TARC: what changed
Two fiscal 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.
TARC
Largest movements
- Receivables within one year +€27,557
up €27,557 (+56.8%), from €48,550 to €76,108
of which Other amounts receivable: +€20,701
- Financial fixed assets +€24,398
up €24,398 (+69.1%), from €35,324 to €59,722
- Cash -€9,383
down €9,383 (-14.4%), from €65,156 to €55,773
mainly Contributions, distributions and other (-€116,000) and Receivables within one year (-€27,557)
- Other debts +€33,928
new in 2025: €33,928
- Tax, wage and social debts +€6,666
up €6,666 (+20.0%), from €33,375 to €40,041
of which Taxes: +€6,666
- Financial income +€32,386
up €32,386 (+5270.7%), from €614 to €33,000
- Gross operating margin +€27,008
up €27,008 (+32.8%), from €82,238 to €109,246
- Taxes +€6,195
up €6,195 (+37.2%), from €16,666 to €22,861
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 | €153,157 | €194,113 | +€40,955 | +26.7% |
| Fixed assets | 21/28 | €39,451 | €62,232 | +€22,781 | +57.7% |
| Tangible fixed assets | 22/27 | €4,127 | €2,510 | -€1,617 | -39.2% |
| Furniture and vehicles | 24 | €1,829 | €755 | -€1,075 | -58.8% |
| Other tangible fixed assets | 26 | €2,298 | €1,755 | -€543 | -23.6% |
| Financial fixed assets | 28 | €35,324 | €59,722 | +€24,398 | +69.1% |
| Current assets | 29/58 | €113,706 | €131,881 | +€18,175 | +16.0% |
| Amounts receivable within one year | 40/41 | €48,550 | €76,108 | +€27,557 | +56.8% |
| Trade receivables | 40 | €36,252 | €43,108 | +€6,856 | +18.9% |
| Other amounts receivable | 41 | €12,299 | €33,000 | +€20,701 | +168.3% |
| Cash at bank and in hand | 54/58 | €65,156 | €55,773 | -€9,383 | -14.4% |
| Total equity and liabilities | 10/49 | €153,157 | €194,113 | +€40,955 | +26.7% |
| Equity | 10/15 | €118,969 | €119,839 | +€869 | +0.7% |
| Contributions | 10/11 | €2,000 | €2,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €116,969 | €117,839 | +€869 | +0.7% |
| Amounts payable | 17/49 | €34,188 | €74,274 | +€40,086 | +117.3% |
| Amounts payable after more than one year | 17 | €813 | €305 | -€509 | -62.6% |
| Financial debts | 170/4 | €813 | €305 | -€509 | -62.6% |
| Amounts payable within one year | 42/48 | €33,375 | €73,970 | +€40,595 | +121.6% |
| Trade debts | 44 | - | €0 | = | |
| Suppliers | 440/4 | - | €0 | = | |
| Taxes, remuneration and social security | 45 | €33,375 | €40,041 | +€6,666 | +20.0% |
| Taxes | 450/3 | €31,375 | €38,041 | +€6,666 | +21.2% |
| Remuneration and social security | 454/9 | €2,000 | €2,000 | = | 0.0% |
| Other amounts payable | 47/48 | - | €33,928 | +€33,928 | |
| Remuneration, social security and pensions | 62 | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,289 | €1,617 | +€328 | +25.4% |
| Other operating charges | 640/8 | €726 | €700 | -€26 | -3.6% |
| Gross operating margin | 9900 | €82,238 | €109,246 | +€27,008 | +32.8% |
| Operating profit (loss) | 9901 | €80,223 | €106,929 | +€26,706 | +33.3% |
| Financial income | 75/76B | €614 | €33,000 | +€32,386 | +5270.7% |
| Recurring financial income | 75 | €614 | €33,000 | +€32,386 | +5270.7% |
| Financial charges | 65/66B | €208 | €199 | -€9 | -4.5% |
| Recurring financial charges | 65 | €208 | €199 | -€9 | -4.5% |
| Profit (loss) for the period before taxes | 9903 | €80,629 | €139,730 | +€59,101 | +73.3% |
| Income taxes | 67/77 | €16,666 | €22,861 | +€6,195 | +37.2% |
| Profit (loss) for the period | 9904 | €63,963 | €116,869 | +€52,906 | +82.7% |
| Profit (loss) for the period to be appropriated | 9905 | €63,963 | €116,869 | +€52,906 | +82.7% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 7 October 2026 via checked.be.