TAL: 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.
TAL
Largest movements
- Stocks and contracts -€578,409
down €578,409 (-25.0%), from €2.3m to €1.7m
- Receivables within one year +€535,660
up €535,660 (+84.8%), from €631,468 to €1.2m
of which Other amounts receivable: +€553,144
- Cash -€238,294
down €238,294 (-28.7%), from €831,391 to €593,097
mainly Receivables within one year (-€535,660) and Trade debts (-€331,855)
- Tangible fixed assets -€85,908
down €85,908 (-17.7%), from €486,162 to €400,254
of which Plant, machinery and equipment: -€69,347
- Trade debts -€331,855
down €331,855 (-38.6%), from €860,774 to €528,919
- Advances received -€67,016
down €67,016 (-77.1%), from €86,948 to €19,933
- Reserves +€45,811
up €45,811 (+1.8%), from €2.6m to €2.6m
of which Distributable reserves: +€172,111
- Gross operating margin -€78,186
down €78,186 (-5.1%), from €1.5m to €1.5m
- Financial charges -€34,886
down €34,886 (-62.6%), from €55,727 to €20,841
of which Financial charges: -€34,886
- Staff costs -€26,580
down €26,580 (-2.1%), from €1.3m to €1.2m
- Taxes -€16,225
down €16,225 (-38.3%), from €42,387 to €26,162
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 | €4,324,075 | €3,975,166 | -€348,909 | -8.1% |
| Fixed assets | 21/28 | €486,162 | €400,254 | -€85,908 | -17.7% |
| Tangible fixed assets | 22/27 | €486,162 | €400,254 | -€85,908 | -17.7% |
| Plant, machinery and equipment | 23 | €400,240 | €330,893 | -€69,347 | -17.3% |
| Furniture and vehicles | 24 | €85,922 | €69,361 | -€16,561 | -19.3% |
| Current assets | 29/58 | €3,837,913 | €3,574,912 | -€263,001 | -6.9% |
| Stocks and contracts in progress | 3 | €2,313,390 | €1,734,981 | -€578,409 | -25.0% |
| Stocks | 30/36 | €2,313,390 | €1,734,981 | -€578,409 | -25.0% |
| Amounts receivable within one year | 40/41 | €631,468 | €1,167,128 | +€535,660 | +84.8% |
| Trade receivables | 40 | €624,424 | €606,939 | -€17,485 | -2.8% |
| Other amounts receivable | 41 | €7,044 | €560,189 | +€553,144 | +7852.4% |
| Cash at bank and in hand | 54/58 | €831,391 | €593,097 | -€238,294 | -28.7% |
| Deferred charges and accrued income | 490/1 | €61,663 | €79,706 | +€18,043 | +29.3% |
| Total equity and liabilities | 10/49 | €4,324,075 | €3,975,166 | -€348,909 | -8.1% |
| Equity | 10/15 | €3,081,229 | €3,127,039 | +€45,811 | +1.5% |
| Contributions | 10/11 | €500,000 | €500,000 | = | 0.0% |
| Capital | 10 | €500,000 | €500,000 | = | 0.0% |
| Issued capital | 100 | €500,000 | €500,000 | = | 0.0% |
| Reserves | 13 | €2,581,229 | €2,627,039 | +€45,811 | +1.8% |
| Non-distributable reserves | 130/1 | €50,000 | €50,000 | = | 0.0% |
| Legal reserve | 130 | €50,000 | €50,000 | = | 0.0% |
| Tax-exempt reserves | 132 | €210,500 | €84,200 | -€126,300 | -60.0% |
| Distributable reserves | 133 | €2,320,729 | €2,492,839 | +€172,111 | +7.4% |
| Amounts payable | 17/49 | €1,242,846 | €848,127 | -€394,719 | -31.8% |
| Amounts payable within one year | 42/48 | €1,208,106 | €848,010 | -€360,096 | -29.8% |
| Current portion of amounts payable after more than one year | 42 | €0 | - | = | |
| Trade debts | 44 | €860,774 | €528,919 | -€331,855 | -38.6% |
| Suppliers | 440/4 | €860,774 | €528,919 | -€331,855 | -38.6% |
| Advances received on contracts in progress | 46 | €86,948 | €19,933 | -€67,016 | -77.1% |
| Taxes, remuneration and social security | 45 | €260,384 | €279,158 | +€18,775 | +7.2% |
| Taxes | 450/3 | €65,526 | €49,005 | -€16,521 | -25.2% |
| Remuneration and social security | 454/9 | €194,857 | €230,154 | +€35,296 | +18.1% |
| Other amounts payable | 47/48 | - | €20,000 | +€20,000 | |
| Accrued charges and deferred income | 492/3 | €34,740 | €117 | -€34,623 | -99.7% |
| Remuneration, social security and pensions | 62 | €1,268,796 | €1,242,216 | -€26,580 | -2.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €97,055 | €107,958 | +€10,903 | +11.2% |
| Other operating charges | 640/8 | €30,144 | €32,360 | +€2,215 | +7.3% |
| Gross operating margin | 9900 | €1,528,973 | €1,450,787 | -€78,186 | -5.1% |
| Operating profit (loss) | 9901 | €132,977 | €68,253 | -€64,724 | -48.7% |
| Financial income | 75/76B | €32,704 | €24,561 | -€8,144 | -24.9% |
| Recurring financial income | 75 | €32,704 | €24,561 | -€8,144 | -24.9% |
| Financial charges | 65/66B | €55,727 | €20,841 | -€34,886 | -62.6% |
| Recurring financial charges | 65 | €55,727 | €20,841 | -€34,886 | -62.6% |
| Non-recurring financial charges | 66B | €0 | - | = | |
| Profit (loss) for the period before taxes | 9903 | €109,955 | €71,973 | -€37,982 | -34.5% |
| Income taxes | 67/77 | €42,387 | €26,162 | -€16,225 | -38.3% |
| Profit (loss) for the period | 9904 | €67,567 | €45,811 | -€21,757 | -32.2% |
| Transfer from tax-exempt reserves | 789 | - | €210,500 | +€210,500 | |
| Transfer to tax-exempt reserves | 689 | - | €84,200 | +€84,200 | |
| Profit (loss) for the period to be appropriated | 9905 | €67,567 | €172,111 | +€104,543 | +154.7% |
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 1 October 2026 via checked.be.