De Toekomst: 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.
De Toekomst
Largest movements
- Cash +€82,261
up €82,261 (+94.0%), from €87,489 to €169,750
mainly Net result for the year (+€125,739) and Depreciation (+€67,748)
- Tangible fixed assets -€57,358
down €57,358 (-5.7%), from €1.0m to €955,621
of which Land and buildings: -€56,831
- Receivables within one year +€16,279
up €16,279 (+67.3%), from €24,200 to €40,479
of which Trade receivables: +€15,162
- Reserves +€125,739
up €125,739 (+28.6%), from €438,964 to €564,703
of which Tax-exempt reserves: +€67,360
- Debts after one year -€93,192
down €93,192 (-21.5%), from €434,390 to €341,198
of which Financial debts: -€96,929
- Current portion of long-term debt -€19,921
down €19,921 (-17.0%), from €116,850 to €96,929
- Other debts +€17,012
up €17,012 (+161%), from €10,535 to €27,547
- Tax, wage and social debts +€14,906
up €14,906 (+70.2%), from €21,244 to €36,150
of which Taxes: +€16,224
- Gross operating margin +€66,560
up €66,560 (+30.8%), from €216,046 to €282,606
- Financial charges +€28,037
up €28,037 (+212%), from €13,250 to €41,287
- Taxes +€12,230
up €12,230 (+42.7%), from €28,653 to €40,883
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 | €1,130,659 | €1,172,277 | +€41,618 | +3.7% |
| Fixed assets | 21/28 | €1,012,979 | €955,621 | -€57,358 | -5.7% |
| Tangible fixed assets | 22/27 | €1,012,979 | €955,621 | -€57,358 | -5.7% |
| Land and buildings | 22 | €1,012,452 | €955,621 | -€56,831 | -5.6% |
| Furniture and vehicles | 24 | €527 | €0 | -€527 | -100% |
| Current assets | 29/58 | €117,681 | €216,656 | +€98,976 | +84.1% |
| Amounts receivable within one year | 40/41 | €24,200 | €40,479 | +€16,279 | +67.3% |
| Trade receivables | 40 | €24,200 | €39,362 | +€15,162 | +62.7% |
| Other amounts receivable | 41 | €0 | €1,117 | +€1,117 | |
| Cash at bank and in hand | 54/58 | €87,489 | €169,750 | +€82,261 | +94.0% |
| Deferred charges and accrued income | 490/1 | €5,992 | €6,427 | +€436 | +7.3% |
| Total equity and liabilities | 10/49 | €1,130,659 | €1,172,277 | +€41,618 | +3.7% |
| Equity | 10/15 | €457,556 | €583,295 | +€125,739 | +27.5% |
| Contributions | 10/11 | €18,592 | €18,592 | = | 0.0% |
| Reserves | 13 | €438,964 | €564,703 | +€125,739 | +28.6% |
| Tax-exempt reserves | 132 | €42,100 | €109,460 | +€67,360 | +160% |
| Distributable reserves | 133 | €396,864 | €455,243 | +€58,379 | +14.7% |
| Amounts payable | 17/49 | €673,104 | €588,982 | -€84,122 | -12.5% |
| Amounts payable after more than one year | 17 | €434,390 | €341,198 | -€93,192 | -21.5% |
| Financial debts | 170/4 | €247,556 | €150,627 | -€96,929 | -39.2% |
| Other amounts payable | 178/9 | €186,835 | €190,571 | +€3,737 | +2.0% |
| Amounts payable within one year | 42/48 | €236,793 | €245,863 | +€9,070 | +3.8% |
| Current portion of amounts payable after more than one year | 42 | €116,850 | €96,929 | -€19,921 | -17.0% |
| Financial debts | 43 | €0 | - | = | |
| Credit institutions | 430/8 | €0 | - | = | |
| Trade debts | 44 | €88,164 | €85,238 | -€2,926 | -3.3% |
| Suppliers | 440/4 | €88,164 | €85,238 | -€2,926 | -3.3% |
| Taxes, remuneration and social security | 45 | €21,244 | €36,150 | +€14,906 | +70.2% |
| Taxes | 450/3 | €19,926 | €36,150 | +€16,224 | +81.4% |
| Remuneration and social security | 454/9 | €1,318 | €0 | -€1,318 | -100% |
| Other amounts payable | 47/48 | €10,535 | €27,547 | +€17,012 | +161% |
| Accrued charges and deferred income | 492/3 | €1,920 | €1,920 | = | 0.0% |
| Non-recurring operating income | 76A | €41,564 | €0 | -€41,564 | -100% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €67,365 | €67,748 | +€383 | +0.6% |
| Other operating charges | 640/8 | €6,944 | €7,044 | +€100 | +1.4% |
| Non-recurring operating charges | 66A | €0 | - | = | |
| Gross operating margin | 9900 | €216,046 | €282,606 | +€66,560 | +30.8% |
| Operating profit (loss) | 9901 | €141,737 | €207,813 | +€66,077 | +46.6% |
| Financial income | 75/76B | - | €96 | +€96 | |
| Recurring financial income | 75 | - | €96 | +€96 | |
| Financial charges | 65/66B | €13,250 | €41,287 | +€28,037 | +212% |
| Recurring financial charges | 65 | €13,250 | €41,287 | +€28,037 | +212% |
| Profit (loss) for the period before taxes | 9903 | €128,487 | €166,622 | +€38,136 | +29.7% |
| Income taxes | 67/77 | €28,653 | €40,883 | +€12,230 | +42.7% |
| Profit (loss) for the period | 9904 | €99,834 | €125,739 | +€25,906 | +25.9% |
| Transfer to tax-exempt reserves | 689 | €42,100 | €67,360 | +€25,260 | +60.0% |
| Profit (loss) for the period to be appropriated | 9905 | €57,734 | €58,379 | +€646 | +1.1% |
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 16 October 2026 via checked.be.