TAROS: 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.
TAROS
Largest movements
- Tangible fixed assets +€476,999
up €476,999 (+36.0%), from €1.3m to €1.8m
of which Leasing and similar rights: +€480,032
- Receivables within one year +€262,496
up €262,496 (+30.0%), from €873,937 to €1.1m
of which Trade receivables: +€289,627
- Cash -€171,213
down €171,213 (-36.8%), from €465,264 to €294,050
mainly Investment in fixed assets (net) (-€932,390) and Trade debts (-€273,736)
- Profit (loss) carried forward +€420,986
up €420,986 (+93.8%), from -€448,745 to -€27,759
- Debts after one year +€348,403
up €348,403 (+25.5%), from €1.4m to €1.7m
of which Financial debts: +€356,403
- Trade debts -€273,736
down €273,736 (-47.6%), from €574,664 to €300,929
- Current portion of long-term debt +€103,882
up €103,882 (+31.8%), from €326,668 to €430,550
- Gross operating margin +€299,552
up €299,552 (+16.6%), from €1.8m to €2.1m
- Depreciation +€62,756
up €62,756 (+15.9%), from €394,226 to €456,982
- Staff costs +€28,782
up €28,782 (+2.6%), from €1.1m to €1.1m
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.
Cash bridge derived
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 | €2,713,637 | €3,297,699 | +€584,061 | +21.5% |
| Formation expenses | 20 | €1,726 | €0 | -€1,726 | -100.0% |
| Fixed assets | 21/28 | €1,327,959 | €1,805,093 | +€477,134 | +35.9% |
| Intangible fixed assets | 21 | €0 | - | = | |
| Tangible fixed assets | 22/27 | €1,325,286 | €1,802,285 | +€476,999 | +36.0% |
| Land and buildings | 22 | €1,391 | €1,156 | -€235 | -16.9% |
| Plant, machinery and equipment | 23 | €69,896 | €71,312 | +€1,416 | +2.0% |
| Furniture and vehicles | 24 | €115,212 | €110,998 | -€4,213 | -3.7% |
| Leasing and similar rights | 25 | €1,138,787 | €1,618,819 | +€480,032 | +42.2% |
| Financial fixed assets | 28 | €2,673 | €2,808 | +€135 | +5.1% |
| Current assets | 29/58 | €1,383,952 | €1,492,606 | +€108,653 | +7.9% |
| Stocks and contracts in progress | 3 | €41,249 | €51,893 | +€10,645 | +25.8% |
| Stocks | 30/36 | €41,249 | €51,893 | +€10,645 | +25.8% |
| Amounts receivable within one year | 40/41 | €873,937 | €1,136,433 | +€262,496 | +30.0% |
| Trade receivables | 40 | €783,058 | €1,072,685 | +€289,627 | +37.0% |
| Other amounts receivable | 41 | €90,879 | €63,748 | -€27,132 | -29.9% |
| Cash at bank and in hand | 54/58 | €465,264 | €294,050 | -€171,213 | -36.8% |
| Deferred charges and accrued income | 490/1 | €3,503 | €10,229 | +€6,726 | +192.0% |
| Total equity and liabilities | 10/49 | €2,713,637 | €3,297,699 | +€584,061 | +21.5% |
| Equity | 10/15 | €402,061 | €823,047 | +€420,986 | +104.7% |
| Contributions | 10/11 | €850,807 | €850,807 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€448,745 | -€27,759 | +€420,986 | +93.8% |
| Amounts payable | 17/49 | €2,311,576 | €2,474,652 | +€163,076 | +7.1% |
| Amounts payable after more than one year | 17 | €1,367,093 | €1,715,496 | +€348,403 | +25.5% |
| Financial debts | 170/4 | €864,093 | €1,220,496 | +€356,403 | +41.2% |
| Other amounts payable | 178/9 | €503,000 | €495,000 | -€8,000 | -1.6% |
| Amounts payable within one year | 42/48 | €944,483 | €749,230 | -€195,253 | -20.7% |
| Current portion of amounts payable after more than one year | 42 | €326,668 | €430,550 | +€103,882 | +31.8% |
| Trade debts | 44 | €574,664 | €300,929 | -€273,736 | -47.6% |
| Suppliers | 440/4 | €574,664 | €300,929 | -€273,736 | -47.6% |
| Taxes, remuneration and social security | 45 | €43,151 | €17,752 | -€25,399 | -58.9% |
| Taxes | 450/3 | €250 | €342 | +€92 | +37.0% |
| Remuneration and social security | 454/9 | €42,901 | €17,409 | -€25,492 | -59.4% |
| Other amounts payable | 47/48 | €0 | - | = | |
| Accrued charges and deferred income | 492/3 | - | €9,926 | +€9,926 | |
| Non-recurring operating income | 76A | €4,000 | €0 | -€4,000 | -100.0% |
| Remuneration, social security and pensions | 62 | €1,115,455 | €1,144,237 | +€28,782 | +2.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €394,226 | €456,982 | +€62,756 | +15.9% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | €12,878 | +€12,878 | |
| Other operating charges | 640/8 | €26,531 | €30,516 | +€3,985 | +15.0% |
| Non-recurring operating charges | 66A | €4,903 | €98 | -€4,806 | -98.0% |
| Gross operating margin | 9900 | €1,804,878 | €2,104,429 | +€299,552 | +16.6% |
| Operating profit (loss) | 9901 | €263,763 | €459,720 | +€195,957 | +74.3% |
| Financial income | 75/76B | €3 | €2,712 | +€2,709 | +90000.3% |
| Recurring financial income | 75 | €3 | €2,712 | +€2,709 | +90000.3% |
| Financial charges | 65/66B | €29,066 | €41,169 | +€12,103 | +41.6% |
| Recurring financial charges | 65 | €29,066 | €41,169 | +€12,103 | +41.6% |
| Profit (loss) for the period before taxes | 9903 | €234,700 | €421,263 | +€186,563 | +79.5% |
| Income taxes | 67/77 | €250 | €277 | +€27 | +10.9% |
| Profit (loss) for the period | 9904 | €234,450 | €420,986 | +€186,536 | +79.6% |
| Profit (loss) for the period to be appropriated | 9905 | €234,450 | €420,986 | +€186,536 | +79.6% |
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 12 October 2026 via checked.be.