T.A.G.: 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.
T.A.G.
Largest movements
- Receivables after one year -€87,356
down €87,356 (-25.9%), from €337,823 to €250,467
- Cash -€30,382
down €30,382 (-29.5%), from €103,044 to €72,662
mainly Contributions, distributions and other (-€163,000) and Debts after one year (-€18,327)
- Deferred charges and accrued income +€6,241
up €6,241 (+25.9%), from €24,082 to €30,323
- Reserves -€74,000
down €74,000 (-17.5%), from €422,716 to €348,716
of which Distributable reserves: -€74,000
- Debts after one year -€18,327
down €18,327 (-32.7%), from €56,095 to €37,768
- Current portion of long-term debt -€13,451
down €13,451 (-42.3%), from €31,778 to €18,327
- Gross operating margin -€3,473
down €3,473 (-2.7%), from €129,563 to €126,090
- Taxes -€2,969
down €2,969 (-7.4%), from €39,987 to €37,018
- Financial income -€2,165
down €2,165 (-19.7%), from €10,993 to €8,828
- Depreciation +€2,128
up €2,128 (+110%), from €1,942 to €4,070
- Other operating charges +€1,637
up €1,637 (+149%), from €1,098 to €2,735
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 | €578,759 | €469,039 | -€109,720 | -19.0% |
| Fixed assets | 21/28 | €13,256 | €14,861 | +€1,605 | +12.1% |
| Tangible fixed assets | 22/27 | €12,006 | €13,611 | +€1,605 | +13.4% |
| Furniture and vehicles | 24 | €3,493 | €13,611 | +€10,118 | +290% |
| Assets under construction and advance payments | 27 | €8,513 | - | -€8,513 | |
| Financial fixed assets | 28 | €1,250 | €1,250 | = | 0.0% |
| Current assets | 29/58 | €565,503 | €454,178 | -€111,325 | -19.7% |
| Amounts receivable after more than one year | 29 | €337,823 | €250,467 | -€87,356 | -25.9% |
| Other amounts receivable | 291 | €337,823 | €250,467 | -€87,356 | -25.9% |
| Amounts receivable within one year | 40/41 | €10,284 | €7,408 | -€2,876 | -28.0% |
| Trade receivables | 40 | €8,161 | €7,408 | -€753 | -9.2% |
| Other amounts receivable | 41 | €2,123 | - | -€2,123 | |
| Current investments | 50/53 | €90,270 | €93,318 | +€3,048 | +3.4% |
| Cash at bank and in hand | 54/58 | €103,044 | €72,662 | -€30,382 | -29.5% |
| Deferred charges and accrued income | 490/1 | €24,082 | €30,323 | +€6,241 | +25.9% |
| Total equity and liabilities | 10/49 | €578,759 | €469,039 | -€109,720 | -19.0% |
| Equity | 10/15 | €460,475 | €386,705 | -€73,770 | -16.0% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €422,716 | €348,716 | -€74,000 | -17.5% |
| Tax-exempt reserves | 132 | €856 | €856 | = | 0.0% |
| Distributable reserves | 133 | €421,860 | €347,860 | -€74,000 | -17.5% |
| Profit (loss) carried forward | 14 | €19,159 | €19,389 | +€230 | +1.2% |
| Amounts payable | 17/49 | €118,284 | €82,334 | -€35,950 | -30.4% |
| Amounts payable after more than one year | 17 | €56,095 | €37,768 | -€18,327 | -32.7% |
| Financial debts | 170/4 | €56,095 | €37,768 | -€18,327 | -32.7% |
| Amounts payable within one year | 42/48 | €59,689 | €42,066 | -€17,623 | -29.5% |
| Current portion of amounts payable after more than one year | 42 | €31,778 | €18,327 | -€13,451 | -42.3% |
| Trade debts | 44 | €1,511 | €2,323 | +€812 | +53.7% |
| Suppliers | 440/4 | €1,511 | €2,323 | +€812 | +53.7% |
| Taxes, remuneration and social security | 45 | €26,400 | €21,416 | -€4,984 | -18.9% |
| Taxes | 450/3 | €26,400 | €21,416 | -€4,984 | -18.9% |
| Accrued charges and deferred income | 492/3 | €2,500 | €2,500 | = | 0.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,942 | €4,070 | +€2,128 | +110% |
| Other operating charges | 640/8 | €1,098 | €2,735 | +€1,637 | +149% |
| Gross operating margin | 9900 | €129,563 | €126,090 | -€3,473 | -2.7% |
| Operating profit (loss) | 9901 | €126,523 | €119,285 | -€7,238 | -5.7% |
| Financial income | 75/76B | €10,993 | €8,828 | -€2,165 | -19.7% |
| Recurring financial income | 75 | €10,993 | €8,828 | -€2,165 | -19.7% |
| Financial charges | 65/66B | €2,584 | €1,865 | -€719 | -27.8% |
| Recurring financial charges | 65 | €2,584 | €1,865 | -€719 | -27.8% |
| Profit (loss) for the period before taxes | 9903 | €134,932 | €126,248 | -€8,684 | -6.4% |
| Income taxes | 67/77 | €39,987 | €37,018 | -€2,969 | -7.4% |
| Profit (loss) for the period | 9904 | €94,945 | €89,230 | -€5,715 | -6.0% |
| Profit (loss) for the period to be appropriated | 9905 | €94,945 | €89,230 | -€5,715 | -6.0% |
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 24 October 2026 via checked.be.