TALMACO: 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.
TALMACO
Largest movements
- Financial fixed assets +€500,000
up €500,000 (+52.1%), from €959,475 to €1.5m
- Current investments -€300,000
down €300,000 (-8.9%), from €3.4m to €3.1m
- Cash -€205,243
down €205,243 (-89.6%), from €229,168 to €23,926
mainly Investment in fixed assets (net) (-€501,649) and Short-term financial debts (-€65,713)
- Reserves +€84,231
up €84,231 (+8.4%), from €1.0m to €1.1m
of which Distributable reserves: +€105,071
- Short-term financial debts -€65,713
down €65,713 (-3.6%), from €1.8m to €1.7m
- Financial charges -€801,122
down €801,122 (-97.6%), from €820,865 to €19,743
of which Financial charges: -€401,122
- Financial income -€749,385
down €749,385 (-73.6%), from €1.0m to €268,677
of which Non-recurring financial income: -€400,000
- Gross operating margin +€27,828
up €27,828 (+20.5%), from -€135,965 to -€108,137
- Taxes +€23,677
up €23,677 (+528.9%), from €4,476 to €28,153
- Depreciation +€1,622
up €1,622 (+5.1%), from €32,000 to €33,622
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 | €4,856,566 | €4,817,111 | -€39,455 | -0.8% |
| Fixed assets | 21/28 | €1,239,528 | €1,707,556 | +€468,027 | +37.8% |
| Tangible fixed assets | 22/27 | €280,053 | €248,080 | -€31,973 | -11.4% |
| Land and buildings | 22 | €280,053 | €246,981 | -€33,072 | -11.8% |
| Plant, machinery and equipment | 23 | - | €1,099 | +€1,099 | |
| Financial fixed assets | 28 | €959,475 | €1,459,475 | +€500,000 | +52.1% |
| Current assets | 29/58 | €3,617,037 | €3,109,556 | -€507,482 | -14.0% |
| Amounts receivable within one year | 40/41 | €33,289 | €31,050 | -€2,239 | -6.7% |
| Trade receivables | 40 | €31,050 | €31,050 | = | 0.0% |
| Other amounts receivable | 41 | €2,239 | - | -€2,239 | |
| Current investments | 50/53 | €3,354,580 | €3,054,580 | -€300,000 | -8.9% |
| Cash at bank and in hand | 54/58 | €229,168 | €23,926 | -€205,243 | -89.6% |
| Total equity and liabilities | 10/49 | €4,856,566 | €4,817,111 | -€39,455 | -0.8% |
| Equity | 10/15 | €2,626,354 | €2,710,585 | +€84,231 | +3.2% |
| Contributions | 10/11 | €1,622,344 | €1,622,344 | = | 0.0% |
| Capital | 10 | €1,622,344 | €1,622,344 | = | 0.0% |
| Issued capital | 100 | €1,622,344 | €1,622,344 | = | 0.0% |
| Reserves | 13 | €1,004,010 | €1,088,241 | +€84,231 | +8.4% |
| Non-distributable reserves | 130/1 | €16,774 | €16,774 | = | 0.0% |
| Legal reserve | 130 | €16,774 | €16,774 | = | 0.0% |
| Tax-exempt reserves | 132 | €175,397 | €154,558 | -€20,839 | -11.9% |
| Distributable reserves | 133 | €811,839 | €916,909 | +€105,071 | +12.9% |
| Provisions and deferred taxes | 16 | €49,674 | €38,640 | -€11,035 | -22.2% |
| Provisions for liabilities and charges | 160/5 | €5,825 | - | -€5,825 | |
| Other liabilities and charges | 164/5 | €5,825 | - | -€5,825 | |
| Deferred taxes | 168 | €43,849 | €38,640 | -€5,210 | -11.9% |
| Amounts payable | 17/49 | €2,180,538 | €2,067,887 | -€112,651 | -5.2% |
| Amounts payable within one year | 42/48 | €1,878,226 | €1,797,575 | -€80,651 | -4.3% |
| Financial debts | 43 | €1,813,262 | €1,747,549 | -€65,713 | -3.6% |
| Other loans | 439 | €1,813,262 | €1,747,549 | -€65,713 | -3.6% |
| Trade debts | 44 | €62,584 | €44,267 | -€18,317 | -29.3% |
| Suppliers | 440/4 | €62,584 | €44,267 | -€18,317 | -29.3% |
| Taxes, remuneration and social security | 45 | €2,380 | €5,759 | +€3,379 | +142.0% |
| Taxes | 450/3 | €2,380 | €5,759 | +€3,379 | +142.0% |
| Accrued charges and deferred income | 492/3 | €302,312 | €270,312 | -€32,000 | -10.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €32,000 | €33,622 | +€1,622 | +5.1% |
| Gross operating margin | 9900 | -€135,965 | -€108,137 | +€27,828 | +20.5% |
| Operating profit (loss) | 9901 | -€167,965 | -€141,759 | +€26,206 | +15.6% |
| Financial income | 75/76B | €1,018,061 | €268,677 | -€749,385 | -73.6% |
| Recurring financial income | 75 | €618,061 | €268,677 | -€349,385 | -56.5% |
| Non-recurring financial income | 76B | €400,000 | - | -€400,000 | |
| Financial charges | 65/66B | €820,865 | €19,743 | -€801,122 | -97.6% |
| Recurring financial charges | 65 | €420,865 | €19,743 | -€401,122 | -95.3% |
| Non-recurring financial charges | 66B | €400,000 | - | -€400,000 | |
| Profit (loss) for the period before taxes | 9903 | €29,232 | €107,175 | +€77,943 | +266.6% |
| Transfer from deferred taxes | 780 | €5,210 | €5,210 | = | 0.0% |
| Income taxes | 67/77 | €4,476 | €28,153 | +€23,677 | +528.9% |
| Profit (loss) for the period | 9904 | €29,965 | €84,231 | +€54,266 | +181.1% |
| Transfer from tax-exempt reserves | 789 | €20,839 | €20,839 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €50,805 | €105,071 | +€54,266 | +106.8% |
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 2 October 2026 via checked.be.