Tangram HR Advice: what changed
What changed
Tangram HR Advice
NACE 64.210, Activities of holding companies
filed annual accounts (NBB)
Net result for the year
€12,664
2024 · €3,784+€8,881
Equity
€22,412
2024 · €105,234-€82,822
Cash
€25,780
2024 · €37,681-€11,901
Balance sheet total
€534,945
2024 · €333,025+€201,920
Largest movements
Assets
- Financial fixed assets +€202,004
new in 2025: €202,004
- Tangible fixed assets +€14,008
up €14,008 (+5.1%), from €272,983 to €286,991
of which Other tangible fixed assets: +€11,672
- Cash -€11,901
down €11,901 (-31.6%), from €37,681 to €25,780
mainly Investment in fixed assets (net) (-€233,060) and Contributions, distributions and other (-€95,486)
Equity and liabilities
- Short-term financial debts +€100,000
new in 2025: €100,000
- Other debts +€97,581
up €97,581 (+194%), from €50,280 to €147,861
- Debts after one year +€83,302
up €83,302 (+57.2%), from €145,666 to €228,968
- Reserves -€82,851
down €82,851 (-95.6%), from €86,634 to €3,784
Income statement
- Gross operating margin +€21,733
up €21,733 (+70.1%), from €31,011 to €52,744
- Financial charges +€6,927
up €6,927 (+92.9%), from €7,454 to €14,381
- Depreciation +€3,544
up €3,544 (+26.2%), from €13,504 to €17,048
- Taxes +€2,095
up €2,095 (+64.3%), from €3,260 to €5,356
- Staff costs +€601
new in 2025: €601
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Result 2024
€3,784
Gross operating margin
+€21,733
Staff costs
-€601
Depreciation
-€3,544
Other operating charges
+€290
Financial income
+€25
Financial charges
-€6,927
Taxes
-€2,095
Result 2025
€12,664
raises the resultlowers the result
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
From operations
+€129,311
Investment
-€233,060
Financing
+€91,847
Cash 2024
€37,681
From operations (derived)
+€129,311
Net result for the year
+€12,664
Depreciation
+€17,048
Receivables within one year
+€2,889
Deferred charges and accrued income
-€699
Smaller working-capital items
+€936
Tax, wage and social debts
-€1,107
Other debts
+€97,581
Investment (derived)
-€233,060
Investment in fixed assets (net)
-€233,060
Financing
+€91,847
Debts after one year
+€83,302
Current portion of long-term debt
+€4,032
Short-term financial debts
+€100,000
Contributions, distributions and other
-€95,486
Cash 2025
€25,780
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €333,025 | €534,945 | +€201,920 | +60.6% |
| Fixed assets | 21/28 | €272,983 | €488,995 | +€216,012 | +79.1% |
| Tangible fixed assets | 22/27 | €272,983 | €286,991 | +€14,008 | +5.1% |
| Plant, machinery and equipment | 23 | €1,183 | €1,283 | +€100 | +8.4% |
| Furniture and vehicles | 24 | €1,127 | €3,363 | +€2,236 | +198% |
| Other tangible fixed assets | 26 | €270,673 | €282,346 | +€11,672 | +4.3% |
| Financial fixed assets | 28 | - | €202,004 | +€202,004 | |
| Current assets | 29/58 | €60,042 | €45,951 | -€14,091 | -23.5% |
| Amounts receivable within one year | 40/41 | €18,051 | €15,162 | -€2,889 | -16.0% |
| Trade receivables | 40 | €17,831 | €15,125 | -€2,706 | -15.2% |
| Other amounts receivable | 41 | €221 | €37 | -€183 | -83.1% |
| Cash at bank and in hand | 54/58 | €37,681 | €25,780 | -€11,901 | -31.6% |
| Deferred charges and accrued income | 490/1 | €4,310 | €5,008 | +€699 | +16.2% |
| Total equity and liabilities | 10/49 | €333,025 | €534,945 | +€201,920 | +60.6% |
| Equity | 10/15 | €105,234 | €22,412 | -€82,822 | -78.7% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €86,634 | €3,784 | -€82,851 | -95.6% |
| Distributable reserves | 133 | €86,634 | €3,784 | -€82,851 | -95.6% |
| Profit (loss) carried forward | 14 | - | €29 | +€29 | |
| Amounts payable | 17/49 | €227,791 | €512,533 | +€284,742 | +125% |
| Amounts payable after more than one year | 17 | €145,666 | €228,968 | +€83,302 | +57.2% |
| Financial debts | 170/4 | €145,666 | €228,968 | +€83,302 | +57.2% |
| Amounts payable within one year | 42/48 | €82,124 | €283,165 | +€201,041 | +245% |
| Current portion of amounts payable after more than one year | 42 | €12,667 | €16,698 | +€4,032 | +31.8% |
| Financial debts | 43 | - | €100,000 | +€100,000 | |
| Credit institutions | 430/8 | - | €100,000 | +€100,000 | |
| Trade debts | 44 | €746 | €1,282 | +€536 | +71.8% |
| Suppliers | 440/4 | €746 | €1,282 | +€536 | +71.8% |
| Taxes, remuneration and social security | 45 | €18,431 | €17,324 | -€1,107 | -6.0% |
| Taxes | 450/3 | €18,431 | €17,324 | -€1,107 | -6.0% |
| Other amounts payable | 47/48 | €50,280 | €147,861 | +€97,581 | +194% |
| Accrued charges and deferred income | 492/3 | - | €400 | +€400 | |
| Remuneration, social security and pensions | 62 | - | €601 | +€601 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €13,504 | €17,048 | +€3,544 | +26.2% |
| Other operating charges | 640/8 | €3,010 | €2,719 | -€290 | -9.7% |
| Gross operating margin | 9900 | €31,011 | €52,744 | +€21,733 | +70.1% |
| Operating profit (loss) | 9901 | €14,497 | €32,376 | +€17,879 | +123% |
| Financial income | 75/76B | - | €25 | +€25 | |
| Recurring financial income | 75 | - | €25 | +€25 | |
| Financial charges | 65/66B | €7,454 | €14,381 | +€6,927 | +92.9% |
| Recurring financial charges | 65 | €7,454 | €14,381 | +€6,927 | +92.9% |
| Profit (loss) for the period before taxes | 9903 | €7,044 | €18,020 | +€10,976 | +156% |
| Income taxes | 67/77 | €3,260 | €5,356 | +€2,095 | +64.3% |
| Profit (loss) for the period | 9904 | €3,784 | €12,664 | +€8,881 | +235% |
| Profit (loss) for the period to be appropriated | 9905 | €3,784 | €12,664 | +€8,881 | +235% |
Next steps
Work out how much credit to give this customer and on what payment terms.Credit check Check what to know before you do business with this company.Supplier due diligence Check whether you can accept this company as a client under the anti-money-laundering law.AML client file Compare this company with its sector.Sector benchmark
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 7 November 2026 via checked.be.