TARGET MAN: 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 MAN
Largest movements
- Stocks and contracts -€6,522
down €6,522 (-34.1%), from €19,111 to €12,589
- Receivables within one year +€6,232
up €6,232 (+289.8%), from €2,151 to €8,382
of which Trade receivables: +€4,985
- Deferred charges and accrued income -€1,110
no longer reported in 2025 (was €1,110)
- Cash +€861
up €861 (+182.4%), from €472 to €1,333
mainly Trade debts (+€9,485) and Stocks and contracts (+€6,522)
- Intangible fixed assets -€500
down €500 (-10.7%), from €4,653 to €4,153
- Other debts -€11,178
down €11,178 (-30.0%), from €37,218 to €26,039
- Trade debts +€9,485
up €9,485 (+579.6%), from €1,637 to €11,122
- Profit (loss) carried forward +€654
up €654 (+4.3%), from -€15,358 to -€14,704
- Gross operating margin +€14,767
up €14,767, from -€13,269 to €1,499
- Other operating charges -€1,430
down €1,430 (-83.8%), from €1,707 to €277
- Depreciation +€153
up €153 (+44.1%), from €347 to €500
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.
Cash bridge derived
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 | €27,497 | €26,457 | -€1,040 | -3.8% |
| Fixed assets | 21/28 | €4,653 | €4,153 | -€500 | -10.7% |
| Intangible fixed assets | 21 | €4,653 | €4,153 | -€500 | -10.7% |
| Current assets | 29/58 | €22,844 | €22,304 | -€540 | -2.4% |
| Stocks and contracts in progress | 3 | €19,111 | €12,589 | -€6,522 | -34.1% |
| Stocks | 30/36 | €19,111 | €12,589 | -€6,522 | -34.1% |
| Amounts receivable within one year | 40/41 | €2,151 | €8,382 | +€6,232 | +289.8% |
| Trade receivables | 40 | €1,742 | €6,728 | +€4,985 | +286.1% |
| Other amounts receivable | 41 | €408 | €1,655 | +€1,246 | +305.4% |
| Cash at bank and in hand | 54/58 | €472 | €1,333 | +€861 | +182.4% |
| Deferred charges and accrued income | 490/1 | €1,110 | - | -€1,110 | |
| Total equity and liabilities | 10/49 | €27,497 | €26,457 | -€1,040 | -3.8% |
| Equity | 10/15 | -€11,358 | -€10,704 | +€654 | +5.8% |
| Contributions | 10/11 | €4,000 | €4,000 | = | 0.0% |
| Capital | 10 | €4,000 | €4,000 | = | 0.0% |
| Issued capital | 100 | €4,000 | €4,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€15,358 | -€14,704 | +€654 | +4.3% |
| Amounts payable | 17/49 | €38,854 | €37,161 | -€1,693 | -4.4% |
| Amounts payable within one year | 42/48 | €38,854 | €37,161 | -€1,693 | -4.4% |
| Trade debts | 44 | €1,637 | €11,122 | +€9,485 | +579.6% |
| Suppliers | 440/4 | €1,637 | €11,122 | +€9,485 | +579.6% |
| Other amounts payable | 47/48 | €37,218 | €26,039 | -€11,178 | -30.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €347 | €500 | +€153 | +44.1% |
| Other operating charges | 640/8 | €1,707 | €277 | -€1,430 | -83.8% |
| Gross operating margin | 9900 | -€13,269 | €1,499 | +€14,767 | |
| Operating profit (loss) | 9901 | -€15,322 | €721 | +€16,044 | |
| Financial charges | 65/66B | €35 | €68 | +€33 | +93.2% |
| Recurring financial charges | 65 | €35 | €68 | +€33 | +93.2% |
| Profit (loss) for the period before taxes | 9903 | -€15,358 | €654 | +€16,011 | |
| Profit (loss) for the period | 9904 | -€15,358 | €654 | +€16,011 | |
| Profit (loss) for the period to be appropriated | 9905 | -€15,358 | €654 | +€16,011 |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 4 October 2026 via checked.be.