TARGO-RENT: what changed
What changed
TARGO-RENT
NACE 38.210, Materials recovery from waste
filed annual accounts (NBB)
Net result for the year
-€133
2024 · €20,671-€20,804
Equity
€700,976
2024 · €701,109-€133
Cash
€196,070
2024 · €200,737-€4,667
Balance sheet total
€1.2m
2024 · €860,404+€310,473
Largest movements
Assets
- Receivables within one year +€504,690
up €504,690 (+960%), from €52,575 to €557,265
of which Trade receivables: +€487,179
- Deferred charges and accrued income -€214,029
down €214,029 (-81.3%), from €263,281 to €49,252
- Tangible fixed assets +€24,479
up €24,479 (+7.1%), from €343,506 to €367,985
of which Plant, machinery and equipment: +€55,168
Equity and liabilities
- Trade debts +€308,201
up €308,201 (+4,081%), from €7,553 to €315,754
Income statement
- Gross operating margin -€16,739
down €16,739 (-7.6%), from €221,355 to €204,616
- Taxes -€9,724
down €9,724 (-76.4%), from €12,730 to €3,006
- Depreciation +€4,305
up €4,305 (+2.4%), from €176,691 to €180,996
- Other operating charges +€2,909
up €2,909 (+27.6%), from €10,552 to €13,461
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Result 2024
€20,671
Gross operating margin
-€16,739
Depreciation
-€4,305
Other operating charges
-€2,909
Other operating items
-€6,225
Financial charges
-€350
Taxes
+€9,724
Result 2025
-€133
raises the resultlowers the resultnot broken down further in the accounts
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
From operations
+€201,365
Investment
-€205,475
Financing
-€557
Cash 2024
€200,737
From operations (derived)
+€201,365
Net result for the year
-€133
Depreciation
+€180,996
Receivables within one year
-€504,690
Deferred charges and accrued income
+€214,029
Trade debts
+€308,201
Tax, wage and social debts
+€1,797
Other debts
-€773
Accrued charges and deferred income
+€1,938
Investment (derived)
-€205,475
Investment in fixed assets (net)
-€205,475
Financing
-€557
Current portion of long-term debt
-€657
Short-term financial debts
+€100
Cash 2025
€196,070
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €860,404 | €1,170,877 | +€310,473 | +36.1% |
| Fixed assets | 21/28 | €343,811 | €368,290 | +€24,479 | +7.1% |
| Tangible fixed assets | 22/27 | €343,506 | €367,985 | +€24,479 | +7.1% |
| Plant, machinery and equipment | 23 | €284,436 | €339,604 | +€55,168 | +19.4% |
| Furniture and vehicles | 24 | €59,070 | €28,381 | -€30,689 | -52.0% |
| Financial fixed assets | 28 | €305 | €305 | = | 0.0% |
| Current assets | 29/58 | €516,593 | €802,587 | +€285,994 | +55.4% |
| Amounts receivable within one year | 40/41 | €52,575 | €557,265 | +€504,690 | +960% |
| Trade receivables | 40 | €22,563 | €509,742 | +€487,179 | +2,159% |
| Other amounts receivable | 41 | €30,012 | €47,523 | +€17,511 | +58.3% |
| Cash at bank and in hand | 54/58 | €200,737 | €196,070 | -€4,667 | -2.3% |
| Deferred charges and accrued income | 490/1 | €263,281 | €49,252 | -€214,029 | -81.3% |
| Total equity and liabilities | 10/49 | €860,404 | €1,170,877 | +€310,473 | +36.1% |
| Equity | 10/15 | €701,109 | €700,976 | -€133 | 0.0% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €1,860 | €1,860 | = | 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% |
| Profit (loss) carried forward | 14 | €680,649 | €680,516 | -€133 | 0.0% |
| Amounts payable | 17/49 | €159,295 | €469,901 | +€310,606 | +195% |
| Amounts payable after more than one year | 17 | €125,000 | €125,000 | = | 0.0% |
| Other amounts payable | 178/9 | €125,000 | €125,000 | = | 0.0% |
| Amounts payable within one year | 42/48 | €34,295 | €342,963 | +€308,668 | +900% |
| Current portion of amounts payable after more than one year | 42 | €25,085 | €24,428 | -€657 | -2.6% |
| Financial debts | 43 | €200 | €300 | +€100 | +50.0% |
| Credit institutions | 430/8 | €200 | €300 | +€100 | +50.0% |
| Trade debts | 44 | €7,553 | €315,754 | +€308,201 | +4,081% |
| Suppliers | 440/4 | €7,553 | €315,754 | +€308,201 | +4,081% |
| Taxes, remuneration and social security | 45 | - | €1,797 | +€1,797 | |
| Taxes | 450/3 | - | €1,797 | +€1,797 | |
| Other amounts payable | 47/48 | €1,457 | €684 | -€773 | -53.1% |
| Accrued charges and deferred income | 492/3 | - | €1,938 | +€1,938 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €176,691 | €180,996 | +€4,305 | +2.4% |
| Other operating charges | 640/8 | €10,552 | €13,461 | +€2,909 | +27.6% |
| Non-recurring operating charges | 66A | - | €6,225 | +€6,225 | |
| Gross operating margin | 9900 | €221,355 | €204,616 | -€16,739 | -7.6% |
| Operating profit (loss) | 9901 | €34,112 | €3,934 | -€30,178 | -88.5% |
| Financial charges | 65/66B | €711 | €1,061 | +€350 | +49.2% |
| Recurring financial charges | 65 | €711 | €1,061 | +€350 | +49.2% |
| Profit (loss) for the period before taxes | 9903 | €33,401 | €2,873 | -€30,528 | -91.4% |
| Income taxes | 67/77 | €12,730 | €3,006 | -€9,724 | -76.4% |
| Profit (loss) for the period | 9904 | €20,671 | -€133 | -€20,804 | |
| Profit (loss) for the period to be appropriated | 9905 | €20,671 | -€133 | -€20,804 |
Next steps
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Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 3 November 2026 via checked.be.