TANGHE GRAPHIX: 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.
TANGHE GRAPHIX
Largest movements
- Receivables within one year -€1.1m
down €1.1m (-94.8%), from €1.1m to €59,651
of which Other amounts receivable: -€1.1m
- Tangible fixed assets -€208,030
down €208,030 (-13.8%), from €1.5m to €1.3m
- Cash -€36,136
down €36,136 (-16.7%), from €216,098 to €179,961
mainly Other debts (-€1.1m) and Trade debts (-€413,305)
- Other debts -€1.1m
down €1.1m (-89.1%), from €1.3m to €139,512
- Trade debts -€413,305
down €413,305 (-91.6%), from €451,012 to €37,707
- Debts after one year +€266,930
up €266,930 (+563.5%), from €47,371 to €314,300
- Current portion of long-term debt -€30,338
down €30,338 (-36.6%), from €82,973 to €52,636
- Gross operating margin -€526,619
down €526,619 (-77.0%), from €683,980 to €157,362
- Staff costs -€345,842
down €345,842 (-94.5%), from €365,819 to €19,977
- Financial income +€52,052
new in 2025: €52,052
- Depreciation +€31,765
up €31,765 (+27.0%), from €117,466 to €149,231
- Taxes -€20,535
no longer reported in 2025 (was €20,535)
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 | €2,875,127 | €1,538,819 | -€1.3m | -46.5% |
| Fixed assets | 21/28 | €1,507,236 | €1,299,206 | -€208,030 | -13.8% |
| Tangible fixed assets | 22/27 | €1,507,236 | €1,299,206 | -€208,030 | -13.8% |
| Land and buildings | 22 | €1,042,494 | €975,735 | -€66,759 | -6.4% |
| Plant, machinery and equipment | 23 | €107,661 | €82,128 | -€25,533 | -23.7% |
| Furniture and vehicles | 24 | €80,193 | €817 | -€79,376 | -99.0% |
| Leasing and similar rights | 25 | €276,888 | €240,527 | -€36,361 | -13.1% |
| Current assets | 29/58 | €1,367,891 | €239,612 | -€1.1m | -82.5% |
| Stocks and contracts in progress | 3 | €0 | - | = | |
| Stocks | 30/36 | €0 | - | = | |
| Amounts receivable within one year | 40/41 | €1,149,086 | €59,651 | -€1.1m | -94.8% |
| Trade receivables | 40 | €28,194 | €44,554 | +€16,359 | +58.0% |
| Other amounts receivable | 41 | €1,120,892 | €15,097 | -€1.1m | -98.7% |
| Cash at bank and in hand | 54/58 | €216,098 | €179,961 | -€36,136 | -16.7% |
| Deferred charges and accrued income | 490/1 | €2,707 | - | -€2,707 | |
| Total equity and liabilities | 10/49 | €2,875,127 | €1,538,819 | -€1.3m | -46.5% |
| Equity | 10/15 | €993,206 | €978,888 | -€14,318 | -1.4% |
| Contributions | 10/11 | €60,516 | €60,516 | = | 0.0% |
| Reserves | 13 | €932,691 | €932,691 | = | 0.0% |
| Non-distributable reserves | 130/1 | €4,265 | €4,265 | = | 0.0% |
| Reserves not available under the articles | 1311 | €4,265 | €4,265 | = | 0.0% |
| Tax-exempt reserves | 132 | €3,199 | €3,199 | = | 0.0% |
| Distributable reserves | 133 | €925,228 | €925,228 | = | 0.0% |
| Profit (loss) carried forward | 14 | €0 | -€14,318 | -€14,318 | |
| Provisions and deferred taxes | 16 | €0 | - | = | |
| Deferred taxes | 168 | €0 | - | = | |
| Amounts payable | 17/49 | €1,881,921 | €559,930 | -€1.3m | -70.2% |
| Amounts payable after more than one year | 17 | €47,371 | €314,300 | +€266,930 | +563.5% |
| Financial debts | 170/4 | €47,371 | €314,300 | +€266,930 | +563.5% |
| Amounts payable within one year | 42/48 | €1,834,550 | €245,630 | -€1.6m | -86.6% |
| Current portion of amounts payable after more than one year | 42 | €82,973 | €52,636 | -€30,338 | -36.6% |
| Financial debts | 43 | €0 | - | = | |
| Credit institutions | 430/8 | €0 | - | = | |
| Trade debts | 44 | €451,012 | €37,707 | -€413,305 | -91.6% |
| Suppliers | 440/4 | €451,012 | €37,707 | -€413,305 | -91.6% |
| Advances received on contracts in progress | 46 | - | €11,445 | +€11,445 | |
| Taxes, remuneration and social security | 45 | €23,345 | €4,330 | -€19,015 | -81.5% |
| Taxes | 450/3 | €23,345 | €4,330 | -€19,015 | -81.5% |
| Remuneration and social security | 454/9 | €0 | - | = | |
| Other amounts payable | 47/48 | €1,277,220 | €139,512 | -€1.1m | -89.1% |
| Remuneration, social security and pensions | 62 | €365,819 | €19,977 | -€345,842 | -94.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €117,466 | €149,231 | +€31,765 | +27.0% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €2,265 | - | -€2,265 | |
| Other operating charges | 640/8 | €32,503 | €37,139 | +€4,636 | +14.3% |
| Gross operating margin | 9900 | €683,980 | €157,362 | -€526,619 | -77.0% |
| Operating profit (loss) | 9901 | €165,927 | -€48,986 | -€214,913 | |
| Financial income | 75/76B | - | €52,052 | +€52,052 | |
| Recurring financial income | 75 | - | €52,052 | +€52,052 | |
| Financial charges | 65/66B | €14,236 | €17,384 | +€3,148 | +22.1% |
| Recurring financial charges | 65 | €14,236 | €17,384 | +€3,148 | +22.1% |
| Profit (loss) for the period before taxes | 9903 | €151,691 | -€14,318 | -€166,009 | |
| Transfer from deferred taxes | 780 | €23,510 | - | -€23,510 | |
| Income taxes | 67/77 | €20,535 | - | -€20,535 | |
| Profit (loss) for the period | 9904 | €154,666 | -€14,318 | -€168,984 | |
| Transfer from tax-exempt reserves | 789 | €45,657 | - | -€45,657 | |
| Profit (loss) for the period to be appropriated | 9905 | €200,323 | -€14,318 | -€214,641 |
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 12 October 2026 via checked.be.