TSR LOGISTICS: 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 LOGISTICS
Largest movements
- Receivables within one year +€181,438
up €181,438 (+74.0%), from €245,261 to €426,699
of which Trade receivables: +€165,141
- Cash +€31,790
up €31,790 (+1,130%), from €2,814 to €34,604
mainly Trade debts (+€221,146) and Depreciation (+€70,947)
- Tangible fixed assets -€20,569
down €20,569 (-9.2%), from €224,255 to €203,686
- Financial fixed assets +€9,000
up €9,000 (+400%), from €2,250 to €11,250
- Trade debts +€221,146
up €221,146 (+68.3%), from €323,796 to €544,942
- Other debts -€50,565
no longer reported in 2024 (was €50,565)
- Tax, wage and social debts +€28,340
up €28,340 (+49.5%), from €57,202 to €85,542
of which Remuneration and social security: +€51,642
- Depreciation +€47,086
up €47,086 (+197%), from €23,861 to €70,947
- Staff costs -€33,969
down €33,969 (-12.1%), from €280,163 to €246,194
- Gross operating margin -€32,894
down €32,894 (-8.2%), from €400,888 to €367,994
- Write-downs -€31,573
no longer reported in 2024 (was €31,573)
- Other operating charges +€21,716
up €21,716 (+292%), from €7,426 to €29,142
From the 2023 result to the 2024 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 2023 and 2024 balance sheets and the 2024 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2023 | 2024 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €506,580 | €708,239 | +€201,658 | +39.8% |
| Fixed assets | 21/28 | €226,505 | €214,936 | -€11,569 | -5.1% |
| Tangible fixed assets | 22/27 | €224,255 | €203,686 | -€20,569 | -9.2% |
| Furniture and vehicles | 24 | €224,255 | €203,686 | -€20,569 | -9.2% |
| Financial fixed assets | 28 | €2,250 | €11,250 | +€9,000 | +400% |
| Current assets | 29/58 | €280,075 | €493,303 | +€213,228 | +76.1% |
| Stocks and contracts in progress | 3 | €32,000 | €32,000 | = | 0.0% |
| Stocks | 30/36 | €32,000 | €32,000 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €245,261 | €426,699 | +€181,438 | +74.0% |
| Trade receivables | 40 | €69,476 | €234,617 | +€165,141 | +238% |
| Other amounts receivable | 41 | €175,784 | €192,081 | +€16,297 | +9.3% |
| Cash at bank and in hand | 54/58 | €2,814 | €34,604 | +€31,790 | +1,130% |
| Total equity and liabilities | 10/49 | €506,580 | €708,239 | +€201,658 | +39.8% |
| Equity | 10/15 | €74,840 | €77,577 | +€2,738 | +3.7% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €250 | €250 | = | 0.0% |
| Non-distributable reserves | 130/1 | €250 | €250 | = | 0.0% |
| Reserves not available under the articles | 1311 | €250 | €250 | = | 0.0% |
| Profit (loss) carried forward | 14 | €55,990 | €58,727 | +€2,738 | +4.9% |
| Amounts payable | 17/49 | €431,741 | €630,662 | +€198,921 | +46.1% |
| Amounts payable within one year | 42/48 | €431,741 | €630,662 | +€198,921 | +46.1% |
| Financial debts | 43 | €178 | €178 | = | 0.0% |
| Credit institutions | 430/8 | €178 | €178 | = | 0.0% |
| Trade debts | 44 | €323,796 | €544,942 | +€221,146 | +68.3% |
| Suppliers | 440/4 | €323,796 | €544,942 | +€221,146 | +68.3% |
| Taxes, remuneration and social security | 45 | €57,202 | €85,542 | +€28,340 | +49.5% |
| Taxes | 450/3 | €47,976 | €24,675 | -€23,302 | -48.6% |
| Remuneration and social security | 454/9 | €9,225 | €60,868 | +€51,642 | +560% |
| Other amounts payable | 47/48 | €50,565 | - | -€50,565 | |
| Non-recurring operating income | 76A | - | €6,400 | +€6,400 | |
| Remuneration, social security and pensions | 62 | €280,163 | €246,194 | -€33,969 | -12.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €23,861 | €70,947 | +€47,086 | +197% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €31,573 | - | -€31,573 | |
| Other operating charges | 640/8 | €7,426 | €29,142 | +€21,716 | +292% |
| Non-recurring operating charges | 66A | - | €11,540 | +€11,540 | |
| Gross operating margin | 9900 | €400,888 | €367,994 | -€32,894 | -8.2% |
| Operating profit (loss) | 9901 | €57,864 | €10,171 | -€47,693 | -82.4% |
| Financial charges | 65/66B | €7,810 | €1,758 | -€6,051 | -77.5% |
| Recurring financial charges | 65 | €7,810 | €1,758 | -€6,051 | -77.5% |
| Profit (loss) for the period before taxes | 9903 | €50,054 | €8,413 | -€41,642 | -83.2% |
| Income taxes | 67/77 | €14,348 | €5,675 | -€8,673 | -60.4% |
| Profit (loss) for the period | 9904 | €35,707 | €2,738 | -€32,969 | -92.3% |
| Profit (loss) for the period to be appropriated | 9905 | €35,707 | €2,738 | -€32,969 | -92.3% |
Source: filed annual accounts (NBB), financial years ended 31 December 2023 and 31 December 2024. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 16 October 2026 via checked.be.