TSV: 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.
TSV
Largest movements
- Receivables within one year +€42,178
up €42,178 (+34.2%), from €123,150 to €165,328
of which Trade receivables: +€23,723
- Cash -€18,775
down €18,775 (-82.5%), from €22,753 to €3,978
mainly Receivables within one year (-€42,178) and Debts after one year (-€33,038)
- Debts after one year -€33,038
down €33,038 (-11.4%), from €288,570 to €255,532
- Tax, wage and social debts +€25,103
up €25,103 (+80.6%), from €31,162 to €56,265
of which Taxes: +€19,250
- Other debts +€20,973
new in 2025: €20,973
- Current portion of long-term debt +€9,694
up €9,694 (+23.1%), from €41,941 to €51,635
- Trade debts -€8,609
down €8,609 (-52.0%), from €16,541 to €7,932
- Staff costs -€35,836
down €35,836 (-12.5%), from €285,892 to €250,056
- Gross operating margin -€24,507
down €24,507 (-7.4%), from €331,828 to €307,321
- Financial charges +€5,928
up €5,928 (+43.1%), from €13,746 to €19,674
- Other operating charges +€3,345
up €3,345 (+270%), from €1,237 to €4,582
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 | €429,858 | €445,503 | +€15,645 | +3.6% |
| Fixed assets | 21/28 | €275,366 | €271,065 | -€4,301 | -1.6% |
| Tangible fixed assets | 22/27 | €266,666 | €262,865 | -€3,801 | -1.4% |
| Land and buildings | 22 | €235,298 | €226,723 | -€8,575 | -3.6% |
| Plant, machinery and equipment | 23 | €1,550 | - | -€1,550 | |
| Furniture and vehicles | 24 | €29,818 | €36,142 | +€6,324 | +21.2% |
| Financial fixed assets | 28 | €8,700 | €8,200 | -€500 | -5.7% |
| Current assets | 29/58 | €154,492 | €174,438 | +€19,946 | +12.9% |
| Stocks and contracts in progress | 3 | €5,000 | €3,500 | -€1,500 | -30.0% |
| Stocks | 30/36 | €5,000 | €3,500 | -€1,500 | -30.0% |
| Amounts receivable within one year | 40/41 | €123,150 | €165,328 | +€42,178 | +34.2% |
| Trade receivables | 40 | €102,258 | €125,981 | +€23,723 | +23.2% |
| Other amounts receivable | 41 | €20,892 | €39,347 | +€18,455 | +88.3% |
| Cash at bank and in hand | 54/58 | €22,753 | €3,978 | -€18,775 | -82.5% |
| Deferred charges and accrued income | 490/1 | €3,589 | €1,632 | -€1,957 | -54.5% |
| Total equity and liabilities | 10/49 | €429,858 | €445,503 | +€15,645 | +3.6% |
| Equity | 10/15 | €51,644 | €53,165 | +€1,521 | +2.9% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Capital | 10 | €18,600 | €18,600 | = | 0.0% |
| Issued capital | 100 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €1,860 | €1,860 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Legal reserve | 130 | €1,860 | €1,860 | = | 0.0% |
| Profit (loss) carried forward | 14 | €31,184 | €32,705 | +€1,521 | +4.9% |
| Amounts payable | 17/49 | €378,214 | €392,338 | +€14,124 | +3.7% |
| Amounts payable after more than one year | 17 | €288,570 | €255,532 | -€33,038 | -11.4% |
| Financial debts | 170/4 | €288,570 | €255,532 | -€33,038 | -11.4% |
| Amounts payable within one year | 42/48 | €89,644 | €136,805 | +€47,161 | +52.6% |
| Current portion of amounts payable after more than one year | 42 | €41,941 | €51,635 | +€9,694 | +23.1% |
| Trade debts | 44 | €16,541 | €7,932 | -€8,609 | -52.0% |
| Suppliers | 440/4 | €16,541 | €7,932 | -€8,609 | -52.0% |
| Taxes, remuneration and social security | 45 | €31,162 | €56,265 | +€25,103 | +80.6% |
| Taxes | 450/3 | €24,920 | €44,170 | +€19,250 | +77.2% |
| Remuneration and social security | 454/9 | €6,242 | €12,095 | +€5,853 | +93.8% |
| Other amounts payable | 47/48 | - | €20,973 | +€20,973 | |
| Remuneration, social security and pensions | 62 | €285,892 | €250,056 | -€35,836 | -12.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €32,342 | €30,701 | -€1,641 | -5.1% |
| Other operating charges | 640/8 | €1,237 | €4,582 | +€3,345 | +270% |
| Non-recurring operating charges | 66A | - | €794 | +€794 | |
| Gross operating margin | 9900 | €331,828 | €307,321 | -€24,507 | -7.4% |
| Operating profit (loss) | 9901 | €12,357 | €21,187 | +€8,830 | +71.5% |
| Financial income | 75/76B | €946 | €8 | -€938 | -99.2% |
| Recurring financial income | 75 | €946 | €8 | -€938 | -99.2% |
| Financial charges | 65/66B | €13,746 | €19,674 | +€5,928 | +43.1% |
| Recurring financial charges | 65 | €13,746 | €19,674 | +€5,928 | +43.1% |
| Profit (loss) for the period before taxes | 9903 | -€443 | €1,521 | +€1,964 | |
| Income taxes | 67/77 | €1,252 | - | -€1,252 | |
| Profit (loss) for the period | 9904 | -€1,695 | €1,521 | +€3,216 | |
| Profit (loss) for the period to be appropriated | 9905 | -€1,695 | €1,521 | +€3,216 |
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 27 October 2026 via checked.be.