TSN: 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.
TSN
Largest movements
- Cash +€53,900
up €53,900 (+181%), from €29,765 to €83,665
mainly Depreciation (+€96,513) and Net result for the year (+€44,906)
- Tangible fixed assets -€36,116
down €36,116 (-9.9%), from €366,145 to €330,029
of which Furniture and vehicles: -€31,746
- Receivables within one year -€27,132
down €27,132 (-12.8%), from €212,153 to €185,021
of which Trade receivables: -€50,306
- Receivables after one year -€26,087
down €26,087 (-65.2%), from €40,000 to €13,913
- Profit (loss) carried forward -€45,094
down €45,094 (-20.9%), from €215,524 to €170,430
- Reserves +€40,000
up €40,000 (+36.6%), from €109,266 to €149,266
of which Distributable reserves: +€40,000
- Trade debts -€36,172
down €36,172 (-39.0%), from €92,714 to €56,541
- Tax, wage and social debts +€29,387
up €29,387 (+78.9%), from €37,251 to €66,638
of which Taxes: +€23,688
- Debts after one year -€25,094
down €25,094 (-38.2%), from €65,725 to €40,631
- Depreciation +€33,323
up €33,323 (+52.7%), from €63,190 to €96,513
- Gross operating margin +€13,512
up €13,512 (+4.0%), from €340,626 to €354,138
- Taxes -€7,492
down €7,492 (-28.5%), from €26,323 to €18,831
- Other operating charges +€6,064
up €6,064 (+88.4%), from €6,861 to €12,925
- Staff costs +€4,489
up €4,489 (+2.9%), from €157,155 to €161,644
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 | €761,125 | €729,187 | -€31,938 | -4.2% |
| Fixed assets | 21/28 | €440,225 | €402,109 | -€38,116 | -8.7% |
| Tangible fixed assets | 22/27 | €366,145 | €330,029 | -€36,116 | -9.9% |
| Land and buildings | 22 | €63,592 | €58,579 | -€5,013 | -7.9% |
| Plant, machinery and equipment | 23 | €188,210 | €191,260 | +€3,050 | +1.6% |
| Furniture and vehicles | 24 | €101,846 | €70,100 | -€31,746 | -31.2% |
| Other tangible fixed assets | 26 | €12,497 | €10,090 | -€2,407 | -19.3% |
| Financial fixed assets | 28 | €74,080 | €72,080 | -€2,000 | -2.7% |
| Current assets | 29/58 | €320,900 | €327,078 | +€6,178 | +1.9% |
| Amounts receivable after more than one year | 29 | €40,000 | €13,913 | -€26,087 | -65.2% |
| Other amounts receivable | 291 | €40,000 | €13,913 | -€26,087 | -65.2% |
| Stocks and contracts in progress | 3 | €38,318 | €37,037 | -€1,281 | -3.3% |
| Stocks | 30/36 | €38,318 | €37,037 | -€1,281 | -3.3% |
| Amounts receivable within one year | 40/41 | €212,153 | €185,021 | -€27,132 | -12.8% |
| Trade receivables | 40 | €206,166 | €155,859 | -€50,306 | -24.4% |
| Other amounts receivable | 41 | €5,987 | €29,161 | +€23,174 | +387% |
| Cash at bank and in hand | 54/58 | €29,765 | €83,665 | +€53,900 | +181% |
| Deferred charges and accrued income | 490/1 | €664 | €7,442 | +€6,778 | +1,021% |
| Total equity and liabilities | 10/49 | €761,125 | €729,187 | -€31,938 | -4.2% |
| Equity | 10/15 | €384,212 | €378,721 | -€5,491 | -1.4% |
| Contributions | 10/11 | €56,250 | €56,250 | = | 0.0% |
| Reserves | 13 | €109,266 | €149,266 | +€40,000 | +36.6% |
| Non-distributable reserves | 130/1 | €5,625 | €5,625 | = | 0.0% |
| Reserves not available under the articles | 1311 | €5,625 | €5,625 | = | 0.0% |
