TGT CONCEPT: 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.
TGT CONCEPT
Largest movements
- Stocks and contracts +€69,958
up €69,958 (+38.0%), from €184,052 to €254,010
- Tangible fixed assets -€15,148
down €15,148 (-40.6%), from €37,341 to €22,193
of which Plant, machinery and equipment: -€9,141
- Receivables within one year -€11,116
down €11,116 (-5.3%), from €211,133 to €200,017
of which Trade receivables: -€8,352
- Cash -€7,051
down €7,051 (-55.7%), from €12,661 to €5,610
mainly Stocks and contracts (-€69,958) and Trade debts (-€6,161)
- Other debts +€44,725
up €44,725 (+20.5%), from €217,664 to €262,388
- Trade debts -€6,161
down €6,161 (-21.7%), from €28,422 to €22,261
- Gross operating margin -€25,254
down €25,254 (-14.4%), from €175,711 to €150,458
- Staff costs -€20,019
down €20,019 (-13.7%), from €146,647 to €126,629
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 | €466,842 | €506,546 | +€39,704 | +8.5% |
| Fixed assets | 21/28 | €48,879 | €33,731 | -€15,148 | -31.0% |
| Tangible fixed assets | 22/27 | €37,341 | €22,193 | -€15,148 | -40.6% |
| Plant, machinery and equipment | 23 | €25,128 | €15,987 | -€9,141 | -36.4% |
| Furniture and vehicles | 24 | €12,213 | €6,206 | -€6,007 | -49.2% |
| Financial fixed assets | 28 | €11,538 | €11,538 | = | 0.0% |
| Current assets | 29/58 | €417,963 | €472,815 | +€54,852 | +13.1% |
| Stocks and contracts in progress | 3 | €184,052 | €254,010 | +€69,958 | +38.0% |
| Stocks | 30/36 | €184,052 | €254,010 | +€69,958 | +38.0% |
| Amounts receivable within one year | 40/41 | €211,133 | €200,017 | -€11,116 | -5.3% |
| Trade receivables | 40 | €202,865 | €194,514 | -€8,352 | -4.1% |
| Other amounts receivable | 41 | €8,268 | €5,503 | -€2,764 | -33.4% |
| Cash at bank and in hand | 54/58 | €12,661 | €5,610 | -€7,051 | -55.7% |
| Deferred charges and accrued income | 490/1 | €10,117 | €13,179 | +€3,062 | +30.3% |
| Total equity and liabilities | 10/49 | €466,842 | €506,546 | +€39,704 | +8.5% |
| Equity | 10/15 | €78,151 | €76,368 | -€1,783 | -2.3% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €49,992 | €49,992 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,860 | - | -€1,860 | |
| Reserves not available under the articles | 1311 | €1,860 | - | -€1,860 | |
| Tax-exempt reserves | 132 | €43,430 | €43,430 | = | 0.0% |
| Distributable reserves | 133 | €4,703 | €6,563 | +€1,860 | +39.6% |
| Profit (loss) carried forward | 14 | €15,758 | €13,975 | -€1,783 | -11.3% |
| Amounts payable | 17/49 | €388,691 | €430,178 | +€41,487 | +10.7% |
| Amounts payable within one year | 42/48 | €388,691 | €430,178 | +€41,487 | +10.7% |
| Financial debts | 43 | €125,000 | €125,000 | = | 0.0% |
| Credit institutions | 430/8 | €125,000 | €125,000 | = | 0.0% |
| Trade debts | 44 | €28,422 | €22,261 | -€6,161 | -21.7% |
| Suppliers | 440/4 | €28,422 | €22,261 | -€6,161 | -21.7% |
| Taxes, remuneration and social security | 45 | €17,605 | €20,528 | +€2,923 | +16.6% |
| Taxes | 450/3 | €3,904 | €6,612 | +€2,708 | +69.4% |
| Remuneration and social security | 454/9 | €13,701 | €13,916 | +€215 | +1.6% |
| Other amounts payable | 47/48 | €217,664 | €262,388 | +€44,725 | +20.5% |
| Remuneration, social security and pensions | 62 | €146,647 | €126,629 | -€20,019 | -13.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €14,359 | €15,148 | +€790 | +5.5% |
| Other operating charges | 640/8 | €2,880 | €3,042 | +€161 | +5.6% |
| Gross operating margin | 9900 | €175,711 | €150,458 | -€25,254 | -14.4% |
| Operating profit (loss) | 9901 | €11,825 | €5,639 | -€6,186 | -52.3% |
| Financial income | 75/76B | €1 | €1,066 | +€1,064 | +74,418% |
| Recurring financial income | 75 | €1 | €1,066 | +€1,064 | +74,418% |
| Financial charges | 65/66B | €7,735 | €6,854 | -€881 | -11.4% |
| Recurring financial charges | 65 | €7,735 | €6,854 | -€881 | -11.4% |
| Profit (loss) for the period before taxes | 9903 | €4,092 | -€149 | -€4,241 | |
| Income taxes | 67/77 | €2,521 | €1,633 | -€887 | -35.2% |
| Profit (loss) for the period | 9904 | €1,571 | -€1,783 | -€3,353 | |
| Profit (loss) for the period to be appropriated | 9905 | €1,571 | -€1,783 | -€3,353 |
Source: filed annual accounts (NBB), financial years ended 31 March 2024 and 31 March 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 23 October 2026 via checked.be.