TAGLIARINI: 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.
TAGLIARINI
Largest movements
- Stocks and contracts +€278,730
up €278,730 (+68.0%), from €409,955 to €688,685
- Cash -€156,766
down €156,766 (-43.7%), from €359,069 to €202,303
mainly Stocks and contracts (-€278,730) and Other debts (-€59,100)
- Receivables within one year -€78,810
down €78,810 (-8.2%), from €955,972 to €877,162
of which Other amounts receivable: -€98,829
- Tangible fixed assets -€30,581
down €30,581 (-17.5%), from €174,908 to €144,327
of which Other tangible fixed assets: -€20,822
- Other debts -€59,100
down €59,100 (-21.7%), from €272,600 to €213,500
- Trade debts +€53,215
up €53,215 (+74.2%), from €71,683 to €124,898
- Profit (loss) carried forward +€23,615
up €23,615 (+2.2%), from €1.1m to €1.1m
- Staff costs +€56,003
up €56,003 (+10.6%), from €526,806 to €582,809
- Gross operating margin +€44,105
up €44,105 (+6.1%), from €718,997 to €763,102
- Taxes -€16,693
down €16,693 (-40.3%), from €41,400 to €24,707
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 | €1,976,486 | €1,989,111 | +€12,625 | +0.6% |
| Fixed assets | 21/28 | €248,908 | €218,327 | -€30,581 | -12.3% |
| Tangible fixed assets | 22/27 | €174,908 | €144,327 | -€30,581 | -17.5% |
| Plant, machinery and equipment | 23 | €15,941 | €8,385 | -€7,556 | -47.4% |
| Furniture and vehicles | 24 | €13,720 | €11,517 | -€2,203 | -16.1% |
| Other tangible fixed assets | 26 | €145,247 | €124,425 | -€20,822 | -14.3% |
| Financial fixed assets | 28 | €74,000 | €74,000 | = | 0.0% |
| Current assets | 29/58 | €1,727,578 | €1,770,784 | +€43,206 | +2.5% |
| Stocks and contracts in progress | 3 | €409,955 | €688,685 | +€278,730 | +68.0% |
| Stocks | 30/36 | €409,955 | €688,685 | +€278,730 | +68.0% |
| Amounts receivable within one year | 40/41 | €955,972 | €877,162 | -€78,810 | -8.2% |
| Trade receivables | 40 | €218,483 | €238,502 | +€20,019 | +9.2% |
| Other amounts receivable | 41 | €737,489 | €638,660 | -€98,829 | -13.4% |
| Cash at bank and in hand | 54/58 | €359,069 | €202,303 | -€156,766 | -43.7% |
| Deferred charges and accrued income | 490/1 | €2,582 | €2,634 | +€52 | +2.0% |
| Total equity and liabilities | 10/49 | €1,976,486 | €1,989,111 | +€12,625 | +0.6% |
| Equity | 10/15 | €1,165,967 | €1,189,582 | +€23,615 | +2.0% |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Contributions outside capital | 11 | €20,000 | - | -€20,000 | |
| Other | 1109/19 | €20,000 | - | -€20,000 | |
| Reserves | 13 | €68,750 | €68,750 | = | 0.0% |
| Non-distributable reserves | 130/1 | €2,000 | €2,000 | = | 0.0% |
| Reserves not available under the articles | 1311 | €2,000 | €2,000 | = | 0.0% |
| Tax-exempt reserves | 132 | €66,750 | €66,750 | = | 0.0% |
| Profit (loss) carried forward | 14 | €1,077,217 | €1,100,832 | +€23,615 | +2.2% |
| Amounts payable | 17/49 | €810,519 | €799,529 | -€10,990 | -1.4% |
| Amounts payable after more than one year | 17 | €9,056 | - | -€9,056 | |
| Financial debts | 170/4 | €9,056 | - | -€9,056 | |
| Amounts payable within one year | 42/48 | €801,463 | €799,529 | -€1,934 | -0.2% |
| Current portion of amounts payable after more than one year | 42 | €30,312 | €18,530 | -€11,782 | -38.9% |
| Financial debts | 43 | €340,000 | €340,000 | = | 0.0% |
| Other loans | 439 | €340,000 | €340,000 | = | 0.0% |
| Trade debts | 44 | €71,683 | €124,898 | +€53,215 | +74.2% |
| Suppliers | 440/4 | €71,683 | €124,898 | +€53,215 | +74.2% |
| Taxes, remuneration and social security | 45 | €86,868 | €102,601 | +€15,733 | +18.1% |
| Taxes | 450/3 | €24,083 | €13,282 | -€10,801 | -44.8% |
| Remuneration and social security | 454/9 | €62,785 | €89,319 | +€26,534 | +42.3% |
| Other amounts payable | 47/48 | €272,600 | €213,500 | -€59,100 | -21.7% |
| Remuneration, social security and pensions | 62 | €526,806 | €582,809 | +€56,003 | +10.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €50,765 | €46,288 | -€4,477 | -8.8% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | €6,714 | +€6,714 | |
| Other operating charges | 640/8 | €16,081 | €18,665 | +€2,584 | +16.1% |
| Gross operating margin | 9900 | €718,997 | €763,102 | +€44,105 | +6.1% |
| Operating profit (loss) | 9901 | €125,345 | €108,626 | -€16,719 | -13.3% |
| Financial income | 75/76B | - | €74 | +€74 | |
| Recurring financial income | 75 | - | €74 | +€74 | |
| Financial charges | 65/66B | €12,867 | €10,378 | -€2,489 | -19.3% |
| Recurring financial charges | 65 | €12,867 | €10,378 | -€2,489 | -19.3% |
| Profit (loss) for the period before taxes | 9903 | €112,478 | €98,322 | -€14,156 | -12.6% |
| Income taxes | 67/77 | €41,400 | €24,707 | -€16,693 | -40.3% |
| Profit (loss) for the period | 9904 | €71,078 | €73,615 | +€2,537 | +3.6% |
| Profit (loss) for the period to be appropriated | 9905 | €71,078 | €73,615 | +€2,537 | +3.6% |
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 9 October 2026 via checked.be.