TSUBO SIGN & GRAPHICS: what changed
What changed
TSUBO SIGN & GRAPHICS
NACE 47.690, Retail sale of other cultural and recreation goods
filed annual accounts (NBB)
Net result for the year
-€14,152
2024 · -€23,261+€9,109
Equity
€184,746
2024 · €198,899-€14,152
Cash
€14,011
2024 · €17,767-€3,756
Balance sheet total
€577,257
2024 · €599,243-€21,986
Largest movements
Assets
- Tangible fixed assets -€24,989
down €24,989 (-4.9%), from €504,915 to €479,925
of which Land and buildings: -€25,873
Equity and liabilities
- Trade debts -€22,626
down €22,626 (-40.1%), from €56,370 to €33,744
- Other debts +€20,743
new in 2025: €20,743
- Profit (loss) carried forward -€14,152
down €14,152 (-60.8%), from -€23,261 to -€37,414
- Debts after one year -€13,109
down €13,109 (-6.0%), from €218,981 to €205,872
of which Financial debts: -€13,109
- Tax, wage and social debts +€6,627
up €6,627 (+21.3%), from €31,158 to €37,785
of which Remuneration and social security: +€6,504
Income statement
- Staff costs +€26,906
up €26,906 (+28.8%), from €93,580 to €120,486
- Gross operating margin +€26,323
up €26,323 (+21.6%), from €122,113 to €148,435
- Depreciation -€4,900
down €4,900 (-15.8%), from €31,003 to €26,104
- Other operating charges -€3,094
down €3,094 (-36.7%), from €8,433 to €5,339
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.
Result 2024
-€23,261
Gross operating margin
+€26,323
Staff costs
-€26,906
Depreciation
+€4,900
Write-downs
+€147
Other operating charges
+€3,094
Financial income
+€590
Financial charges
+€154
Taxes
+€808
Result 2025
-€14,152
raises the resultlowers the result
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.
From operations
+€13,373
Investment
-€1,115
Financing
-€16,014
Cash 2024
€17,767
From operations (derived)
+€13,373
Net result for the year
-€14,152
Depreciation
+€26,104
Receivables within one year
-€4,267
Deferred charges and accrued income
-€2,492
Trade debts
-€22,626
Tax, wage and social debts
+€6,627
Advances received
+€3,436
Other debts
+€20,743
Accrued charges and deferred income
+€1
Investment (derived)
-€1,115
Investment in fixed assets (net)
-€1,115
Financing
-€16,014
Debts after one year
-€13,109
Current portion of long-term debt
-€674
Short-term financial debts
-€2,232
Cash 2025
€14,011
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €599,243 | €577,257 | -€21,986 | -3.7% |
| Fixed assets | 21/28 | €504,915 | €479,925 | -€24,989 | -4.9% |
| Tangible fixed assets | 22/27 | €504,915 | €479,925 | -€24,989 | -4.9% |
| Land and buildings | 22 | €504,405 | €478,532 | -€25,873 | -5.1% |
| Plant, machinery and equipment | 23 | €0 | €1,034 | +€1,034 | |
| Furniture and vehicles | 24 | €510 | €359 | -€150 | -29.5% |
| Current assets | 29/58 | €94,329 | €97,332 | +€3,003 | +3.2% |
| Stocks and contracts in progress | 3 | €12,500 | €12,500 | = | 0.0% |
| Stocks | 30/36 | €12,500 | €12,500 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €58,507 | €62,774 | +€4,267 | +7.3% |
| Trade receivables | 40 | €56,355 | €62,034 | +€5,679 | +10.1% |
| Other amounts receivable | 41 | €2,152 | €740 | -€1,412 | -65.6% |
| Cash at bank and in hand | 54/58 | €17,767 | €14,011 | -€3,756 | -21.1% |
| Deferred charges and accrued income | 490/1 | €5,554 | €8,046 | +€2,492 | +44.9% |
| Total equity and liabilities | 10/49 | €599,243 | €577,257 | -€21,986 | -3.7% |
| Equity | 10/15 | €198,899 | €184,746 | -€14,152 | -7.1% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €215,960 | €215,960 | = | 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% |
| Tax-exempt reserves | 132 | €18,750 | €18,750 | = | 0.0% |
| Distributable reserves | 133 | €195,350 | €195,350 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€23,261 | -€37,414 | -€14,152 | -60.8% |
| Provisions and deferred taxes | 16 | €34,603 | €34,603 | = | 0.0% |
| Provisions for liabilities and charges | 160/5 | €34,603 | €34,603 | = | 0.0% |
| Pensions and similar obligations | 160 | €34,603 | €34,603 | = | 0.0% |
| Amounts payable | 17/49 | €365,741 | €357,908 | -€7,834 | -2.1% |
| Amounts payable after more than one year | 17 | €218,981 | €205,872 | -€13,109 | -6.0% |
| Financial debts | 170/4 | €218,981 | €205,872 | -€13,109 | -6.0% |
| Other amounts payable | 178/9 | €0 | - | = | |
| Amounts payable within one year | 42/48 | €146,728 | €152,003 | +€5,275 | +3.6% |
| Current portion of amounts payable after more than one year | 42 | €38,783 | €38,109 | -€674 | -1.7% |
| Financial debts | 43 | €20,418 | €18,186 | -€2,232 | -10.9% |
| Credit institutions | 430/8 | €20,418 | €18,186 | -€2,232 | -10.9% |
| Trade debts | 44 | €56,370 | €33,744 | -€22,626 | -40.1% |
| Suppliers | 440/4 | €56,370 | €33,744 | -€22,626 | -40.1% |
| Advances received on contracts in progress | 46 | - | €3,436 | +€3,436 | |
| Taxes, remuneration and social security | 45 | €31,158 | €37,785 | +€6,627 | +21.3% |
| Taxes | 450/3 | €17,261 | €17,385 | +€123 | +0.7% |
| Remuneration and social security | 454/9 | €13,896 | €20,400 | +€6,504 | +46.8% |
| Other amounts payable | 47/48 | - | €20,743 | +€20,743 | |
| Accrued charges and deferred income | 492/3 | €33 | €33 | +€1 | +2.0% |
| Non-recurring operating income | 76A | - | €3,146 | +€3,146 | |
| Remuneration, social security and pensions | 62 | €93,580 | €120,486 | +€26,906 | +28.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €31,003 | €26,104 | -€4,900 | -15.8% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €0 | -€147 | -€147 | |
| Other operating charges | 640/8 | €8,433 | €5,339 | -€3,094 | -36.7% |
| Gross operating margin | 9900 | €122,113 | €148,435 | +€26,323 | +21.6% |
| Operating profit (loss) | 9901 | -€10,904 | -€3,347 | +€7,557 | +69.3% |
| Financial income | 75/76B | €91 | €681 | +€590 | +650% |
| Recurring financial income | 75 | €91 | €681 | +€590 | +650% |
| Financial charges | 65/66B | €11,236 | €11,082 | -€154 | -1.4% |
| Recurring financial charges | 65 | €11,236 | €11,082 | -€154 | -1.4% |
| Profit (loss) for the period before taxes | 9903 | -€22,049 | -€13,748 | +€8,301 | +37.6% |
| Income taxes | 67/77 | €1,212 | €405 | -€808 | -66.6% |
| Profit (loss) for the period | 9904 | -€23,261 | -€14,152 | +€9,109 | +39.2% |
| Profit (loss) for the period to be appropriated | 9905 | -€23,261 | -€14,152 | +€9,109 | +39.2% |
Next steps
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Calculation and sources
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 3 November 2026 via checked.be.