TALWEG: 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.
TALWEG
Largest movements
- Current investments +€712,124
up €712,124 (+70.3%), from €1.0m to €1.7m
- Cash +€143,844
up €143,844 (+270%), from €53,247 to €197,091
mainly Net result for the year (+€817,482) and Tax, wage and social debts (+€79,377)
- Tangible fixed assets -€30,330
down €30,330 (-6.6%), from €462,040 to €431,710
of which Furniture and vehicles: -€18,927
- Reserves +€724,721
up €724,721 (+125%), from €578,796 to €1.3m
of which Distributable reserves: +€784,221
- Tax, wage and social debts +€79,377
up €79,377 (+228%), from €34,826 to €114,203
of which Taxes: +€79,159
- Other debts +€45,200
up €45,200 (+4.1%), from €1.1m to €1.1m
- Financial income +€947,737
up €947,737 (+2,044%), from €46,364 to €994,101
of which Financial income: +€982,737
- Taxes +€72,099
up €72,099 (+719%), from €10,031 to €82,130
- Gross operating margin -€49,771
down €49,771 (-65.5%), from €76,030 to €26,258
- Financial charges +€27,749
up €27,749, from -€4,044 to €23,705
- Depreciation +€13,551
up €13,551 (+80.8%), from €16,779 to €30,330
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 | €1,744,632 | €2,594,729 | +€850,097 | +48.7% |
| Fixed assets | 21/28 | €672,752 | €642,423 | -€30,330 | -4.5% |
| Tangible fixed assets | 22/27 | €462,040 | €431,710 | -€30,330 | -6.6% |
| Land and buildings | 22 | €371,037 | €360,146 | -€10,892 | -2.9% |
| Plant, machinery and equipment | 23 | €2,541 | €2,029 | -€511 | -20.1% |
| Furniture and vehicles | 24 | €88,462 | €69,536 | -€18,927 | -21.4% |
| Financial fixed assets | 28 | €210,712 | €210,712 | = | 0.0% |
| Current assets | 29/58 | €1,071,880 | €1,952,306 | +€880,426 | +82.1% |
| Amounts receivable within one year | 40/41 | €5,187 | €29,645 | +€24,458 | +472% |
| Trade receivables | 40 | €0 | €29,645 | +€29,645 | |
| Other amounts receivable | 41 | €5,187 | €0 | -€5,187 | -100% |
| Current investments | 50/53 | €1,013,446 | €1,725,570 | +€712,124 | +70.3% |
| Cash at bank and in hand | 54/58 | €53,247 | €197,091 | +€143,844 | +270% |
| Deferred charges and accrued income | 490/1 | €0 | - | = | |
| Total equity and liabilities | 10/49 | €1,744,632 | €2,594,729 | +€850,097 | +48.7% |
| Equity | 10/15 | €597,396 | €1,322,117 | +€724,721 | +121% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €578,796 | €1,303,517 | +€724,721 | +125% |
| Non-distributable reserves | 130/1 | €70,000 | €10,500 | -€59,500 | -85.0% |
| Reserves not available under the articles | 1311 | €70,000 | €10,500 | -€59,500 | -85.0% |
| Tax-exempt reserves | 132 | €14,333 | €14,333 | = | 0.0% |
| Distributable reserves | 133 | €494,463 | €1,278,684 | +€784,221 | +159% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €1,147,236 | €1,272,612 | +€125,375 | +10.9% |
| Amounts payable within one year | 42/48 | €1,147,236 | €1,272,612 | +€125,375 | +10.9% |
| Trade debts | 44 | €10,805 | €11,603 | +€798 | +7.4% |
| Suppliers | 440/4 | €10,805 | €11,603 | +€798 | +7.4% |
| Taxes, remuneration and social security | 45 | €34,826 | €114,203 | +€79,377 | +228% |
| Taxes | 450/3 | €26,219 | €105,377 | +€79,159 | +302% |
| Remuneration and social security | 454/9 | €8,607 | €8,825 | +€218 | +2.5% |
| Other amounts payable | 47/48 | €1,101,605 | €1,146,806 | +€45,200 | +4.1% |
| Accrued charges and deferred income | 492/3 | €0 | - | = | |
| Non-recurring operating income | 76A | - | €0 | = | |
| Remuneration, social security and pensions | 62 | €62,048 | €63,893 | +€1,845 | +3.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €16,779 | €30,330 | +€13,551 | +80.8% |
| Other operating charges | 640/8 | €4,420 | €2,819 | -€1,600 | -36.2% |
| Gross operating margin | 9900 | €76,030 | €26,258 | -€49,771 | -65.5% |
| Operating profit (loss) | 9901 | -€7,217 | -€70,784 | -€63,567 | -881% |
| Financial income | 75/76B | €46,364 | €994,101 | +€947,737 | +2,044% |
| Recurring financial income | 75 | €11,364 | €994,101 | +€982,737 | +8,647% |
| Non-recurring financial income | 76B | €35,000 | - | -€35,000 | |
| Financial charges | 65/66B | -€4,044 | €23,705 | +€27,749 | |
| Recurring financial charges | 65 | -€4,044 | €23,705 | +€27,749 | |
| Profit (loss) for the period before taxes | 9903 | €43,191 | €899,612 | +€856,421 | +1,983% |
| Income taxes | 67/77 | €10,031 | €82,130 | +€72,099 | +719% |
| Profit (loss) for the period | 9904 | €33,160 | €817,482 | +€784,322 | +2,365% |
| Profit (loss) for the period to be appropriated | 9905 | €33,160 | €817,482 | +€784,322 | +2,365% |
Source: filed annual accounts (NBB), financial years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 26 October 2026 via checked.be.