TARSIS: 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.
TARSIS
Largest movements
- Financial fixed assets -€427,414
down €427,414 (-11.3%), from €3.8m to €3.4m
- Tangible fixed assets +€274,757
up €274,757 (+33.2%), from €827,968 to €1.1m
of which Land and buildings: +€294,998
- Cash +€146,356
up €146,356 (+200.6%), from €72,948 to €219,304
mainly Other debts (+€156,307) and Depreciation (+€84,748)
- Reserves -€179,912
down €179,912 (-34.7%), from €517,920 to €338,009
- Other debts +€156,307
up €156,307 (+28.3%), from €552,458 to €708,765
- Debts after one year -€79,771
down €79,771 (-45.9%), from €173,682 to €93,911
- Financial income +€549,612
up €549,612 (+6177.5%), from €8,897 to €558,509
- Financial charges +€231,325
up €231,325 (+98.5%), from €234,928 to €466,253
of which Non-recurring financial charges: +€233,575
- Other operating charges +€208,304
up €208,304 (+2857.2%), from €7,291 to €215,595
- Gross operating margin -€96,296
down €96,296 (-77.2%), from €124,714 to €28,418
- Depreciation +€46,961
up €46,961 (+124.3%), from €37,787 to €84,748
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 | €5,367,955 | €5,301,615 | -€66,340 | -1.2% |
| Fixed assets | 21/28 | €4,605,653 | €4,452,769 | -€152,883 | -3.3% |
| Intangible fixed assets | 21 | €227 | €0 | -€227 | -100.0% |
| Tangible fixed assets | 22/27 | €827,968 | €1,102,725 | +€274,757 | +33.2% |
| Land and buildings | 22 | €761,693 | €1,056,691 | +€294,998 | +38.7% |
| Plant, machinery and equipment | 23 | €3,834 | €2,154 | -€1,680 | -43.8% |
| Furniture and vehicles | 24 | €62,441 | €43,880 | -€18,561 | -29.7% |
| Financial fixed assets | 28 | €3,777,458 | €3,350,044 | -€427,414 | -11.3% |
| Current assets | 29/58 | €762,302 | €848,846 | +€86,544 | +11.4% |
| Amounts receivable after more than one year | 29 | €500,000 | €500,000 | = | 0.0% |
| Other amounts receivable | 291 | €500,000 | €500,000 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €135,622 | €125,704 | -€9,918 | -7.3% |
| Trade receivables | 40 | €36,000 | €12,000 | -€24,000 | -66.7% |
| Other amounts receivable | 41 | €99,622 | €113,704 | +€14,082 | +14.1% |
| Current investments | 50/53 | €50,000 | €0 | -€50,000 | -100.0% |
| Cash at bank and in hand | 54/58 | €72,948 | €219,304 | +€146,356 | +200.6% |
| Deferred charges and accrued income | 490/1 | €3,732 | €3,838 | +€106 | +2.8% |
| Total equity and liabilities | 10/49 | €5,367,955 | €5,301,615 | -€66,340 | -1.2% |
| Equity | 10/15 | €4,543,792 | €4,363,881 | -€179,912 | -4.0% |
| Contributions | 10/11 | €4,025,872 | €4,025,872 | = | 0.0% |
| Reserves | 13 | €517,920 | €338,009 | -€179,912 | -34.7% |
| Distributable reserves | 133 | €517,920 | €338,009 | -€179,912 | -34.7% |
| Amounts payable | 17/49 | €824,163 | €937,735 | +€113,572 | +13.8% |
| Amounts payable after more than one year | 17 | €173,682 | €93,911 | -€79,771 | -45.9% |
| Financial debts | 170/4 | €173,682 | €93,911 | -€79,771 | -45.9% |
| Amounts payable within one year | 42/48 | €648,480 | €808,286 | +€159,806 | +24.6% |
| Current portion of amounts payable after more than one year | 42 | €79,108 | €79,771 | +€663 | +0.8% |
| Trade debts | 44 | €0 | €12,237 | +€12,237 | |
| Suppliers | 440/4 | €0 | €12,237 | +€12,237 | |
| Taxes, remuneration and social security | 45 | €16,914 | €7,513 | -€9,400 | -55.6% |
| Taxes | 450/3 | €16,914 | €7,513 | -€9,400 | -55.6% |
| Other amounts payable | 47/48 | €552,458 | €708,765 | +€156,307 | +28.3% |
| Accrued charges and deferred income | 492/3 | €2,000 | €35,537 | +€33,537 | +1676.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €37,787 | €84,748 | +€46,961 | +124.3% |
| Other operating charges | 640/8 | €7,291 | €215,595 | +€208,304 | +2857.2% |
| Gross operating margin | 9900 | €124,714 | €28,418 | -€96,296 | -77.2% |
| Operating profit (loss) | 9901 | €79,637 | -€271,925 | -€351,561 | |
| Financial income | 75/76B | €8,897 | €558,509 | +€549,612 | +6177.5% |
| Recurring financial income | 75 | €8,897 | €558,509 | +€549,612 | +6177.5% |
| Financial charges | 65/66B | €234,928 | €466,253 | +€231,325 | +98.5% |
| Recurring financial charges | 65 | €41,089 | €38,839 | -€2,250 | -5.5% |
| Non-recurring financial charges | 66B | €193,839 | €427,414 | +€233,575 | +120.5% |
| Profit (loss) for the period before taxes | 9903 | -€146,395 | -€179,669 | -€33,274 | -22.7% |
| Income taxes | 67/77 | €10,269 | €243 | -€10,026 | -97.6% |
| Profit (loss) for the period | 9904 | -€156,663 | -€179,912 | -€23,248 | -14.8% |
| Profit (loss) for the period to be appropriated | 9905 | -€156,663 | -€179,912 | -€23,248 | -14.8% |
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 11 October 2026 via checked.be.