TSV: 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.
TSV
Largest movements
- Stocks and contracts -€73,540
down €73,540 (-28.1%), from €261,534 to €187,994
of which Contracts in progress: -€42,340
- Cash +€73,152
up €73,152 (+16.7%), from €439,101 to €512,253
mainly Net result for the year (+€157,408) and Stocks and contracts (+€73,540)
- Receivables within one year +€17,772
up €17,772 (+6.1%), from €289,023 to €306,795
of which Trade receivables: +€24,071
- Tangible fixed assets -€12,083
down €12,083 (-7.0%), from €172,126 to €160,043
- Reserves +€116,155
up €116,155 (+12.4%), from €940,275 to €1.1m
- Trade debts -€85,115
down €85,115 (-62.5%), from €136,238 to €51,123
- Short-term financial debts -€11,915
no longer reported in 2024 (was €11,915)
- Write-downs +€18,950
new in 2024: €18,950
- Staff costs -€12,784
down €12,784 (-7.5%), from €171,328 to €158,544
- Gross operating margin -€7,924
down €7,924 (-1.7%), from €458,447 to €450,522
- Depreciation +€7,389
up €7,389 (+19.6%), from €37,713 to €45,102
- Taxes -€5,858
down €5,858 (-7.9%), from €73,748 to €67,890
From the 2023 result to the 2024 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 2023 and 2024 balance sheets and the 2024 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2023 | 2024 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €1,168,204 | €1,171,745 | +€3,541 | +0.3% |
| Fixed assets | 21/28 | €172,126 | €160,043 | -€12,083 | -7.0% |
| Tangible fixed assets | 22/27 | €172,126 | €160,043 | -€12,083 | -7.0% |
| Land and buildings | 22 | €7,826 | €5,217 | -€2,609 | -33.3% |
| Plant, machinery and equipment | 23 | €29,521 | €23,482 | -€6,039 | -20.5% |
| Furniture and vehicles | 24 | €134,779 | €131,343 | -€3,436 | -2.5% |
| Current assets | 29/58 | €996,078 | €1,011,703 | +€15,624 | +1.6% |
| Stocks and contracts in progress | 3 | €261,534 | €187,994 | -€73,540 | -28.1% |
| Stocks | 30/36 | €177,424 | €146,224 | -€31,200 | -17.6% |
| Contracts in progress | 37 | €84,110 | €41,770 | -€42,340 | -50.3% |
| Amounts receivable within one year | 40/41 | €289,023 | €306,795 | +€17,772 | +6.1% |
| Trade receivables | 40 | €155,820 | €179,891 | +€24,071 | +15.4% |
| Other amounts receivable | 41 | €133,203 | €126,904 | -€6,299 | -4.7% |
| Cash at bank and in hand | 54/58 | €439,101 | €512,253 | +€73,152 | +16.7% |
| Deferred charges and accrued income | 490/1 | €6,421 | €4,660 | -€1,760 | -27.4% |
| Total equity and liabilities | 10/49 | €1,168,204 | €1,171,745 | +€3,541 | +0.3% |
| Equity | 10/15 | €958,875 | €1,075,030 | +€116,155 | +12.1% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €940,275 | €1,056,430 | +€116,155 | +12.4% |
| Distributable reserves | 133 | €940,275 | €1,056,430 | +€116,155 | +12.4% |
| Amounts payable | 17/49 | €209,329 | €96,716 | -€112,613 | -53.8% |
| Amounts payable after more than one year | 17 | €23,463 | €13,352 | -€10,110 | -43.1% |
| Financial debts | 170/4 | €23,463 | €13,352 | -€10,110 | -43.1% |
| Amounts payable within one year | 42/48 | €185,866 | €83,363 | -€102,503 | -55.1% |
| Current portion of amounts payable after more than one year | 42 | €15,373 | €10,110 | -€5,262 | -34.2% |
| Financial debts | 43 | €11,915 | - | -€11,915 | |
| Credit institutions | 430/8 | €11,915 | - | -€11,915 | |
| Trade debts | 44 | €136,238 | €51,123 | -€85,115 | -62.5% |
| Suppliers | 440/4 | €136,238 | €51,123 | -€85,115 | -62.5% |
| Taxes, remuneration and social security | 45 | €20,562 | €20,128 | -€433 | -2.1% |
| Taxes | 450/3 | €6,716 | €7,309 | +€594 | +8.8% |
| Remuneration and social security | 454/9 | €13,846 | €12,819 | -€1,027 | -7.4% |
| Other amounts payable | 47/48 | €1,779 | €2,002 | +€223 | +12.5% |
| Remuneration, social security and pensions | 62 | €171,328 | €158,544 | -€12,784 | -7.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €37,713 | €45,102 | +€7,389 | +19.6% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | €18,950 | +€18,950 | |
| Other operating charges | 640/8 | €1,743 | €932 | -€811 | -46.5% |
| Gross operating margin | 9900 | €458,447 | €450,522 | -€7,924 | -1.7% |
| Operating profit (loss) | 9901 | €247,663 | €226,994 | -€20,669 | -8.3% |
| Financial income | 75/76B | €836 | €1,306 | +€470 | +56.3% |
| Recurring financial income | 75 | €836 | €1,306 | +€470 | +56.3% |
| Financial charges | 65/66B | €3,589 | €3,001 | -€588 | -16.4% |
| Recurring financial charges | 65 | €3,589 | €3,001 | -€588 | -16.4% |
| Profit (loss) for the period before taxes | 9903 | €244,909 | €225,298 | -€19,610 | -8.0% |
| Income taxes | 67/77 | €73,748 | €67,890 | -€5,858 | -7.9% |
| Profit (loss) for the period | 9904 | €171,161 | €157,408 | -€13,753 | -8.0% |
| Profit (loss) for the period to be appropriated | 9905 | €171,161 | €157,408 | -€13,753 | -8.0% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2023 and 31 December 2024. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 28 September 2026 via checked.be.