TARGO: 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.
TARGO
Largest movements
- Receivables within one year -€18,965
down €18,965 (-38.1%), from €49,800 to €30,835
of which Trade receivables: -€17,649
- Cash -€7,429
down €7,429 (-70.7%), from €10,504 to €3,075
mainly Other debts (-€14,080) and Net result for the year (-€9,631)
- Tangible fixed assets -€1,859
down €1,859 (-43.4%), from €4,285 to €2,426
of which Other tangible fixed assets: -€2,661
- Other debts -€14,080
down €14,080 (-29.2%), from €48,173 to €34,093
- Profit (loss) carried forward -€9,631
down €9,631 (-115%), from -€8,400 to -€18,031
- Accrued charges and deferred income -€3,467
down €3,467 (-99.0%), from €3,502 to €35
- Gross operating margin -€16,612
down €16,612, from €12,519 to -€4,093
- Taxes -€2,370
down €2,370 (-100%), from €2,370 to €0
- Depreciation -€2,251
down €2,251 (-83.1%), from €2,709 to €458
- Financial charges -€292
down €292 (-34.9%), from €835 to €543
- Other operating charges +€132
up €132 (+34.2%), from €387 to €520
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 | €103,669 | €75,423 | -€28,246 | -27.2% |
| Fixed assets | 21/28 | €4,285 | €2,426 | -€1,859 | -43.4% |
| Tangible fixed assets | 22/27 | €4,285 | €2,426 | -€1,859 | -43.4% |
| Plant, machinery and equipment | 23 | €1,052 | €0 | -€1,052 | -100% |
| Furniture and vehicles | 24 | €572 | €2,426 | +€1,854 | +324% |
| Other tangible fixed assets | 26 | €2,661 | €0 | -€2,661 | -100% |
| Current assets | 29/58 | €99,385 | €72,997 | -€26,387 | -26.6% |
| Amounts receivable after more than one year | 29 | €39,000 | €39,000 | = | 0.0% |
| Other amounts receivable | 291 | €39,000 | €39,000 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €49,800 | €30,835 | -€18,965 | -38.1% |
| Trade receivables | 40 | €45,953 | €28,304 | -€17,649 | -38.4% |
| Other amounts receivable | 41 | €3,847 | €2,531 | -€1,316 | -34.2% |
| Cash at bank and in hand | 54/58 | €10,504 | €3,075 | -€7,429 | -70.7% |
| Deferred charges and accrued income | 490/1 | €80 | €87 | +€7 | +8.1% |
| Total equity and liabilities | 10/49 | €103,669 | €75,423 | -€28,246 | -27.2% |
| Equity | 10/15 | €49,697 | €40,066 | -€9,631 | -19.4% |
| Contributions | 10/11 | €56,150 | €56,150 | = | 0.0% |
| Reserves | 13 | €1,948 | €1,948 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Tax-exempt reserves | 132 | €88 | €88 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€8,400 | -€18,031 | -€9,631 | -115% |
| Amounts payable | 17/49 | €53,972 | €35,357 | -€18,615 | -34.5% |
| Amounts payable within one year | 42/48 | €50,470 | €35,322 | -€15,148 | -30.0% |
| Financial debts | 43 | €84 | €0 | -€84 | -100% |
| Credit institutions | 430/8 | €84 | €0 | -€84 | -100% |
| Trade debts | 44 | €1,343 | €344 | -€1,000 | -74.4% |
| Suppliers | 440/4 | €1,343 | €344 | -€1,000 | -74.4% |
| Taxes, remuneration and social security | 45 | €870 | €886 | +€16 | +1.9% |
| Taxes | 450/3 | €870 | €886 | +€16 | +1.9% |
| Other amounts payable | 47/48 | €48,173 | €34,093 | -€14,080 | -29.2% |
| Accrued charges and deferred income | 492/3 | €3,502 | €35 | -€3,467 | -99.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,709 | €458 | -€2,251 | -83.1% |
| Other operating charges | 640/8 | €387 | €520 | +€132 | +34.2% |
| Non-recurring operating charges | 66A | - | €4,017 | +€4,017 | |
| Gross operating margin | 9900 | €12,519 | -€4,093 | -€16,612 | |
| Operating profit (loss) | 9901 | €9,423 | -€9,088 | -€18,511 | |
| Financial income | 75/76B | €0 | €0 | +€0 | |
| Recurring financial income | 75 | €0 | €0 | +€0 | |
| Financial charges | 65/66B | €835 | €543 | -€292 | -34.9% |
| Recurring financial charges | 65 | €835 | €543 | -€292 | -34.9% |
| Profit (loss) for the period before taxes | 9903 | €8,588 | -€9,631 | -€18,219 | |
| Income taxes | 67/77 | €2,370 | €0 | -€2,370 | -100% |
| Profit (loss) for the period | 9904 | €6,218 | -€9,631 | -€15,849 | |
| Profit (loss) for the period to be appropriated | 9905 | €6,218 | -€9,631 | -€15,849 |
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 15 October 2026 via checked.be.