TIARELLI: what changed
Two fiscal 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.
TIARELLI
Largest movements
- Deferred charges and accrued income +€24,967
up €24,967 (+216.9%), from €11,510 to €36,477
- Receivables within one year +€21,776
up €21,776 (+27.5%), from €79,234 to €101,010
of which Trade receivables: +€13,481
- Tangible fixed assets -€11,889
down €11,889 (-2.0%), from €601,046 to €589,157
of which Land and buildings: -€13,973
- Trade debts +€35,226
up €35,226 (+24.3%), from €145,120 to €180,346
- Tax, wage and social debts +€20,397
up €20,397 (+182.6%), from €11,171 to €31,568
of which Taxes: +€20,325
- Debts after one year -€15,612
down €15,612 (-6.3%), from €248,580 to €232,968
- Short-term financial debts -€9,002
down €9,002 (-4.3%), from €209,002 to €200,000
- Gross operating margin +€24,911
up €24,911 (+35.4%), from €70,434 to €95,345
- Financial charges +€19,002
up €19,002 (+205.4%), from €9,251 to €28,253
- Taxes +€8,438
up €8,438 (+173.2%), from €4,872 to €13,309
- Depreciation +€5,489
up €5,489 (+40.4%), from €13,576 to €19,064
- Other operating charges +€1,739
up €1,739 (+41.4%), from €4,197 to €5,937
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 | €732,784 | €765,531 | +€32,747 | +4.5% |
| Fixed assets | 21/28 | €601,081 | €589,192 | -€11,889 | -2.0% |
| Tangible fixed assets | 22/27 | €601,046 | €589,157 | -€11,889 | -2.0% |
| Land and buildings | 22 | €598,048 | €584,075 | -€13,973 | -2.3% |
| Plant, machinery and equipment | 23 | €1,167 | €3,865 | +€2,698 | +231.1% |
| Furniture and vehicles | 24 | €1,831 | €1,217 | -€614 | -33.5% |
| Financial fixed assets | 28 | €35 | €35 | = | 0.0% |
| Current assets | 29/58 | €131,703 | €176,339 | +€44,636 | +33.9% |
| Stocks and contracts in progress | 3 | €34,924 | €36,971 | +€2,047 | +5.9% |
| Stocks | 30/36 | €34,924 | €36,971 | +€2,047 | +5.9% |
| Amounts receivable within one year | 40/41 | €79,234 | €101,010 | +€21,776 | +27.5% |
| Trade receivables | 40 | €78,096 | €91,577 | +€13,481 | +17.3% |
| Other amounts receivable | 41 | €1,139 | €9,434 | +€8,295 | +728.5% |
| Cash at bank and in hand | 54/58 | €6,034 | €1,881 | -€4,153 | -68.8% |
| Deferred charges and accrued income | 490/1 | €11,510 | €36,477 | +€24,967 | +216.9% |
| Total equity and liabilities | 10/49 | €732,784 | €765,531 | +€32,747 | +4.5% |
| Equity | 10/15 | €88,272 | €90,149 | +€1,877 | +2.1% |
| Contributions | 10/11 | €18,592 | €18,592 | = | 0.0% |
| Reserves | 13 | €78,984 | €78,984 | = | 0.0% |
| Tax-exempt reserves | 132 | €10,000 | €10,000 | = | 0.0% |
| Distributable reserves | 133 | €68,984 | €68,984 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€9,304 | -€7,427 | +€1,877 | +20.2% |
| Amounts payable | 17/49 | €644,512 | €675,382 | +€30,870 | +4.8% |
| Amounts payable after more than one year | 17 | €248,580 | €232,968 | -€15,612 | -6.3% |
| Financial debts | 170/4 | €248,580 | €232,968 | -€15,612 | -6.3% |
| Amounts payable within one year | 42/48 | €380,167 | €427,526 | +€47,358 | +12.5% |
| Current portion of amounts payable after more than one year | 42 | €14,874 | €15,612 | +€738 | +5.0% |
| Financial debts | 43 | €209,002 | €200,000 | -€9,002 | -4.3% |
| Credit institutions | 430/8 | €209,002 | €200,000 | -€9,002 | -4.3% |
| Trade debts | 44 | €145,120 | €180,346 | +€35,226 | +24.3% |
| Suppliers | 440/4 | €145,120 | €180,346 | +€35,226 | +24.3% |
| Taxes, remuneration and social security | 45 | €11,171 | €31,568 | +€20,397 | +182.6% |
| Taxes | 450/3 | €6,670 | €26,995 | +€20,325 | +304.7% |
| Remuneration and social security | 454/9 | €4,501 | €4,573 | +€72 | +1.6% |
| Accrued charges and deferred income | 492/3 | €15,764 | €14,888 | -€876 | -5.6% |
| Non-recurring operating income | 76A | - | €4,568 | +€4,568 | |
| Remuneration, social security and pensions | 62 | €38,649 | €38,959 | +€310 | +0.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €13,576 | €19,064 | +€5,489 | +40.4% |
| Other operating charges | 640/8 | €4,197 | €5,937 | +€1,739 | +41.4% |
| Gross operating margin | 9900 | €70,434 | €95,345 | +€24,911 | +35.4% |
| Operating profit (loss) | 9901 | €14,012 | €31,385 | +€17,373 | +124.0% |
| Financial income | 75/76B | €12,642 | €12,054 | -€588 | -4.6% |
| Recurring financial income | 75 | €12,642 | €12,054 | -€588 | -4.6% |
| Financial charges | 65/66B | €9,251 | €28,253 | +€19,002 | +205.4% |
| Recurring financial charges | 65 | €9,251 | €28,253 | +€19,002 | +205.4% |
| Profit (loss) for the period before taxes | 9903 | €17,402 | €15,186 | -€2,216 | -12.7% |
| Income taxes | 67/77 | €4,872 | €13,309 | +€8,438 | +173.2% |
| Profit (loss) for the period | 9904 | €12,531 | €1,877 | -€10,654 | -85.0% |
| Profit (loss) for the period to be appropriated | 9905 | €12,531 | €1,877 | -€10,654 | -85.0% |
Source: filed annual accounts (NBB), fiscal years ended 31 March 2024 and 31 March 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 30 September 2026 via checked.be.