,612 | -€31,437 | -207% |
| Amounts payable | 17/49 | €47,404 | €65,181 | +€17,777 | +37.5% |
| Amounts payable after more than one year | 17 | €17,520 | €13,092 | -€4,428 | -25.3% |
| Financial debts | 170/4 | €17,520 | €13,092 | -€4,428 | -25.3% |
| Amounts payable within one year | 42/48 | €29,574 | €51,801 | +€22,227 | +75.2% |
| Current portion of amounts payable after more than one year | 42 | €6,325 | €2,650 | -€3,675 | -58.1% |
| Trade debts | 44 | €17,065 | €10,206 | -€6,859 | -40.2% |
| Suppliers | 440/4 | €17,065 | €10,206 | -€6,859 | -40.2% |
| Taxes, remuneration and social security | 45 | €1,881 | €1,360 | -€521 | -27.7% |
| Taxes | 450/3 | €1,881 | €1,360 | -€521 | -27.7% |
| Other amounts payable | 47/48 | €4,303 | €37,585 | +€33,282 | +773% |
| Accrued charges and deferred income | 492/3 | €310 | €288 | -€22 | -7.1% |
| Remuneration, social security and pensions | 62 | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €3,307 | €365 | -€2,942 | -89.0% |
| Other operating charges | 640/8 | €1,423 | €994 | -€429 | -30.1% |
| Gross operating margin | 9900 | -€5,473 | -€29,044 | -€23,572 | -431% |
| Operating profit (loss) | 9901 | -€10,203 | -€30,403 | -€20,200 | -198% |
| Financial income | 75/76B | €121 | €0 | -€121 | -100.0% |
| Recurring financial income | 75 | €121 | €0 | -€121 | -100.0% |
| Financial charges | 65/66B | €1,119 | €964 | -€155 | -13.9% |
| Recurring financial charges | 65 | €1,119 | €964 | -€155 | -13.9% |
| Profit (loss) for the period before taxes | 9903 | -€11,201 | -€31,367 | -€20,166 | -180% |
| Income taxes | 67/77 | €140 | €70 | -€70 | -50.0% |
| Profit (loss) for the period | 9904 | -€11,341 | -€31,437 | -€20,096 | -177% |
| Profit (loss) for the period to be appropriated | 9905 | -€11,341 | -€31,437 | -€20,096 | -177% |
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 7 November 2026 via checked.be.