TAGORE: 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.
What changed
TAGORE
NACE 64.210, Activities of holding companies
fiscal year 2024 against 2025filed annual accounts (NBB)
Net result for the year
€41,056
2024 · €28,407+€12,649
Equity
€1.8m
2024 · €1.8m+€41,056
Cash
€14,297
2024 · €49,566-€35,269
Balance sheet total
€2.5m
2024 · €2.4m+€89,964
Largest movements
Assets
- Receivables within one year +€124,420
up €124,420 (+79.6%), from €156,215 to €280,636
of which Trade receivables: +€134,838
- Cash -€35,269
down €35,269 (-71.2%), from €49,566 to €14,297
mainly Receivables within one year (-€124,420) and Investment in fixed assets (net) (-€30,006)
Equity and liabilities
- Trade debts +€46,804
up €46,804 (+279.1%), from €16,767 to €63,571
- Reserves +€41,056
up €41,056 (+2.5%), from €1.6m to €1.7m
of which Distributable reserves: +€41,056
Income statement
- Gross operating margin +€16,123
up €16,123 (+8.2%), from €196,374 to €212,497
- Depreciation +€2,545
up €2,545 (+10.1%), from €25,245 to €27,790
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
€28,407
Gross operating margin
+€16,123
Staff costs
+€481
Depreciation
-€2,545
Write-downs
-€1,311
Other operating charges
+€887
Financial income
-€529
Financial charges
-€836
Taxes
+€378
Result 2025
€41,056
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.
From operations
-€12,253
Investment
-€30,006
Financing
+€6,990
Cash 2024
€49,566
From operations (derived)
-€12,253
Net result for the year
+€41,056
Depreciation
+€27,790
Stocks and contracts
+€2,053
Receivables within one year
-€124,420
Deferred charges and accrued income
-€649
Trade debts
+€46,804
Tax, wage and social debts
-€1,934
Other debts
-€3,021
Accrued charges and deferred income
+€69
Investment (derived)
-€30,006
Investment in fixed assets (net)
-€30,006
Financing
+€6,990
Debts after one year
-€8,414
Current portion of long-term debt
-€1,308
Short-term financial debts
+€16,712
Cash 2025
€14,297
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €2,381,839 | €2,471,803 | +€89,964 | +3.8% |
| Fixed assets | 21/28 | €2,016,026 | €2,018,242 | +€2,216 | +0.1% |
| Intangible fixed assets | 21 | €16,033 | €38,823 | +€22,789 | +142.1% |
| Tangible fixed assets | 22/27 | €56,920 | €36,346 | -€20,574 | -36.1% |
| Plant, machinery and equipment | 23 | €4,104 | €3,648 | -€456 | -11.1% |
| Furniture and vehicles | 24 | €44,566 | €26,104 | -€18,462 | -41.4% |
| Other tangible fixed assets | 26 | €8,250 | €6,594 | -€1,656 | -20.1% |
| Financial fixed assets | 28 | €1,943,072 | €1,943,072 | = | 0.0% |
| Current assets | 29/58 | €365,814 | €453,562 | +€87,748 | +24.0% |
| Amounts receivable after more than one year | 29 | €148,000 | €148,000 | = | 0.0% |
| Other amounts receivable | 291 | €148,000 | €148,000 | = | 0.0% |
| Stocks and contracts in progress | 3 | €6,917 | €4,864 | -€2,053 | -29.7% |
| Stocks | 30/36 | €6,917 | €4,864 | -€2,053 | -29.7% |
| Amounts receivable within one year | 40/41 | €156,215 | €280,636 | +€124,420 | +79.6% |
| Trade receivables | 40 | €97,688 | €232,525 | +€134,838 | +138.0% |
| Other amounts receivable | 41 | €58,528 | €48,111 | -€10,417 | -17.8% |
| Cash at bank and in hand | 54/58 | €49,566 | €14,297 | -€35,269 | -71.2% |
| Deferred charges and accrued income | 490/1 | €5,116 | €5,765 | +€649 | +12.7% |
| Total equity and liabilities | 10/49 | €2,381,839 | €2,471,803 | +€89,964 | +3.8% |
| Equity | 10/15 | €1,752,266 | €1,793,322 | +€41,056 | +2.3% |
| Contributions | 10/11 | €111,552 | €111,552 | = | 0.0% |
| Capital | 10 | €111,552 | €111,552 | = | 0.0% |
| Issued capital | 100 | €111,552 | €111,552 | = | 0.0% |
| Reserves | 13 | €1,640,714 | €1,681,770 | +€41,056 | +2.5% |
| Non-distributable reserves | 130/1 | €77,755 | €77,755 | = | 0.0% |
| Legal reserve | 130 | €77,755 | €77,755 | = | 0.0% |
| Distributable reserves | 133 | €1,562,959 | €1,604,015 | +€41,056 | +2.6% |
| Amounts payable | 17/49 | €629,573 | €678,481 | +€48,908 | +7.8% |
| Amounts payable after more than one year | 17 | €24,887 | €16,473 | -€8,414 | -33.8% |
| Financial debts | 170/4 | €24,887 | €16,473 | -€8,414 | -33.8% |
| Amounts payable within one year | 42/48 | €604,295 | €661,548 | +€57,253 | +9.5% |
| Current portion of amounts payable after more than one year | 42 | €9,722 | €8,414 | -€1,308 | -13.5% |
| Financial debts | 43 | - | €16,712 | +€16,712 | |
| Credit institutions | 430/8 | - | €16,712 | +€16,712 | |
| Trade debts | 44 | €16,767 | €63,571 | +€46,804 | +279.1% |
| Suppliers | 440/4 | €16,767 | €63,571 | +€46,804 | +279.1% |
| Taxes, remuneration and social security | 45 | €42,177 | €40,243 | -€1,934 | -4.6% |
| Taxes | 450/3 | €27,332 | €27,826 | +€494 | +1.8% |
| Remuneration and social security | 454/9 | €14,845 | €12,417 | -€2,428 | -16.4% |
| Other amounts payable | 47/48 | €535,629 | €532,608 | -€3,021 | -0.6% |
| Accrued charges and deferred income | 492/3 | €391 | €460 | +€69 | +17.7% |
| Remuneration, social security and pensions | 62 | €99,994 | €99,513 | -€481 | -0.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €25,245 | €27,790 | +€2,545 | +10.1% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | -€51 | €1,260 | +€1,311 | |
| Other operating charges | 640/8 | €4,092 | €3,205 | -€887 | -21.7% |
| Gross operating margin | 9900 | €196,374 | €212,497 | +€16,123 | +8.2% |
| Operating profit (loss) | 9901 | €67,094 | €80,729 | +€13,635 | +20.3% |
| Financial income | 75/76B | €588 | €59 | -€529 | -90.0% |
| Recurring financial income | 75 | €588 | €59 | -€529 | -90.0% |
| Financial charges | 65/66B | €22,150 | €22,987 | +€836 | +3.8% |
| Recurring financial charges | 65 | €22,150 | €22,987 | +€836 | +3.8% |
| Profit (loss) for the period before taxes | 9903 | €45,531 | €57,802 | +€12,270 | +26.9% |
| Income taxes | 67/77 | €17,124 | €16,746 | -€378 | -2.2% |
| Profit (loss) for the period | 9904 | €28,407 | €41,056 | +€12,649 | +44.5% |
| Profit (loss) for the period to be appropriated | 9905 | €28,407 | €41,056 | +€12,649 | +44.5% |
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 3 October 2026 via checked.be.