TSP: 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.
TSP
Largest movements
- Cash +€35,491
up €35,491 (+116.4%), from €30,478 to €65,970
mainly Net result for the year (+€39,009) and Other debts (+€21,489)
- Tangible fixed assets -€3,293
down €3,293 (-36.5%), from €9,033 to €5,740
of which Furniture and vehicles: -€2,013
- Receivables within one year -€2,923
down €2,923 (-18.8%), from €15,562 to €12,639
of which Trade receivables: -€3,612
- Other debts +€21,489
up €21,489 (+157.7%), from €13,625 to €35,115
- Tax, wage and social debts +€7,561
up €7,561 (+57.5%), from €13,157 to €20,718
- Gross operating margin +€29,822
up €29,822 (+118.3%), from €25,209 to €55,031
- Taxes +€6,113
up €6,113 (+146.3%), from €4,179 to €10,292
- Depreciation -€679
down €679 (-10.9%), from €6,210 to €5,530
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 | €61,350 | €90,397 | +€29,047 | +47.3% |
| Fixed assets | 21/28 | €15,033 | €11,740 | -€3,293 | -21.9% |
| Tangible fixed assets | 22/27 | €9,033 | €5,740 | -€3,293 | -36.5% |
| Plant, machinery and equipment | 23 | €817 | - | -€817 | |
| Furniture and vehicles | 24 | €6,503 | €4,490 | -€2,013 | -31.0% |
| Other tangible fixed assets | 26 | €1,714 | €1,250 | -€464 | -27.1% |
| Financial fixed assets | 28 | €6,000 | €6,000 | = | 0.0% |
| Current assets | 29/58 | €46,317 | €78,657 | +€32,340 | +69.8% |
| Amounts receivable within one year | 40/41 | €15,562 | €12,639 | -€2,923 | -18.8% |
| Trade receivables | 40 | €15,562 | €11,950 | -€3,612 | -23.2% |
| Other amounts receivable | 41 | - | €689 | +€689 | |
| Cash at bank and in hand | 54/58 | €30,478 | €65,970 | +€35,491 | +116.4% |
| Deferred charges and accrued income | 490/1 | €277 | €48 | -€228 | -82.5% |
| Total equity and liabilities | 10/49 | €61,350 | €90,397 | +€29,047 | +47.3% |
| Equity | 10/15 | €34,564 | €34,564 | = | 0.0% |
| Contributions | 10/11 | €3,000 | €3,000 | = | 0.0% |
| Reserves | 13 | €31,564 | €31,564 | = | 0.0% |
| Distributable reserves | 133 | €31,564 | €31,564 | = | 0.0% |
| Amounts payable | 17/49 | €26,786 | €55,833 | +€29,047 | +108.4% |
| Amounts payable within one year | 42/48 | €26,786 | €55,833 | +€29,047 | +108.4% |
| Trade debts | 44 | €4 | - | -€4 | |
| Suppliers | 440/4 | €4 | - | -€4 | |
| Taxes, remuneration and social security | 45 | €13,157 | €20,718 | +€7,561 | +57.5% |
| Taxes | 450/3 | €13,157 | €20,718 | +€7,561 | +57.5% |
| Other amounts payable | 47/48 | €13,625 | €35,115 | +€21,489 | +157.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €6,210 | €5,530 | -€679 | -10.9% |
| Other operating charges | 640/8 | €74 | €72 | -€3 | -3.7% |
| Gross operating margin | 9900 | €25,209 | €55,031 | +€29,822 | +118.3% |
| Operating profit (loss) | 9901 | €18,925 | €49,429 | +€30,504 | +161.2% |
| Financial income | 75/76B | €3 | - | -€3 | |
| Recurring financial income | 75 | €3 | - | -€3 | |
| Financial charges | 65/66B | €118 | €129 | +€11 | +9.2% |
| Recurring financial charges | 65 | €118 | €129 | +€11 | +9.2% |
| Profit (loss) for the period before taxes | 9903 | €18,810 | €49,300 | +€30,491 | +162.1% |
| Income taxes | 67/77 | €4,179 | €10,292 | +€6,113 | +146.3% |
| Profit (loss) for the period | 9904 | €14,631 | €39,009 | +€24,378 | +166.6% |
| Profit (loss) for the period to be appropriated | 9905 | €14,631 | €39,009 | +€24,378 | +166.6% |
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 28 September 2026 via checked.be.