Target Engineering Recruitment: 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 Engineering Recruitment
Largest movements
- Receivables within one year -€15,868
down €15,868 (-61.9%), from €25,616 to €9,748
of which Trade receivables: -€15,953
- Cash -€12,434
down €12,434 (-85.3%), from €14,585 to €2,151
mainly Short-term financial debts (-€25,126) and Trade debts (-€24,862)
- Intangible fixed assets -€3,488
down €3,488 (-41.4%), from €8,428 to €4,941
- Deferred charges and accrued income -€1,517
no longer reported in 2025 (was €1,517)
- Tangible fixed assets -€1,256
down €1,256 (-69.5%), from €1,807 to €551
of which Plant, machinery and equipment: -€874
- Other debts +€44,500
up €44,500 (+19.8%), from €225,125 to €269,625
- Short-term financial debts -€25,126
no longer reported in 2025 (was €25,126)
- Trade debts -€24,862
no longer reported in 2025 (was €24,862)
- Profit (loss) carried forward -€16,438
down €16,438 (-6.7%), from -€244,571 to -€261,010
- Tax, wage and social debts -€12,636
down €12,636 (-94.6%), from €13,351 to €715
of which Taxes: -€10,523
- Staff costs -€270,734
down €270,734 (-99.8%), from €271,318 to €583
- Gross operating margin -€185,267
down €185,267, from €175,627 to -€9,639
- Financial charges -€9,608
down €9,608 (-92.4%), from €10,396 to €788
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 | €51,953 | €17,390 | -€34,563 | -66.5% |
| Fixed assets | 21/28 | €10,235 | €5,491 | -€4,744 | -46.3% |
| Intangible fixed assets | 21 | €8,428 | €4,941 | -€3,488 | -41.4% |
| Tangible fixed assets | 22/27 | €1,807 | €551 | -€1,256 | -69.5% |
| Plant, machinery and equipment | 23 | €874 | - | -€874 | |
| Furniture and vehicles | 24 | €933 | €551 | -€382 | -41.0% |
| Current assets | 29/58 | €41,718 | €11,899 | -€29,819 | -71.5% |
| Amounts receivable within one year | 40/41 | €25,616 | €9,748 | -€15,868 | -61.9% |
| Trade receivables | 40 | €25,616 | €9,662 | -€15,953 | -62.3% |
| Other amounts receivable | 41 | - | €86 | +€86 | |
| Cash at bank and in hand | 54/58 | €14,585 | €2,151 | -€12,434 | -85.3% |
| Deferred charges and accrued income | 490/1 | €1,517 | - | -€1,517 | |
| Total equity and liabilities | 10/49 | €51,953 | €17,390 | -€34,563 | -66.5% |
| Equity | 10/15 | -€236,511 | -€252,950 | -€16,438 | -7.0% |
| Contributions | 10/11 | €8,060 | €8,060 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€244,571 | -€261,010 | -€16,438 | -6.7% |
| Amounts payable | 17/49 | €288,464 | €270,340 | -€18,124 | -6.3% |
| Amounts payable within one year | 42/48 | €288,464 | €270,340 | -€18,124 | -6.3% |
| Financial debts | 43 | €25,126 | - | -€25,126 | |
| Credit institutions | 430/8 | €25,126 | - | -€25,126 | |
| Trade debts | 44 | €24,862 | - | -€24,862 | |
| Suppliers | 440/4 | €24,862 | - | -€24,862 | |
| Taxes, remuneration and social security | 45 | €13,351 | €715 | -€12,636 | -94.6% |
| Taxes | 450/3 | €11,238 | €715 | -€10,523 | -93.6% |
| Remuneration and social security | 454/9 | €2,113 | - | -€2,113 | |
| Other amounts payable | 47/48 | €225,125 | €269,625 | +€44,500 | +19.8% |
| Remuneration, social security and pensions | 62 | €271,318 | €583 | -€270,734 | -99.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €4,254 | €3,870 | -€384 | -9.0% |
| Other operating charges | 640/8 | €810 | €670 | -€140 | -17.3% |
| Non-recurring operating charges | 66A | €476 | €874 | +€397 | +83.4% |
| Gross operating margin | 9900 | €175,627 | -€9,639 | -€185,267 | |
| Operating profit (loss) | 9901 | -€101,231 | -€15,636 | +€85,595 | +84.6% |
| Financial charges | 65/66B | €10,396 | €788 | -€9,608 | -92.4% |
| Recurring financial charges | 65 | €10,396 | €788 | -€9,608 | -92.4% |
| Profit (loss) for the period before taxes | 9903 | -€111,627 | -€16,423 | +€95,203 | +85.3% |
| Income taxes | 67/77 | €700 | €15 | -€685 | -97.9% |
| Profit (loss) for the period | 9904 | -€112,327 | -€16,438 | +€95,889 | +85.4% |
| Profit (loss) for the period to be appropriated | 9905 | -€112,327 | -€16,438 | +€95,889 | +85.4% |
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.