Tardel: 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.
Tardel
Largest movements
- Receivables within one year -€490,985
down €490,985 (-63.3%), from €775,515 to €284,530
of which Other amounts receivable: -€625,688
- Cash -€214,398
down €214,398 (-32.3%), from €664,036 to €449,637
mainly Net result for the year (-€599,085) and Debts within one year (-€173,035)
- Current investments -€138,538
down €138,538 (-11.0%), from €1.3m to €1.1m
- Profit (loss) carried forward -€599,085
down €599,085 (-62.1%), from -€964,072 to -€1.6m
- Debts within one year -€173,035
down €173,035 (-2.5%), from €6.8m to €6.6m
of which Short-term financial debts: -€2.3m
- Gross operating margin +€680,557
up €680,557, from -€370,402 to €310,155
- Staff costs +€240,475
up €240,475 (+51.1%), from €470,367 to €710,842
- Financial income +€56,309
up €56,309 (+225%), from €25,010 to €81,319
- Financial charges -€4,803
down €4,803 (-2.0%), from €245,967 to €241,163
- Depreciation -€4,250
down €4,250 (-100%), from €4,250 to €0
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 | €5,890,556 | €5,092,969 | -€797,587 | -13.5% |
| Fixed assets | 21/28 | €3,189,860 | €3,237,265 | +€47,406 | +1.5% |
| Intangible fixed assets | 21 | €223 | €0 | -€223 | -100% |
| Tangible fixed assets | 22/27 | €3,189,636 | €3,237,265 | +€47,629 | +1.5% |
| Furniture and vehicles | 24 | €2,809,941 | €2,858,380 | +€48,439 | +1.7% |
| Other tangible fixed assets | 26 | €379,695 | €378,885 | -€810 | -0.2% |
| Current assets | 29/58 | €2,700,696 | €1,855,704 | -€844,993 | -31.3% |
| Amounts receivable within one year | 40/41 | €775,515 | €284,530 | -€490,985 | -63.3% |
| Trade receivables | 40 | €41,465 | €176,168 | +€134,703 | +325% |
| Other amounts receivable | 41 | €734,050 | €108,362 | -€625,688 | -85.2% |
| Current investments | 50/53 | €1,258,572 | €1,120,034 | -€138,538 | -11.0% |
| Cash at bank and in hand | 54/58 | €664,036 | €449,637 | -€214,398 | -32.3% |
| Deferred charges and accrued income | 490/1 | €2,574 | €1,502 | -€1,072 | -41.6% |
| Total equity and liabilities | 10/49 | €5,890,556 | €5,092,969 | -€797,587 | -13.5% |
| Equity | 10/15 | -€964,072 | -€1,563,156 | -€599,085 | -62.1% |
| Profit (loss) carried forward | 14 | -€964,072 | -€1,563,156 | -€599,085 | -62.1% |
| Amounts payable | 17/49 | €6,854,628 | €6,656,125 | -€198,502 | -2.9% |
| Amounts payable after more than one year | 17 | €13,093 | €0 | -€13,093 | -100% |
| Financial debts | 170/4 | €13,093 | €0 | -€13,093 | -100% |
| Amounts payable within one year | 42/48 | €6,818,634 | €6,645,599 | -€173,035 | -2.5% |
| Current portion of amounts payable after more than one year | 42 | €33,345 | €13,093 | -€20,252 | -60.7% |
| Financial debts | 43 | €5,029,955 | €2,745,979 | -€2.3m | -45.4% |
| Credit institutions | 430/8 | €5,029,955 | €2,745,979 | -€2.3m | -45.4% |
| Trade debts | 44 | €42,571 | €17,310 | -€25,262 | -59.3% |
| Suppliers | 440/4 | €42,571 | €17,310 | -€25,262 | -59.3% |
| Advances received on contracts in progress | 46 | €300,000 | €0 | -€300,000 | -100% |
| Taxes, remuneration and social security | 45 | €71,840 | €25,563 | -€46,277 | -64.4% |
| Taxes | 450/3 | €10,605 | €2,352 | -€8,253 | -77.8% |
| Remuneration and social security | 454/9 | €61,235 | €23,211 | -€38,024 | -62.1% |
| Accrued charges and deferred income | 492/3 | €22,901 | €10,526 | -€12,375 | -54.0% |
| Non-recurring operating income | 76A | €583 | €623,858 | +€623,275 | +106,941% |
| Remuneration, social security and pensions | 62 | €470,367 | €710,842 | +€240,475 | +51.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €4,250 | €0 | -€4,250 | -100% |
| Other operating charges | 640/8 | €30,681 | €32,450 | +€1,769 | +5.8% |
| Non-recurring operating charges | 66A | €0 | €3,838 | +€3,838 | |
| Gross operating margin | 9900 | -€370,402 | €310,155 | +€680,557 | |
| Operating profit (loss) | 9901 | -€875,700 | -€436,974 | +€438,725 | +50.1% |
| Financial income | 75/76B | €25,010 | €81,319 | +€56,309 | +225% |
| Recurring financial income | 75 | €25,010 | €81,319 | +€56,309 | +225% |
| Financial charges | 65/66B | €245,967 | €241,163 | -€4,803 | -2.0% |
| Recurring financial charges | 65 | €245,967 | €241,163 | -€4,803 | -2.0% |
| Profit (loss) for the period before taxes | 9903 | -€1,096,657 | -€596,819 | +€499,837 | +45.6% |
| Income taxes | 67/77 | €1,486 | €2,265 | +€779 | +52.4% |
| Profit (loss) for the period | 9904 | -€1,098,143 | -€599,085 | +€499,058 | +45.4% |
| Profit (loss) for the period to be appropriated | 9905 | -€1,098,143 | -€599,085 | +€499,058 | +45.4% |
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 13 October 2026 via checked.be.