T.O.G.: 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.G.
Largest movements
- Stocks and contracts +€2.3m
up €2.3m (+101%), from €2.2m to €4.5m
of which Stocks: +€2.3m
- Short-term financial debts +€1.8m
up €1.8m (+1,548%), from €116,647 to €1.9m
- Debts after one year +€694,378
up €694,378 (+36.0%), from €1.9m to €2.6m
- Profit (loss) carried forward -€165,988
down €165,988 (-16.8%), from -€987,722 to -€1.2m
- Trade debts -€51,314
down €51,314 (-59.4%), from €86,397 to €35,083
- Gross operating margin -€191,554
down €191,554, from €149,307 to -€42,247
- Financial charges -€9,093
down €9,093 (-18.1%), from €50,187 to €41,094
- Staff costs +€2,962
up €2,962 (+3.8%), from €78,349 to €81,312
- Other operating charges -€1,655
down €1,655 (-55.3%), from €2,991 to €1,336
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 | €2,304,046 | €4,587,083 | +€2.3m | +99.1% |
| Fixed assets | 21/28 | €42,974 | €42,974 | = | 0.0% |
| Tangible fixed assets | 22/27 | €0 | - | = | |
| Plant, machinery and equipment | 23 | €0 | - | = | |
| Financial fixed assets | 28 | €42,974 | €42,974 | = | 0.0% |
| Current assets | 29/58 | €2,261,072 | €4,544,109 | +€2.3m | +101% |
| Stocks and contracts in progress | 3 | €2,249,984 | €4,521,903 | +€2.3m | +101% |
| Stocks | 30/36 | €1,954,984 | €4,226,903 | +€2.3m | +116% |
| Contracts in progress | 37 | €295,000 | €295,000 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €3,476 | €8,568 | +€5,091 | +146% |
| Trade receivables | 40 | €260 | €3,329 | +€3,069 | +1,180% |
| Other amounts receivable | 41 | €3,216 | €5,238 | +€2,022 | +62.9% |
| Cash at bank and in hand | 54/58 | €4,415 | €12,708 | +€8,293 | +188% |
| Deferred charges and accrued income | 490/1 | €3,196 | €931 | -€2,265 | -70.9% |
| Total equity and liabilities | 10/49 | €2,304,046 | €4,587,083 | +€2.3m | +99.1% |
| Equity | 10/15 | €162,278 | -€3,710 | -€165,988 | |
| Contributions | 10/11 | €1,150,000 | €1,150,000 | = | 0.0% |
| Capital | 10 | €1,150,000 | €1,150,000 | = | 0.0% |
| Issued capital | 100 | €1,150,000 | €1,150,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€987,722 | -€1,153,710 | -€165,988 | -16.8% |
| Amounts payable | 17/49 | €2,141,768 | €4,590,793 | +€2.4m | +114% |
| Amounts payable after more than one year | 17 | €1,926,419 | €2,620,797 | +€694,378 | +36.0% |
| Financial debts | 170/4 | €1,926,419 | €2,620,797 | +€694,378 | +36.0% |
| Amounts payable within one year | 42/48 | €214,361 | €1,969,317 | +€1.8m | +819% |
| Current portion of amounts payable after more than one year | 42 | €0 | - | = | |
| Financial debts | 43 | €116,647 | €1,922,521 | +€1.8m | +1,548% |
| Credit institutions | 430/8 | €116,647 | €1,922,521 | +€1.8m | +1,548% |
| Trade debts | 44 | €86,397 | €35,083 | -€51,314 | -59.4% |
| Suppliers | 440/4 | €86,397 | €35,083 | -€51,314 | -59.4% |
| Taxes, remuneration and social security | 45 | €11,317 | €11,712 | +€395 | +3.5% |
| Taxes | 450/3 | €246 | €246 | = | 0.0% |
| Remuneration and social security | 454/9 | €11,071 | €11,466 | +€395 | +3.6% |
| Accrued charges and deferred income | 492/3 | €987 | €679 | -€308 | -31.2% |
| Remuneration, social security and pensions | 62 | €78,349 | €81,312 | +€2,962 | +3.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €27 | €0 | -€27 | -100% |
| Other operating charges | 640/8 | €2,991 | €1,336 | -€1,655 | -55.3% |
| Gross operating margin | 9900 | €149,307 | -€42,247 | -€191,554 | |
| Operating profit (loss) | 9901 | €67,939 | -€124,894 | -€192,834 | |
| Financial income | 75/76B | €205 | €0 | -€205 | -100% |
| Recurring financial income | 75 | €205 | €0 | -€205 | -100% |
| Financial charges | 65/66B | €50,187 | €41,094 | -€9,093 | -18.1% |
| Recurring financial charges | 65 | €50,187 | €41,094 | -€9,093 | -18.1% |
| Profit (loss) for the period before taxes | 9903 | €17,958 | -€165,988 | -€183,946 | |
| Profit (loss) for the period | 9904 | €17,958 | -€165,988 | -€183,946 | |
| Profit (loss) for the period to be appropriated | 9905 | €17,958 | -€165,988 | -€183,946 |
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 1 November 2026 via checked.be.