TIKAL: 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.
TIKAL
Largest movements
- Cash +€212,656
up €212,656 (+238%), from €89,477 to €302,133
mainly Depreciation (+€199,091) and Net result for the year (+€126,107)
- Tangible fixed assets +€145,519
up €145,519 (+12.5%), from €1.2m to €1.3m
of which Plant, machinery and equipment: +€154,720
- Stocks and contracts -€74,882
down €74,882 (-7.2%), from €1.0m to €971,587
- Receivables within one year +€57,018
up €57,018 (+69.2%), from €82,389 to €139,407
of which Trade receivables: +€31,376
- Reserves +€126,107
up €126,107 (+38.2%), from €330,529 to €456,636
of which Distributable reserves: +€126,107
- Debts after one year +€105,943
up €105,943 (+10.5%), from €1.0m to €1.1m
of which Financial debts: +€105,943
- Trade debts +€68,809
up €68,809 (+26.7%), from €257,998 to €326,807
- Current portion of long-term debt +€55,154
up €55,154 (+37.2%), from €148,191 to €203,345
- Gross operating margin -€85,342
down €85,342 (-17.8%), from €479,176 to €393,834
- Depreciation +€33,292
up €33,292 (+20.1%), from €165,798 to €199,091
- Staff costs -€15,454
down €15,454 (-59.9%), from €25,784 to €10,330
- Financial charges +€8,403
up €8,403 (+21.9%), from €38,379 to €46,782
From the 2025 result to the 2026 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 2025 and 2026 balance sheets and the 2026 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2025 | 2026 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €2,409,167 | €2,754,119 | +€344,952 | +14.3% |
| Fixed assets | 21/28 | €1,169,386 | €1,313,663 | +€144,277 | +12.3% |
| Intangible fixed assets | 21 | €2,483 | €1,241 | -€1,241 | -50.0% |
| Tangible fixed assets | 22/27 | €1,166,403 | €1,311,922 | +€145,519 | +12.5% |
| Land and buildings | 22 | €938,317 | €813,311 | -€125,007 | -13.3% |
| Plant, machinery and equipment | 23 | €212,276 | €366,996 | +€154,720 | +72.9% |
| Furniture and vehicles | 24 | €15,599 | €131,615 | +€116,015 | +744% |
| Other tangible fixed assets | 26 | €210 | €0 | -€210 | -100.0% |
| Financial fixed assets | 28 | €500 | €500 | = | 0.0% |
| Current assets | 29/58 | €1,239,781 | €1,440,456 | +€200,675 | +16.2% |
| Stocks and contracts in progress | 3 | €1,046,469 | €971,587 | -€74,882 | -7.2% |
| Stocks | 30/36 | €1,046,469 | €971,587 | -€74,882 | -7.2% |
| Amounts receivable within one year | 40/41 | €82,389 | €139,407 | +€57,018 | +69.2% |
| Trade receivables | 40 | €69,126 | €100,502 | +€31,376 | +45.4% |
| Other amounts receivable | 41 | €13,263 | €38,905 | +€25,641 | +193% |
| Cash at bank and in hand | 54/58 | €89,477 | €302,133 | +€212,656 | +238% |
| Deferred charges and accrued income | 490/1 | €21,446 | €27,330 | +€5,883 | +27.4% |
| Total equity and liabilities | 10/49 | €2,409,167 | €2,754,119 | +€344,952 | +14.3% |
| Equity | 10/15 | €696,863 | €823,614 | +€126,751 | +18.2% |
| Contributions | 10/11 | €265,000 | €265,000 | = | 0.0% |
| Capital | 10 | €265,000 | €265,000 | = | 0.0% |
| Issued capital | 100 | €265,000 | €265,000 | = | 0.0% |
| Reserves | 13 | €330,529 | €456,636 | +€126,107 | +38.2% |
| Non-distributable reserves | 130/1 | €26,500 | €26,500 | = | 0.0% |
| Legal reserve | 130 | €26,500 | €26,500 | = | 0.0% |
| Tax-exempt reserves | 132 | €56,250 | €56,250 | = | 0.0% |
| Distributable reserves | 133 | €247,779 | €373,886 | +€126,107 | +50.9% |
| Profit (loss) carried forward | 14 | €0 | - | = | |
| Investment grants | 15 | €101,333 | €101,977 | +€644 | +0.6% |
| Provisions and deferred taxes | 16 | €5,333 | €5,367 | +€34 | +0.6% |
| Deferred taxes | 168 | €5,333 | €5,367 | +€34 | +0.6% |
| Amounts payable | 17/49 | €1,706,971 | €1,925,138 | +€218,167 | +12.8% |
| Amounts payable after more than one year | 17 | €1,007,309 | €1,113,252 | +€105,943 | +10.5% |
| Financial debts | 170/4 | €865,027 | €970,970 | +€105,943 | +12.2% |
| Other amounts payable | 178/9 | €142,282 | €142,282 | = | 0.0% |
| Amounts payable within one year | 42/48 | €699,240 | €811,682 | +€112,442 | +16.1% |
| Current portion of amounts payable after more than one year | 42 | €148,191 | €203,345 | +€55,154 | +37.2% |
| Trade debts | 44 | €257,998 | €326,807 | +€68,809 | +26.7% |
| Suppliers | 440/4 | €257,998 | €326,807 | +€68,809 | +26.7% |
| Taxes, remuneration and social security | 45 | €6,698 | €5,507 | -€1,192 | -17.8% |
| Taxes | 450/3 | €5,646 | €5,234 | -€413 | -7.3% |
| Remuneration and social security | 454/9 | €1,052 | €273 | -€779 | -74.1% |
| Other amounts payable | 47/48 | €286,353 | €276,024 | -€10,328 | -3.6% |
| Accrued charges and deferred income | 492/3 | €421 | €203 | -€218 | -51.7% |
| Remuneration, social security and pensions | 62 | €25,784 | €10,330 | -€15,454 | -59.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €165,798 | €199,091 | +€33,292 | +20.1% |
| Other operating charges | 640/8 | €26,138 | €27,137 | +€999 | +3.8% |
| Gross operating margin | 9900 | €479,176 | €393,834 | -€85,342 | -17.8% |
| Operating profit (loss) | 9901 | €261,456 | €157,277 | -€104,179 | -39.8% |
| Financial income | 75/76B | €14,313 | €16,191 | +€1,878 | +13.1% |
| Recurring financial income | 75 | €14,313 | €16,191 | +€1,878 | +13.1% |
| Financial charges | 65/66B | €38,379 | €46,782 | +€8,403 | +21.9% |
| Recurring financial charges | 65 | €38,379 | €46,782 | +€8,403 | +21.9% |
| Profit (loss) for the period before taxes | 9903 | €237,390 | €126,686 | -€110,705 | -46.6% |
| Transfer from deferred taxes | 780 | €667 | €792 | +€126 | +18.9% |
| Income taxes | 67/77 | €1,264 | €1,371 | +€107 | +8.5% |
| Profit (loss) for the period | 9904 | €236,793 | €126,107 | -€110,686 | -46.7% |
| Profit (loss) for the period to be appropriated | 9905 | €236,793 | €126,107 | -€110,686 | -46.7% |
Source: filed annual accounts (NBB), financial years ended 31 March 2025 and 31 March 2026. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 15 October 2026 via checked.be.