TARGET INVEST: 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.
What changed
TARGET INVEST
NACE 46.411, Wholesale trade
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
-€40,581
2024 · -€38,536-€2,045
Equity
€2.2m
2024 · €2.2m-€40,581
Cash
€31,323
2024 · €11,753+€19,570
Balance sheet total
€3.8m
2024 · €3.9m-€193,767
Largest movements
Assets
- Receivables within one year -€152,416
down €152,416 (-8.9%), from €1.7m to €1.6m
of which Trade receivables: -€133,681
- Receivables after one year -€88,357
down €88,357 (-28.6%), from €309,101 to €220,744
- Financial fixed assets +€55,729
up €55,729 (+4.1%), from €1.4m to €1.4m
Equity and liabilities
- Debts after one year -€104,763
down €104,763 (-40.1%), from €261,321 to €156,558
- Trade debts -€51,173
down €51,173 (-10.3%), from €498,754 to €447,581
- Profit (loss) carried forward -€40,581
down €40,581 (-8.3%), from -€491,001 to -€531,582
Income statement
- Other operating charges +€42,259
up €42,259 (+1,231%), from €3,433 to €45,692
- Gross operating margin +€19,844
up €19,844 (+26.6%), from €74,642 to €94,486
- Financial charges -€10,638
down €10,638 (-32.9%), from €32,312 to €21,673
- Taxes -€8,984
down €8,984 (-97.5%), from €9,219 to €234
- Depreciation -€8,415
down €8,415 (-17.2%), from €49,051 to €40,636
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.
Result 2024
-€38,536
Gross operating margin
+€19,844
Staff costs
-€608
Depreciation
+€8,415
Other operating charges
-€42,259
Other operating items
-€1,247
Financial income
-€5,812
Financial charges
+€10,638
Taxes
+€8,984
Result 2025
-€40,581
raises the resultlowers the resultnot broken down further in the accounts
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.
From operations
+€231,232
Investment
-€70,366
Financing
-€141,296
Cash 2024
€11,753
From operations (derived)
+€231,232
Net result for the year
-€40,581
Depreciation
+€40,636
Receivables after one year
+€88,357
Receivables within one year
+€152,416
Deferred charges and accrued income
+€2,294
Trade debts
-€51,173
Tax, wage and social debts
+€4
Other debts
+€35,009
Accrued charges and deferred income
+€4,269
Investment (derived)
-€70,366
Investment in fixed assets (net)
-€58,544
Current investments
-€11,822
Financing
-€141,296
Debts after one year
-€104,763
Current portion of long-term debt
-€39,033
Short-term financial debts
+€2,500
Cash 2025
€31,323
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €3,944,941 | €3,751,175 | -€193,767 | -4.9% |
| Fixed assets | 21/28 | €1,872,274 | €1,890,183 | +€17,908 | +1.0% |
| Tangible fixed assets | 22/27 | €521,101 | €483,280 | -€37,821 | -7.3% |
| Land and buildings | 22 | €517,678 | €478,552 | -€39,126 | -7.6% |
| Plant, machinery and equipment | 23 | €978 | €2,180 | +€1,202 | +123% |
| Furniture and vehicles | 24 | €2,445 | €2,548 | +€103 | +4.2% |
| Financial fixed assets | 28 | €1,351,173 | €1,406,902 | +€55,729 | +4.1% |
| Current assets | 29/58 | €2,072,667 | €1,860,992 | -€211,675 | -10.2% |
| Amounts receivable after more than one year | 29 | €309,101 | €220,744 | -€88,357 | -28.6% |
| Other amounts receivable | 291 | €309,101 | €220,744 | -€88,357 | -28.6% |
| Stocks and contracts in progress | 3 | €706 | €706 | = | 0.0% |
| Stocks | 30/36 | €706 | €706 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €1,718,780 | €1,566,363 | -€152,416 | -8.9% |
