TALO: 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.
TALO
Largest movements
- Receivables within one year +€80,673
up €80,673 (+26.7%), from €302,496 to €383,169
of which Trade receivables: +€72,919
- Tangible fixed assets -€42,659
down €42,659 (-8.1%), from €523,474 to €480,814
of which Land and buildings: -€40,576
- Cash +€16,172
up €16,172 (+71.5%), from €22,617 to €38,789
mainly Trade debts (+€119,079) and Depreciation (+€62,160)
- Intangible fixed assets +€15,790
up €15,790 (+85.9%), from €18,377 to €34,168
- Trade debts +€119,079
up €119,079 (+820%), from €14,526 to €133,605
- Debts after one year -€32,243
down €32,243 (-5.6%), from €580,712 to €548,469
- Current portion of long-term debt -€27,281
down €27,281 (-31.6%), from €86,442 to €59,162
- Reserves +€22,652
up €22,652 (+23.5%), from €96,495 to €119,146
of which Distributable reserves: +€22,652
- Tax, wage and social debts +€21,346
up €21,346 (+228%), from €9,382 to €30,728
of which Taxes: +€14,096
- Gross operating margin +€120,758
up €120,758 (+137%), from €88,078 to €208,835
- Staff costs +€79,785
up €79,785 (+1,793%), from €4,450 to €84,235
- Depreciation -€8,156
down €8,156 (-11.6%), from €70,316 to €62,160
- Taxes +€7,405
new in 2025: €7,405
- Other operating charges +€4,425
up €4,425 (+22.7%), from €19,487 to €23,912
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.
Derived cash bridge
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 | €874,465 | €944,441 | +€69,976 | +8.0% |
| Fixed assets | 21/28 | €549,351 | €522,482 | -€26,869 | -4.9% |
| Intangible fixed assets | 21 | €18,377 | €34,168 | +€15,790 | +85.9% |
| Tangible fixed assets | 22/27 | €523,474 | €480,814 | -€42,659 | -8.1% |
| Land and buildings | 22 | €513,328 | €472,753 | -€40,576 | -7.9% |
| Furniture and vehicles | 24 | €10,146 | €8,062 | -€2,084 | -20.5% |
| Financial fixed assets | 28 | €7,500 | €7,500 | = | 0.0% |
| Current assets | 29/58 | €325,114 | €421,959 | +€96,845 | +29.8% |
| Amounts receivable within one year | 40/41 | €302,496 | €383,169 | +€80,673 | +26.7% |
| Trade receivables | 40 | €286,304 | €359,223 | +€72,919 | +25.5% |
| Other amounts receivable | 41 | €16,192 | €23,946 | +€7,754 | +47.9% |
| Cash at bank and in hand | 54/58 | €22,617 | €38,789 | +€16,172 | +71.5% |
| Total equity and liabilities | 10/49 | €874,465 | €944,441 | +€69,976 | +8.0% |
| Equity | 10/15 | €115,095 | €137,746 | +€22,652 | +19.7% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €96,495 | €119,146 | +€22,652 | +23.5% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €94,635 | €117,286 | +€22,652 | +23.9% |
| Amounts payable | 17/49 | €759,370 | €806,695 | +€47,325 | +6.2% |
| Amounts payable after more than one year | 17 | €580,712 | €548,469 | -€32,243 | -5.6% |
| Financial debts | 170/4 | €580,712 | €548,469 | -€32,243 | -5.6% |
| Amounts payable within one year | 42/48 | €178,658 | €258,226 | +€79,567 | +44.5% |
| Current portion of amounts payable after more than one year | 42 | €86,442 | €59,162 | -€27,281 | -31.6% |
| Financial debts | 43 | €17,977 | - | -€17,977 | |
| Credit institutions | 430/8 | €17,977 | - | -€17,977 | |
| Trade debts | 44 | €14,526 | €133,605 | +€119,079 | +820% |
| Suppliers | 440/4 | €14,526 | €133,605 | +€119,079 | +820% |
| Taxes, remuneration and social security | 45 | €9,382 | €30,728 | +€21,346 | +228% |
| Taxes | 450/3 | €9,245 | €23,340 | +€14,096 | +152% |
| Remuneration and social security | 454/9 | €138 | €7,388 | +€7,250 | +5,269% |
| Other amounts payable | 47/48 | €50,331 | €34,731 | -€15,600 | -31.0% |
| Non-recurring operating income | 76A | €120 | - | -€120 | |
| Remuneration, social security and pensions | 62 | €4,450 | €84,235 | +€79,785 | +1,793% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €70,316 | €62,160 | -€8,156 | -11.6% |
| Other operating charges | 640/8 | €19,487 | €23,912 | +€4,425 | +22.7% |
| Gross operating margin | 9900 | €88,078 | €208,835 | +€120,758 | +137% |
| Operating profit (loss) | 9901 | -€6,175 | €38,528 | +€44,704 | |
| Financial income | 75/76B | €175 | €276 | +€101 | +57.4% |
| Recurring financial income | 75 | €175 | €276 | +€101 | +57.4% |
| Financial charges | 65/66B | €9,860 | €8,748 | -€1,112 | -11.3% |
| Recurring financial charges | 65 | €9,860 | €8,748 | -€1,112 | -11.3% |
| Profit (loss) for the period before taxes | 9903 | -€15,860 | €30,057 | +€45,916 | |
| Income taxes | 67/77 | - | €7,405 | +€7,405 | |
| Profit (loss) for the period | 9904 | -€15,860 | €22,652 | +€38,511 | |
| Profit (loss) for the period to be appropriated | 9905 | -€15,860 | €22,652 | +€38,511 |
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 18 October 2026 via checked.be.