TBO: 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.
TBO
Largest movements
- Cash -€1,357
down €1,357 (-5.5%), from €24,735 to €23,378
mainly Receivables within one year (-€1,150) and Investment in fixed assets (net) (-€956)
- Receivables within one year +€1,150
up €1,150 (+5.7%), from €20,186 to €21,336
of which Other amounts receivable: +€1,761
- Tangible fixed assets +€673
new in 2025: €673
- Profit (loss) carried forward +€1,239
up €1,239 (+5.1%), from €24,467 to €25,706
- Trade debts -€488
down €488 (-45.9%), from €1,064 to €576
- Gross operating margin -€5,671
down €5,671 (-82.3%), from €6,889 to €1,218
- Depreciation -€5,482
down €5,482 (-95.1%), from €5,765 to €283
- Financial income +€293
up €293 (+36.0%), from €815 to €1,108
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 | €44,922 | €45,387 | +€465 | +1.0% |
| Fixed assets | 21/28 | - | €673 | +€673 | |
| Tangible fixed assets | 22/27 | - | €673 | +€673 | |
| Plant, machinery and equipment | 23 | - | €673 | +€673 | |
| Current assets | 29/58 | €44,922 | €44,714 | -€208 | -0.5% |
| Amounts receivable within one year | 40/41 | €20,186 | €21,336 | +€1,150 | +5.7% |
| Trade receivables | 40 | €611 | - | -€611 | |
| Other amounts receivable | 41 | €19,575 | €21,336 | +€1,761 | +9.0% |
| Cash at bank and in hand | 54/58 | €24,735 | €23,378 | -€1,357 | -5.5% |
| Deferred charges and accrued income | 490/1 | €1 | - | -€1 | |
| Total equity and liabilities | 10/49 | €44,922 | €45,387 | +€465 | +1.0% |
| Equity | 10/15 | €43,191 | €44,430 | +€1,239 | +2.9% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €124 | €124 | = | 0.0% |
| Non-distributable reserves | 130/1 | €124 | €124 | = | 0.0% |
| Reserves not available under the articles | 1311 | €124 | €124 | = | 0.0% |
| Profit (loss) carried forward | 14 | €24,467 | €25,706 | +€1,239 | +5.1% |
| Amounts payable | 17/49 | €1,731 | €957 | -€774 | -44.7% |
| Amounts payable within one year | 42/48 | €1,678 | €957 | -€721 | -43.0% |
| Trade debts | 44 | €1,064 | €576 | -€488 | -45.9% |
| Suppliers | 440/4 | €1,064 | €576 | -€488 | -45.9% |
| Taxes, remuneration and social security | 45 | €614 | €381 | -€233 | -37.9% |
| Taxes | 450/3 | €614 | €381 | -€233 | -37.9% |
| Accrued charges and deferred income | 492/3 | €53 | - | -€53 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €5,765 | €283 | -€5,482 | -95.1% |
| Other operating charges | 640/8 | €614 | €614 | = | 0.0% |
| Gross operating margin | 9900 | €6,889 | €1,218 | -€5,671 | -82.3% |
| Operating profit (loss) | 9901 | €510 | €321 | -€189 | -37.1% |
| Financial income | 75/76B | €815 | €1,108 | +€293 | +36.0% |
| Recurring financial income | 75 | €815 | €1,108 | +€293 | +36.0% |
| Financial charges | 65/66B | €153 | €190 | +€37 | +24.2% |
| Recurring financial charges | 65 | €153 | €190 | +€37 | +24.2% |
| Profit (loss) for the period before taxes | 9903 | €1,172 | €1,239 | +€67 | +5.7% |
| Profit (loss) for the period | 9904 | €1,172 | €1,239 | +€67 | +5.7% |
| Profit (loss) for the period to be appropriated | 9905 | €1,172 | €1,239 | +€67 | +5.7% |
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 15 October 2026 via checked.be.