TAGAFAR: 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.
TAGAFAR
Largest movements
- Tangible fixed assets +€35,163
new in 2025: €35,163
of which Leasing and similar rights: +€32,403
- Receivables within one year +€9,521
up €9,521 (+24.5%), from €38,822 to €48,343
of which Other amounts receivable: +€9,139
- Cash -€7,909
down €7,909 (-12.5%), from €63,351 to €55,442
mainly Contributions, distributions and other (-€49,824) and Investment in fixed assets (net) (-€39,121)
- Other debts +€51,924
up €51,924 (+2,005%), from €2,590 to €54,514
- Tax, wage and social debts -€30,631
down €30,631 (-94.2%), from €32,531 to €1,900
of which Taxes: -€30,631
- Trade debts +€11,699
up €11,699 (+65.8%), from €17,791 to €29,490
- Current portion of long-term debt +€9,037
up €9,037 (+32.5%), from €27,772 to €36,809
- Taxes -€12,613
down €12,613 (-41.9%), from €30,077 to €17,464
- Gross operating margin -€5,871
down €5,871 (-7.1%), from €83,159 to €77,288
- Depreciation +€3,958
new in 2025: €3,958
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 | €603,124 | €640,694 | +€37,570 | +6.2% |
| Fixed assets | 21/28 | €500,000 | €535,163 | +€35,163 | +7.0% |
| Tangible fixed assets | 22/27 | - | €35,163 | +€35,163 | |
| Plant, machinery and equipment | 23 | - | €2,760 | +€2,760 | |
| Leasing and similar rights | 25 | - | €32,403 | +€32,403 | |
| Financial fixed assets | 28 | €500,000 | €500,000 | = | 0.0% |
| Current assets | 29/58 | €103,124 | €105,530 | +€2,406 | +2.3% |
| Amounts receivable within one year | 40/41 | €38,822 | €48,343 | +€9,521 | +24.5% |
| Trade receivables | 40 | €11,495 | €11,877 | +€382 | +3.3% |
| Other amounts receivable | 41 | €27,327 | €36,466 | +€9,139 | +33.4% |
| Cash at bank and in hand | 54/58 | €63,351 | €55,442 | -€7,909 | -12.5% |
| Deferred charges and accrued income | 490/1 | €951 | €1,745 | +€794 | +83.4% |
| Total equity and liabilities | 10/49 | €603,124 | €640,694 | +€37,570 | +6.2% |
| Equity | 10/15 | €153,984 | €153,984 | = | 0.0% |
| Contributions | 10/11 | €41,000 | €41,000 | = | 0.0% |
| Reserves | 13 | €112,984 | €112,984 | = | 0.0% |
| Distributable reserves | 133 | €112,984 | €112,984 | = | 0.0% |
| Amounts payable | 17/49 | €449,140 | €486,709 | +€37,570 | +8.4% |
| Amounts payable after more than one year | 17 | €364,817 | €359,909 | -€4,908 | -1.3% |
| Financial debts | 170/4 | €325,817 | €320,909 | -€4,908 | -1.5% |
| Other amounts payable | 178/9 | €39,000 | €39,000 | = | 0.0% |
| Amounts payable within one year | 42/48 | €80,684 | €122,713 | +€42,029 | +52.1% |
| Current portion of amounts payable after more than one year | 42 | €27,772 | €36,809 | +€9,037 | +32.5% |
| Trade debts | 44 | €17,791 | €29,490 | +€11,699 | +65.8% |
| Suppliers | 440/4 | €17,791 | €29,490 | +€11,699 | +65.8% |
| Taxes, remuneration and social security | 45 | €32,531 | €1,900 | -€30,631 | -94.2% |
| Taxes | 450/3 | €30,631 | - | -€30,631 | |
| Remuneration and social security | 454/9 | €1,900 | €1,900 | = | 0.0% |
| Other amounts payable | 47/48 | €2,590 | €54,514 | +€51,924 | +2,005% |
| Accrued charges and deferred income | 492/3 | €3,639 | €4,087 | +€448 | +12.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | - | €3,958 | +€3,958 | |
| Other operating charges | 640/8 | €854 | €1,438 | +€583 | +68.3% |
| Gross operating margin | 9900 | €83,159 | €77,288 | -€5,871 | -7.1% |
| Operating profit (loss) | 9901 | €82,305 | €71,893 | -€10,412 | -12.7% |
| Financial income | 75/76B | €1,831 | €1,942 | +€111 | +6.1% |
| Recurring financial income | 75 | €1,831 | €1,942 | +€111 | +6.1% |
| Financial charges | 65/66B | €6,585 | €6,547 | -€38 | -0.6% |
| Recurring financial charges | 65 | €6,585 | €6,547 | -€38 | -0.6% |
| Profit (loss) for the period before taxes | 9903 | €77,551 | €67,288 | -€10,262 | -13.2% |
| Income taxes | 67/77 | €30,077 | €17,464 | -€12,613 | -41.9% |
| Profit (loss) for the period | 9904 | €47,474 | €49,824 | +€2,351 | +5.0% |
| Profit (loss) for the period to be appropriated | 9905 | €47,474 | €49,824 | +€2,351 | +5.0% |
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 24 October 2026 via checked.be.