TARGET SEARCH: 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 SEARCH
Largest movements
- Cash -€121,286
down €121,286 (-65.7%), from €184,616 to €63,330
mainly Other debts (-€144,283) and Contributions, distributions and other (-€16,751)
- Tangible fixed assets -€12,533
down €12,533 (-20.8%), from €60,183 to €47,651
of which Furniture and vehicles: -€9,152
- Deferred charges and accrued income -€3,611
down €3,611 (-86.5%), from €4,174 to €563
- Other debts -€144,283
down €144,283 (-88.5%), from €163,044 to €18,761
- Trade debts +€4,007
up €4,007 (+137%), from €2,926 to €6,933
- Reserves +€3,926
up €3,926 (+4.5%), from €86,594 to €90,520
of which Distributable reserves: +€3,926
- Other operating charges -€8,430
down €8,430 (-68.7%), from €12,264 to €3,834
- Gross operating margin +€5,292
up €5,292 (+12.8%), from €41,450 to €46,742
- Depreciation +€4,228
up €4,228 (+41.9%), from €10,100 to €14,328
- Taxes +€1,179
up €1,179 (+17.5%), from €6,729 to €7,908
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 | €262,271 | €124,195 | -€138,075 | -52.6% |
| Fixed assets | 21/28 | €60,183 | €47,651 | -€12,533 | -20.8% |
| Tangible fixed assets | 22/27 | €60,183 | €47,651 | -€12,533 | -20.8% |
| Furniture and vehicles | 24 | €49,697 | €40,545 | -€9,152 | -18.4% |
| Other tangible fixed assets | 26 | €10,486 | €7,105 | -€3,381 | -32.2% |
| Current assets | 29/58 | €202,087 | €76,545 | -€125,542 | -62.1% |
| Amounts receivable within one year | 40/41 | €13,297 | €12,652 | -€645 | -4.9% |
| Trade receivables | 40 | €13,026 | €12,289 | -€737 | -5.7% |
| Other amounts receivable | 41 | €271 | €363 | +€92 | +33.8% |
| Cash at bank and in hand | 54/58 | €184,616 | €63,330 | -€121,286 | -65.7% |
| Deferred charges and accrued income | 490/1 | €4,174 | €563 | -€3,611 | -86.5% |
| Total equity and liabilities | 10/49 | €262,271 | €124,195 | -€138,075 | -52.6% |
| Equity | 10/15 | €93,104 | €97,030 | +€3,926 | +4.2% |
| Contributions | 10/11 | €6,510 | €6,510 | = | 0.0% |
| Reserves | 13 | €86,594 | €90,520 | +€3,926 | +4.5% |
| Tax-exempt reserves | 132 | €416 | €416 | = | 0.0% |
| Distributable reserves | 133 | €86,178 | €90,104 | +€3,926 | +4.6% |
| Amounts payable | 17/49 | €169,167 | €27,165 | -€142,002 | -83.9% |
| Amounts payable within one year | 42/48 | €169,167 | €27,165 | -€142,002 | -83.9% |
| Trade debts | 44 | €2,926 | €6,933 | +€4,007 | +137% |
| Suppliers | 440/4 | €2,926 | €6,933 | +€4,007 | +137% |
| Taxes, remuneration and social security | 45 | €3,197 | €1,471 | -€1,726 | -54.0% |
| Taxes | 450/3 | €3,197 | €1,471 | -€1,726 | -54.0% |
| Other amounts payable | 47/48 | €163,044 | €18,761 | -€144,283 | -88.5% |
| Non-recurring operating income | 76A | €905 | - | -€905 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €10,100 | €14,328 | +€4,228 | +41.9% |
| Other operating charges | 640/8 | €12,264 | €3,834 | -€8,430 | -68.7% |
| Gross operating margin | 9900 | €41,450 | €46,742 | +€5,292 | +12.8% |
| Operating profit (loss) | 9901 | €19,086 | €28,580 | +€9,494 | +49.7% |
| Financial income | 75/76B | €9 | €148 | +€139 | +1,592% |
| Recurring financial income | 75 | €9 | €148 | +€139 | +1,592% |
| Financial charges | 65/66B | €137 | €142 | +€5 | +3.7% |
| Recurring financial charges | 65 | €137 | €142 | +€5 | +3.7% |
| Profit (loss) for the period before taxes | 9903 | €18,958 | €28,586 | +€9,628 | +50.8% |
| Income taxes | 67/77 | €6,729 | €7,908 | +€1,179 | +17.5% |
| Profit (loss) for the period | 9904 | €12,229 | €20,677 | +€8,449 | +69.1% |
| Transfer to tax-exempt reserves | 689 | €40 | - | -€40 | |
| Profit (loss) for the period to be appropriated | 9905 | €12,189 | €20,677 | +€8,489 | +69.6% |
Source: filed annual accounts (NBB), financial years ended 31 March 2024 and 31 March 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 19 October 2026 via checked.be.