T.O.C.: 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.C.
Largest movements
- Receivables within one year +€195,004
up €195,004 (+34.9%), from €559,475 to €754,478
of which Other amounts receivable: +€178,656
- Tangible fixed assets -€57,919
down €57,919 (-7.2%), from €808,423 to €750,504
of which Furniture and vehicles: -€51,460
- Cash -€57,182
down €57,182 (-62.5%), from €91,495 to €34,312
mainly Contributions, distributions and other (-€209,000) and Receivables within one year (-€195,004)
- Other debts +€169,253
up €169,253 (+273%), from €61,905 to €231,158
- Reserves -€91,000
down €91,000 (-38.6%), from €235,900 to €144,900
- Profit (loss) carried forward +€87,574
up €87,574 (+194%), from €45,150 to €132,724
- Short-term financial debts -€79,113
down €79,113 (-31.6%), from €250,000 to €170,887
of which Other loans: -€79,113
- Tax, wage and social debts +€27,989
up €27,989 (+38.0%), from €73,676 to €101,665
of which Taxes: +€37,380
- Gross operating margin +€293,161
up €293,161 (+40.1%), from €731,177 to €1.0m
- Staff costs +€127,427
up €127,427 (+26.6%), from €479,070 to €606,497
- Taxes +€32,712
up €32,712 (+131%), from €25,000 to €57,712
- Depreciation +€30,108
up €30,108 (+35.9%), from €83,949 to €114,057
- Financial charges +€14,808
up €14,808 (+76.2%), from €19,424 to €34,232
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 | €1,514,400 | €1,593,149 | +€78,749 | +5.2% |
| Formation expenses | 20 | €0 | - | = | |
| Fixed assets | 21/28 | €839,468 | €778,936 | -€60,532 | -7.2% |
| Intangible fixed assets | 21 | €5,746 | €4,232 | -€1,513 | -26.3% |
| Tangible fixed assets | 22/27 | €808,423 | €750,504 | -€57,919 | -7.2% |
| Land and buildings | 22 | €677,338 | €677,431 | +€93 | 0.0% |
| Plant, machinery and equipment | 23 | €37,445 | €30,894 | -€6,551 | -17.5% |
| Furniture and vehicles | 24 | €93,640 | €42,180 | -€51,460 | -55.0% |
| Other tangible fixed assets | 26 | €0 | - | = | |
| Financial fixed assets | 28 | €25,300 | €24,200 | -€1,100 | -4.3% |
| Current assets | 29/58 | €674,931 | €814,213 | +€139,281 | +20.6% |
| Stocks and contracts in progress | 3 | €18,587 | €21,625 | +€3,038 | +16.3% |
| Stocks | 30/36 | €18,587 | €21,625 | +€3,038 | +16.3% |
| Amounts receivable within one year | 40/41 | €559,475 | €754,478 | +€195,004 | +34.9% |
| Trade receivables | 40 | €99,079 | €115,426 | +€16,347 | +16.5% |
| Other amounts receivable | 41 | €460,396 | €639,052 | +€178,656 | +38.8% |
| Cash at bank and in hand | 54/58 | €91,495 | €34,312 | -€57,182 | -62.5% |
| Deferred charges and accrued income | 490/1 | €5,375 | €3,797 | -€1,578 | -29.4% |
| Total equity and liabilities | 10/49 | €1,514,400 | €1,593,149 | +€78,749 | +5.2% |
| Equity | 10/15 | €283,050 | €279,624 | -€3,426 | -1.2% |
| Contributions | 10/11 | €2,000 | €2,000 | = | 0.0% |
| Reserves | 13 | €235,900 | €144,900 | -€91,000 | -38.6% |
| Distributable reserves | 133 | €235,900 | €144,900 | -€91,000 | -38.6% |
| Profit (loss) carried forward | 14 | €45,150 | €132,724 | +€87,574 | +194% |
| Amounts payable | 17/49 | €1,231,350 | €1,313,525 | +€82,175 | +6.7% |
| Amounts payable after more than one year | 17 | €559,889 | €534,046 | -€25,842 | -4.6% |
| Financial debts | 170/4 | €558,389 | €532,546 | -€25,842 | -4.6% |
| Other amounts payable | 178/9 | €1,500 | €1,500 | = | 0.0% |
| Amounts payable within one year | 42/48 | €670,867 | €779,479 | +€108,611 | +16.2% |
| Current portion of amounts payable after more than one year | 42 | €51,628 | €51,300 | -€329 | -0.6% |
| Financial debts | 43 | €250,000 | €170,887 | -€79,113 | -31.6% |
| Credit institutions | 430/8 | €150,000 | €150,000 | = | 0.0% |
| Other loans | 439 | €100,000 | €20,887 | -€79,113 | -79.1% |
| Trade debts | 44 | €233,658 | €224,469 | -€9,189 | -3.9% |
| Suppliers | 440/4 | €233,658 | €224,469 | -€9,189 | -3.9% |
| Taxes, remuneration and social security | 45 | €73,676 | €101,665 | +€27,989 | +38.0% |
| Taxes | 450/3 | €9,446 | €46,825 | +€37,380 | +396% |
| Remuneration and social security | 454/9 | €64,230 | €54,840 | -€9,391 | -14.6% |
| Other amounts payable | 47/48 | €61,905 | €231,158 | +€169,253 | +273% |
| Accrued charges and deferred income | 492/3 | €594 | €0 | -€594 | -100% |
| Remuneration, social security and pensions | 62 | €479,070 | €606,497 | +€127,427 | +26.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €83,949 | €114,057 | +€30,108 | +35.9% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €9,626 | €0 | -€9,626 | -100% |
| Other operating charges | 640/8 | €13,175 | €10,836 | -€2,340 | -17.8% |
| Non-recurring operating charges | 66A | €1,453 | €0 | -€1,453 | -100% |
| Gross operating margin | 9900 | €731,177 | €1,024,338 | +€293,161 | +40.1% |
| Operating profit (loss) | 9901 | €143,904 | €292,949 | +€149,045 | +104% |
| Financial income | 75/76B | €570 | €4,570 | +€4,000 | +701% |
| Recurring financial income | 75 | €570 | €4,570 | +€4,000 | +701% |
| Financial charges | 65/66B | €19,424 | €34,232 | +€14,808 | +76.2% |
| Recurring financial charges | 65 | €19,424 | €34,232 | +€14,808 | +76.2% |
| Profit (loss) for the period before taxes | 9903 | €125,050 | €263,287 | +€138,236 | +111% |
| Income taxes | 67/77 | €25,000 | €57,712 | +€32,712 | +131% |
| Profit (loss) for the period | 9904 | €100,050 | €205,574 | +€105,524 | +105% |
| Profit (loss) for the period to be appropriated | 9905 | €100,050 | €205,574 | +€105,524 | +105% |
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 22 October 2026 via checked.be.