TAPUCO: 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.
TAPUCO
Largest movements
- Tangible fixed assets +€682,602
up €682,602 (+101%), from €676,816 to €1.4m
of which Land and buildings: +€437,739
- Cash -€30,789
down €30,789 (-79.9%), from €38,553 to €7,764
mainly Investment in fixed assets (net) (-€761,933) and Trade debts (-€249,135)
- Debts after one year +€731,998
new in 2025: €731,998
- Trade debts -€249,135
down €249,135 (-99.7%), from €249,775 to €640
- Other debts +€144,412
up €144,412 (+37.6%), from €383,854 to €528,266
- Current portion of long-term debt +€43,336
new in 2025: €43,336
- Profit (loss) carried forward -€31,312
down €31,312, from €9,777 to -€21,535
- Depreciation +€44,851
up €44,851 (+130%), from €34,480 to €79,331
- Gross operating margin +€36,080
up €36,080 (+65.6%), from €54,992 to €91,072
- Financial charges +€28,678
up €28,678 (+521%), from €5,501 to €34,179
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 | €725,105 | €1,367,182 | +€642,077 | +88.5% |
| Fixed assets | 21/28 | €676,816 | €1,359,418 | +€682,602 | +101% |
| Tangible fixed assets | 22/27 | €676,816 | €1,359,418 | +€682,602 | +101% |
| Land and buildings | 22 | €495,547 | €933,287 | +€437,739 | +88.3% |
| Plant, machinery and equipment | 23 | €181,268 | €426,131 | +€244,863 | +135% |
| Current assets | 29/58 | €48,289 | €7,764 | -€40,526 | -83.9% |
| Amounts receivable within one year | 40/41 | €9,737 | €0 | -€9,737 | -100% |
| Trade receivables | 40 | €6,788 | €0 | -€6,788 | -100% |
| Other amounts receivable | 41 | €2,949 | €0 | -€2,949 | -100% |
| Cash at bank and in hand | 54/58 | €38,553 | €7,764 | -€30,789 | -79.9% |
| Total equity and liabilities | 10/49 | €725,105 | €1,367,182 | +€642,077 | +88.5% |
| Equity | 10/15 | €82,547 | €47,290 | -€35,257 | -42.7% |
| Contributions | 10/11 | €18,605 | €18,605 | = | 0.0% |
| Reserves | 13 | €28,206 | €28,206 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,861 | €1,861 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,861 | €1,861 | = | 0.0% |
| Tax-exempt reserves | 132 | €2,872 | €2,872 | = | 0.0% |
| Distributable reserves | 133 | €23,473 | €23,473 | = | 0.0% |
| Profit (loss) carried forward | 14 | €9,777 | -€21,535 | -€31,312 | |
| Investment grants | 15 | €25,959 | €22,015 | -€3,945 | -15.2% |
| Provisions and deferred taxes | 16 | €8,653 | €7,338 | -€1,315 | -15.2% |
| Deferred taxes | 168 | €8,653 | €7,338 | -€1,315 | -15.2% |
| Amounts payable | 17/49 | €633,905 | €1,312,553 | +€678,648 | +107% |
| Amounts payable after more than one year | 17 | - | €731,998 | +€731,998 | |
| Financial debts | 170/4 | - | €731,998 | +€731,998 | |
| Amounts payable within one year | 42/48 | €633,905 | €574,988 | -€58,917 | -9.3% |
| Current portion of amounts payable after more than one year | 42 | - | €43,336 | +€43,336 | |
| Trade debts | 44 | €249,775 | €640 | -€249,135 | -99.7% |
| Suppliers | 440/4 | €249,775 | €640 | -€249,135 | -99.7% |
| Taxes, remuneration and social security | 45 | €276 | €2,746 | +€2,470 | +896% |
| Taxes | 450/3 | €276 | €2,746 | +€2,470 | +896% |
| Other amounts payable | 47/48 | €383,854 | €528,266 | +€144,412 | +37.6% |
| Accrued charges and deferred income | 492/3 | - | €5,567 | +€5,567 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €34,480 | €79,331 | +€44,851 | +130% |
| Other operating charges | 640/8 | €14,344 | €14,134 | -€210 | -1.5% |
| Gross operating margin | 9900 | €54,992 | €91,072 | +€36,080 | +65.6% |
| Operating profit (loss) | 9901 | €6,167 | -€2,393 | -€8,560 | |
| Financial income | 75/76B | €3,945 | €3,945 | +€0 | 0.0% |
| Recurring financial income | 75 | €3,945 | €3,945 | +€0 | 0.0% |
| Financial charges | 65/66B | €5,501 | €34,179 | +€28,678 | +521% |
| Recurring financial charges | 65 | €5,501 | €34,179 | +€28,678 | +521% |
| Profit (loss) for the period before taxes | 9903 | €4,611 | -€32,627 | -€37,238 | |
| Transfer from deferred taxes | 780 | €1,315 | €1,315 | = | 0.0% |
| Income taxes | 67/77 | €551 | €0 | -€551 | -100% |
| Profit (loss) for the period | 9904 | €5,375 | -€31,312 | -€36,687 | |
| Profit (loss) for the period to be appropriated | 9905 | €5,375 | -€31,312 | -€36,687 |
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 1 November 2026 via checked.be.