TARGOBEL: 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.
TARGOBEL
Largest movements
- Tangible fixed assets +€15,136
up €15,136 (+93.0%), from €16,270 to €31,406
of which Furniture and vehicles: +€11,799
- Receivables within one year +€10,940
up €10,940 (+15.0%), from €72,842 to €83,783
of which Other amounts receivable: +€5,880
- Cash -€2,490
down €2,490 (-47.6%), from €5,228 to €2,738
mainly Investment in fixed assets (net) (-€24,641) and Receivables within one year (-€10,940)
- Deferred charges and accrued income +€1,344
up €1,344 (+140%), from €957 to €2,300
- Profit (loss) carried forward +€32,374
up €32,374 (+45.1%), from €71,724 to €104,099
- Tax, wage and social debts -€10,546
down €10,546 (-54.6%), from €19,325 to €8,779
of which Taxes: -€6,196
- Trade debts +€3,102
up €3,102 (+178%), from €1,747 to €4,849
- Gross operating margin +€41,705
up €41,705 (+342%), from €12,198 to €53,904
- Taxes +€10,864
up €10,864 (+558%), from €1,947 to €12,812
- Depreciation +€1,885
up €1,885 (+24.7%), from €7,619 to €9,504
- Other operating charges +€872
up €872 (+95.2%), from €915 to €1,787
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 | €95,296 | €120,227 | +€24,931 | +26.2% |
| Fixed assets | 21/28 | €16,270 | €31,406 | +€15,136 | +93.0% |
| Tangible fixed assets | 22/27 | €16,270 | €31,406 | +€15,136 | +93.0% |
| Plant, machinery and equipment | 23 | - | €3,337 | +€3,337 | |
| Furniture and vehicles | 24 | €16,270 | €28,069 | +€11,799 | +72.5% |
| Current assets | 29/58 | €79,026 | €88,821 | +€9,794 | +12.4% |
| Amounts receivable within one year | 40/41 | €72,842 | €83,783 | +€10,940 | +15.0% |
| Trade receivables | 40 | - | €5,061 | +€5,061 | |
| Other amounts receivable | 41 | €72,842 | €78,722 | +€5,880 | +8.1% |
| Cash at bank and in hand | 54/58 | €5,228 | €2,738 | -€2,490 | -47.6% |
| Deferred charges and accrued income | 490/1 | €957 | €2,300 | +€1,344 | +140% |
| Total equity and liabilities | 10/49 | €95,296 | €120,227 | +€24,931 | +26.2% |
| Equity | 10/15 | €74,224 | €106,599 | +€32,374 | +43.6% |
| Contributions | 10/11 | €2,500 | €2,500 | = | 0.0% |
| Contributions outside capital | 11 | €2,500 | €2,500 | = | 0.0% |
| Other | 1109/19 | €2,500 | €2,500 | = | 0.0% |
| Profit (loss) carried forward | 14 | €71,724 | €104,099 | +€32,374 | +45.1% |
| Amounts payable | 17/49 | €21,072 | €13,628 | -€7,444 | -35.3% |
| Amounts payable within one year | 42/48 | €21,072 | €13,628 | -€7,444 | -35.3% |
| Trade debts | 44 | €1,747 | €4,849 | +€3,102 | +178% |
| Suppliers | 440/4 | €1,747 | €4,849 | +€3,102 | +178% |
| Taxes, remuneration and social security | 45 | €19,325 | €8,779 | -€10,546 | -54.6% |
| Taxes | 450/3 | €14,975 | €8,779 | -€6,196 | -41.4% |
| Remuneration and social security | 454/9 | €4,350 | - | -€4,350 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €7,619 | €9,504 | +€1,885 | +24.7% |
| Other operating charges | 640/8 | €915 | €1,787 | +€872 | +95.2% |
| Gross operating margin | 9900 | €12,198 | €53,904 | +€41,705 | +342% |
| Operating profit (loss) | 9901 | €3,664 | €42,613 | +€38,948 | +1,063% |
| Financial income | 75/76B | €3,635 | €3,398 | -€237 | -6.5% |
| Recurring financial income | 75 | €3,635 | €3,398 | -€237 | -6.5% |
| Financial charges | 65/66B | €506 | €825 | +€319 | +62.9% |
| Recurring financial charges | 65 | €506 | €825 | +€319 | +62.9% |
| Profit (loss) for the period before taxes | 9903 | €6,793 | €45,186 | +€38,393 | +565% |
| Income taxes | 67/77 | €1,947 | €12,812 | +€10,864 | +558% |
| Profit (loss) for the period | 9904 | €4,846 | €32,374 | +€27,529 | +568% |
| Profit (loss) for the period to be appropriated | 9905 | €4,846 | €32,374 | +€27,529 | +568% |
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 29 October 2026 via checked.be.