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 +€25,081
up €25,081 (+78.3%), from €32,044 to €57,125
of which Trade receivables: +€25,193
- Financial fixed assets -€12,298
down €12,298 (-3.6%), from €346,298 to €334,000
- Tangible fixed assets -€4,307
down €4,307 (-39.8%), from €10,827 to €6,520
- Other debts +€72,629
up €72,629 (+33.6%), from €216,395 to €289,024
- Debts after one year -€64,933
down €64,933 (-39.5%), from €164,262 to €99,329
- Current portion of long-term debt -€18,768
down €18,768 (-32.1%), from €58,528 to €39,760
- Profit (loss) carried forward +€14,954
up €14,954 (+14.6%), from -€102,165 to -€87,211
- Tax, wage and social debts +€6,812
up €6,812 (+185%), from €3,686 to €10,498
- Financial charges -€2,484
down €2,484 (-34.5%), from €7,200 to €4,716
- Staff costs -€2,432
down €2,432 (-100%), from €2,432 to €0
- Gross operating margin +€2,235
up €2,235 (+9.7%), from €23,091 to €25,327
- Other operating charges -€458
down €458 (-25.3%), from €1,807 to €1,349
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 | €390,889 | €397,696 | +€6,807 | +1.7% |
| Fixed assets | 21/28 | €357,125 | €340,520 | -€16,605 | -4.6% |
| Tangible fixed assets | 22/27 | €10,827 | €6,520 | -€4,307 | -39.8% |
| Plant, machinery and equipment | 23 | €10,827 | €6,520 | -€4,307 | -39.8% |
| Financial fixed assets | 28 | €346,298 | €334,000 | -€12,298 | -3.6% |
| Current assets | 29/58 | €33,764 | €57,176 | +€23,412 | +69.3% |
| Amounts receivable within one year | 40/41 | €32,044 | €57,125 | +€25,081 | +78.3% |
| Trade receivables | 40 | €17,312 | €42,505 | +€25,193 | +146% |
| Other amounts receivable | 41 | €14,732 | €14,620 | -€112 | -0.8% |
| Cash at bank and in hand | 54/58 | €1,719 | €51 | -€1,669 | -97.0% |
| Total equity and liabilities | 10/49 | €390,889 | €397,696 | +€6,807 | +1.7% |
| Equity | 10/15 | -€75,705 | -€60,751 | +€14,954 | +19.8% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Contributions outside capital | 11 | €18,600 | - | -€18,600 | |
| Other | 1109/19 | €18,600 | - | -€18,600 | |
| Reserves | 13 | €7,860 | €7,860 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,860 | €0 | -€1,860 | -100% |
| Reserves not available under the articles | 1311 | €1,860 | €0 | -€1,860 | -100% |
| Tax-exempt reserves | 132 | €6,000 | €6,000 | = | 0.0% |
| Distributable reserves | 133 | - | €1,860 | +€1,860 | |
| Profit (loss) carried forward | 14 | -€102,165 | -€87,211 | +€14,954 | +14.6% |
| Amounts payable | 17/49 | €466,593 | €458,446 | -€8,147 | -1.7% |
| Amounts payable after more than one year | 17 | €164,262 | €99,329 | -€64,933 | -39.5% |
| Financial debts | 170/4 | €164,262 | €99,329 | -€64,933 | -39.5% |
| Amounts payable within one year | 42/48 | €301,331 | €359,117 | +€57,786 | +19.2% |
| Current portion of amounts payable after more than one year | 42 | €58,528 | €39,760 | -€18,768 | -32.1% |
| Financial debts | 43 | €12,000 | €12,000 | = | 0.0% |
| Other loans | 439 | €12,000 | €12,000 | = | 0.0% |
| Trade debts | 44 | €10,723 | €7,836 | -€2,887 | -26.9% |
| Suppliers | 440/4 | €10,723 | €7,836 | -€2,887 | -26.9% |
| Taxes, remuneration and social security | 45 | €3,686 | €10,498 | +€6,812 | +185% |
| Taxes | 450/3 | €3,686 | €10,498 | +€6,812 | +185% |
| Other amounts payable | 47/48 | €216,395 | €289,024 | +€72,629 | +33.6% |
| Accrued charges and deferred income | 492/3 | €1,000 | €0 | -€1,000 | -100% |
| Remuneration, social security and pensions | 62 | €2,432 | €0 | -€2,432 | -100% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €4,310 | €4,307 | -€2 | -0.1% |
| Other operating charges | 640/8 | €1,807 | €1,349 | -€458 | -25.3% |
| Gross operating margin | 9900 | €23,091 | €25,327 | +€2,235 | +9.7% |
| Operating profit (loss) | 9901 | €14,543 | €19,670 | +€5,127 | +35.3% |
| Financial income | 75/76B | €4 | €0 | -€4 | -98.9% |
| Recurring financial income | 75 | €4 | €0 | -€4 | -98.9% |
| Financial charges | 65/66B | €7,200 | €4,716 | -€2,484 | -34.5% |
| Recurring financial charges | 65 | €7,200 | €4,716 | -€2,484 | -34.5% |
| Profit (loss) for the period before taxes | 9903 | €7,346 | €14,954 | +€7,608 | +104% |
| Profit (loss) for the period | 9904 | €7,346 | €14,954 | +€7,608 | +104% |
| Profit (loss) for the period to be appropriated | 9905 | €7,346 | €14,954 | +€7,608 | +104% |
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 16 October 2026 via checked.be.