TARGAMAS: 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.
TARGAMAS
Largest movements
- Cash +€68,477
up €68,477 (+220%), from €31,193 to €99,670
mainly Current investments (+€50,000) and Net result for the year (+€20,114)
- Current investments -€50,000
down €50,000 (-100%), from €50,000 to €0
- Profit (loss) carried forward +€20,114
up €20,114 (+31.7%), from €63,541 to €83,655
- Tax, wage and social debts -€2,236
down €2,236 (-25.1%), from €8,918 to €6,682
of which Taxes: -€2,236
- Gross operating margin +€20,342
up €20,342 (+364%), from €5,584 to €25,926
- Taxes +€4,238
up €4,238 (+347%), from €1,222 to €5,460
- Financial income -€360
down €360 (-65.8%), from €548 to €188
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 | €81,805 | €99,936 | +€18,131 | +22.2% |
| Current assets | 29/58 | €81,805 | €99,936 | +€18,131 | +22.2% |
| Amounts receivable within one year | 40/41 | €612 | €184 | -€428 | -70.0% |
| Trade receivables | 40 | €0 | - | = | |
| Other amounts receivable | 41 | €612 | €184 | -€428 | -70.0% |
| Current investments | 50/53 | €50,000 | €0 | -€50,000 | -100% |
| Cash at bank and in hand | 54/58 | €31,193 | €99,670 | +€68,477 | +220% |
| Deferred charges and accrued income | 490/1 | - | €82 | +€82 | |
| Total equity and liabilities | 10/49 | €81,805 | €99,936 | +€18,131 | +22.2% |
| Equity | 10/15 | €66,541 | €86,655 | +€20,114 | +30.2% |
| Contributions | 10/11 | €3,000 | €3,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €63,541 | €83,655 | +€20,114 | +31.7% |
| Amounts payable | 17/49 | €15,264 | €13,280 | -€1,983 | -13.0% |
| Amounts payable within one year | 42/48 | €15,264 | €13,280 | -€1,983 | -13.0% |
| Trade debts | 44 | €55 | €157 | +€102 | +184% |
| Suppliers | 440/4 | €55 | €157 | +€102 | +184% |
| Taxes, remuneration and social security | 45 | €8,918 | €6,682 | -€2,236 | -25.1% |
| Taxes | 450/3 | €8,918 | €6,682 | -€2,236 | -25.1% |
| Remuneration and social security | 454/9 | €0 | - | = | |
| Other amounts payable | 47/48 | €6,291 | €6,441 | +€150 | +2.4% |
| Other operating charges | 640/8 | €387 | €400 | +€12 | +3.2% |
| Gross operating margin | 9900 | €5,584 | €25,926 | +€20,342 | +364% |
| Operating profit (loss) | 9901 | €5,197 | €25,527 | +€20,330 | +391% |
| Financial income | 75/76B | €548 | €188 | -€360 | -65.8% |
| Recurring financial income | 75 | €548 | €188 | -€360 | -65.8% |
| Financial charges | 65/66B | €140 | €140 | = | 0.0% |
| Recurring financial charges | 65 | €140 | €140 | = | 0.0% |
| Profit (loss) for the period before taxes | 9903 | €5,605 | €25,574 | +€19,969 | +356% |
| Income taxes | 67/77 | €1,222 | €5,460 | +€4,238 | +347% |
| Profit (loss) for the period | 9904 | €4,383 | €20,114 | +€15,731 | +359% |
| Profit (loss) for the period to be appropriated | 9905 | €4,383 | €20,114 | +€15,731 | +359% |
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 14 October 2026 via checked.be.