TARGET.ONE: 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.ONE
Largest movements
- Receivables within one year +€61,038
up €61,038 (+24.6%), from €248,490 to €309,528
of which Trade receivables: +€34,323
- Cash +€9,295
up €9,295 (+93.2%), from €9,972 to €19,267
mainly Trade debts (+€43,216) and Net result for the year (+€32,092)
- Trade debts +€43,216
up €43,216 (+58.3%), from €74,121 to €117,337
- Reserves +€32,000
up €32,000 (+27.4%), from €116,860 to €148,860
of which Distributable reserves: +€32,000
- Debts after one year -€16,998
down €16,998 (-15.1%), from €112,725 to €95,727
- Tax, wage and social debts +€9,144
up €9,144 (+34.6%), from €26,392 to €35,535
- Other operating charges -€2,427
down €2,427 (-50.7%), from €4,783 to €2,356
- Depreciation +€2,189
up €2,189 (+12.5%), from €17,556 to €19,745
- Gross operating margin +€1,793
up €1,793 (+2.4%), from €75,682 to €77,476
- Taxes +€924
up €924 (+5.6%), from €16,489 to €17,414
- Financial charges -€846
down €846 (-12.6%), from €6,716 to €5,870
From the 2023 result to the 2024 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 2023 and 2024 balance sheets and the 2024 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2023 | 2024 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €423,691 | €491,880 | +€68,189 | +16.1% |
| Fixed assets | 21/28 | €165,229 | €160,861 | -€4,369 | -2.6% |
| Tangible fixed assets | 22/27 | €164,909 | €160,541 | -€4,369 | -2.6% |
| Land and buildings | 22 | €142,893 | €134,795 | -€8,098 | -5.7% |
| Plant, machinery and equipment | 23 | €1,996 | €1,388 | -€608 | -30.4% |
| Furniture and vehicles | 24 | €20,020 | €24,357 | +€4,337 | +21.7% |
| Financial fixed assets | 28 | €320 | €320 | = | 0.0% |
| Current assets | 29/58 | €258,462 | €331,020 | +€72,558 | +28.1% |
| Amounts receivable within one year | 40/41 | €248,490 | €309,528 | +€61,038 | +24.6% |
| Trade receivables | 40 | €10,360 | €44,683 | +€34,323 | +331.3% |
| Other amounts receivable | 41 | €238,130 | €264,845 | +€26,715 | +11.2% |
| Cash at bank and in hand | 54/58 | €9,972 | €19,267 | +€9,295 | +93.2% |
| Deferred charges and accrued income | 490/1 | - | €2,225 | +€2,225 | |
| Total equity and liabilities | 10/49 | €423,691 | €491,880 | +€68,189 | +16.1% |
| Equity | 10/15 | €194,175 | €226,267 | +€32,092 | +16.5% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Capital | 10 | €6,200 | €6,200 | = | 0.0% |
| Issued capital | 100 | €18,600 | €18,600 | = | 0.0% |
| Uncalled capital | 101 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €116,860 | €148,860 | +€32,000 | +27.4% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Legal reserve | 130 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €115,000 | €147,000 | +€32,000 | +27.8% |
| Profit (loss) carried forward | 14 | €71,115 | €71,207 | +€92 | +0.1% |
| Amounts payable | 17/49 | €229,516 | €265,613 | +€36,098 | +15.7% |
| Amounts payable after more than one year | 17 | €112,725 | €95,727 | -€16,998 | -15.1% |
| Financial debts | 170/4 | €112,725 | €95,727 | -€16,998 | -15.1% |
| Amounts payable within one year | 42/48 | €116,791 | €169,886 | +€53,095 | +45.5% |
| Current portion of amounts payable after more than one year | 42 | €16,278 | €17,014 | +€736 | +4.5% |
| Trade debts | 44 | €74,121 | €117,337 | +€43,216 | +58.3% |
| Suppliers | 440/4 | €74,121 | €117,337 | +€43,216 | +58.3% |
| Taxes, remuneration and social security | 45 | €26,392 | €35,535 | +€9,144 | +34.6% |
| Taxes | 450/3 | €26,392 | €35,535 | +€9,144 | +34.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €17,556 | €19,745 | +€2,189 | +12.5% |
| Other operating charges | 640/8 | €4,783 | €2,356 | -€2,427 | -50.7% |
| Gross operating margin | 9900 | €75,682 | €77,476 | +€1,793 | +2.4% |
| Operating profit (loss) | 9901 | €53,344 | €55,375 | +€2,032 | +3.8% |
| Financial charges | 65/66B | €6,716 | €5,870 | -€846 | -12.6% |
| Recurring financial charges | 65 | €6,716 | €5,870 | -€846 | -12.6% |
| Profit (loss) for the period before taxes | 9903 | €46,627 | €49,505 | +€2,878 | +6.2% |
| Income taxes | 67/77 | €16,489 | €17,414 | +€924 | +5.6% |
| Profit (loss) for the period | 9904 | €30,138 | €32,092 | +€1,954 | +6.5% |
| Profit (loss) for the period to be appropriated | 9905 | €30,138 | €32,092 | +€1,954 | +6.5% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2023 and 31 December 2024. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 29 September 2026 via checked.be.