R. 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.
What changed
R. TAHON
NACE 46.810, Wholesale of solid, liquid and gaseous fuels and related products
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€496,107
2024 · €234,108+€261,999
Equity
€1.6m
2024 · €1.1m+€446,107
Cash
€190,610
2024 · €201,754-€11,145
Balance sheet total
€5.3m
2024 · €5.5m-€174,809
Largest movements
Assets
- Receivables within one year -€159,044
down €159,044 (-18.7%), from €851,351 to €692,307
of which Other amounts receivable: -€97,385
- Tangible fixed assets -€64,634
down €64,634 (-2.0%), from €3.2m to €3.1m
of which Plant, machinery and equipment: -€59,166
Equity and liabilities
- Trade debts -€565,863
down €565,863 (-41.1%), from €1.4m to €809,507
- Reserves +€446,107
up €446,107 (+45.1%), from €988,109 to €1.4m
of which Distributable reserves: +€452,265
- Debts after one year -€220,861
down €220,861 (-11.4%), from €1.9m to €1.7m
of which Financial debts: -€165,863
- Provisions +€114,614
up €114,614 (+20.1%), from €570,158 to €684,772
of which Provisions for liabilities and charges: +€120,000
Income statement
- Gross operating margin +€298,904
up €298,904 (+15.4%), from €1.9m to €2.2m
- Other operating charges +€178,431
up €178,431 (+133%), from €133,670 to €312,101
- Taxes +€81,988
up €81,988 (+90.3%), from €90,789 to €172,777
- Staff costs +€69,911
up €69,911 (+13.2%), from €529,998 to €599,909
- Write-downs +€54,449
up €54,449, from -€48,145 to €6,304
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.
Result 2024
€234,108
Gross operating margin
+€298,904
Staff costs
-€69,911
Depreciation
-€16,590
Write-downs
-€54,449
Other operating charges
-€178,431
Other operating items
+€378,526
Financial income
-€3,078
Financial charges
-€10,983
Taxes
-€81,988
Result 2025
€496,107
raises the resultlowers the resultnot broken down further in the accounts
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.
From operations
+€522,295
Investment
-€328,422
Financing
-€205,018
Cash 2024
€201,754
From operations (derived)
+€522,295
Net result for the year
+€496,107
Depreciation
+€393,056
Stocks and contracts
-€46,302
Receivables within one year
+€159,044
Deferred charges and accrued income
-€13,712
Provisions
+€114,614
Trade debts
-€565,863
Tax, wage and social debts
+€16,064
Other debts
-€20,426
Accrued charges and deferred income
-€10,287
Investment (derived)
-€328,422
Investment in fixed assets (net)
-€328,422
Financing
-€205,018
Debts after one year
-€220,861
Current portion of long-term debt
+€52,367
Short-term financial debts
+€13,476
Contributions, distributions and other
-€50,000
Cash 2025
€190,610
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €5,523,595 | €5,348,786 | -€174,809 | -3.2% |
| Fixed assets | 21/28 | €3,215,223 | €3,150,589 | -€64,634 | -2.0% |
| Tangible fixed assets | 22/27 | €3,209,973 | €3,145,339 | -€64,634 | -2.0% |
| Land and buildings | 22 | €1,200,728 | €1,177,408 | -€23,320 | -1.9% |
| Plant, machinery and equipment | 23 | €1,908,714 | €1,849,548 | -€59,166 | -3.1% |
| Furniture and vehicles | 24 | €38,463 | €70,406 | +€31,943 | +83.0% |
| Leasing and similar rights | 25 | €62,068 | €47,976 | -€14,091 | -22.7% |
| Financial fixed assets | 28 | €5,250 | €5,250 | = | 0.0% |
| Current assets | 29/58 | €2,308,371 | €2,198,197 | -€110,174 | -4.8% |
| Stocks and contracts in progress | 3 | €1,239,140 | €1,285,442 | +€46,302 | +3.7% |
| Stocks | 30/36 | €1,239,140 | €1,285,442 | +€46,302 | +3.7% |
| Amounts receivable within one year | 40/41 | €851,351 | €692,307 | -€159,044 | -18.7% |
| Trade receivables | 40 | €742,031 | €680,372 | -€61,659 | -8.3% |
| Other amounts receivable | 41 | €109,320 | €11,935 | -€97,385 | -89.1% |
| Cash at bank and in hand | 54/58 | €201,754 | €190,610 | -€11,145 | -5.5% |
| Deferred charges and accrued income | 490/1 | €16,126 | €29,838 | +€13,712 | +85.0% |
