TSX GROUP: 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.
TSX GROUP
Largest movements
- Receivables within one year +€5,009
up €5,009 (+13.7%), from €36,553 to €41,562
of which Other amounts receivable: +€9,626
- Cash +€1,710
up €1,710 (+222,130%), from €1 to €1,711
mainly Net result for the year (+€12,437) and Tax, wage and social debts (+€9,081)
- Profit (loss) carried forward +€12,437
up €12,437 (+16.8%), from -€73,900 to -€61,463
- Tax, wage and social debts +€9,081
up €9,081 (+30.7%), from €29,562 to €38,643
of which Remuneration and social security: +€13,545
- Debts after one year -€4,702
down €4,702 (-10.8%), from €43,525 to €38,824
- Advances received -€4,000
no longer reported in 2025 (was €4,000)
- Short-term financial debts -€3,735
down €3,735 (-40.7%), from €9,170 to €5,435
- Gross operating margin +€77,835
up €77,835 (+309%), from €25,213 to €103,047
- Staff costs +€43,014
up €43,014 (+113%), from €37,937 to €80,951
- Other operating charges -€4,935
down €4,935 (-45.9%), from €10,744 to €5,810
- Financial charges -€3,253
down €3,253 (-47.1%), from €6,906 to €3,654
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 | €45,573 | €52,274 | +€6,700 | +14.7% |
| Fixed assets | 21/28 | €9,019 | €9,000 | -€19 | -0.2% |
| Tangible fixed assets | 22/27 | €19 | - | -€19 | |
| Furniture and vehicles | 24 | €19 | - | -€19 | |
| Financial fixed assets | 28 | €9,000 | €9,000 | = | 0.0% |
| Current assets | 29/58 | €36,554 | €43,274 | +€6,720 | +18.4% |
| Amounts receivable within one year | 40/41 | €36,553 | €41,562 | +€5,009 | +13.7% |
| Trade receivables | 40 | €22,409 | €17,792 | -€4,617 | -20.6% |
| Other amounts receivable | 41 | €14,144 | €23,770 | +€9,626 | +68.1% |
| Cash at bank and in hand | 54/58 | €1 | €1,711 | +€1,710 | +222,130% |
| Deferred charges and accrued income | 490/1 | €0 | - | = | |
| Total equity and liabilities | 10/49 | €45,573 | €52,274 | +€6,700 | +14.7% |
| Equity | 10/15 | -€55,300 | -€42,863 | +€12,437 | +22.5% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€73,900 | -€61,463 | +€12,437 | +16.8% |
| Amounts payable | 17/49 | €100,874 | €95,137 | -€5,737 | -5.7% |
| Amounts payable after more than one year | 17 | €43,525 | €38,824 | -€4,702 | -10.8% |
| Financial debts | 170/4 | €43,525 | €38,824 | -€4,702 | -10.8% |
| Amounts payable within one year | 42/48 | €56,683 | €56,313 | -€371 | -0.7% |
| Current portion of amounts payable after more than one year | 42 | €4,345 | €4,026 | -€320 | -7.4% |
| Financial debts | 43 | €9,170 | €5,435 | -€3,735 | -40.7% |
| Credit institutions | 430/8 | €9,170 | €5,435 | -€3,735 | -40.7% |
| Trade debts | 44 | €9,606 | €8,209 | -€1,397 | -14.5% |
| Suppliers | 440/4 | €9,606 | €8,209 | -€1,397 | -14.5% |
| Advances received on contracts in progress | 46 | €4,000 | - | -€4,000 | |
| Taxes, remuneration and social security | 45 | €29,562 | €38,643 | +€9,081 | +30.7% |
| Taxes | 450/3 | €23,929 | €19,466 | -€4,464 | -18.7% |
| Remuneration and social security | 454/9 | €5,633 | €19,177 | +€13,545 | +240% |
| Accrued charges and deferred income | 492/3 | €665 | - | -€665 | |
| Remuneration, social security and pensions | 62 | €37,937 | €80,951 | +€43,014 | +113% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €157 | €19 | -€137 | -87.6% |
| Other operating charges | 640/8 | €10,744 | €5,810 | -€4,935 | -45.9% |
| Gross operating margin | 9900 | €25,213 | €103,047 | +€77,835 | +309% |
| Operating profit (loss) | 9901 | -€23,625 | €16,267 | +€39,892 | |
| Financial income | 75/76B | €20 | €0 | -€20 | -98.8% |
| Recurring financial income | 75 | €20 | €0 | -€20 | -98.8% |
| Financial charges | 65/66B | €6,906 | €3,654 | -€3,253 | -47.1% |
| Recurring financial charges | 65 | €6,906 | €3,654 | -€3,253 | -47.1% |
| Profit (loss) for the period before taxes | 9903 | -€30,512 | €12,613 | +€43,125 | |
| Income taxes | 67/77 | - | €176 | +€176 | |
| Profit (loss) for the period | 9904 | -€30,512 | €12,437 | +€42,949 | |
| Profit (loss) for the period to be appropriated | 9905 | -€30,512 | €12,437 | +€42,949 |
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 23 October 2026 via checked.be.