ALBERT TAHON: 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.
ALBERT TAHON
Largest movements
- Current investments -€250,000
down €250,000 (-100%), from €250,000 to €0
- Cash +€232,786
up €232,786 (+117%), from €199,059 to €431,845
mainly Current investments (+€250,000) and Depreciation (+€107,535)
- Tangible fixed assets -€101,613
down €101,613 (-30.4%), from €334,105 to €232,493
of which Plant, machinery and equipment: -€70,859
- Receivables after one year +€47,953
up €47,953 (+28.5%), from €168,500 to €216,453
- Receivables within one year -€17,876
down €17,876 (-15.8%), from €113,031 to €95,154
of which Trade receivables: -€17,876
- Reserves -€85,622
down €85,622 (-8.5%), from €1.0m to €927,446
of which Distributable reserves: -€85,622
- Gross operating margin -€187,837
down €187,837 (-35.5%), from €528,873 to €341,036
- Taxes -€61,557
down €61,557 (-71.6%), from €86,014 to €24,457
- Depreciation +€6,549
up €6,549 (+6.5%), from €100,986 to €107,535
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 | €1,101,776 | €1,012,866 | -€88,911 | -8.1% |
| Fixed assets | 21/28 | €334,217 | €232,604 | -€101,613 | -30.4% |
| Tangible fixed assets | 22/27 | €334,105 | €232,493 | -€101,613 | -30.4% |
| Plant, machinery and equipment | 23 | €177,471 | €106,611 | -€70,859 | -39.9% |
| Furniture and vehicles | 24 | €69,972 | €53,242 | -€16,731 | -23.9% |
| Other tangible fixed assets | 26 | €86,663 | €72,013 | -€14,650 | -16.9% |
| Assets under construction and advance payments | 27 | - | €627 | +€627 | |
| Financial fixed assets | 28 | €112 | €112 | = | 0.0% |
| Current assets | 29/58 | €767,559 | €780,261 | +€12,702 | +1.7% |
| Amounts receivable after more than one year | 29 | €168,500 | €216,453 | +€47,953 | +28.5% |
| Other amounts receivable | 291 | €168,500 | €216,453 | +€47,953 | +28.5% |
| Stocks and contracts in progress | 3 | €23,882 | €21,909 | -€1,973 | -8.3% |
| Stocks | 30/36 | €23,882 | €21,909 | -€1,973 | -8.3% |
| Amounts receivable within one year | 40/41 | €113,031 | €95,154 | -€17,876 | -15.8% |
| Trade receivables | 40 | €113,031 | €95,154 | -€17,876 | -15.8% |
| Other amounts receivable | 41 | €0 | - | = | |
| Current investments | 50/53 | €250,000 | €0 | -€250,000 | -100% |
| Cash at bank and in hand | 54/58 | €199,059 | €431,845 | +€232,786 | +117% |
| Deferred charges and accrued income | 490/1 | €13,088 | €14,900 | +€1,812 | +13.8% |
| Total equity and liabilities | 10/49 | €1,101,776 | €1,012,866 | -€88,911 | -8.1% |
| Equity | 10/15 | €1,031,668 | €946,046 | -€85,622 | -8.3% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €1,013,068 | €927,446 | -€85,622 | -8.5% |
| Tax-exempt reserves | 132 | €1,830 | €1,830 | = | 0.0% |
| Distributable reserves | 133 | €1,011,239 | €925,616 | -€85,622 | -8.5% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €70,108 | €66,819 | -€3,289 | -4.7% |
| Amounts payable within one year | 42/48 | €65,189 | €57,646 | -€7,543 | -11.6% |
| Trade debts | 44 | €9,288 | €3,222 | -€6,066 | -65.3% |
| Suppliers | 440/4 | €9,288 | €3,222 | -€6,066 | -65.3% |
| Taxes, remuneration and social security | 45 | €46,519 | €49,641 | +€3,121 | +6.7% |
| Taxes | 450/3 | €22,911 | €23,286 | +€375 | +1.6% |
| Remuneration and social security | 454/9 | €23,608 | €26,355 | +€2,747 | +11.6% |
| Other amounts payable | 47/48 | €9,381 | €4,783 | -€4,599 | -49.0% |
| Accrued charges and deferred income | 492/3 | €4,919 | €9,174 | +€4,255 | +86.5% |
| Remuneration, social security and pensions | 62 | €145,512 | €149,598 | +€4,086 | +2.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €100,986 | €107,535 | +€6,549 | +6.5% |
| Other operating charges | 640/8 | €6,304 | €7,361 | +€1,058 | +16.8% |
| Gross operating margin | 9900 | €528,873 | €341,036 | -€187,837 | -35.5% |
| Operating profit (loss) | 9901 | €276,071 | €76,541 | -€199,530 | -72.3% |
| Financial income | 75/76B | €3,918 | €4,897 | +€979 | +25.0% |
| Recurring financial income | 75 | €3,918 | €4,897 | +€979 | +25.0% |
| Financial charges | 65/66B | €1,128 | €598 | -€530 | -47.0% |
| Recurring financial charges | 65 | €1,128 | €598 | -€530 | -47.0% |
| Profit (loss) for the period before taxes | 9903 | €278,861 | €80,840 | -€198,021 | -71.0% |
| Income taxes | 67/77 | €86,014 | €24,457 | -€61,557 | -71.6% |
| Profit (loss) for the period | 9904 | €192,847 | €56,384 | -€136,464 | -70.8% |
| Profit (loss) for the period to be appropriated | 9905 | €192,847 | €56,384 | -€136,464 | -70.8% |
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 25 October 2026 via checked.be.