T.O.D.: 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.D.
Largest movements
- Financial fixed assets -€80,363
down €80,363 (-100.0%), from €80,363 to €0
- Receivables within one year +€75,839
up €75,839 (+697.4%), from €10,875 to €86,714
of which Trade receivables: +€75,568
- Cash -€32,955
down €32,955 (-70.3%), from €46,904 to €13,948
mainly Receivables within one year (-€75,839) and Net result for the year (-€31,370)
- Stocks and contracts +€11,722
up €11,722 (+23.0%), from €51,068 to €62,790
- Other debts +€34,114
new in 2025: €34,114
- Trade debts -€17,192
down €17,192 (-64.3%), from €26,730 to €9,538
- Profit (loss) carried forward -€13,632
down €13,632 (-76.1%), from €17,911 to €4,279
- Tax, wage and social debts -€12,606
down €12,606 (-78.7%), from €16,012 to €3,406
- Current portion of long-term debt -€12,099
down €12,099 (-100.0%), from €12,099 to €0
- Gross operating margin +€37,938
up €37,938 (+68.9%), from -€55,048 to -€17,110
- Depreciation +€2,269
up €2,269 (+26.3%), from €8,620 to €10,888
- Other operating charges -€1,406
down €1,406 (-33.6%), from €4,183 to €2,777
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 | €217,338 | €190,692 | -€26,646 | -12.3% |
| Fixed assets | 21/28 | €108,491 | €27,239 | -€81,251 | -74.9% |
| Intangible fixed assets | 21 | €2,605 | €1,501 | -€1,104 | -42.4% |
| Tangible fixed assets | 22/27 | €25,522 | €25,738 | +€216 | +0.8% |
| Plant, machinery and equipment | 23 | €2,123 | €1,423 | -€700 | -33.0% |
| Furniture and vehicles | 24 | €21,345 | €15,273 | -€6,071 | -28.4% |
| Other tangible fixed assets | 26 | €2,054 | €9,041 | +€6,987 | +340.1% |
| Financial fixed assets | 28 | €80,363 | €0 | -€80,363 | -100.0% |
| Current assets | 29/58 | €108,847 | €163,452 | +€54,605 | +50.2% |
| Stocks and contracts in progress | 3 | €51,068 | €62,790 | +€11,722 | +23.0% |
| Stocks | 30/36 | €51,068 | €62,790 | +€11,722 | +23.0% |
| Amounts receivable within one year | 40/41 | €10,875 | €86,714 | +€75,839 | +697.4% |
| Trade receivables | 40 | €10,875 | €86,443 | +€75,568 | +694.9% |
| Other amounts receivable | 41 | €0 | €271 | +€271 | |
| Cash at bank and in hand | 54/58 | €46,904 | €13,948 | -€32,955 | -70.3% |
| Deferred charges and accrued income | 490/1 | €0 | - | = | |
| Total equity and liabilities | 10/49 | €217,338 | €190,692 | -€26,646 | -12.3% |
| Equity | 10/15 | €20,661 | €7,029 | -€13,632 | -66.0% |
| Contributions | 10/11 | €2,750 | €2,750 | = | 0.0% |
| Profit (loss) carried forward | 14 | €17,911 | €4,279 | -€13,632 | -76.1% |
| Amounts payable | 17/49 | €196,677 | €183,663 | -€13,014 | -6.6% |
| Amounts payable after more than one year | 17 | €141,836 | €136,605 | -€5,230 | -3.7% |
| Financial debts | 170/4 | €141,836 | €136,605 | -€5,230 | -3.7% |
| Amounts payable within one year | 42/48 | €54,842 | €47,058 | -€7,784 | -14.2% |
| Current portion of amounts payable after more than one year | 42 | €12,099 | €0 | -€12,099 | -100.0% |
| Trade debts | 44 | €26,730 | €9,538 | -€17,192 | -64.3% |
| Suppliers | 440/4 | €26,730 | €9,538 | -€17,192 | -64.3% |
| Taxes, remuneration and social security | 45 | €16,012 | €3,406 | -€12,606 | -78.7% |
| Taxes | 450/3 | €16,012 | €3,406 | -€12,606 | -78.7% |
| Other amounts payable | 47/48 | - | €34,114 | +€34,114 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €8,620 | €10,888 | +€2,269 | +26.3% |
| Other operating charges | 640/8 | €4,183 | €2,777 | -€1,406 | -33.6% |
| Gross operating margin | 9900 | -€55,048 | -€17,110 | +€37,938 | +68.9% |
| Operating profit (loss) | 9901 | -€67,851 | -€30,775 | +€37,075 | +54.6% |
| Financial income | 75/76B | €57 | €0 | -€57 | -100.0% |
| Recurring financial income | 75 | €57 | €0 | -€57 | -100.0% |
| Financial charges | 65/66B | €766 | €594 | -€172 | -22.5% |
| Recurring financial charges | 65 | €766 | €594 | -€172 | -22.5% |
| Profit (loss) for the period before taxes | 9903 | -€68,560 | -€31,370 | +€37,191 | +54.2% |
| Income taxes | 67/77 | €0 | - | = | |
| Profit (loss) for the period | 9904 | -€68,560 | -€31,370 | +€37,191 | +54.2% |
| Profit (loss) for the period to be appropriated | 9905 | -€68,560 | -€31,370 | +€37,191 | +54.2% |
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 12 October 2026 via checked.be.