TSP PAVAGE: 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.
TSP PAVAGE
Largest movements
- Receivables within one year +€21,137
up €21,137 (+923%), from €2,289 to €23,426
of which Other amounts receivable: +€11,475
- Cash -€9,467
down €9,467 (-27.6%), from €34,263 to €24,796
mainly Receivables within one year (-€21,137) and Other debts (-€20,904)
- Tangible fixed assets -€2,063
down €2,063 (-36.9%), from €5,597 to €3,534
- Other debts -€20,904
no longer reported in 2025 (was €20,904)
- Reserves +€15,500
up €15,500 (+209%), from €7,400 to €22,900
- Trade debts +€10,303
up €10,303 (+1,850%), from €557 to €10,860
- Tax, wage and social debts +€2,427
up €2,427 (+24.5%), from €9,892 to €12,319
of which Taxes: +€4,727
- Short-term financial debts +€1,760
up €1,760 (+150%), from €1,176 to €2,936
- Gross operating margin -€22,981
down €22,981 (-46.6%), from €49,314 to €26,332
- Taxes +€3,638
up €3,638 (+96.5%), from €3,771 to €7,409
- Staff costs +€1,855
no longer reported in 2025 (was -€1,855)
- Depreciation +€1,471
up €1,471 (+249%), from €592 to €2,063
- Financial charges -€942
down €942 (-90.8%), from €1,037 to €95
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 | €42,947 | €52,524 | +€9,577 | +22.3% |
| Fixed assets | 21/28 | €5,597 | €3,534 | -€2,063 | -36.9% |
| Tangible fixed assets | 22/27 | €5,597 | €3,534 | -€2,063 | -36.9% |
| Furniture and vehicles | 24 | €5,597 | €3,534 | -€2,063 | -36.9% |
| Current assets | 29/58 | €37,350 | €48,990 | +€11,640 | +31.2% |
| Amounts receivable within one year | 40/41 | €2,289 | €23,426 | +€21,137 | +923% |
| Trade receivables | 40 | €92 | €9,755 | +€9,662 | +10,450% |
| Other amounts receivable | 41 | €2,196 | €13,671 | +€11,475 | +522% |
| Cash at bank and in hand | 54/58 | €34,263 | €24,796 | -€9,467 | -27.6% |
| Deferred charges and accrued income | 490/1 | €798 | €768 | -€30 | -3.7% |
| Total equity and liabilities | 10/49 | €42,947 | €52,524 | +€9,577 | +22.3% |
| Equity | 10/15 | €10,418 | €26,409 | +€15,991 | +153% |
| Contributions | 10/11 | €3,000 | €3,000 | = | 0.0% |
| Reserves | 13 | €7,400 | €22,900 | +€15,500 | +209% |
| Distributable reserves | 133 | €7,400 | €22,900 | +€15,500 | +209% |
| Profit (loss) carried forward | 14 | €18 | €509 | +€491 | +2,780% |
| Amounts payable | 17/49 | €32,529 | €26,116 | -€6,414 | -19.7% |
| Amounts payable within one year | 42/48 | €32,529 | €26,116 | -€6,414 | -19.7% |
| Financial debts | 43 | €1,176 | €2,936 | +€1,760 | +150% |
| Credit institutions | 430/8 | €1,176 | €2,936 | +€1,760 | +150% |
| Trade debts | 44 | €557 | €10,860 | +€10,303 | +1,850% |
| Suppliers | 440/4 | €557 | €10,860 | +€10,303 | +1,850% |
| Taxes, remuneration and social security | 45 | €9,892 | €12,319 | +€2,427 | +24.5% |
| Taxes | 450/3 | €5,292 | €10,019 | +€4,727 | +89.3% |
| Remuneration and social security | 454/9 | €4,600 | €2,300 | -€2,300 | -50.0% |
| Other amounts payable | 47/48 | €20,904 | - | -€20,904 | |
| Non-recurring operating income | 76A | €1,663 | - | -€1,663 | |
| Remuneration, social security and pensions | 62 | -€1,855 | - | +€1,855 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €592 | €2,063 | +€1,471 | +249% |
| Other operating charges | 640/8 | €689 | €869 | +€180 | +26.2% |
| Non-recurring operating charges | 66A | - | €96 | +€96 | |
| Gross operating margin | 9900 | €49,314 | €26,332 | -€22,981 | -46.6% |
| Operating profit (loss) | 9901 | €49,888 | €23,305 | -€26,583 | -53.3% |
| Financial income | 75/76B | - | €191 | +€191 | |
| Recurring financial income | 75 | - | €191 | +€191 | |
| Financial charges | 65/66B | €1,037 | €95 | -€942 | -90.8% |
| Recurring financial charges | 65 | €1,037 | €95 | -€942 | -90.8% |
| Profit (loss) for the period before taxes | 9903 | €48,851 | €23,400 | -€25,451 | -52.1% |
| Income taxes | 67/77 | €3,771 | €7,409 | +€3,638 | +96.5% |
| Profit (loss) for the period | 9904 | €45,080 | €15,991 | -€29,089 | -64.5% |
| Profit (loss) for the period to be appropriated | 9905 | €45,080 | €15,991 | -€29,089 | -64.5% |
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 24 October 2026 via checked.be.