TARGET 45: 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.
TARGET 45
Largest movements
- Tangible fixed assets -€24,616
down €24,616 (-22.1%), from €111,585 to €86,969
- Profit (loss) carried forward -€17,925
down €17,925, from €3,595 to -€14,329
- Current portion of long-term debt -€16,472
down €16,472 (-92.2%), from €17,866 to €1,394
- Other debts +€7,500
up €7,500 (+8.8%), from €85,200 to €92,700
- Gross operating margin -€28,133
down €28,133 (-62.9%), from €44,721 to €16,588
- Other operating charges +€3,388
up €3,388 (+58.2%), from €5,818 to €9,206
- Financial charges -€672
down €672 (-58.7%), from €1,144 to €472
From the 2023 result to the 2024 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 2023 and 2024 balance sheets and the 2024 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2023 | 2024 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €118,381 | €92,400 | -€25,981 | -21.9% |
| Fixed assets | 21/28 | €111,585 | €86,969 | -€24,616 | -22.1% |
| Tangible fixed assets | 22/27 | €111,585 | €86,969 | -€24,616 | -22.1% |
| Land and buildings | 22 | €111,585 | €86,969 | -€24,616 | -22.1% |
| Current assets | 29/58 | €6,797 | €5,432 | -€1,365 | -20.1% |
| Amounts receivable within one year | 40/41 | €1,513 | €559 | -€954 | -63.1% |
| Trade receivables | 40 | €1,366 | €559 | -€807 | -59.1% |
| Other amounts receivable | 41 | €147 | - | -€147 | |
| Cash at bank and in hand | 54/58 | €5,284 | €4,873 | -€411 | -7.8% |
| Total equity and liabilities | 10/49 | €118,381 | €92,400 | -€25,981 | -21.9% |
| Equity | 10/15 | €8,595 | -€9,329 | -€17,925 | |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €3,595 | -€14,329 | -€17,925 | |
| Amounts payable | 17/49 | €109,786 | €101,730 | -€8,056 | -7.3% |
| Amounts payable after more than one year | 17 | €4,800 | €4,800 | = | 0.0% |
| Other amounts payable | 178/9 | €4,800 | €4,800 | = | 0.0% |
| Amounts payable within one year | 42/48 | €104,986 | €96,930 | -€8,056 | -7.7% |
| Current portion of amounts payable after more than one year | 42 | €17,866 | €1,394 | -€16,472 | -92.2% |
| Trade debts | 44 | - | €707 | +€707 | |
| Suppliers | 440/4 | - | €707 | +€707 | |
| Taxes, remuneration and social security | 45 | €1,920 | €2,129 | +€208 | +10.9% |
| Taxes | 450/3 | €1,920 | €2,129 | +€208 | +10.9% |
| Other amounts payable | 47/48 | €85,200 | €92,700 | +€7,500 | +8.8% |
| Non-recurring operating income | 76A | €9,015 | - | -€9,015 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €24,616 | €24,616 | = | 0.0% |
| Other operating charges | 640/8 | €5,818 | €9,206 | +€3,388 | +58.2% |
| Gross operating margin | 9900 | €44,721 | €16,588 | -€28,133 | -62.9% |
| Operating profit (loss) | 9901 | €14,287 | -€17,234 | -€31,521 | |
| Financial charges | 65/66B | €1,144 | €472 | -€672 | -58.7% |
| Recurring financial charges | 65 | €1,144 | €472 | -€672 | -58.7% |
| Profit (loss) for the period before taxes | 9903 | €13,142 | -€17,707 | -€30,849 | |
| Income taxes | 67/77 | - | €218 | +€218 | |
| Profit (loss) for the period | 9904 | €13,142 | -€17,925 | -€31,067 | |
| Profit (loss) for the period to be appropriated | 9905 | €13,142 | -€17,925 | -€31,067 |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2023 and 31 December 2024. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 2 October 2026 via checked.be.