TARFIN: 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.
TARFIN
Largest movements
- Tangible fixed assets -€132,829
down €132,829 (-2.6%), from €5.0m to €4.9m
of which Land and buildings: -€122,849
- Current investments -€100,000
down €100,000 (-100%), from €100,000 to €0
- Cash -€72,487
down €72,487 (-80.9%), from €89,646 to €17,159
mainly Other debts (-€162,904) and Net result for the year (-€138,498)
- Other debts -€162,904
down €162,904 (-13.5%), from €1.2m to €1.0m
- Profit (loss) carried forward -€106,863
down €106,863 (-7.4%), from €1.4m to €1.3m
- Gross operating margin -€18,279
down €18,279 (-23.9%), from €76,541 to €58,262
- Depreciation -€10,959
down €10,959 (-5.6%), from €194,194 to €183,235
- Staff costs +€6,031
new in 2025: €6,031
- Taxes -€2,176
down €2,176 (-100%), from €2,176 to €0
- Other operating charges +€1,885
up €1,885 (+10.9%), from €17,308 to €19,194
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 | €5,242,394 | €4,933,369 | -€309,025 | -5.9% |
| Fixed assets | 21/28 | €5,046,446 | €4,913,617 | -€132,829 | -2.6% |
| Tangible fixed assets | 22/27 | €5,046,446 | €4,913,617 | -€132,829 | -2.6% |
| Land and buildings | 22 | €5,013,503 | €4,890,654 | -€122,849 | -2.5% |
| Furniture and vehicles | 24 | €32,943 | €22,963 | -€9,980 | -30.3% |
| Current assets | 29/58 | €195,948 | €19,751 | -€176,197 | -89.9% |
| Amounts receivable within one year | 40/41 | €6,302 | €2,592 | -€3,709 | -58.9% |
| Trade receivables | 40 | €2,435 | €2,171 | -€264 | -10.9% |
| Other amounts receivable | 41 | €3,867 | €422 | -€3,445 | -89.1% |
| Current investments | 50/53 | €100,000 | €0 | -€100,000 | -100% |
| Cash at bank and in hand | 54/58 | €89,646 | €17,159 | -€72,487 | -80.9% |
| Total equity and liabilities | 10/49 | €5,242,394 | €4,933,369 | -€309,025 | -5.9% |
| Equity | 10/15 | €3,833,987 | €3,695,488 | -€138,498 | -3.6% |
| Contributions | 10/11 | €1,718,703 | €1,718,703 | = | 0.0% |
| Reserves | 13 | €667,495 | €635,860 | -€31,636 | -4.7% |
| Tax-exempt reserves | 132 | €569,440 | €537,805 | -€31,636 | -5.6% |
| Distributable reserves | 133 | €98,055 | €98,055 | = | 0.0% |
| Profit (loss) carried forward | 14 | €1,447,788 | €1,340,925 | -€106,863 | -7.4% |
| Provisions and deferred taxes | 16 | €189,814 | €179,268 | -€10,545 | -5.6% |
| Deferred taxes | 168 | €189,814 | €179,268 | -€10,545 | -5.6% |
| Amounts payable | 17/49 | €1,218,594 | €1,058,612 | -€159,982 | -13.1% |
| Amounts payable within one year | 42/48 | €1,210,912 | €1,052,072 | -€158,840 | -13.1% |
| Trade debts | 44 | €5,220 | €6,567 | +€1,347 | +25.8% |
| Suppliers | 440/4 | €5,220 | €6,567 | +€1,347 | +25.8% |
| Taxes, remuneration and social security | 45 | €1,942 | €4,659 | +€2,717 | +140% |
| Taxes | 450/3 | €252 | €1,133 | +€881 | +350% |
| Remuneration and social security | 454/9 | €1,691 | €3,526 | +€1,836 | +109% |
| Other amounts payable | 47/48 | €1,203,750 | €1,040,846 | -€162,904 | -13.5% |
| Accrued charges and deferred income | 492/3 | €7,681 | €6,540 | -€1,141 | -14.9% |
| Non-recurring operating income | 76A | €0 | - | = | |
| Remuneration, social security and pensions | 62 | - | €6,031 | +€6,031 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €194,194 | €183,235 | -€10,959 | -5.6% |
| Other operating charges | 640/8 | €17,308 | €19,194 | +€1,885 | +10.9% |
| Gross operating margin | 9900 | €76,541 | €58,262 | -€18,279 | -23.9% |
| Operating profit (loss) | 9901 | -€134,961 | -€150,198 | -€15,237 | -11.3% |
| Financial income | 75/76B | €2,534 | €1,553 | -€980 | -38.7% |
| Recurring financial income | 75 | €2,534 | €1,553 | -€980 | -38.7% |
| Financial charges | 65/66B | €181 | €399 | +€218 | +120% |
| Recurring financial charges | 65 | €181 | €399 | +€218 | +120% |
| Profit (loss) for the period before taxes | 9903 | -€132,608 | -€149,044 | -€16,435 | -12.4% |
| Transfer from deferred taxes | 780 | €10,545 | €10,545 | = | 0.0% |
| Transfer to deferred taxes | 680 | €0 | - | = | |
| Income taxes | 67/77 | €2,176 | €0 | -€2,176 | -100% |
| Profit (loss) for the period | 9904 | -€124,239 | -€138,498 | -€14,259 | -11.5% |
| Transfer from tax-exempt reserves | 789 | €31,636 | €31,636 | = | 0.0% |
| Transfer to tax-exempt reserves | 689 | €0 | - | = | |
| Profit (loss) for the period to be appropriated | 9905 | -€92,604 | -€106,863 | -€14,259 | -15.4% |
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 23 October 2026 via checked.be.