T.O: 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.
T.O
Largest movements
- Cash -€122,491
down €122,491 (-81.0%), from €151,250 to €28,759
mainly Investment in fixed assets (net) (-€79,621) and Contributions, distributions and other (-€74,557)
- Financial fixed assets +€44,953
up €44,953 (+14984.4%), from €300 to €45,253
- Receivables after one year -€40,000
no longer reported in 2025 (was €40,000)
- Receivables within one year +€33,849
up €33,849 (+96.5%), from €35,076 to €68,926
of which Other amounts receivable: +€52,152
- Tangible fixed assets -€28,571
down €28,571 (-8.8%), from €324,768 to €296,197
of which Furniture and vehicles: -€19,789
- Other debts -€58,412
down €58,412 (-45.3%), from €129,000 to €70,588
- Debts after one year -€48,700
down €48,700 (-33.6%), from €144,776 to €96,076
- Tax, wage and social debts -€29,469
down €29,469 (-63.6%), from €46,305 to €16,836
of which Taxes: -€27,595
- Profit (loss) carried forward +€16,473
up €16,473 (+611.4%), from €2,694 to €19,167
- Trade debts +€14,983
up €14,983 (+10.0%), from €149,699 to €164,682
- Staff costs +€29,829
up €29,829 (+21.1%), from €141,684 to €171,513
- Gross operating margin +€22,979
up €22,979 (+6.8%), from €339,646 to €362,625
- Depreciation +€5,537
up €5,537 (+9.5%), from €58,580 to €64,117
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 | €613,947 | €506,887 | -€107,060 | -17.4% |
| Formation expenses | 20 | €1,775 | €897 | -€878 | -49.5% |
| Fixed assets | 21/28 | €325,068 | €341,450 | +€16,382 | +5.0% |
| Tangible fixed assets | 22/27 | €324,768 | €296,197 | -€28,571 | -8.8% |
| Plant, machinery and equipment | 23 | €208,129 | €195,739 | -€12,391 | -6.0% |
| Furniture and vehicles | 24 | €72,543 | €52,754 | -€19,789 | -27.3% |
| Other tangible fixed assets | 26 | €44,095 | €47,704 | +€3,609 | +8.2% |
| Financial fixed assets | 28 | €300 | €45,253 | +€44,953 | +14984.4% |
| Current assets | 29/58 | €287,104 | €164,540 | -€122,564 | -42.7% |
| Amounts receivable after more than one year | 29 | €40,000 | - | -€40,000 | |
| Other amounts receivable | 291 | €40,000 | - | -€40,000 | |
| Stocks and contracts in progress | 3 | €50,289 | €50,289 | = | 0.0% |
| Stocks | 30/36 | €50,289 | €50,289 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €35,076 | €68,926 | +€33,849 | +96.5% |
| Trade receivables | 40 | €34,296 | €15,993 | -€18,303 | -53.4% |
| Other amounts receivable | 41 | €780 | €52,932 | +€52,152 | +6686.0% |
| Cash at bank and in hand | 54/58 | €151,250 | €28,759 | -€122,491 | -81.0% |
| Deferred charges and accrued income | 490/1 | €10,489 | €16,567 | +€6,077 | +57.9% |
| Total equity and liabilities | 10/49 | €613,947 | €506,887 | -€107,060 | -17.4% |
| Equity | 10/15 | €92,441 | €104,945 | +€12,504 | +13.5% |
| Contributions | 10/11 | €58,000 | €58,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €2,694 | €19,167 | +€16,473 | +611.4% |
| Investment grants | 15 | €31,747 | €27,778 | -€3,968 | -12.5% |
| Amounts payable | 17/49 | €521,506 | €401,942 | -€119,564 | -22.9% |
| Amounts payable after more than one year | 17 | €144,776 | €96,076 | -€48,700 | -33.6% |
| Financial debts | 170/4 | €144,776 | €96,076 | -€48,700 | -33.6% |
| Amounts payable within one year | 42/48 | €374,277 | €300,807 | -€73,471 | -19.6% |
| Current portion of amounts payable after more than one year | 42 | €49,273 | €48,700 | -€573 | -1.2% |
| Trade debts | 44 | €149,699 | €164,682 | +€14,983 | +10.0% |
| Suppliers | 440/4 | €149,699 | €164,682 | +€14,983 | +10.0% |
| Taxes, remuneration and social security | 45 | €46,305 | €16,836 | -€29,469 | -63.6% |
| Taxes | 450/3 | €30,540 | €2,945 | -€27,595 | -90.4% |
| Remuneration and social security | 454/9 | €15,765 | €13,891 | -€1,874 | -11.9% |
| Other amounts payable | 47/48 | €129,000 | €70,588 | -€58,412 | -45.3% |
| Accrued charges and deferred income | 492/3 | €2,452 | €5,058 | +€2,606 | +106.3% |
| Remuneration, social security and pensions | 62 | €141,684 | €171,513 | +€29,829 | +21.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €58,580 | €64,117 | +€5,537 | +9.5% |
| Other operating charges | 640/8 | €3,465 | €1,313 | -€2,153 | -62.1% |
| Gross operating margin | 9900 | €339,646 | €362,625 | +€22,979 | +6.8% |
| Operating profit (loss) | 9901 | €135,917 | €125,682 | -€10,235 | -7.5% |
| Financial income | 75/76B | €6,850 | €6,139 | -€711 | -10.4% |
| Recurring financial income | 75 | €6,850 | €6,139 | -€711 | -10.4% |
| Financial charges | 65/66B | €17,480 | €15,820 | -€1,660 | -9.5% |
| Recurring financial charges | 65 | €17,480 | €15,820 | -€1,660 | -9.5% |
| Profit (loss) for the period before taxes | 9903 | €125,286 | €116,001 | -€9,285 | -7.4% |
| Income taxes | 67/77 | €27,708 | €28,941 | +€1,232 | +4.4% |
| Profit (loss) for the period | 9904 | €97,578 | €87,061 | -€10,517 | -10.8% |
| Profit (loss) for the period to be appropriated | 9905 | €97,578 | €87,061 | -€10,517 | -10.8% |
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 10 October 2026 via checked.be.