Dr. TIM TOLLENS: 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.
Dr. TIM TOLLENS
Largest movements
- Tangible fixed assets +€1.0m
up €1.0m (+18.1%), from €5.6m to €6.6m
of which Land and buildings: +€980,457
- Receivables within one year +€102,904
up €102,904 (+24.5%), from €420,295 to €523,199
- Reserves +€501,902
up €501,902 (+24.7%), from €2.0m to €2.5m
of which Distributable reserves: +€501,902
- Debts after one year +€384,626
up €384,626 (+8.7%), from €4.4m to €4.8m
- Gross operating margin +€318,343
up €318,343 (+36.3%), from €877,084 to €1.2m
- Taxes +€102,624
up €102,624 (+102%), from €100,300 to €202,924
- Financial charges +€28,788
up €28,788 (+20.1%), from €143,512 to €172,299
- Depreciation -€14,750
down €14,750 (-6.8%), from €216,841 to €202,091
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 | €7,470,054 | €8,523,988 | +€1.1m | +14.1% |
| Fixed assets | 21/28 | €6,738,949 | €7,757,423 | +€1.0m | +15.1% |
| Tangible fixed assets | 22/27 | €5,613,163 | €6,631,637 | +€1.0m | +18.1% |
| Land and buildings | 22 | €5,440,227 | €6,420,684 | +€980,457 | +18.0% |
| Plant, machinery and equipment | 23 | €28,135 | €54,354 | +€26,219 | +93.2% |
| Furniture and vehicles | 24 | €144,801 | €156,599 | +€11,798 | +8.1% |
| Financial fixed assets | 28 | €1,125,786 | €1,125,786 | = | 0.0% |
| Current assets | 29/58 | €731,105 | €766,565 | +€35,460 | +4.9% |
| Amounts receivable within one year | 40/41 | €420,295 | €523,199 | +€102,904 | +24.5% |
| Other amounts receivable | 41 | €420,295 | €523,199 | +€102,904 | +24.5% |
| Cash at bank and in hand | 54/58 | €310,809 | €243,365 | -€67,444 | -21.7% |
| Total equity and liabilities | 10/49 | €7,470,054 | €8,523,988 | +€1.1m | +14.1% |
| Equity | 10/15 | €2,053,971 | €2,555,874 | +€501,902 | +24.4% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €2,035,371 | €2,537,274 | +€501,902 | +24.7% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Tax-exempt reserves | 132 | €168,750 | €168,750 | = | 0.0% |
| Distributable reserves | 133 | €1,864,761 | €2,366,664 | +€501,902 | +26.9% |
| Amounts payable | 17/49 | €5,416,082 | €5,968,114 | +€552,032 | +10.2% |
| Amounts payable after more than one year | 17 | €4,422,894 | €4,807,520 | +€384,626 | +8.7% |
| Financial debts | 170/4 | €4,422,894 | €4,807,520 | +€384,626 | +8.7% |
| Amounts payable within one year | 42/48 | €993,188 | €1,160,594 | +€167,406 | +16.9% |
| Current portion of amounts payable after more than one year | 42 | €256,297 | €306,672 | +€50,375 | +19.7% |
| Trade debts | 44 | €30,043 | €94,343 | +€64,301 | +214% |
| Suppliers | 440/4 | €30,043 | €94,343 | +€64,301 | +214% |
| Taxes, remuneration and social security | 45 | - | €77,410 | +€77,410 | |
| Taxes | 450/3 | - | €77,410 | +€77,410 | |
| Other amounts payable | 47/48 | €706,849 | €682,169 | -€24,680 | -3.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €216,841 | €202,091 | -€14,750 | -6.8% |
| Other operating charges | 640/8 | €121,253 | €118,289 | -€2,964 | -2.4% |
| Gross operating margin | 9900 | €877,084 | €1,195,427 | +€318,343 | +36.3% |
| Operating profit (loss) | 9901 | €538,990 | €875,047 | +€336,057 | +62.3% |
| Financial income | 75/76B | €3,437 | €2,938 | -€499 | -14.5% |
| Recurring financial income | 75 | €3,437 | €2,938 | -€499 | -14.5% |
| Financial charges | 65/66B | €143,512 | €172,299 | +€28,788 | +20.1% |
| Recurring financial charges | 65 | €143,512 | €172,299 | +€28,788 | +20.1% |
| Profit (loss) for the period before taxes | 9903 | €398,916 | €705,685 | +€306,770 | +76.9% |
| Income taxes | 67/77 | €100,300 | €202,924 | +€102,624 | +102% |
| Profit (loss) for the period | 9904 | €298,616 | €502,761 | +€204,145 | +68.4% |
| Profit (loss) for the period to be appropriated | 9905 | €298,616 | €502,761 | +€204,145 | +68.4% |
Source: filed annual accounts (NBB), financial years ended 31 October 2024 and 31 October 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 28 October 2026 via checked.be.