TST BAT: what changed
TST BAT
Largest movements
- Receivables within one year -€103,021
down €103,021 (-34.8%), from €296,351 to €193,330
of which Trade receivables: -€111,440
- Tangible fixed assets -€28,829
down €28,829 (-30.2%), from €95,537 to €66,709
of which Furniture and vehicles: -€19,867
- Cash -€19,941
down €19,941 (-17.0%), from €117,258 to €97,317
mainly Contributions, distributions and other (-€121,214) and Net result for the year (-€56,822)
- Receivables after one year -€17,465
no longer reported in 2025 (was €17,465)
- Profit (loss) carried forward -€134,822
down €134,822 (-96.9%), from €139,104 to €4,282
- Other debts +€53,207
up €53,207 (+50.7%), from €105,019 to €158,225
- Reserves -€43,214
down €43,214 (-29.8%), from €144,960 to €101,746
of which Distributable reserves: -€43,214
- Trade debts -€41,093
down €41,093 (-38.7%), from €106,281 to €65,187
- Tax, wage and social debts -€5,478
down €5,478 (-38.2%), from €14,357 to €8,879
of which Remuneration and social security: -€5,951
- Gross operating margin -€181,733
down €181,733 (-80.5%), from €225,731 to €43,998
- Taxes -€26,750
no longer reported in 2025 (was €26,750)
- Other operating charges -€21,574
down €21,574 (-77.0%), from €28,026 to €6,452
- Financial charges +€6,626
up €6,626 (+192%), from €3,447 to €10,073
- Depreciation +€5,410
up €5,410 (+15.8%), from €34,254 to €39,664
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €543,355 | €371,050 | -€172,305 | -31.7% |
| Fixed assets | 21/28 | €108,210 | €79,382 | -€28,829 | -26.6% |
| Tangible fixed assets | 22/27 | €95,537 | €66,709 | -€28,829 | -30.2% |
| Land and buildings | 22 | €34,596 | €27,080 | -€7,516 | -21.7% |
| Plant, machinery and equipment | 23 | €7,433 | €11,951 | +€4,518 | +60.8% |
| Furniture and vehicles | 24 | €41,581 | €21,714 | -€19,867 | -47.8% |
| Other tangible fixed assets | 26 | €11,927 | €5,964 | -€5,964 | -50.0% |
| Financial fixed assets | 28 | €12,673 | €12,673 | = | 0.0% |
| Current assets | 29/58 | €435,144 | €291,668 | -€143,476 | -33.0% |
| Amounts receivable after more than one year | 29 | €17,465 | - | -€17,465 | |
| Trade receivables | 290 | €17,465 | - | -€17,465 | |
| Amounts receivable within one year | 40/41 | €296,351 | €193,330 | -€103,021 | -34.8% |
| Trade receivables | 40 | €268,280 | €156,840 | -€111,440 | -41.5% |
| Other amounts receivable | 41 | €28,071 | €36,490 | +€8,419 | +30.0% |
| Cash at bank and in hand | 54/58 | €117,258 | €97,317 | -€19,941 | -17.0% |
| Deferred charges and accrued income | 490/1 | €4,071 | €1,021 | -€3,050 | -74.9% |
| Total equity and liabilities | 10/49 | €543,355 | €371,050 | -€172,305 | -31.7% |
| Equity | 10/15 | €302,664 | €124,628 | -€178,036 | -58.8% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €144,960 | €101,746 | -€43,214 | -29.8% |
| Tax-exempt reserves | 132 | €42,100 | €42,100 | = | 0.0% |
| Distributable reserves | 133 | €102,860 | €59,646 | -€43,214 | -42.0% |
| Profit (loss) carried forward | 14 | €139,104 | €4,282 | -€134,822 | -96.9% |
| Amounts payable | 17/49 | €240,691 | €246,422 | +€5,731 | +2.4% |
| Amounts payable after more than one year | 17 | €4,021 | - | -€4,021 | |
| Financial debts | 170/4 | €4,021 | - | -€4,021 | |
| Amounts payable within one year | 42/48 | €236,669 | €246,422 | +€9,752 | +4.1% |
| Current portion of amounts payable after more than one year | 42 | €11,013 | €14,130 | +€3,117 | +28.3% |
| Trade debts | 44 | €106,281 | €65,187 | -€41,093 | -38.7% |
| Suppliers | 440/4 | €106,281 | €65,187 | -€41,093 | -38.7% |
| Taxes, remuneration and social security | 45 | €14,357 | €8,879 | -€5,478 | -38.2% |
| Taxes | 450/3 | €3,401 | €3,874 | +€473 | +13.9% |
| Remuneration and social security | 454/9 | €10,956 | €5,005 | -€5,951 | -54.3% |
| Other amounts payable | 47/48 | €105,019 | €158,225 | +€53,207 | +50.7% |
| Remuneration, social security and pensions | 62 | €49,541 | €50,746 | +€1,205 | +2.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €34,254 | €39,664 | +€5,410 | +15.8% |
| Other operating charges | 640/8 | €28,026 | €6,452 | -€21,574 | -77.0% |
| Gross operating margin | 9900 | €225,731 | €43,998 | -€181,733 | -80.5% |
| Operating profit (loss) | 9901 | €113,911 | -€52,864 | -€166,775 | |
| Financial income | 75/76B | €11,074 | €6,115 | -€4,959 | -44.8% |
| Recurring financial income | 75 | €11,074 | €6,115 | -€4,959 | -44.8% |
| Financial charges | 65/66B | €3,447 | €10,073 | +€6,626 | +192% |
| Recurring financial charges | 65 | €3,447 | €10,073 | +€6,626 | +192% |
| Profit (loss) for the period before taxes | 9903 | €121,538 | -€56,822 | -€178,360 | |
| Income taxes | 67/77 | €26,750 | - | -€26,750 | |
| Profit (loss) for the period | 9904 | €94,788 | -€56,822 | -€151,610 | |
| Profit (loss) for the period to be appropriated | 9905 | €94,788 | -€56,822 | -€151,610 |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 3 November 2026 via checked.be.