TSUBAKI: 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.
TSUBAKI
Largest movements
- Cash -€3,963
down €3,963 (-23.9%), from €16,617 to €12,653
mainly Accrued charges and deferred income (-€3,328) and Other debts (-€2,436)
- Receivables within one year +€1,508
up €1,508 (+365%), from €414 to €1,922
- Accrued charges and deferred income -€3,328
down €3,328 (-48.7%), from €6,828 to €3,500
- Trade debts +€3,009
up €3,009 (+2,006%), from €150 to €3,159
- Other debts -€2,436
down €2,436 (-100%), from €2,436 to €0
- Depreciation -€14,781
down €14,781 (-100%), from €14,781 to €0
- Gross operating margin -€1,885
down €1,885 (-256%), from -€736 to -€2,621
- Taxes +€377
up €377, from -€295 to €82
- Financial income +€121
up €121 (+3.6%), from €3,331 to €3,452
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 | €111,129 | €108,674 | -€2,455 | -2.2% |
| Fixed assets | 21/28 | €0 | - | = | |
| Tangible fixed assets | 22/27 | €0 | - | = | |
| Furniture and vehicles | 24 | €0 | - | = | |
| Current assets | 29/58 | €111,129 | €108,674 | -€2,455 | -2.2% |
| Amounts receivable after more than one year | 29 | €70,000 | €70,000 | = | 0.0% |
| Other amounts receivable | 291 | €70,000 | €70,000 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €414 | €1,922 | +€1,508 | +365% |
| Other amounts receivable | 41 | €414 | €1,922 | +€1,508 | +365% |
| Current investments | 50/53 | €24,099 | €24,099 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €16,617 | €12,653 | -€3,963 | -23.9% |
| Deferred charges and accrued income | 490/1 | €0 | - | = | |
| Total equity and liabilities | 10/49 | €111,129 | €108,674 | -€2,455 | -2.2% |
| Equity | 10/15 | €101,716 | €102,015 | +€299 | +0.3% |
| Contributions | 10/11 | €120,000 | €120,000 | = | 0.0% |
| Reserves | 13 | €1,860 | €1,860 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€20,144 | -€19,845 | +€299 | +1.5% |
| Amounts payable | 17/49 | €9,413 | €6,659 | -€2,754 | -29.3% |
| Amounts payable within one year | 42/48 | €2,586 | €3,159 | +€574 | +22.2% |
| Trade debts | 44 | €150 | €3,159 | +€3,009 | +2,006% |
| Suppliers | 440/4 | €150 | €3,159 | +€3,009 | +2,006% |
| Other amounts payable | 47/48 | €2,436 | €0 | -€2,436 | -100% |
| Accrued charges and deferred income | 492/3 | €6,828 | €3,500 | -€3,328 | -48.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €14,781 | €0 | -€14,781 | -100% |
| Other operating charges | 640/8 | €387 | €400 | +€12 | +3.2% |
| Non-recurring operating charges | 66A | €0 | - | = | |
| Gross operating margin | 9900 | -€736 | -€2,621 | -€1,885 | -256% |
| Operating profit (loss) | 9901 | -€15,905 | -€3,021 | +€12,884 | +81.0% |
| Financial income | 75/76B | €3,331 | €3,452 | +€121 | +3.6% |
| Recurring financial income | 75 | €3,331 | €3,452 | +€121 | +3.6% |
| Financial charges | 65/66B | €66 | €50 | -€16 | -24.0% |
| Recurring financial charges | 65 | €66 | €50 | -€16 | -24.0% |
| Profit (loss) for the period before taxes | 9903 | -€12,640 | €381 | +€13,020 | |
| Income taxes | 67/77 | -€295 | €82 | +€377 | |
| Profit (loss) for the period | 9904 | -€12,344 | €299 | +€12,644 | |
| Profit (loss) for the period to be appropriated | 9905 | -€12,344 | €299 | +€12,644 |
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 14 October 2026 via checked.be.