TAFD: what changed
Two fiscal 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.
TAFD
Largest movements
- Cash -€236,786
down €236,786 (-93.1%), from €254,462 to €17,676
mainly Contributions, distributions and other (-€262,837) and Receivables within one year (-€14,814)
- Receivables within one year +€14,814
up €14,814 (+29759.7%), from €50 to €14,864
- Tangible fixed assets -€5,293
down €5,293 (-81.5%), from €6,496 to €1,203
of which Plant, machinery and equipment: -€3,238
- Reserves -€223,239
down €223,239 (-84.9%), from €262,837 to €39,598
- Gross operating margin -€79,720
down €79,720 (-60.4%), from €132,035 to €52,314
- Taxes -€17,022
down €17,022 (-61.9%), from €27,489 to €10,467
- Depreciation -€3,142
down €3,142 (-56.0%), from €5,612 to €2,470
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.
Cash bridge derived
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 | €276,106 | €51,578 | -€224,528 | -81.3% |
| Fixed assets | 21/28 | €6,496 | €1,203 | -€5,293 | -81.5% |
| Tangible fixed assets | 22/27 | €6,496 | €1,203 | -€5,293 | -81.5% |
| Plant, machinery and equipment | 23 | €4,441 | €1,203 | -€3,238 | -72.9% |
| Furniture and vehicles | 24 | €2,055 | - | -€2,055 | |
| Current assets | 29/58 | €269,609 | €50,375 | -€219,235 | -81.3% |
| Amounts receivable within one year | 40/41 | €50 | €14,864 | +€14,814 | +29759.7% |
| Other amounts receivable | 41 | €50 | €14,864 | +€14,814 | +29759.7% |
| Cash at bank and in hand | 54/58 | €254,462 | €17,676 | -€236,786 | -93.1% |
| Deferred charges and accrued income | 490/1 | €15,098 | €17,835 | +€2,737 | +18.1% |
| Total equity and liabilities | 10/49 | €276,106 | €51,578 | -€224,528 | -81.3% |
| Equity | 10/15 | €265,837 | €42,598 | -€223,239 | -84.0% |
| Contributions | 10/11 | €3,000 | €3,000 | = | 0.0% |
| Reserves | 13 | €262,837 | €39,598 | -€223,239 | -84.9% |
| Distributable reserves | 133 | €262,837 | €39,598 | -€223,239 | -84.9% |
| Amounts payable | 17/49 | €10,269 | €8,979 | -€1,289 | -12.6% |
| Amounts payable within one year | 42/48 | €9,832 | €8,854 | -€977 | -9.9% |
| Trade debts | 44 | €526 | €1,193 | +€667 | +126.7% |
| Suppliers | 440/4 | €526 | €1,193 | +€667 | +126.7% |
| Taxes, remuneration and social security | 45 | €7,472 | €5,828 | -€1,644 | -22.0% |
| Taxes | 450/3 | €5,097 | €3,453 | -€1,644 | -32.3% |
| Remuneration and social security | 454/9 | €2,375 | €2,375 | = | 0.0% |
| Other amounts payable | 47/48 | €1,833 | €1,833 | = | 0.0% |
| Accrued charges and deferred income | 492/3 | €437 | €125 | -€312 | -71.4% |
| Non-recurring operating income | 76A | - | €612 | +€612 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €5,612 | €2,470 | -€3,142 | -56.0% |
| Other operating charges | 640/8 | €817 | €838 | +€21 | +2.5% |
| Gross operating margin | 9900 | €132,035 | €52,314 | -€79,720 | -60.4% |
| Operating profit (loss) | 9901 | €125,605 | €49,006 | -€76,599 | -61.0% |
| Financial income | 75/76B | €939 | €1,104 | +€165 | +17.6% |
| Recurring financial income | 75 | €939 | €1,104 | +€165 | +17.6% |
| Financial charges | 65/66B | €178 | €45 | -€133 | -74.8% |
| Recurring financial charges | 65 | €178 | €45 | -€133 | -74.8% |
| Profit (loss) for the period before taxes | 9903 | €126,366 | €50,065 | -€76,300 | -60.4% |
| Income taxes | 67/77 | €27,489 | €10,467 | -€17,022 | -61.9% |
| Profit (loss) for the period | 9904 | €98,876 | €39,598 | -€59,278 | -60.0% |
| Profit (loss) for the period to be appropriated | 9905 | €98,876 | €39,598 | -€59,278 | -60.0% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 2 October 2026 via checked.be.