TSR CONCEPT: 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.
TSR CONCEPT
Largest movements
- Cash +€2,290
up €2,290 (+65.6%), from €3,490 to €5,780
mainly Depreciation (+€2,088) and Receivables within one year (+€1,682)
- Tangible fixed assets -€2,088
down €2,088 (-42.5%), from €4,912 to €2,824
of which Furniture and vehicles: -€1,388
- Stocks and contracts +€2,000
new in 2025: €2,000
- Receivables within one year -€1,682
down €1,682 (-22.7%), from €7,412 to €5,730
of which Trade receivables: -€2,196
- Profit (loss) carried forward +€1,302
up €1,302 (+19.6%), from -€6,645 to -€5,342
- Tax, wage and social debts -€1,262
no longer reported in 2025 (was €1,262)
- Trade debts +€483
up €483 (+135.4%), from €357 to €840
- Gross operating margin -€4,273
down €4,273 (-48.9%), from €8,740 to €4,467
- Financial charges -€565
down €565 (-55.1%), from €1,025 to €460
- Depreciation -€473
down €473 (-18.5%), from €2,561 to €2,088
- Other operating charges -€190
down €190 (-28.1%), from €674 to €485
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 | €15,839 | €16,358 | +€519 | +3.3% |
| Fixed assets | 21/28 | €4,936 | €2,848 | -€2,088 | -42.3% |
| Tangible fixed assets | 22/27 | €4,912 | €2,824 | -€2,088 | -42.5% |
| Furniture and vehicles | 24 | €2,190 | €802 | -€1,388 | -63.4% |
| Other tangible fixed assets | 26 | €2,721 | €2,021 | -€700 | -25.7% |
| Financial fixed assets | 28 | €25 | €25 | = | 0.0% |
| Current assets | 29/58 | €10,902 | €13,510 | +€2,608 | +23.9% |
| Stocks and contracts in progress | 3 | - | €2,000 | +€2,000 | |
| Stocks | 30/36 | - | €2,000 | +€2,000 | |
| Amounts receivable within one year | 40/41 | €7,412 | €5,730 | -€1,682 | -22.7% |
| Trade receivables | 40 | €7,412 | €5,216 | -€2,196 | -29.6% |
| Other amounts receivable | 41 | - | €514 | +€514 | |
| Cash at bank and in hand | 54/58 | €3,490 | €5,780 | +€2,290 | +65.6% |
| Total equity and liabilities | 10/49 | €15,839 | €16,358 | +€519 | +3.3% |
| Equity | 10/15 | €5,596 | €6,898 | +€1,302 | +23.3% |
| Contributions | 10/11 | €10,604 | €10,604 | = | 0.0% |
| Reserves | 13 | €1,637 | €1,637 | = | 0.0% |
| Distributable reserves | 133 | €1,637 | €1,637 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€6,645 | -€5,342 | +€1,302 | +19.6% |
| Amounts payable | 17/49 | €10,243 | €9,460 | -€783 | -7.6% |
| Amounts payable within one year | 42/48 | €10,243 | €9,460 | -€783 | -7.6% |
| Trade debts | 44 | €357 | €840 | +€483 | +135.4% |
| Suppliers | 440/4 | €357 | €840 | +€483 | +135.4% |
| Taxes, remuneration and social security | 45 | €1,262 | - | -€1,262 | |
| Taxes | 450/3 | €1,262 | - | -€1,262 | |
| Other amounts payable | 47/48 | €8,624 | €8,620 | -€4 | 0.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,561 | €2,088 | -€473 | -18.5% |
| Other operating charges | 640/8 | €674 | €485 | -€190 | -28.1% |
| Gross operating margin | 9900 | €8,740 | €4,467 | -€4,273 | -48.9% |
| Operating profit (loss) | 9901 | €5,504 | €1,894 | -€3,610 | -65.6% |
| Financial income | 75/76B | €8 | €0 | -€8 | -98.8% |
| Recurring financial income | 75 | €8 | €0 | -€8 | -98.8% |
| Financial charges | 65/66B | €1,025 | €460 | -€565 | -55.1% |
| Recurring financial charges | 65 | €1,025 | €460 | -€565 | -55.1% |
| Profit (loss) for the period before taxes | 9903 | €4,488 | €1,434 | -€3,053 | -68.0% |
| Income taxes | 67/77 | €160 | €132 | -€28 | -17.5% |
| Profit (loss) for the period | 9904 | €4,328 | €1,302 | -€3,025 | -69.9% |
| Profit (loss) for the period to be appropriated | 9905 | €4,328 | €1,302 | -€3,025 | -69.9% |
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 8 October 2026 via checked.be.