TSR BELGIUM: 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.
TSR BELGIUM
Largest movements
- Stocks and contracts +€15,693
up €15,693 (+24.1%), from €65,116 to €80,809
- Cash -€12,819
down €12,819 (-50.5%), from €25,388 to €12,569
mainly Tax, wage and social debts (-€20,219) and Stocks and contracts (-€15,693)
- Tangible fixed assets +€3,971
up €3,971 (+162%), from €2,456 to €6,426
of which Plant, machinery and equipment: +€4,591
- Receivables within one year -€2,014
down €2,014 (-31.0%), from €6,499 to €4,485
of which Trade receivables: -€1,328
- Intangible fixed assets +€1,859
up €1,859 (+464%), from €401 to €2,260
- Tax, wage and social debts -€20,219
down €20,219 (-37.6%), from €53,783 to €33,564
of which Remuneration and social security: -€11,806
- Trade debts +€17,438
up €17,438 (+78.4%), from €22,234 to €39,672
- Reserves +€10,059
up €10,059 (+61.6%), from €16,332 to €26,391
- Staff costs +€6,470
up €6,470 (+14.0%), from €46,353 to €52,823
- Gross operating margin +€5,345
up €5,345 (+7.4%), from €71,916 to €77,261
- Depreciation +€1,258
up €1,258 (+256%), from €492 to €1,750
- Financial income -€831
down €831 (-67.0%), from €1,241 to €410
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 | €104,360 | €111,397 | +€7,037 | +6.7% |
| Fixed assets | 21/28 | €7,357 | €13,187 | +€5,830 | +79.3% |
| Intangible fixed assets | 21 | €401 | €2,260 | +€1,859 | +464% |
| Tangible fixed assets | 22/27 | €2,456 | €6,426 | +€3,971 | +162% |
| Plant, machinery and equipment | 23 | €642 | €5,233 | +€4,591 | +715% |
| Furniture and vehicles | 24 | €1,814 | €1,194 | -€620 | -34.2% |
| Financial fixed assets | 28 | €4,500 | €4,500 | = | 0.0% |
| Current assets | 29/58 | €97,003 | €98,210 | +€1,207 | +1.2% |
| Stocks and contracts in progress | 3 | €65,116 | €80,809 | +€15,693 | +24.1% |
| Stocks | 30/36 | €65,116 | €80,809 | +€15,693 | +24.1% |
| Amounts receivable within one year | 40/41 | €6,499 | €4,485 | -€2,014 | -31.0% |
| Trade receivables | 40 | €3,487 | €2,159 | -€1,328 | -38.1% |
| Other amounts receivable | 41 | €3,012 | €2,326 | -€686 | -22.8% |
| Cash at bank and in hand | 54/58 | €25,388 | €12,569 | -€12,819 | -50.5% |
| Deferred charges and accrued income | 490/1 | - | €347 | +€347 | |
| Total equity and liabilities | 10/49 | €104,360 | €111,397 | +€7,037 | +6.7% |
| Equity | 10/15 | €21,332 | €31,391 | +€10,059 | +47.2% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Reserves | 13 | €16,332 | €26,391 | +€10,059 | +61.6% |
| Distributable reserves | 133 | €16,332 | €26,391 | +€10,059 | +61.6% |
| Amounts payable | 17/49 | €83,028 | €80,006 | -€3,021 | -3.6% |
| Amounts payable after more than one year | 17 | €6,000 | €6,771 | +€771 | +12.8% |
| Financial debts | 170/4 | €6,000 | €6,771 | +€771 | +12.8% |
| Amounts payable within one year | 42/48 | €77,028 | €73,236 | -€3,792 | -4.9% |
| Financial debts | 43 | €1,011 | €0 | -€1,011 | -100% |
| Credit institutions | 430/8 | €1,011 | €0 | -€1,011 | -100% |
| Trade debts | 44 | €22,234 | €39,672 | +€17,438 | +78.4% |
| Suppliers | 440/4 | €22,234 | €39,672 | +€17,438 | +78.4% |
| Taxes, remuneration and social security | 45 | €53,783 | €33,564 | -€20,219 | -37.6% |
| Taxes | 450/3 | €28,261 | €19,848 | -€8,413 | -29.8% |
| Remuneration and social security | 454/9 | €25,522 | €13,716 | -€11,806 | -46.3% |
| Accrued charges and deferred income | 492/3 | €0 | - | = | |
| Remuneration, social security and pensions | 62 | €46,353 | €52,823 | +€6,470 | +14.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €492 | €1,750 | +€1,258 | +256% |
| Other operating charges | 640/8 | €1,709 | €1,342 | -€367 | -21.5% |
| Gross operating margin | 9900 | €71,916 | €77,261 | +€5,345 | +7.4% |
| Operating profit (loss) | 9901 | €23,362 | €21,345 | -€2,017 | -8.6% |
| Financial income | 75/76B | €1,241 | €410 | -€831 | -67.0% |
| Recurring financial income | 75 | €1,241 | €410 | -€831 | -67.0% |
| Financial charges | 65/66B | €5,927 | €6,078 | +€151 | +2.5% |
| Recurring financial charges | 65 | €5,927 | €6,078 | +€151 | +2.5% |
| Profit (loss) for the period before taxes | 9903 | €18,676 | €15,677 | -€3,000 | -16.1% |
| Income taxes | 67/77 | €5,446 | €5,618 | +€172 | +3.2% |
| Profit (loss) for the period | 9904 | €13,231 | €10,059 | -€3,172 | -24.0% |
| Profit (loss) for the period to be appropriated | 9905 | €13,231 | €10,059 | -€3,172 | -24.0% |
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 28 October 2026 via checked.be.