| Total equity and liabilities | 10/49 | €5,523,595 | €5,348,786 | -€174,809 | -3.2% |
| Equity | 10/15 | €1,112,109 | €1,558,216 | +€446,107 | +40.1% |
| Contributions | 10/11 | €124,000 | €124,000 | = | 0.0% |
| Capital | 10 | €124,000 | €124,000 | = | 0.0% |
| Issued capital | 100 | €124,000 | €124,000 | = | 0.0% |
| Reserves | 13 | €988,109 | €1,434,216 | +€446,107 | +45.1% |
| Non-distributable reserves | 130/1 | €12,400 | €12,400 | = | 0.0% |
| Legal reserve | 130 | €12,400 | €12,400 | = | 0.0% |
| Tax-exempt reserves | 132 | €267,591 | €261,433 | -€6,158 | -2.3% |
| Distributable reserves | 133 | €708,119 | €1,160,384 | +€452,265 | +63.9% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Provisions and deferred taxes | 16 | €570,158 | €684,772 | +€114,614 | +20.1% |
| Provisions for liabilities and charges | 160/5 | €554,000 | €674,000 | +€120,000 | +21.7% |
| Major repairs and maintenance | 162 | €554,000 | €674,000 | +€120,000 | +21.7% |
| Deferred taxes | 168 | €16,158 | €10,772 | -€5,386 | -33.3% |
| Amounts payable | 17/49 | €3,841,327 | €3,105,798 | -€735,530 | -19.1% |
| Amounts payable after more than one year | 17 | €1,934,978 | €1,714,117 | -€220,861 | -11.4% |
| Financial debts | 170/4 | €1,648,533 | €1,482,670 | -€165,863 | -10.1% |
| Other amounts payable | 178/9 | €286,445 | €231,448 | -€54,998 | -19.2% |
| Amounts payable within one year | 42/48 | €1,895,437 | €1,391,055 | -€504,382 | -26.6% |
| Current portion of amounts payable after more than one year | 42 | €381,142 | €433,509 | +€52,367 | +13.7% |
| Financial debts | 43 | - | €13,476 | +€13,476 | |
| Credit institutions | 430/8 | - | €13,476 | +€13,476 | |
| Trade debts | 44 | €1,375,370 | €809,507 | -€565,863 | -41.1% |
| Suppliers | 440/4 | €1,375,370 | €809,507 | -€565,863 | -41.1% |
| Taxes, remuneration and social security | 45 | €86,527 | €102,591 | +€16,064 | +18.6% |
| Taxes | 450/3 | €29,395 | €49,508 | +€20,113 | +68.4% |
| Remuneration and social security | 454/9 | €57,133 | €53,083 | -€4,050 | -7.1% |
| Other amounts payable | 47/48 | €52,398 | €31,972 | -€20,426 | -39.0% |
| Accrued charges and deferred income | 492/3 | €10,912 | €625 | -€10,287 | -94.3% |
| Remuneration, social security and pensions | 62 | €529,998 | €599,909 | +€69,911 | +13.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €376,466 | €393,056 | +€16,590 | +4.4% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | -€48,145 | €6,304 | +€54,449 | |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | €0 | - | = | |
| Other operating charges | 640/8 | €133,670 | €312,101 | +€178,431 | +133% |
| Non-recurring operating charges | 66A | €504,000 | €125,474 | -€378,526 | -75.1% |
| Gross operating margin | 9900 | €1,936,553 | €2,235,457 | +€298,904 | +15.4% |
| Operating profit (loss) | 9901 | €440,565 | €798,613 | +€358,048 | +81.3% |
| Financial income | 75/76B | €17,621 | €14,543 | -€3,078 | -17.5% |
| Recurring financial income | 75 | €17,621 | €14,543 | -€3,078 | -17.5% |
| Financial charges | 65/66B | €138,675 | €149,658 | +€10,983 | +7.9% |
| Recurring financial charges | 65 | €138,675 | €149,658 | +€10,983 | +7.9% |
| Profit (loss) for the period before taxes | 9903 | €319,511 | €663,498 | +€343,987 | +108% |
| Transfer from deferred taxes | 780 | €5,386 | €5,386 | -€0 | 0.0% |
| Income taxes | 67/77 | €90,789 | €172,777 | +€81,988 | +90.3% |
| Profit (loss) for the period | 9904 | €234,108 | €496,107 | +€261,999 | +112% |
| Transfer from tax-exempt reserves | 789 | €16,158 | €16,158 | = | 0.0% |
| Transfer to tax-exempt reserves | 689 | - | €10,000 | +€10,000 | |
| Profit (loss) for the period to be appropriated | 9905 | €250,266 | €502,265 | +€251,999 | +101% |
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 30 October 2026 via checked.be.