TASE RESEARCH: 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.
TASE RESEARCH
Largest movements
- Deferred charges and accrued income +€789,489
up €789,489 (+1,071,074%), from €74 to €789,563
- Receivables within one year +€676,860
up €676,860 (+94.1%), from €719,411 to €1.4m
of which Trade receivables: +€517,980
- Cash -€632,380
down €632,380 (-57.2%), from €1.1m to €472,501
mainly Deferred charges and accrued income (-€789,489) and Receivables within one year (-€676,860)
- Tangible fixed assets -€121,909
down €121,909 (-19.0%), from €640,377 to €518,467
of which Plant, machinery and equipment: -€83,158
- Trade debts +€487,722
up €487,722 (+103%), from €474,252 to €961,974
- Other debts +€379,405
up €379,405 (+2,438%), from €15,561 to €394,966
- Profit (loss) carried forward +€104,036
up €104,036 (+48.4%), from -€214,931 to -€110,895
- Debts after one year -€68,629
down €68,629 (-48.2%), from €142,246 to €73,617
- Current portion of long-term debt -€68,491
down €68,491 (-48.1%), from €142,315 to €73,824
- Gross operating margin +€57,463
up €57,463 (+8.9%), from €647,061 to €704,524
- Staff costs -€44,864
down €44,864 (-9.1%), from €494,793 to €449,929
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 | €2,705,987 | €3,442,606 | +€736,619 | +27.2% |
| Fixed assets | 21/28 | €871,171 | €783,570 | -€87,601 | -10.1% |
| Intangible fixed assets | 21 | - | €34,309 | +€34,309 | |
| Tangible fixed assets | 22/27 | €640,377 | €518,467 | -€121,909 | -19.0% |
| Land and buildings | 22 | €167,774 | €157,065 | -€10,709 | -6.4% |
| Plant, machinery and equipment | 23 | €409,338 | €326,181 | -€83,158 | -20.3% |
| Furniture and vehicles | 24 | €63,264 | €35,221 | -€28,043 | -44.3% |
| Financial fixed assets | 28 | €230,794 | €230,794 | = | 0.0% |
| Current assets | 29/58 | €1,834,816 | €2,659,036 | +€824,219 | +44.9% |
| Stocks and contracts in progress | 3 | €10,450 | €700 | -€9,750 | -93.3% |
| Stocks | 30/36 | €10,450 | €700 | -€9,750 | -93.3% |
| Amounts receivable within one year | 40/41 | €719,411 | €1,396,272 | +€676,860 | +94.1% |
| Trade receivables | 40 | €719,320 | €1,237,300 | +€517,980 | +72.0% |
| Other amounts receivable | 41 | €91 | €158,971 | +€158,880 | +173,925% |
| Cash at bank and in hand | 54/58 | €1,104,882 | €472,501 | -€632,380 | -57.2% |
| Deferred charges and accrued income | 490/1 | €74 | €789,563 | +€789,489 | +1,071,074% |
| Total equity and liabilities | 10/49 | €2,705,987 | €3,442,606 | +€736,619 | +27.2% |
| Equity | 10/15 | €807,069 | €911,105 | +€104,036 | +12.9% |
| Contributions | 10/11 | €1,000,000 | €1,000,000 | = | 0.0% |
| Capital | 10 | €1,000,000 | €1,000,000 | = | 0.0% |
| Issued capital | 100 | €1,000,000 | €1,000,000 | = | 0.0% |
| Reserves | 13 | €22,000 | €22,000 | = | 0.0% |
| Non-distributable reserves | 130/1 | €20,000 | €20,000 | = | 0.0% |
| Legal reserve | 130 | €20,000 | €20,000 | = | 0.0% |
| Tax-exempt reserves | 132 | €2,000 | €2,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€214,931 | -€110,895 | +€104,036 | +48.4% |
| Amounts payable | 17/49 | €1,898,918 | €2,531,501 | +€632,583 | +33.3% |
| Amounts payable after more than one year | 17 | €142,246 | €73,617 | -€68,629 | -48.2% |
| Financial debts | 170/4 | €142,246 | €73,617 | -€68,629 | -48.2% |
| Amounts payable within one year | 42/48 | €739,492 | €1,494,495 | +€755,003 | +102% |
| Current portion of amounts payable after more than one year | 42 | €142,315 | €73,824 | -€68,491 | -48.1% |
| Trade debts | 44 | €474,252 | €961,974 | +€487,722 | +103% |
| Suppliers | 440/4 | €474,252 | €961,974 | +€487,722 | +103% |
| Taxes, remuneration and social security | 45 | €107,364 | €63,731 | -€43,633 | -40.6% |
| Taxes | 450/3 | €48,936 | €14,052 | -€34,884 | -71.3% |
| Remuneration and social security | 454/9 | €58,428 | €49,680 | -€8,748 | -15.0% |
| Other amounts payable | 47/48 | €15,561 | €394,966 | +€379,405 | +2,438% |
| Accrued charges and deferred income | 492/3 | €1,017,180 | €963,389 | -€53,792 | -5.3% |
| Remuneration, social security and pensions | 62 | €494,793 | €449,929 | -€44,864 | -9.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €123,432 | €124,201 | +€770 | +0.6% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €435 | - | -€435 | |
| Other operating charges | 640/8 | €8,562 | €8,859 | +€298 | +3.5% |
| Gross operating margin | 9900 | €647,061 | €704,524 | +€57,463 | +8.9% |
| Operating profit (loss) | 9901 | €19,840 | €121,534 | +€101,694 | +513% |
| Financial income | 75/76B | €21,228 | €15,209 | -€6,019 | -28.4% |
| Recurring financial income | 75 | €21,228 | €15,209 | -€6,019 | -28.4% |
| Financial charges | 65/66B | €9,056 | €6,207 | -€2,849 | -31.5% |
| Recurring financial charges | 65 | €9,056 | €6,207 | -€2,849 | -31.5% |
| Profit (loss) for the period before taxes | 9903 | €32,012 | €130,536 | +€98,524 | +308% |
| Income taxes | 67/77 | €5,020 | €1,500 | -€3,520 | -70.1% |
| Profit (loss) for the period | 9904 | €26,992 | €129,036 | +€102,044 | +378% |
| Profit (loss) for the period to be appropriated | 9905 | €26,992 | €129,036 | +€102,044 | +378% |
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 27 October 2026 via checked.be.