TARBOS: 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.
TARBOS
Largest movements
- Tangible fixed assets +€355,774
up €355,774 (+14.9%), from €2.4m to €2.7m
of which Assets under construction and advance payments: +€443,352
- Other debts +€161,600
up €161,600 (+170.1%), from €95,000 to €256,600
- Reserves +€99,104
up €99,104 (+12.7%), from €782,540 to €881,644
of which Distributable reserves: +€99,104
- Debts after one year +€89,181
up €89,181 (+7.6%), from €1.2m to €1.3m
of which Other amounts payable: +€299,435
- Gross operating margin -€69,039
down €69,039 (-18.3%), from €377,699 to €308,660
- Taxes -€21,991
down €21,991 (-40.0%), from €55,026 to €33,035
- Financial charges +€18,828
up €18,828 (+44.5%), from €42,344 to €61,172
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 | €2,503,283 | €2,844,258 | +€340,974 | +13.6% |
| Fixed assets | 21/28 | €2,393,453 | €2,749,227 | +€355,774 | +14.9% |
| Tangible fixed assets | 22/27 | €2,393,453 | €2,749,227 | +€355,774 | +14.9% |
| Land and buildings | 22 | €1,707,320 | €1,622,243 | -€85,078 | -5.0% |
| Furniture and vehicles | 24 | €10,000 | €7,500 | -€2,500 | -25.0% |
| Assets under construction and advance payments | 27 | €676,133 | €1,119,485 | +€443,352 | +65.6% |
| Current assets | 29/58 | €109,831 | €95,031 | -€14,800 | -13.5% |
| Amounts receivable within one year | 40/41 | €56,208 | €61,849 | +€5,641 | +10.0% |
| Trade receivables | 40 | €105 | €678 | +€573 | +546.5% |
| Other amounts receivable | 41 | €56,103 | €61,171 | +€5,067 | +9.0% |
| Cash at bank and in hand | 54/58 | €51,917 | €31,508 | -€20,409 | -39.3% |
| Deferred charges and accrued income | 490/1 | €1,705 | €1,674 | -€32 | -1.9% |
| Total equity and liabilities | 10/49 | €2,503,283 | €2,844,258 | +€340,974 | +13.6% |
| Equity | 10/15 | €968,540 | €1,067,644 | +€99,104 | +10.2% |
| Contributions | 10/11 | €186,000 | €186,000 | = | 0.0% |
| Capital | 10 | €186,000 | €186,000 | = | 0.0% |
| Issued capital | 100 | €186,000 | €186,000 | = | 0.0% |
| Reserves | 13 | €782,540 | €881,644 | +€99,104 | +12.7% |
| Non-distributable reserves | 130/1 | €57,249 | €57,249 | = | 0.0% |
| Legal reserve | 130 | €57,249 | €57,249 | = | 0.0% |
| Distributable reserves | 133 | €725,291 | €824,395 | +€99,104 | +13.7% |
| Amounts payable | 17/49 | €1,534,744 | €1,776,614 | +€241,870 | +15.8% |
| Amounts payable after more than one year | 17 | €1,173,248 | €1,262,429 | +€89,181 | +7.6% |
| Financial debts | 170/4 | €793,623 | €583,369 | -€210,254 | -26.5% |
| Other amounts payable | 178/9 | €379,626 | €679,060 | +€299,435 | +78.9% |
| Amounts payable within one year | 42/48 | €361,495 | €513,410 | +€151,915 | +42.0% |
| Current portion of amounts payable after more than one year | 42 | €205,766 | €210,254 | +€4,488 | +2.2% |
| Trade debts | 44 | €22,032 | €16,997 | -€5,035 | -22.9% |
| Suppliers | 440/4 | €22,032 | €16,997 | -€5,035 | -22.9% |
| Taxes, remuneration and social security | 45 | €38,698 | €29,559 | -€9,139 | -23.6% |
| Taxes | 450/3 | €38,698 | €29,559 | -€9,139 | -23.6% |
| Remuneration and social security | 454/9 | €0 | - | = | |
| Other amounts payable | 47/48 | €95,000 | €256,600 | +€161,600 | +170.1% |
| Accrued charges and deferred income | 492/3 | €0 | €775 | +€775 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €89,368 | €87,578 | -€1,790 | -2.0% |
| Other operating charges | 640/8 | €29,396 | €30,900 | +€1,504 | +5.1% |
| Gross operating margin | 9900 | €377,699 | €308,660 | -€69,039 | -18.3% |
| Operating profit (loss) | 9901 | €258,936 | €190,182 | -€68,753 | -26.6% |
| Financial income | 75/76B | €155 | €3,128 | +€2,973 | +1918.8% |
| Recurring financial income | 75 | €155 | €3,128 | +€2,973 | +1918.8% |
| Financial charges | 65/66B | €42,344 | €61,172 | +€18,828 | +44.5% |
| Recurring financial charges | 65 | €42,344 | €61,172 | +€18,828 | +44.5% |
| Profit (loss) for the period before taxes | 9903 | €216,747 | €132,139 | -€84,608 | -39.0% |
| Income taxes | 67/77 | €55,026 | €33,035 | -€21,991 | -40.0% |
| Profit (loss) for the period | 9904 | €161,721 | €99,104 | -€62,617 | -38.7% |
| Profit (loss) for the period to be appropriated | 9905 | €161,721 | €99,104 | -€62,617 | -38.7% |
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 9 October 2026 via checked.be.