TSR GROUP: 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 GROUP
Largest movements
- Tangible fixed assets -€33,566
down €33,566 (-26.7%), from €125,820 to €92,254
- Cash +€32,295
up €32,295 (+114%), from €28,447 to €60,742
mainly Depreciation (+€34,789) and Trade debts (+€19,146)
- Receivables within one year +€7,424
up €7,424 (+5.0%), from €147,138 to €154,562
of which Other amounts receivable: +€24,548
- Deferred charges and accrued income +€4,383
new in 2025: €4,383
- Trade debts +€19,146
up €19,146 (+36.1%), from €53,098 to €72,244
- Profit (loss) carried forward +€14,397
up €14,397 (+9.8%), from €147,328 to €161,726
- Tax, wage and social debts -€11,897
down €11,897 (-20.8%), from €57,131 to €45,234
of which Remuneration and social security: -€33,471
- Debts after one year -€11,111
down €11,111 (-64.2%), from €17,297 to €6,186
- Taxes +€42,747
new in 2025: €42,747
- Staff costs -€15,001
down €15,001 (-7.6%), from €196,948 to €181,946
- Gross operating margin -€4,386
down €4,386 (-1.5%), from €285,079 to €280,693
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 | €301,405 | €311,940 | +€10,536 | +3.5% |
| Fixed assets | 21/28 | €125,820 | €92,254 | -€33,566 | -26.7% |
| Tangible fixed assets | 22/27 | €125,820 | €92,254 | -€33,566 | -26.7% |
| Furniture and vehicles | 24 | €125,820 | €92,254 | -€33,566 | -26.7% |
| Current assets | 29/58 | €175,585 | €219,687 | +€44,102 | +25.1% |
| Amounts receivable within one year | 40/41 | €147,138 | €154,562 | +€7,424 | +5.0% |
| Trade receivables | 40 | €116,974 | €99,850 | -€17,124 | -14.6% |
| Other amounts receivable | 41 | €30,164 | €54,712 | +€24,548 | +81.4% |
| Cash at bank and in hand | 54/58 | €28,447 | €60,742 | +€32,295 | +114% |
| Deferred charges and accrued income | 490/1 | - | €4,383 | +€4,383 | |
| Total equity and liabilities | 10/49 | €301,405 | €311,940 | +€10,536 | +3.5% |
| Equity | 10/15 | €162,768 | €177,166 | +€14,397 | +8.8% |
| Contributions | 10/11 | €15,440 | €15,440 | = | 0.0% |
| Profit (loss) carried forward | 14 | €147,328 | €161,726 | +€14,397 | +9.8% |
| Amounts payable | 17/49 | €138,637 | €134,775 | -€3,862 | -2.8% |
| Amounts payable after more than one year | 17 | €17,297 | €6,186 | -€11,111 | -64.2% |
| Financial debts | 170/4 | €17,297 | €6,186 | -€11,111 | -64.2% |
| Amounts payable within one year | 42/48 | €121,340 | €128,589 | +€7,249 | +6.0% |
| Current portion of amounts payable after more than one year | 42 | €11,111 | €11,111 | = | 0.0% |
| Trade debts | 44 | €53,098 | €72,244 | +€19,146 | +36.1% |
| Suppliers | 440/4 | €53,098 | €72,244 | +€19,146 | +36.1% |
| Taxes, remuneration and social security | 45 | €57,131 | €45,234 | -€11,897 | -20.8% |
| Taxes | 450/3 | - | €21,574 | +€21,574 | |
| Remuneration and social security | 454/9 | €57,131 | €23,660 | -€33,471 | -58.6% |
| Remuneration, social security and pensions | 62 | €196,948 | €181,946 | -€15,001 | -7.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €33,379 | €34,789 | +€1,410 | +4.2% |
| Other operating charges | 640/8 | €8,104 | €6,587 | -€1,518 | -18.7% |
| Gross operating margin | 9900 | €285,079 | €280,693 | -€4,386 | -1.5% |
| Operating profit (loss) | 9901 | €46,648 | €57,371 | +€10,724 | +23.0% |
| Financial charges | 65/66B | €195 | €227 | +€32 | +16.7% |
| Recurring financial charges | 65 | €195 | €227 | +€32 | +16.7% |
| Profit (loss) for the period before taxes | 9903 | €46,453 | €57,144 | +€10,691 | +23.0% |
| Income taxes | 67/77 | - | €42,747 | +€42,747 | |
| Profit (loss) for the period | 9904 | €46,453 | €14,397 | -€32,056 | -69.0% |
| Profit (loss) for the period to be appropriated | 9905 | €46,453 | €14,397 | -€32,056 | -69.0% |
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 18 October 2026 via checked.be.