TSPO: 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.
TSPO
Largest movements
- Cash +€412,782
up €412,782 (+681%), from €60,597 to €473,379
mainly Net result for the year (+€391,575) and Receivables within one year (+€172,115)
- Receivables within one year -€172,115
down €172,115 (-22.6%), from €760,630 to €588,515
of which Trade receivables: -€135,553
- Deferred charges and accrued income +€15,008
up €15,008 (+292%), from €5,131 to €20,139
- Tangible fixed assets -€14,636
down €14,636 (-7.3%), from €200,145 to €185,508
of which Furniture and vehicles: -€29,437
- Profit (loss) carried forward +€191,575
up €191,575 (+75.2%), from €254,676 to €446,251
- Other debts +€120,000
up €120,000 (+147%), from €81,825 to €201,825
- Trade debts +€72,013
up €72,013 (+36.2%), from €198,870 to €270,883
- Short-term financial debts -€70,000
down €70,000 (-100%), from €70,000 to €0
- Debts after one year -€66,083
down €66,083 (-29.9%), from €220,849 to €154,765
- Gross operating margin +€287,619
up €287,619 (+17.6%), from €1.6m to €1.9m
- Taxes +€78,766
up €78,766 (+139%), from €56,642 to €135,407
- Other operating charges -€45,132
down €45,132 (-83.7%), from €53,901 to €8,770
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 | €1,195,679 | €1,434,390 | +€238,710 | +20.0% |
| Fixed assets | 21/28 | €254,139 | €239,080 | -€15,059 | -5.9% |
| Intangible fixed assets | 21 | €866 | €443 | -€423 | -48.9% |
| Tangible fixed assets | 22/27 | €200,145 | €185,508 | -€14,636 | -7.3% |
| Plant, machinery and equipment | 23 | €19,607 | €17,190 | -€2,417 | -12.3% |
| Furniture and vehicles | 24 | €180,538 | €151,101 | -€29,437 | -16.3% |
| Other tangible fixed assets | 26 | - | €17,217 | +€17,217 | |
| Financial fixed assets | 28 | €53,129 | €53,129 | = | 0.0% |
| Current assets | 29/58 | €941,540 | €1,195,310 | +€253,770 | +27.0% |
| Stocks and contracts in progress | 3 | €115,182 | €113,277 | -€1,905 | -1.7% |
| Stocks | 30/36 | €101,255 | €99,351 | -€1,905 | -1.9% |
| Contracts in progress | 37 | €13,927 | €13,927 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €760,630 | €588,515 | -€172,115 | -22.6% |
| Trade receivables | 40 | €652,552 | €516,999 | -€135,553 | -20.8% |
| Other amounts receivable | 41 | €108,078 | €71,515 | -€36,562 | -33.8% |
| Cash at bank and in hand | 54/58 | €60,597 | €473,379 | +€412,782 | +681% |
| Deferred charges and accrued income | 490/1 | €5,131 | €20,139 | +€15,008 | +292% |
| Total equity and liabilities | 10/49 | €1,195,679 | €1,434,390 | +€238,710 | +20.0% |
| Equity | 10/15 | €418,003 | €609,578 | +€191,575 | +45.8% |
| Contributions | 10/11 | €31,000 | €31,000 | = | 0.0% |
| Reserves | 13 | €132,327 | €132,327 | = | 0.0% |
| Distributable reserves | 133 | €132,327 | €132,327 | = | 0.0% |
| Profit (loss) carried forward | 14 | €254,676 | €446,251 | +€191,575 | +75.2% |
| Amounts payable | 17/49 | €777,676 | €824,812 | +€47,135 | +6.1% |
| Amounts payable after more than one year | 17 | €220,849 | €154,765 | -€66,083 | -29.9% |
| Financial debts | 170/4 | €220,849 | €154,765 | -€66,083 | -29.9% |
| Amounts payable within one year | 42/48 | €533,611 | €657,811 | +€124,200 | +23.3% |
| Current portion of amounts payable after more than one year | 42 | €85,886 | €87,005 | +€1,120 | +1.3% |
| Financial debts | 43 | €70,000 | €0 | -€70,000 | -100% |
| Credit institutions | 430/8 | €70,000 | €0 | -€70,000 | -100% |
| Trade debts | 44 | €198,870 | €270,883 | +€72,013 | +36.2% |
| Suppliers | 440/4 | €198,870 | €270,883 | +€72,013 | +36.2% |
| Taxes, remuneration and social security | 45 | €97,031 | €98,098 | +€1,067 | +1.1% |
| Remuneration and social security | 454/9 | €97,031 | €98,098 | +€1,067 | +1.1% |
| Other amounts payable | 47/48 | €81,825 | €201,825 | +€120,000 | +147% |
| Accrued charges and deferred income | 492/3 | €23,216 | €12,235 | -€10,981 | -47.3% |
| Remuneration, social security and pensions | 62 | €1,290,986 | €1,289,770 | -€1,216 | -0.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €61,512 | €73,206 | +€11,694 | +19.0% |
| Other operating charges | 640/8 | €53,901 | €8,770 | -€45,132 | -83.7% |
| Gross operating margin | 9900 | €1,632,594 | €1,920,214 | +€287,619 | +17.6% |
| Operating profit (loss) | 9901 | €226,195 | €548,468 | +€322,273 | +142% |
| Financial income | 75/76B | €801 | €175 | -€626 | -78.1% |
| Recurring financial income | 75 | €801 | €175 | -€626 | -78.1% |
| Financial charges | 65/66B | €26,465 | €21,661 | -€4,805 | -18.2% |
| Recurring financial charges | 65 | €26,465 | €21,661 | -€4,805 | -18.2% |
| Profit (loss) for the period before taxes | 9903 | €200,531 | €526,982 | +€326,452 | +163% |
| Income taxes | 67/77 | €56,642 | €135,407 | +€78,766 | +139% |
| Profit (loss) for the period | 9904 | €143,889 | €391,575 | +€247,686 | +172% |
| Profit (loss) for the period to be appropriated | 9905 | €143,889 | €391,575 | +€247,686 | +172% |
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 14 October 2026 via checked.be.