TST Management: 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 Management
Largest movements
- Stocks and contracts +€966,247
up €966,247 (+227%), from €425,771 to €1.4m
- Cash -€77,726
down €77,726 (-70.1%), from €110,920 to €33,194
mainly Stocks and contracts (-€966,247) and Current investments (-€30,138)
- Current investments +€30,138
up €30,138 (+46.5%), from €64,863 to €95,000
- Tangible fixed assets -€18,226
down €18,226 (-47.5%), from €38,341 to €20,114
- Short-term financial debts +€600,000
new in 2025: €600,000
- Reserves +€153,582
up €153,582 (+100%), from €153,504 to €307,086
- Debts after one year +€83,811
up €83,811 (+291%), from €28,803 to €112,614
- Other debts +€37,892
up €37,892 (+17.7%), from €213,994 to €251,886
- Tax, wage and social debts +€30,720
up €30,720 (+23.9%), from €128,630 to €159,350
- Provisions -€49,725
down €49,725, from €24,863 to -€24,863
- Financial charges +€24,490
up €24,490 (+859%), from €2,850 to €27,340
- Gross operating margin -€17,829
down €17,829 (-6.8%), from €261,226 to €243,397
- Taxes +€3,358
up €3,358 (+5.0%), from €67,268 to €70,626
- Other operating charges +€2,843
up €2,843 (+413%), from €688 to €3,531
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 | €709,336 | €1,605,846 | +€896,509 | +126% |
| Fixed assets | 21/28 | €38,341 | €20,114 | -€18,226 | -47.5% |
| Tangible fixed assets | 22/27 | €38,341 | €20,114 | -€18,226 | -47.5% |
| Furniture and vehicles | 24 | €38,341 | €20,114 | -€18,226 | -47.5% |
| Current assets | 29/58 | €670,995 | €1,585,731 | +€914,736 | +136% |
| Stocks and contracts in progress | 3 | €425,771 | €1,392,018 | +€966,247 | +227% |
| Stocks | 30/36 | €425,771 | €1,392,018 | +€966,247 | +227% |
| Amounts receivable within one year | 40/41 | €67,205 | €62,429 | -€4,776 | -7.1% |
| Trade receivables | 40 | €67,205 | €59,682 | -€7,523 | -11.2% |
| Other amounts receivable | 41 | - | €2,747 | +€2,747 | |
| Current investments | 50/53 | €64,863 | €95,000 | +€30,138 | +46.5% |
| Cash at bank and in hand | 54/58 | €110,920 | €33,194 | -€77,726 | -70.1% |
| Deferred charges and accrued income | 490/1 | €2,236 | €3,090 | +€854 | +38.2% |
| Total equity and liabilities | 10/49 | €709,336 | €1,605,846 | +€896,509 | +126% |
| Equity | 10/15 | €254,336 | €407,918 | +€153,582 | +60.4% |
| Contributions | 10/11 | €2,500 | €2,500 | = | 0.0% |
| Reserves | 13 | €153,504 | €307,086 | +€153,582 | +100% |
| Distributable reserves | 133 | €153,504 | €307,086 | +€153,582 | +100% |
| Profit (loss) carried forward | 14 | €98,332 | €98,332 | = | 0.0% |
| Provisions and deferred taxes | 16 | €24,863 | €0 | -€24,863 | -100% |
| Provisions for liabilities and charges | 160/5 | €24,863 | €0 | -€24,863 | -100% |
| Other liabilities and charges | 164/5 | €24,863 | €0 | -€24,863 | -100% |
| Amounts payable | 17/49 | €430,138 | €1,197,927 | +€767,789 | +178% |
| Amounts payable after more than one year | 17 | €28,803 | €112,614 | +€83,811 | +291% |
| Financial debts | 170/4 | €28,803 | €112,614 | +€83,811 | +291% |
| Amounts payable within one year | 42/48 | €401,335 | €1,068,754 | +€667,419 | +166% |
| Current portion of amounts payable after more than one year | 42 | €37,133 | €57,015 | +€19,881 | +53.5% |
| Financial debts | 43 | - | €600,000 | +€600,000 | |
| Credit institutions | 430/8 | - | €600,000 | +€600,000 | |
| Trade debts | 44 | €21,577 | €502 | -€21,075 | -97.7% |
| Suppliers | 440/4 | €21,577 | €502 | -€21,075 | -97.7% |
| Taxes, remuneration and social security | 45 | €128,630 | €159,350 | +€30,720 | +23.9% |
| Taxes | 450/3 | €128,630 | €159,350 | +€30,720 | +23.9% |
| Other amounts payable | 47/48 | €213,994 | €251,886 | +€37,892 | +17.7% |
| Accrued charges and deferred income | 492/3 | €0 | €16,560 | +€16,560 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €15,462 | €17,631 | +€2,169 | +14.0% |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | €24,863 | -€24,863 | -€49,725 | |
| Other operating charges | 640/8 | €688 | €3,531 | +€2,843 | +413% |
| Gross operating margin | 9900 | €261,226 | €243,397 | -€17,829 | -6.8% |
| Operating profit (loss) | 9901 | €220,213 | €247,098 | +€26,885 | +12.2% |
| Financial income | 75/76B | €3,409 | €4,450 | +€1,041 | +30.5% |
| Recurring financial income | 75 | €3,409 | €4,450 | +€1,041 | +30.5% |
| Financial charges | 65/66B | €2,850 | €27,340 | +€24,490 | +859% |
| Recurring financial charges | 65 | €2,850 | €27,340 | +€24,490 | +859% |
| Profit (loss) for the period before taxes | 9903 | €220,771 | €224,208 | +€3,437 | +1.6% |
| Income taxes | 67/77 | €67,268 | €70,626 | +€3,358 | +5.0% |
| Profit (loss) for the period | 9904 | €153,504 | €153,582 | +€79 | +0.1% |
| Profit (loss) for the period to be appropriated | 9905 | €153,504 | €153,582 | +€79 | +0.1% |
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 25 October 2026 via checked.be.