Tilinvest: 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.
What changed
Tilinvest
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€25,910
2024 · €121,314-€95,404
Equity
€2.9m
2024 · €2.9m+€25,910
Cash
€15,231
2024 · €40,308-€25,077
Balance sheet total
€3.0m
2024 · €3.2m-€243,308
Largest movements
Assets
- Receivables within one year -€204,581
down €204,581 (-92.0%), from €222,252 to €17,671
Equity and liabilities
- Short-term financial debts -€235,000
down €235,000 (-78.3%), from €300,000 to €65,000
Income statement
- Financial income -€118,847
down €118,847 (-60.2%), from €197,349 to €78,502
- Taxes -€32,989
down €32,989 (-79.3%), from €41,626 to €8,637
- Gross operating margin -€15,129
down €15,129 (-33.4%), from €45,277 to €30,148
- Financial charges -€6,345
down €6,345 (-33.0%), from €19,240 to €12,895
- Other operating charges +€1,218
up €1,218 (+3.3%), from €37,230 to €38,448
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.
Result 2024
€121,314
Gross operating margin
-€15,129
Depreciation
+€456
Other operating charges
-€1,218
Financial income
-€118,847
Financial charges
+€6,345
Taxes
+€32,989
Result 2025
€25,910
raises the resultlowers the result
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.
From operations
+€219,204
Investment
-€9,281
Financing
-€235,000
Cash 2024
€40,308
From operations (derived)
+€219,204
Net result for the year
+€25,910
Depreciation
+€22,760
Receivables within one year
+€204,581
Smaller working-capital items
+€172
Tax, wage and social debts
-€32,190
Accrued charges and deferred income
-€2,029
Investment (derived)
-€9,281
Current investments
-€9,281
Financing
-€235,000
Short-term financial debts
-€235,000
Cash 2025
€15,231
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €3,226,097 | €2,982,789 | -€243,308 | -7.5% |
| Fixed assets | 21/28 | €380,689 | €357,929 | -€22,760 | -6.0% |
| Tangible fixed assets | 22/27 | €380,679 | €357,919 | -€22,760 | -6.0% |
| Land and buildings | 22 | €380,113 | €357,530 | -€22,583 | -5.9% |
| Plant, machinery and equipment | 23 | €126 | €96 | -€30 | -23.8% |
| Furniture and vehicles | 24 | €440 | €293 | -€147 | -33.4% |
| Financial fixed assets | 28 | €10 | €10 | = | 0.0% |
| Current assets | 29/58 | €2,845,408 | €2,624,860 | -€220,548 | -7.8% |
| Amounts receivable within one year | 40/41 | €222,252 | €17,671 | -€204,581 | -92.0% |
| Other amounts receivable | 41 | €222,252 | €17,671 | -€204,581 | -92.0% |
| Current investments | 50/53 | €2,578,964 | €2,588,245 | +€9,281 | +0.4% |
| Cash at bank and in hand | 54/58 | €40,308 | €15,231 | -€25,077 | -62.2% |
| Deferred charges and accrued income | 490/1 | €3,884 | €3,713 | -€171 | -4.4% |
| Total equity and liabilities | 10/49 | €3,226,097 | €2,982,789 | -€243,308 | -7.5% |
| Equity | 10/15 | €2,878,967 | €2,904,877 | +€25,910 | +0.9% |
| Contributions | 10/11 | €124,000 | €124,000 | = | 0.0% |
| Capital | 10 | €124,000 | €124,000 | = | 0.0% |
| Issued capital | 100 | €124,000 | €124,000 | = | 0.0% |
| Revaluation surpluses | 12 | €0 | - | = | |
| Reserves | 13 | €481,520 | €481,520 | = | 0.0% |
| Non-distributable reserves | 130/1 | €12,400 | €12,400 | = | 0.0% |
| Legal reserve | 130 | €12,400 | €12,400 | = | 0.0% |
| Distributable reserves | 133 | €469,120 | €469,120 | = | 0.0% |
| Profit (loss) carried forward | 14 | €2,273,447 | €2,299,357 | +€25,910 | +1.1% |
| Amounts payable | 17/49 | €347,130 | €77,912 | -€269,218 | -77.6% |
| Amounts payable after more than one year | 17 | €3,800 | €3,800 | = | 0.0% |
| Other amounts payable | 178/9 | €3,800 | €3,800 | = | 0.0% |
| Amounts payable within one year | 42/48 | €341,301 | €74,112 | -€267,189 | -78.3% |
| Current portion of amounts payable after more than one year | 42 | €0 | - | = | |
| Financial debts | 43 | €300,000 | €65,000 | -€235,000 | -78.3% |
| Credit institutions | 430/8 | €300,000 | €65,000 | -€235,000 | -78.3% |
| Trade debts | 44 | €475 | €476 | +€1 | +0.2% |
| Suppliers | 440/4 | €475 | €476 | +€1 | +0.2% |
| Taxes, remuneration and social security | 45 | €40,826 | €8,636 | -€32,190 | -78.8% |
| Taxes | 450/3 | €40,826 | €8,636 | -€32,190 | -78.8% |
| Accrued charges and deferred income | 492/3 | €2,029 | €0 | -€2,029 | -100% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €23,216 | €22,760 | -€456 | -2.0% |
| Other operating charges | 640/8 | €37,230 | €38,448 | +€1,218 | +3.3% |
| Gross operating margin | 9900 | €45,277 | €30,148 | -€15,129 | -33.4% |
| Operating profit (loss) | 9901 | -€15,169 | -€31,060 | -€15,891 | -105% |
| Financial income | 75/76B | €197,349 | €78,502 | -€118,847 | -60.2% |
| Recurring financial income | 75 | €197,349 | €78,502 | -€118,847 | -60.2% |
| Financial charges | 65/66B | €19,240 | €12,895 | -€6,345 | -33.0% |
| Recurring financial charges | 65 | €19,240 | €12,895 | -€6,345 | -33.0% |
| Profit (loss) for the period before taxes | 9903 | €162,940 | €34,547 | -€128,393 | -78.8% |
| Income taxes | 67/77 | €41,626 | €8,637 | -€32,989 | -79.3% |
| Profit (loss) for the period | 9904 | €121,314 | €25,910 | -€95,404 | -78.6% |
| Profit (loss) for the period to be appropriated | 9905 | €121,314 | €25,910 | -€95,404 | -78.6% |
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 29 October 2026 via checked.be.