TRGT!: 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.
TRGT!
Largest movements
- Cash +€25,446
up €25,446 (+77.7%), from €32,748 to €58,195
mainly Net result for the year (+€39,033) and Tax, wage and social debts (+€12,439)
- Receivables within one year +€18,354
up €18,354 (+272.1%), from €6,747 to €25,101
of which Trade receivables: +€11,528
- Tangible fixed assets -€9,996
down €9,996 (-24.5%), from €40,763 to €30,766
- Reserves +€39,033
up €39,033 (+292.3%), from €13,354 to €52,387
- Tax, wage and social debts +€12,439
up €12,439 (+104.2%), from €11,941 to €24,380
- Debts after one year -€11,475
down €11,475 (-47.0%), from €24,400 to €12,925
- Trade debts -€5,156
down €5,156 (-31.3%), from €16,483 to €11,327
- Other debts -€1,606
down €1,606 (-100.0%), from €1,606 to €0
- Gross operating margin +€35,684
up €35,684 (+110.1%), from €32,412 to €68,096
- Taxes +€7,111
up €7,111 (+136.7%), from €5,201 to €12,312
- Financial charges +€4,046
up €4,046 (+238.9%), from €1,693 to €5,739
- Other operating charges -€1,614
down €1,614 (-57.9%), from €2,787 to €1,173
- Depreciation +€765
up €765 (+8.2%), from €9,380 to €10,145
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 | €80,838 | €114,494 | +€33,656 | +41.6% |
| Formation expenses | 20 | €581 | €433 | -€148 | -25.5% |
| Fixed assets | 21/28 | €40,763 | €30,766 | -€9,996 | -24.5% |
| Tangible fixed assets | 22/27 | €40,763 | €30,766 | -€9,996 | -24.5% |
| Furniture and vehicles | 24 | €40,763 | €30,766 | -€9,996 | -24.5% |
| Current assets | 29/58 | €39,495 | €83,295 | +€43,801 | +110.9% |
| Amounts receivable within one year | 40/41 | €6,747 | €25,101 | +€18,354 | +272.1% |
| Trade receivables | 40 | €6,569 | €18,097 | +€11,528 | +175.5% |
| Other amounts receivable | 41 | €178 | €7,004 | +€6,826 | +3837.7% |
| Cash at bank and in hand | 54/58 | €32,748 | €58,195 | +€25,446 | +77.7% |
| Total equity and liabilities | 10/49 | €80,838 | €114,494 | +€33,656 | +41.6% |
| Equity | 10/15 | €15,354 | €54,387 | +€39,033 | +254.2% |
| Contributions | 10/11 | €2,000 | €2,000 | = | 0.0% |
| Reserves | 13 | €13,354 | €52,387 | +€39,033 | +292.3% |
| Distributable reserves | 133 | €13,354 | €52,387 | +€39,033 | +292.3% |
| Amounts payable | 17/49 | €65,485 | €60,107 | -€5,377 | -8.2% |
| Amounts payable after more than one year | 17 | €24,400 | €12,925 | -€11,475 | -47.0% |
| Financial debts | 170/4 | €24,400 | €12,925 | -€11,475 | -47.0% |
| Amounts payable within one year | 42/48 | €41,084 | €47,182 | +€6,098 | +14.8% |
| Current portion of amounts payable after more than one year | 42 | €11,055 | €11,475 | +€421 | +3.8% |
| Trade debts | 44 | €16,483 | €11,327 | -€5,156 | -31.3% |
| Suppliers | 440/4 | €16,483 | €11,327 | -€5,156 | -31.3% |
| Taxes, remuneration and social security | 45 | €11,941 | €24,380 | +€12,439 | +104.2% |
| Taxes | 450/3 | €11,941 | €24,380 | +€12,439 | +104.2% |
| Other amounts payable | 47/48 | €1,606 | €0 | -€1,606 | -100.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €9,380 | €10,145 | +€765 | +8.2% |
| Other operating charges | 640/8 | €2,787 | €1,173 | -€1,614 | -57.9% |
| Gross operating margin | 9900 | €32,412 | €68,096 | +€35,684 | +110.1% |
| Operating profit (loss) | 9901 | €20,246 | €56,778 | +€36,532 | +180.4% |
| Financial income | 75/76B | €2 | €306 | +€304 | +14464.3% |
| Recurring financial income | 75 | €2 | €306 | +€304 | +14464.3% |
| Financial charges | 65/66B | €1,693 | €5,739 | +€4,046 | +238.9% |
| Recurring financial charges | 65 | €1,693 | €5,739 | +€4,046 | +238.9% |
| Profit (loss) for the period before taxes | 9903 | €18,555 | €51,345 | +€32,790 | +176.7% |
| Income taxes | 67/77 | €5,201 | €12,312 | +€7,111 | +136.7% |
| Profit (loss) for the period | 9904 | €13,354 | €39,033 | +€25,680 | +192.3% |
| Profit (loss) for the period to be appropriated | 9905 | €13,354 | €39,033 | +€25,680 | +192.3% |
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.