TSRC: 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.
TSRC
Largest movements
- Receivables within one year +€8,599
up €8,599 (+3827.0%), from €225 to €8,824
of which Trade receivables: +€5,824
- Tangible fixed assets -€1,729
down €1,729 (-34.6%), from €4,997 to €3,268
of which Plant, machinery and equipment: -€1,386
- Cash +€159
up €159 (+26.1%), from €608 to €767
mainly Net result for the year (+€12,483) and Tax, wage and social debts (+€2,657)
- Profit (loss) carried forward +€12,483
up €12,483 (+41.1%), from -€30,339 to -€17,856
- Other debts -€8,444
down €8,444 (-38.2%), from €22,095 to €13,651
- Tax, wage and social debts +€2,657
new in 2025: €2,657
- Trade debts +€187
up €187 (+26.6%), from €702 to €889
- Gross operating margin +€20,800
up €20,800, from -€4,898 to €15,902
- Write-downs +€2,230
new in 2025: €2,230
- Depreciation -€782
down €782 (-58.3%), from €1,342 to €560
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 | €6,718 | €13,602 | +€6,883 | +102.5% |
| Fixed assets | 21/28 | €5,099 | €3,268 | -€1,832 | -35.9% |
| Tangible fixed assets | 22/27 | €4,997 | €3,268 | -€1,729 | -34.6% |
| Plant, machinery and equipment | 23 | €4,653 | €3,268 | -€1,386 | -29.8% |
| Furniture and vehicles | 24 | €343 | €0 | -€343 | -100.0% |
| Financial fixed assets | 28 | €103 | €0 | -€103 | -100.0% |
| Current assets | 29/58 | €1,619 | €10,334 | +€8,715 | +538.3% |
| Amounts receivable within one year | 40/41 | €225 | €8,824 | +€8,599 | +3827.0% |
| Trade receivables | 40 | - | €5,824 | +€5,824 | |
| Other amounts receivable | 41 | €225 | €3,000 | +€2,775 | +1235.1% |
| Cash at bank and in hand | 54/58 | €608 | €767 | +€159 | +26.1% |
| Deferred charges and accrued income | 490/1 | €786 | €743 | -€43 | -5.4% |
| Total equity and liabilities | 10/49 | €6,718 | €13,602 | +€6,883 | +102.5% |
| Equity | 10/15 | -€16,079 | -€3,596 | +€12,483 | +77.6% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €1,860 | €1,860 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€30,339 | -€17,856 | +€12,483 | +41.1% |
| Amounts payable | 17/49 | €22,797 | €17,198 | -€5,600 | -24.6% |
| Amounts payable within one year | 42/48 | €22,797 | €17,198 | -€5,600 | -24.6% |
| Trade debts | 44 | €702 | €889 | +€187 | +26.6% |
| Suppliers | 440/4 | €702 | €889 | +€187 | +26.6% |
| Taxes, remuneration and social security | 45 | - | €2,657 | +€2,657 | |
| Taxes | 450/3 | - | €2,657 | +€2,657 | |
| Other amounts payable | 47/48 | €22,095 | €13,651 | -€8,444 | -38.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,342 | €560 | -€782 | -58.3% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | €2,230 | +€2,230 | |
| Other operating charges | 640/8 | €556 | €569 | +€13 | +2.3% |
| Gross operating margin | 9900 | -€4,898 | €15,902 | +€20,800 | |
| Operating profit (loss) | 9901 | -€6,797 | €12,543 | +€19,340 | |
| Financial income | 75/76B | €0 | €0 | -€0 | -100.0% |
| Recurring financial income | 75 | €0 | €0 | -€0 | -100.0% |
| Financial charges | 65/66B | €65 | €60 | -€5 | -7.4% |
| Recurring financial charges | 65 | €65 | €60 | -€5 | -7.4% |
| Profit (loss) for the period before taxes | 9903 | -€6,861 | €12,483 | +€19,344 | |
| Profit (loss) for the period | 9904 | -€6,861 | €12,483 | +€19,344 | |
| Profit (loss) for the period to be appropriated | 9905 | -€6,861 | €12,483 | +€19,344 |
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 2 October 2026 via checked.be.