TSURUGI: what changed
Two fiscal 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.
TSURUGI
Largest movements
- Tangible fixed assets -€61,238
down €61,238 (-1.8%), from €3.4m to €3.4m
of which Land and buildings: -€90,509
- Cash -€48,558
down €48,558 (-48.9%), from €99,242 to €50,684
mainly Net result for the year (-€223,152) and Investment in fixed assets (net) (-€150,117)
- Profit (loss) carried forward -€223,152
down €223,152 (-23.6%), from -€945,072 to -€1.2m
- Other debts +€100,000
up €100,000 (+19.7%), from €508,776 to €608,776
- Depreciation +€18,280
up €18,280 (+9.5%), from €193,074 to €211,355
- Gross operating margin +€4,945
up €4,945 (+124.9%), from €3,958 to €8,902
- Other operating charges +€315
up €315 (+2.6%), from €12,285 to €12,600
- Financial charges +€184
up €184 (+2.3%), from €7,916 to €8,101
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.
Cash bridge derived
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 | €3,596,531 | €3,487,973 | -€108,558 | -3.0% |
| Fixed assets | 21/28 | €3,436,250 | €3,375,012 | -€61,238 | -1.8% |
| Tangible fixed assets | 22/27 | €3,436,250 | €3,375,012 | -€61,238 | -1.8% |
| Land and buildings | 22 | €2,690,840 | €2,600,331 | -€90,509 | -3.4% |
| Other tangible fixed assets | 26 | €745,410 | €774,681 | +€29,271 | +3.9% |
| Current assets | 29/58 | €160,281 | €112,961 | -€47,320 | -29.5% |
| Amounts receivable within one year | 40/41 | €58,705 | €58,705 | = | 0.0% |
| Other amounts receivable | 41 | €58,705 | €58,705 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €99,242 | €50,684 | -€48,558 | -48.9% |
| Deferred charges and accrued income | 490/1 | €2,334 | €3,573 | +€1,238 | +53.0% |
| Total equity and liabilities | 10/49 | €3,596,531 | €3,487,973 | -€108,558 | -3.0% |
| Equity | 10/15 | €3,054,928 | €2,831,777 | -€223,152 | -7.3% |
| Contributions | 10/11 | €4,000,000 | €4,000,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€945,072 | -€1,168,223 | -€223,152 | -23.6% |
| Amounts payable | 17/49 | €541,603 | €656,196 | +€114,593 | +21.2% |
| Amounts payable within one year | 42/48 | €521,389 | €628,179 | +€106,790 | +20.5% |
| Trade debts | 44 | €12,613 | €19,403 | +€6,790 | +53.8% |
| Suppliers | 440/4 | €12,613 | €19,403 | +€6,790 | +53.8% |
| Other amounts payable | 47/48 | €508,776 | €608,776 | +€100,000 | +19.7% |
| Accrued charges and deferred income | 492/3 | €20,214 | €28,017 | +€7,803 | +38.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €193,074 | €211,355 | +€18,280 | +9.5% |
| Other operating charges | 640/8 | €12,285 | €12,600 | +€315 | +2.6% |
| Gross operating margin | 9900 | €3,958 | €8,902 | +€4,945 | +124.9% |
| Operating profit (loss) | 9901 | -€201,401 | -€215,052 | -€13,651 | -6.8% |
| Financial income | 75/76B | - | €1 | +€1 | |
| Recurring financial income | 75 | - | €1 | +€1 | |
| Financial charges | 65/66B | €7,916 | €8,101 | +€184 | +2.3% |
| Recurring financial charges | 65 | €7,916 | €8,101 | +€184 | +2.3% |
| Profit (loss) for the period before taxes | 9903 | -€209,318 | -€223,152 | -€13,834 | -6.6% |
| Profit (loss) for the period | 9904 | -€209,318 | -€223,152 | -€13,834 | -6.6% |
| Profit (loss) for the period to be appropriated | 9905 | -€209,318 | -€223,152 | -€13,834 | -6.6% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 6 October 2026 via checked.be.