T.O.V.: 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.V.
Largest movements
- Stocks and contracts -€5,819
down €5,819 (-3.0%), from €191,651 to €185,832
- Tangible fixed assets -€3,681
down €3,681 (-21.3%), from €17,254 to €13,573
of which Leasing and similar rights: -€4,526
- Cash -€3,344
down €3,344 (-11.4%), from €29,406 to €26,062
mainly Current portion of long-term debt (-€31,140) and Debts after one year (-€22,277)
- Current portion of long-term debt -€31,140
down €31,140 (-63.1%), from €49,316 to €18,177
- Profit (loss) carried forward +€27,784
up €27,784 (+56.1%), from -€49,507 to -€21,723
- Debts after one year -€22,277
down €22,277 (-74.6%), from €29,872 to €7,594
- Short-term financial debts +€8,559
up €8,559 (+8.2%), from €103,830 to €112,389
- Trade debts +€6,677
up €6,677 (+9.0%), from €74,208 to €80,885
- Staff costs -€16,228
down €16,228 (-12.8%), from €126,460 to €110,232
- Gross operating margin -€4,765
down €4,765 (-2.8%), from €171,503 to €166,738
- Financial charges +€2,188
up €2,188 (+13.3%), from €16,459 to €18,646
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 | €276,424 | €261,990 | -€14,434 | -5.2% |
| Fixed assets | 21/28 | €17,254 | €13,573 | -€3,681 | -21.3% |
| Tangible fixed assets | 22/27 | €17,254 | €13,573 | -€3,681 | -21.3% |
| Land and buildings | 22 | €6,082 | €4,055 | -€2,027 | -33.3% |
| Plant, machinery and equipment | 23 | - | €3,656 | +€3,656 | |
| Furniture and vehicles | 24 | €1,544 | €761 | -€783 | -50.7% |
| Leasing and similar rights | 25 | €9,628 | €5,102 | -€4,526 | -47.0% |
| Current assets | 29/58 | €259,170 | €248,417 | -€10,753 | -4.1% |
| Stocks and contracts in progress | 3 | €191,651 | €185,832 | -€5,819 | -3.0% |
| Stocks | 30/36 | €191,651 | €185,832 | -€5,819 | -3.0% |
| Amounts receivable within one year | 40/41 | €35,309 | €33,713 | -€1,596 | -4.5% |
| Trade receivables | 40 | €5,363 | €5,797 | +€435 | +8.1% |
| Other amounts receivable | 41 | €29,946 | €27,915 | -€2,031 | -6.8% |
| Cash at bank and in hand | 54/58 | €29,406 | €26,062 | -€3,344 | -11.4% |
| Deferred charges and accrued income | 490/1 | €2,804 | €2,810 | +€6 | +0.2% |
| Total equity and liabilities | 10/49 | €276,424 | €261,990 | -€14,434 | -5.2% |
| Equity | 10/15 | -€29,056 | -€1,272 | +€27,784 | +95.6% |
| Contributions | 10/11 | €18,592 | €18,592 | = | 0.0% |
| Reserves | 13 | €1,859 | €1,859 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,859 | €1,859 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,859 | €1,859 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€49,507 | -€21,723 | +€27,784 | +56.1% |
| Amounts payable | 17/49 | €305,480 | €263,262 | -€42,219 | -13.8% |
| Amounts payable after more than one year | 17 | €29,872 | €7,594 | -€22,277 | -74.6% |
| Financial debts | 170/4 | €29,872 | €7,594 | -€22,277 | -74.6% |
| Amounts payable within one year | 42/48 | €273,309 | €253,811 | -€19,498 | -7.1% |
| Current portion of amounts payable after more than one year | 42 | €49,316 | €18,177 | -€31,140 | -63.1% |
| Financial debts | 43 | €103,830 | €112,389 | +€8,559 | +8.2% |
| Credit institutions | 430/8 | €103,830 | €112,389 | +€8,559 | +8.2% |
| Trade debts | 44 | €74,208 | €80,885 | +€6,677 | +9.0% |
| Suppliers | 440/4 | €74,208 | €80,885 | +€6,677 | +9.0% |
| Taxes, remuneration and social security | 45 | €45,955 | €42,361 | -€3,594 | -7.8% |
| Taxes | 450/3 | €21,502 | €21,358 | -€145 | -0.7% |
| Remuneration and social security | 454/9 | €24,453 | €21,003 | -€3,450 | -14.1% |
| Accrued charges and deferred income | 492/3 | €2,300 | €1,857 | -€443 | -19.3% |
| Remuneration, social security and pensions | 62 | €126,460 | €110,232 | -€16,228 | -12.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €7,632 | €8,016 | +€385 | +5.0% |
| Other operating charges | 640/8 | €1,014 | €1,058 | +€44 | +4.3% |
| Non-recurring operating charges | 66A | €177 | €830 | +€653 | +369% |
| Gross operating margin | 9900 | €171,503 | €166,738 | -€4,765 | -2.8% |
| Operating profit (loss) | 9901 | €36,220 | €46,602 | +€10,382 | +28.7% |
| Financial income | 75/76B | €1 | €45 | +€44 | +4,028% |
| Recurring financial income | 75 | €1 | €45 | +€44 | +4,028% |
| Financial charges | 65/66B | €16,459 | €18,646 | +€2,188 | +13.3% |
| Recurring financial charges | 65 | €16,459 | €18,646 | +€2,188 | +13.3% |
| Profit (loss) for the period before taxes | 9903 | €19,762 | €28,000 | +€8,238 | +41.7% |
| Income taxes | 67/77 | €276 | €216 | -€59 | -21.5% |
| Profit (loss) for the period | 9904 | €19,487 | €27,784 | +€8,297 | +42.6% |
| Profit (loss) for the period to be appropriated | 9905 | €19,487 | €27,784 | +€8,297 | +42.6% |
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 27 October 2026 via checked.be.