TST: 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.
TST
Largest movements
- Tangible fixed assets -€57,572
down €57,572 (-14.8%), from €390,016 to €332,444
- Cash -€31,270
down €31,270 (-25.9%), from €120,915 to €89,645
mainly Debts after one year (-€57,146) and Current portion of long-term debt (-€55,103)
- Receivables within one year +€20,736
up €20,736 (+41.5%), from €49,922 to €70,658
of which Trade receivables: +€20,736
- Deferred charges and accrued income +€17,445
up €17,445 (+79.1%), from €22,067 to €39,512
- Debts after one year -€57,146
down €57,146 (-73.0%), from €78,290 to €21,144
- Current portion of long-term debt -€55,103
down €55,103 (-49.1%), from €112,249 to €57,146
- Tax, wage and social debts +€31,542
up €31,542 (+69.8%), from €45,182 to €76,724
of which Taxes: +€31,206
- Trade debts +€27,959
up €27,959 (+58.5%), from €47,785 to €75,744
- Other debts +€13,573
new in 2025: €13,573
- Staff costs +€21,935
up €21,935 (+45.1%), from €48,657 to €70,592
- Gross operating margin +€21,485
up €21,485 (+10.5%), from €204,967 to €226,452
- Financial income -€14,022
down €14,022 (-87.7%), from €15,994 to €1,972
of which Non-recurring financial income: -€14,022
- Other operating charges -€7,704
down €7,704 (-48.5%), from €15,887 to €8,183
- Taxes +€5,782
up €5,782 (+60.3%), from €9,586 to €15,368
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 | €646,820 | €596,159 | -€50,661 | -7.8% |
| Fixed assets | 21/28 | €397,816 | €340,244 | -€57,572 | -14.5% |
| Tangible fixed assets | 22/27 | €390,016 | €332,444 | -€57,572 | -14.8% |
| Plant, machinery and equipment | 23 | €312,402 | €284,229 | -€28,173 | -9.0% |
| Furniture and vehicles | 24 | €44,036 | €35,751 | -€8,285 | -18.8% |
| Leasing and similar rights | 25 | €19,051 | - | -€19,051 | |
| Other tangible fixed assets | 26 | €14,527 | €12,464 | -€2,063 | -14.2% |
| Financial fixed assets | 28 | €7,800 | €7,800 | = | 0.0% |
| Current assets | 29/58 | €249,004 | €255,915 | +€6,911 | +2.8% |
| Amounts receivable after more than one year | 29 | €56,100 | €56,100 | = | 0.0% |
| Other amounts receivable | 291 | €56,100 | €56,100 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €49,922 | €70,658 | +€20,736 | +41.5% |
| Trade receivables | 40 | €49,132 | €69,868 | +€20,736 | +42.2% |
| Other amounts receivable | 41 | €790 | €790 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €120,915 | €89,645 | -€31,270 | -25.9% |
| Deferred charges and accrued income | 490/1 | €22,067 | €39,512 | +€17,445 | +79.1% |
| Total equity and liabilities | 10/49 | €646,820 | €596,159 | -€50,661 | -7.8% |
| Equity | 10/15 | €363,314 | €351,828 | -€11,486 | -3.2% |
| Contributions | 10/11 | €30,987 | €30,987 | = | 0.0% |
| Reserves | 13 | €226,371 | €214,885 | -€11,486 | -5.1% |
| Non-distributable reserves | 130/1 | €3,099 | €3,099 | = | 0.0% |
| Reserves not available under the articles | 1311 | €3,099 | €3,099 | = | 0.0% |
| Distributable reserves | 133 | €223,272 | €211,786 | -€11,486 | -5.1% |
| Profit (loss) carried forward | 14 | €105,956 | €105,956 | = | 0.0% |
| Amounts payable | 17/49 | €283,506 | €244,331 | -€39,175 | -13.8% |
| Amounts payable after more than one year | 17 | €78,290 | €21,144 | -€57,146 | -73.0% |
| Financial debts | 170/4 | €78,290 | €21,144 | -€57,146 | -73.0% |
| Amounts payable within one year | 42/48 | €205,216 | €223,187 | +€17,971 | +8.8% |
| Current portion of amounts payable after more than one year | 42 | €112,249 | €57,146 | -€55,103 | -49.1% |
| Trade debts | 44 | €47,785 | €75,744 | +€27,959 | +58.5% |
| Suppliers | 440/4 | €47,785 | €75,744 | +€27,959 | +58.5% |
| Taxes, remuneration and social security | 45 | €45,182 | €76,724 | +€31,542 | +69.8% |
| Taxes | 450/3 | €32,555 | €63,761 | +€31,206 | +95.9% |
| Remuneration and social security | 454/9 | €12,627 | €12,963 | +€336 | +2.7% |
| Other amounts payable | 47/48 | - | €13,573 | +€13,573 | |
| Remuneration, social security and pensions | 62 | €48,657 | €70,592 | +€21,935 | +45.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €83,609 | €79,326 | -€4,283 | -5.1% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | €1,175 | +€1,175 | |
| Other operating charges | 640/8 | €15,887 | €8,183 | -€7,704 | -48.5% |
| Gross operating margin | 9900 | €204,967 | €226,452 | +€21,485 | +10.5% |
| Operating profit (loss) | 9901 | €56,814 | €67,176 | +€10,362 | +18.2% |
| Financial income | 75/76B | €15,994 | €1,972 | -€14,022 | -87.7% |
| Recurring financial income | 75 | €1,627 | €1,627 | = | 0.0% |
| Non-recurring financial income | 76B | €14,367 | €345 | -€14,022 | -97.6% |
| Financial charges | 65/66B | €12,597 | €14,000 | +€1,403 | +11.1% |
| Recurring financial charges | 65 | €12,597 | €5,868 | -€6,729 | -53.4% |
| Non-recurring financial charges | 66B | - | €8,132 | +€8,132 | |
| Profit (loss) for the period before taxes | 9903 | €60,211 | €55,148 | -€5,063 | -8.4% |
| Income taxes | 67/77 | €9,586 | €15,368 | +€5,782 | +60.3% |
| Profit (loss) for the period | 9904 | €50,625 | €39,780 | -€10,845 | -21.4% |
| Profit (loss) for the period to be appropriated | 9905 | €50,625 | €39,780 | -€10,845 | -21.4% |
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 27 October 2026 via checked.be.