TSN IMMO: 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.
What changed
TSN IMMO
NACE 68.203, Renting and operating of own or leased non-residential real estate, excluding land
fiscal year 2024 against 2025filed annual accounts (NBB)
Net result for the year
€1,704
2024 · -€1,332+€3,035
Equity
-€8,567
2024 · -€10,271+€1,704
Cash
€7,599
2024 · €4,998+€2,601
Balance sheet total
€293,123
2024 · €311,057-€17,935
Largest movements
Assets
- Tangible fixed assets -€19,297
down €19,297 (-6.5%), from €294,611 to €275,315
Equity and liabilities
- Debts after one year -€20,132
down €20,132 (-6.9%), from €292,279 to €272,147
of which Financial debts: -€18,132
Income statement
- Gross operating margin +€3,158
up €3,158 (+12.7%), from €24,860 to €28,018
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.
Result 2024
-€1,332
Gross operating margin
+€3,158
Other operating charges
+€82
Other operating items
-€162
Financial charges
-€42
Result 2025
€1,704
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.
From operations
+€22,448
Investment
€0
Financing
-€19,847
Cash 2024
€4,998
From operations (derived)
+€22,448
Net result for the year
+€1,704
Depreciation
+€19,297
Receivables within one year
+€1,246
Deferred charges and accrued income
-€7
Trade debts
-€553
Tax, wage and social debts
+€326
Advances received
+€436
Financing
-€19,847
Debts after one year
-€20,132
Current portion of long-term debt
+€286
Cash 2025
€7,599
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €311,057 | €293,123 | -€17,935 | -5.8% |
| Fixed assets | 21/28 | €304,611 | €285,315 | -€19,297 | -6.3% |
| Tangible fixed assets | 22/27 | €294,611 | €275,315 | -€19,297 | -6.5% |
| Land and buildings | 22 | €294,611 | €275,315 | -€19,297 | -6.5% |
| Financial fixed assets | 28 | €10,000 | €10,000 | = | 0.0% |
| Current assets | 29/58 | €6,446 | €7,808 | +€1,362 | +21.1% |
| Amounts receivable within one year | 40/41 | €1,448 | €202 | -€1,246 | -86.0% |
| Trade receivables | 40 | €246 | €202 | -€44 | -17.8% |
| Other amounts receivable | 41 | €1,203 | - | -€1,203 | |
| Cash at bank and in hand | 54/58 | €4,998 | €7,599 | +€2,601 | +52.0% |
| Deferred charges and accrued income | 490/1 | - | €7 | +€7 | |
| Total equity and liabilities | 10/49 | €311,057 | €293,123 | -€17,935 | -5.8% |
| Equity | 10/15 | -€10,271 | -€8,567 | +€1,704 | +16.6% |
| Contributions | 10/11 | €6,000 | €6,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€16,271 | -€14,567 | +€1,704 | +10.5% |
| Amounts payable | 17/49 | €321,329 | €301,690 | -€19,638 | -6.1% |
| Amounts payable after more than one year | 17 | €292,279 | €272,147 | -€20,132 | -6.9% |
| Financial debts | 170/4 | €219,779 | €201,647 | -€18,132 | -8.3% |
| Other amounts payable | 178/9 | €72,500 | €70,500 | -€2,000 | -2.8% |
| Amounts payable within one year | 42/48 | €29,049 | €29,543 | +€494 | +1.7% |
| Current portion of amounts payable after more than one year | 42 | €17,847 | €18,132 | +€286 | +1.6% |
| Trade debts | 44 | €6,224 | €5,670 | -€553 | -8.9% |
| Suppliers | 440/4 | €6,224 | €5,670 | -€553 | -8.9% |
| Advances received on contracts in progress | 46 | €3,583 | €4,019 | +€436 | +12.2% |
| Taxes, remuneration and social security | 45 | €1,396 | €1,722 | +€326 | +23.4% |
| Taxes | 450/3 | €1,396 | €1,722 | +€326 | +23.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €19,297 | €19,297 | = | 0.0% |
| Other operating charges | 640/8 | €3,051 | €2,970 | -€82 | -2.7% |
| Non-recurring operating charges | 66A | - | €162 | +€162 | |
| Gross operating margin | 9900 | €24,860 | €28,018 | +€3,158 | +12.7% |
| Operating profit (loss) | 9901 | €2,513 | €5,590 | +€3,077 | +122.5% |
| Financial charges | 65/66B | €3,844 | €3,886 | +€42 | +1.1% |
| Recurring financial charges | 65 | €3,844 | €3,886 | +€42 | +1.1% |
| Profit (loss) for the period before taxes | 9903 | -€1,332 | €1,704 | +€3,035 | |
| Profit (loss) for the period | 9904 | -€1,332 | €1,704 | +€3,035 | |
| Profit (loss) for the period to be appropriated | 9905 | -€1,332 | €1,704 | +€3,035 |
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 2 October 2026 via checked.be.