| Trade receivables | 40 | €1,266,672 | €1,132,990 | -€133,681 | -10.6% |
| Other amounts receivable | 41 | €452,108 | €433,373 | -€18,735 | -4.1% |
| Current investments | 50/53 | €27,441 | €39,263 | +€11,822 | +43.1% |
| Cash at bank and in hand | 54/58 | €11,753 | €31,323 | +€19,570 | +167% |
| Deferred charges and accrued income | 490/1 | €4,886 | €2,592 | -€2,294 | -46.9% |
| Total equity and liabilities | 10/49 | €3,944,941 | €3,751,175 | -€193,767 | -4.9% |
| Equity | 10/15 | €2,202,306 | €2,161,724 | -€40,581 | -1.8% |
| Contributions | 10/11 | €2,682,325 | €2,682,325 | = | 0.0% |
| Capital | 10 | €2,682,325 | €2,682,325 | = | 0.0% |
| Issued capital | 100 | €2,682,325 | €2,682,325 | = | 0.0% |
| Reserves | 13 | €10,982 | €10,982 | = | 0.0% |
| Non-distributable reserves | 130/1 | €10,982 | €10,982 | = | 0.0% |
| Legal reserve | 130 | €10,982 | €10,982 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€491,001 | -€531,582 | -€40,581 | -8.3% |
| Amounts payable | 17/49 | €1,742,636 | €1,589,450 | -€153,186 | -8.8% |
| Amounts payable after more than one year | 17 | €261,321 | €156,558 | -€104,763 | -40.1% |
| Financial debts | 170/4 | €261,321 | €156,558 | -€104,763 | -40.1% |
| Amounts payable within one year | 42/48 | €1,481,245 | €1,428,554 | -€52,691 | -3.6% |
| Current portion of amounts payable after more than one year | 42 | €122,438 | €83,406 | -€39,033 | -31.9% |
| Financial debts | 43 | €375,000 | €377,500 | +€2,500 | +0.7% |
| Credit institutions | 430/8 | €375,000 | €377,500 | +€2,500 | +0.7% |
| Trade debts | 44 | €498,754 | €447,581 | -€51,173 | -10.3% |
| Suppliers | 440/4 | €498,754 | €447,581 | -€51,173 | -10.3% |
| Taxes, remuneration and social security | 45 | €6,272 | €6,277 | +€4 | +0.1% |
| Taxes | 450/3 | €320 | €97 | -€223 | -69.7% |
| Remuneration and social security | 454/9 | €5,952 | €6,179 | +€227 | +3.8% |
| Other amounts payable | 47/48 | €478,781 | €513,791 | +€35,009 | +7.3% |
| Accrued charges and deferred income | 492/3 | €69 | €4,338 | +€4,269 | +6,180% |
| Non-recurring operating income | 76A | - | €16,750 | +€16,750 | |
| Remuneration, social security and pensions | 62 | €19,812 | €20,420 | +€608 | +3.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €49,051 | €40,636 | -€8,415 | -17.2% |
| Other operating charges | 640/8 | €3,433 | €45,692 | +€42,259 | +1,231% |
| Non-recurring operating charges | 66A | €6,253 | €7,500 | +€1,247 | +20.0% |
| Gross operating margin | 9900 | €74,642 | €94,486 | +€19,844 | +26.6% |
| Operating profit (loss) | 9901 | -€3,906 | -€19,762 | -€15,856 | -406% |
| Financial income | 75/76B | €6,901 | €1,089 | -€5,812 | -84.2% |
| Recurring financial income | 75 | €6,901 | €1,089 | -€5,812 | -84.2% |
| Financial charges | 65/66B | €32,312 | €21,673 | -€10,638 | -32.9% |
| Recurring financial charges | 65 | €32,312 | €21,673 | -€10,638 | -32.9% |
| Profit (loss) for the period before taxes | 9903 | -€29,317 | -€40,347 | -€11,030 | -37.6% |
| Income taxes | 67/77 | €9,219 | €234 | -€8,984 | -97.5% |
| Profit (loss) for the period | 9904 | -€38,536 | -€40,581 | -€2,045 | -5.3% |
| Profit (loss) for the period to be appropriated | 9905 | -€38,536 | -€40,581 | -€2,045 | -5.3% |
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 29 October 2026 via checked.be.