| Distributable reserves | 133 | €103,641 | €143,641 | +€40,000 | +38.6% |
| Profit (loss) carried forward | 14 | €215,524 | €170,430 | -€45,094 | -20.9% |
| Investment grants | 15 | €3,173 | €2,776 | -€397 | -12.5% |
| Provisions and deferred taxes | 16 | €39,543 | €39,444 | -€99 | -0.3% |
| Provisions for liabilities and charges | 160/5 | €20,000 | €20,000 | = | 0.0% |
| Major repairs and maintenance | 162 | €20,000 | €20,000 | = | 0.0% |
| Deferred taxes | 168 | €19,543 | €19,444 | -€99 | -0.5% |
| Amounts payable | 17/49 | €337,369 | €311,022 | -€26,347 | -7.8% |
| Amounts payable after more than one year | 17 | €65,725 | €40,631 | -€25,094 | -38.2% |
| Financial debts | 170/4 | €65,725 | €40,631 | -€25,094 | -38.2% |
| Amounts payable within one year | 42/48 | €271,529 | €269,506 | -€2,023 | -0.7% |
| Current portion of amounts payable after more than one year | 42 | €31,205 | €25,008 | -€6,197 | -19.9% |
| Financial debts | 43 | €86 | €86 | = | 0.0% |
| Credit institutions | 430/8 | €86 | €86 | = | 0.0% |
| Trade debts | 44 | €92,714 | €56,541 | -€36,172 | -39.0% |
| Suppliers | 440/4 | €92,714 | €56,541 | -€36,172 | -39.0% |
| Advances received on contracts in progress | 46 | €15,006 | €11,389 | -€3,618 | -24.1% |
| Taxes, remuneration and social security | 45 | €37,251 | €66,638 | +€29,387 | +78.9% |
| Taxes | 450/3 | €32,729 | €56,417 | +€23,688 | +72.4% |
| Remuneration and social security | 454/9 | €4,522 | €10,221 | +€5,699 | +126% |
| Other amounts payable | 47/48 | €95,266 | €109,843 | +€14,577 | +15.3% |
| Accrued charges and deferred income | 492/3 | €116 | €885 | +€769 | +666% |
| Non-recurring operating income | 76A | - | €1,104 | +€1,104 | |
| Remuneration, social security and pensions | 62 | €157,155 | €161,644 | +€4,489 | +2.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €63,190 | €96,513 | +€33,323 | +52.7% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €4,005 | €5,524 | +€1,519 | +37.9% |
| Other operating charges | 640/8 | €6,861 | €12,925 | +€6,064 | +88.4% |
| Non-recurring operating charges | 66A | €8,137 | €10,907 | +€2,770 | +34.0% |
| Gross operating margin | 9900 | €340,626 | €354,138 | +€13,512 | +4.0% |
| Operating profit (loss) | 9901 | €101,278 | €66,625 | -€34,653 | -34.2% |
| Financial income | 75/76B | €3,148 | €2,880 | -€268 | -8.5% |
| Recurring financial income | 75 | €3,088 | €2,487 | -€601 | -19.5% |
| Non-recurring financial income | 76B | €59 | €393 | +€333 | +562% |
| Financial charges | 65/66B | €9,344 | €5,868 | -€3,476 | -37.2% |
| Recurring financial charges | 65 | €7,284 | €5,868 | -€1,416 | -19.4% |
| Non-recurring financial charges | 66B | €2,059 | - | -€2,059 | |
| Profit (loss) for the period before taxes | 9903 | €95,082 | €63,637 | -€31,445 | -33.1% |
| Transfer from deferred taxes | 780 | €99 | €99 | = | 0.0% |
| Income taxes | 67/77 | €26,323 | €18,831 | -€7,492 | -28.5% |
| Profit (loss) for the period | 9904 | €68,858 | €44,906 | -€23,953 | -34.8% |
| Profit (loss) for the period to be appropriated | 9905 | €68,858 | €44,906 | -€23,953 | -34.8% |
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 15 October 2026 via checked.be.