TARGET ADVERTISING: 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.
TARGET ADVERTISING
Largest movements
- Cash -€67,201
down €67,201 (-49.1%), from €136,780 to €69,579
mainly Trade debts (-€38,854) and Receivables after one year (-€35,043)
- Receivables after one year +€35,043
new in 2025: €35,043
- Receivables within one year +€14,574
up €14,574 (+7.2%), from €201,673 to €216,247
of which Other amounts receivable: +€59,320
- Tangible fixed assets -€4,123
down €4,123 (-45.8%), from €8,993 to €4,870
of which Furniture and vehicles: -€3,274
- Trade debts -€38,854
down €38,854 (-17.0%), from €228,491 to €189,637
- Tax, wage and social debts +€13,959
up €13,959 (+113%), from €12,339 to €26,299
of which Remuneration and social security: +€12,955
- Turnover +€112,539
up €112,539 (+21.2%), from €531,163 to €643,702
- Purchases and services +€81,180
up €81,180 (+17.6%), from €461,715 to €542,895
- Staff costs +€28,990
up €28,990 (+36.5%), from €79,319 to €108,309
- Gross operating margin +€25,957
up €25,957 (+28.4%), from €91,470 to €117,427
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 | €356,516 | €331,627 | -€24,889 | -7.0% |
| Fixed assets | 21/28 | €11,084 | €5,451 | -€5,633 | -50.8% |
| Intangible fixed assets | 21 | €1,728 | €218 | -€1,510 | -87.4% |
| Tangible fixed assets | 22/27 | €8,993 | €4,870 | -€4,123 | -45.8% |
| Plant, machinery and equipment | 23 | €1,900 | €1,051 | -€849 | -44.7% |
| Furniture and vehicles | 24 | €7,093 | €3,820 | -€3,274 | -46.2% |
| Financial fixed assets | 28 | €363 | €363 | = | 0.0% |
| Current assets | 29/58 | €345,432 | €326,176 | -€19,256 | -5.6% |
| Amounts receivable after more than one year | 29 | - | €35,043 | +€35,043 | |
| Other amounts receivable | 291 | - | €35,043 | +€35,043 | |
| Amounts receivable within one year | 40/41 | €201,673 | €216,247 | +€14,574 | +7.2% |
| Trade receivables | 40 | €198,867 | €154,120 | -€44,746 | -22.5% |
| Other amounts receivable | 41 | €2,807 | €62,127 | +€59,320 | +2,113% |
| Cash at bank and in hand | 54/58 | €136,780 | €69,579 | -€67,201 | -49.1% |
| Deferred charges and accrued income | 490/1 | €6,979 | €5,308 | -€1,671 | -23.9% |
| Total equity and liabilities | 10/49 | €356,516 | €331,627 | -€24,889 | -7.0% |
| Equity | 10/15 | €115,686 | €115,692 | +€5 | 0.0% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €1,860 | €1,860 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Profit (loss) carried forward | 14 | €107,626 | €107,632 | +€5 | 0.0% |
| Amounts payable | 17/49 | €240,830 | €215,935 | -€24,895 | -10.3% |
| Amounts payable within one year | 42/48 | €240,830 | €215,935 | -€24,895 | -10.3% |
| Trade debts | 44 | €228,491 | €189,637 | -€38,854 | -17.0% |
| Suppliers | 440/4 | €228,491 | €189,637 | -€38,854 | -17.0% |
| Taxes, remuneration and social security | 45 | €12,339 | €26,299 | +€13,959 | +113% |
| Taxes | 450/3 | €1,567 | €2,572 | +€1,005 | +64.1% |
| Remuneration and social security | 454/9 | €10,772 | €23,727 | +€12,955 | +120% |
| Turnover | 70 | €531,163 | €643,702 | +€112,539 | +21.2% |
| Goods, raw materials, services and sundry goods | 60/61 | €461,715 | €542,895 | +€81,180 | +17.6% |
| Remuneration, social security and pensions | 62 | €79,319 | €108,309 | +€28,990 | +36.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €5,558 | €5,633 | +€75 | +1.3% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €500 | -€500 | -€1,000 | |
| Other operating charges | 640/8 | €2,730 | €2,300 | -€430 | -15.8% |
| Gross operating margin | 9900 | €91,470 | €117,427 | +€25,957 | +28.4% |
| Operating profit (loss) | 9901 | €3,363 | €1,685 | -€1,677 | -49.9% |
| Financial income | 75/76B | €369 | €1,347 | +€978 | +265% |
| Recurring financial income | 75 | €369 | €1,347 | +€978 | +265% |
| Financial charges | 65/66B | €476 | €617 | +€141 | +29.6% |
| Recurring financial charges | 65 | €476 | €617 | +€141 | +29.6% |
| Profit (loss) for the period before taxes | 9903 | €3,255 | €2,415 | -€840 | -25.8% |
| Income taxes | 67/77 | €2,114 | €2,410 | +€296 | +14.0% |
| Profit (loss) for the period | 9904 | €1,142 | €5 | -€1,137 | -99.6% |
| Profit (loss) for the period to be appropriated | 9905 | €1,142 | €5 | -€1,137 | -99.6% |
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 30 October 2026 via checked.be.