TSRconnect: 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.
TSRconnect
Largest movements
- Cash +€8,284
up €8,284 (+35.9%), from €23,100 to €31,384
mainly Net result for the year (+€18,661) and Other debts (+€1,246)
- Receivables within one year +€3,649
up €3,649 (+47.7%), from €7,646 to €11,295
of which Trade receivables: +€3,149
- Deferred charges and accrued income +€3,648
up €3,648 (+12319.6%), from €30 to €3,677
- Formation expenses -€516
down €516 (-57.2%), from €903 to €386
- Profit (loss) carried forward +€18,661
up €18,661 (+81.8%), from -€22,827 to -€4,165
- Trade debts -€5,960
down €5,960 (-66.9%), from €8,913 to €2,953
- Other debts +€1,246
up €1,246 (+3.6%), from €34,838 to €36,084
- Tax, wage and social debts +€1,117
up €1,117 (+148.0%), from €755 to €1,872
- Gross operating margin +€44,170
up €44,170, from -€23,301 to €20,869
- Financial charges +€590
up €590 (+113.0%), from €522 to €1,112
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 | €31,679 | €46,743 | +€15,065 | +47.6% |
| Formation expenses | 20 | €903 | €386 | -€516 | -57.2% |
| Fixed assets | 21/28 | €0 | - | = | |
| Tangible fixed assets | 22/27 | €0 | - | = | |
| Plant, machinery and equipment | 23 | €0 | - | = | |
| Current assets | 29/58 | €30,776 | €46,357 | +€15,581 | +50.6% |
| Amounts receivable within one year | 40/41 | €7,646 | €11,295 | +€3,649 | +47.7% |
| Trade receivables | 40 | €7,646 | €10,795 | +€3,149 | +41.2% |
| Other amounts receivable | 41 | €0 | €500 | +€500 | |
| Cash at bank and in hand | 54/58 | €23,100 | €31,384 | +€8,284 | +35.9% |
| Deferred charges and accrued income | 490/1 | €30 | €3,677 | +€3,648 | +12319.6% |
| Total equity and liabilities | 10/49 | €31,679 | €46,743 | +€15,065 | +47.6% |
| Equity | 10/15 | -€12,827 | €5,835 | +€18,661 | |
| Contributions | 10/11 | €10,000 | €10,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€22,827 | -€4,165 | +€18,661 | +81.8% |
| Amounts payable | 17/49 | €44,505 | €40,909 | -€3,597 | -8.1% |
| Amounts payable within one year | 42/48 | €44,505 | €40,909 | -€3,597 | -8.1% |
| Trade debts | 44 | €8,913 | €2,953 | -€5,960 | -66.9% |
| Suppliers | 440/4 | €8,913 | €2,953 | -€5,960 | -66.9% |
| Taxes, remuneration and social security | 45 | €755 | €1,872 | +€1,117 | +148.0% |
| Taxes | 450/3 | €755 | €1,872 | +€1,117 | +148.0% |
| Other amounts payable | 47/48 | €34,838 | €36,084 | +€1,246 | +3.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €603 | €516 | -€86 | -14.3% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €0 | - | = | |
| Other operating charges | 640/8 | €448 | €579 | +€130 | +29.1% |
| Gross operating margin | 9900 | -€23,301 | €20,869 | +€44,170 | |
| Operating profit (loss) | 9901 | -€24,352 | €19,773 | +€44,126 | |
| Financial income | 75/76B | €0 | - | = | |
| Recurring financial income | 75 | €0 | - | = | |
| Financial charges | 65/66B | €522 | €1,112 | +€590 | +113.0% |
| Recurring financial charges | 65 | €522 | €1,112 | +€590 | +113.0% |
| Profit (loss) for the period before taxes | 9903 | -€24,874 | €18,661 | +€43,536 | |
| Income taxes | 67/77 | €140 | €0 | -€140 | -100.0% |
| Profit (loss) for the period | 9904 | -€25,014 | €18,661 | +€43,675 | |
| Profit (loss) for the period to be appropriated | 9905 | -€25,014 | €18,661 | +€43,675 |
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 6 October 2026 via checked.be.