TAHARQA: 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
TAHARQA
NACE 68.122, Development of non-residential building projects
fiscal year 2024 against 2025filed annual accounts (NBB)
Net result for the year
€37,644
2024 · €184,000-€146,356
Equity
€1.4m
2024 · €1.4m+€28,494
Cash
€125,158
2024 · €85,229+€39,929
Balance sheet total
€7.3m
2024 · €5.9m+€1.4m
Largest movements
Assets
- Tangible fixed assets +€1.4m
up €1.4m (+25.6%), from €5.5m to €6.9m
of which Land and buildings: +€1.2m
Equity and liabilities
- Debts after one year +€1.3m
up €1.3m (+47.2%), from €2.7m to €4.0m
- Current portion of long-term debt +€169,984
up €169,984 (+33.0%), from €515,730 to €685,714
- Other debts -€78,207
down €78,207 (-15.9%), from €490,825 to €412,618
Income statement
- Depreciation +€110,571
up €110,571 (+22.9%), from €482,193 to €592,764
- Financial charges +€40,716
up €40,716 (+49.3%), from €82,582 to €123,297
- Taxes -€14,636
down €14,636 (-79.5%), from €18,400 to €3,764
- Gross operating margin -€8,859
down €8,859 (-1.1%), from €811,964 to €803,105
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
€184,000
Gross operating margin
-€8,859
Depreciation
-€110,571
Other operating charges
-€1,471
Financial income
+€625
Financial charges
-€40,716
Taxes
+€14,636
Result 2025
€37,644
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
+€604,238
Investment
-€2.0m
Financing
+€1.4m
Cash 2024
€85,229
From operations (derived)
+€604,238
Net result for the year
+€37,644
Depreciation
+€592,764
Receivables within one year
+€26,905
Smaller working-capital items
+€9,420
Trade debts
+€15,711
Other debts
-€78,207
Investment (derived)
-€2.0m
Investment in fixed assets (net)
-€2.0m
Financing
+€1.4m
Debts after one year
+€1.3m
Current portion of long-term debt
+€169,984
Contributions, distributions and other
-€9,150
Cash 2025
€125,158
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €5,864,176 | €7,283,111 | +€1.4m | +24.2% |
| Fixed assets | 21/28 | €5,524,672 | €6,935,062 | +€1.4m | +25.5% |
| Tangible fixed assets | 22/27 | €5,519,172 | €6,929,562 | +€1.4m | +25.6% |
| Land and buildings | 22 | €5,042,909 | €6,290,754 | +€1.2m | +24.7% |
| Furniture and vehicles | 24 | €33,411 | €270,226 | +€236,815 | +708.8% |
| Leasing and similar rights | 25 | €387,833 | €309,833 | -€78,000 | -20.1% |
| Other tangible fixed assets | 26 | €55,019 | €58,749 | +€3,730 | +6.8% |
| Financial fixed assets | 28 | €5,500 | €5,500 | = | 0.0% |
| Current assets | 29/58 | €339,504 | €348,049 | +€8,545 | +2.5% |
| Amounts receivable within one year | 40/41 | €210,224 | €183,320 | -€26,905 | -12.8% |
| Trade receivables | 40 | €111,210 | €167,084 | +€55,874 | +50.2% |
| Other amounts receivable | 41 | €99,014 | €16,236 | -€82,778 | -83.6% |
| Cash at bank and in hand | 54/58 | €85,229 | €125,158 | +€39,929 | +46.8% |
| Deferred charges and accrued income | 490/1 | €44,051 | €39,571 | -€4,480 | -10.2% |
| Total equity and liabilities | 10/49 | €5,864,176 | €7,283,111 | +€1.4m | +24.2% |
| Equity | 10/15 | €1,408,785 | €1,437,280 | +€28,494 | +2.0% |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Reserves | 13 | €1,256,000 | €1,293,645 | +€37,644 | +3.0% |
| Non-distributable reserves | 130/1 | €0 | - | = | |
| Reserves not available under the articles | 1311 | €0 | - | = | |
| Distributable reserves | 133 | €1,256,000 | €1,293,645 | +€37,644 | +3.0% |
| Profit (loss) carried forward | 14 | €2,145 | €2,145 | = | 0.0% |
| Investment grants | 15 | €130,640 | €121,490 | -€9,150 | -7.0% |
| Amounts payable | 17/49 | €4,455,391 | €5,845,831 | +€1.4m | +31.2% |
| Amounts payable after more than one year | 17 | €2,706,650 | €3,984,662 | +€1.3m | +47.2% |
| Financial debts | 170/4 | €2,706,650 | €3,984,662 | +€1.3m | +47.2% |
| Amounts payable within one year | 42/48 | €1,652,480 | €1,759,968 | +€107,488 | +6.5% |
| Current portion of amounts payable after more than one year | 42 | €515,730 | €685,714 | +€169,984 | +33.0% |
| Trade debts | 44 | €645,924 | €661,636 | +€15,711 | +2.4% |
| Suppliers | 440/4 | €645,924 | €661,636 | +€15,711 | +2.4% |
| Other amounts payable | 47/48 | €490,825 | €412,618 | -€78,207 | -15.9% |
| Accrued charges and deferred income | 492/3 | €96,261 | €101,202 | +€4,941 | +5.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €482,193 | €592,764 | +€110,571 | +22.9% |
| Other operating charges | 640/8 | €54,085 | €55,556 | +€1,471 | +2.7% |
| Gross operating margin | 9900 | €811,964 | €803,105 | -€8,859 | -1.1% |
| Operating profit (loss) | 9901 | €275,686 | €154,785 | -€120,901 | -43.9% |
| Financial income | 75/76B | €9,296 | €9,921 | +€625 | +6.7% |
| Recurring financial income | 75 | €9,296 | €9,921 | +€625 | +6.7% |
| Financial charges | 65/66B | €82,582 | €123,297 | +€40,716 | +49.3% |
| Recurring financial charges | 65 | €82,582 | €123,297 | +€40,716 | +49.3% |
| Profit (loss) for the period before taxes | 9903 | €202,400 | €41,409 | -€160,991 | -79.5% |
| Income taxes | 67/77 | €18,400 | €3,764 | -€14,636 | -79.5% |
| Profit (loss) for the period | 9904 | €184,000 | €37,644 | -€146,356 | -79.5% |
| Profit (loss) for the period to be appropriated | 9905 | €184,000 | €37,644 | -€146,356 | -79.5% |
Source: filed annual accounts (NBB), fiscal years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 6 October 2026 via checked.be.