TARGET IMMO: 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 IMMO
Largest movements
- Stocks and contracts -€841,919
down €841,919 (-63.7%), from €1.3m to €479,907
- Receivables within one year +€405,361
up €405,361 (+390%), from €103,917 to €509,278
of which Trade receivables: +€496,572
- Tangible fixed assets +€36,676
new in 2025: €36,676
- Short-term financial debts -€446,540
down €446,540 (-52.8%), from €846,379 to €399,839
- Advances received +€110,000
new in 2025: €110,000
- Profit (loss) carried forward -€45,589
down €45,589 (-21.4%), from -€212,828 to -€258,417
- Debts after one year +€25,810
new in 2025: €25,810
- Trade debts -€21,832
down €21,832 (-20.4%), from €107,124 to €85,292
- Financial charges -€31,475
down €31,475 (-37.0%), from €85,069 to €53,594
- Gross operating margin -€14,380
down €14,380 (-52.9%), from €27,194 to €12,814
- Other operating charges -€2,041
down €2,041 (-35.0%), from €5,837 to €3,797
- Depreciation +€622
new in 2025: €622
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 | €1,472,224 | €1,066,742 | -€405,482 | -27.5% |
| Fixed assets | 21/28 | - | €36,676 | +€36,676 | |
| Tangible fixed assets | 22/27 | - | €36,676 | +€36,676 | |
| Furniture and vehicles | 24 | - | €36,676 | +€36,676 | |
| Current assets | 29/58 | €1,472,224 | €1,030,066 | -€442,158 | -30.0% |
| Stocks and contracts in progress | 3 | €1,321,825 | €479,907 | -€841,919 | -63.7% |
| Stocks | 30/36 | €1,321,825 | €479,907 | -€841,919 | -63.7% |
| Amounts receivable within one year | 40/41 | €103,917 | €509,278 | +€405,361 | +390% |
| Trade receivables | 40 | €12,706 | €509,278 | +€496,572 | +3,908% |
| Other amounts receivable | 41 | €91,211 | - | -€91,211 | |
| Cash at bank and in hand | 54/58 | €46,315 | €40,800 | -€5,514 | -11.9% |
| Deferred charges and accrued income | 490/1 | €167 | €80 | -€86 | -51.8% |
| Total equity and liabilities | 10/49 | €1,472,224 | €1,066,742 | -€405,482 | -27.5% |
| Equity | 10/15 | -€137,811 | -€183,400 | -€45,589 | -33.1% |
| Contributions | 10/11 | €75,000 | €75,000 | = | 0.0% |
| Reserves | 13 | €18 | €18 | = | 0.0% |
| Non-distributable reserves | 130/1 | €18 | €18 | = | 0.0% |
| Reserves not available under the articles | 1311 | €18 | €18 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€212,828 | -€258,417 | -€45,589 | -21.4% |
| Amounts payable | 17/49 | €1,610,035 | €1,250,142 | -€359,893 | -22.4% |
| Amounts payable after more than one year | 17 | - | €25,810 | +€25,810 | |
| Financial debts | 170/4 | - | €25,810 | +€25,810 | |
| Amounts payable within one year | 42/48 | €1,589,676 | €1,224,332 | -€365,344 | -23.0% |
| Current portion of amounts payable after more than one year | 42 | - | €11,687 | +€11,687 | |
| Financial debts | 43 | €846,379 | €399,839 | -€446,540 | -52.8% |
| Credit institutions | 430/8 | €846,379 | €399,839 | -€446,540 | -52.8% |
| Trade debts | 44 | €107,124 | €85,292 | -€21,832 | -20.4% |
| Suppliers | 440/4 | €107,124 | €85,292 | -€21,832 | -20.4% |
| Advances received on contracts in progress | 46 | - | €110,000 | +€110,000 | |
| Taxes, remuneration and social security | 45 | €3,475 | €3,636 | +€160 | +4.6% |
| Taxes | 450/3 | €3,475 | €3,636 | +€160 | +4.6% |
| Other amounts payable | 47/48 | €632,698 | €613,878 | -€18,820 | -3.0% |
| Accrued charges and deferred income | 492/3 | €20,359 | - | -€20,359 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | - | €622 | +€622 | |
| Other operating charges | 640/8 | €5,837 | €3,797 | -€2,041 | -35.0% |
| Gross operating margin | 9900 | €27,194 | €12,814 | -€14,380 | -52.9% |
| Operating profit (loss) | 9901 | €21,357 | €8,396 | -€12,961 | -60.7% |
| Financial income | 75/76B | - | €0 | +€0 | |
| Recurring financial income | 75 | - | €0 | +€0 | |
| Financial charges | 65/66B | €85,069 | €53,594 | -€31,475 | -37.0% |
| Recurring financial charges | 65 | €85,069 | €53,594 | -€31,475 | -37.0% |
| Profit (loss) for the period before taxes | 9903 | -€63,713 | -€45,198 | +€18,515 | +29.1% |
| Income taxes | 67/77 | €325 | €391 | +€66 | +20.3% |
| Profit (loss) for the period | 9904 | -€64,038 | -€45,589 | +€18,449 | +28.8% |
| Profit (loss) for the period to be appropriated | 9905 | -€64,038 | -€45,589 | +€18,449 | +28.8% |
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 16 October 2026 via checked.be.