TJOVAN: what changed
Two fiscal 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
TJOVAN
NACE 10.711, Manufacture of food products
fiscal year 2024 against 2025filed annual accounts (NBB)
Net result for the year
€187,403
2024 · €230,674-€43,271
Equity
€577,248
2024 · €389,845+€187,403
Cash
€358,934
2024 · €318,667+€40,267
Balance sheet total
€2.1m
2024 · €2.0m+€42,676
Largest movements
Assets
- Stocks and contracts -€101,556
down €101,556 (-44.7%), from €227,411 to €125,855
- Tangible fixed assets +€73,168
up €73,168 (+5.9%), from €1.2m to €1.3m
of which Other tangible fixed assets: +€171,780
- Cash +€40,267
up €40,267 (+12.6%), from €318,667 to €358,934
mainly Depreciation (+€276,516) and Net result for the year (+€187,403)
- Deferred charges and accrued income +€28,830
up €28,830 (+54.6%), from €52,816 to €81,646
Equity and liabilities
- Debts after one year -€197,238
down €197,238 (-20.2%), from €976,314 to €779,076
- Reserves +€187,403
up €187,403 (+50.2%), from €373,354 to €560,758
- Trade debts +€147,219
up €147,219 (+134.9%), from €109,132 to €256,352
- Other debts -€95,375
down €95,375 (-59.9%), from €159,166 to €63,790
- Accrued charges and deferred income +€25,836
up €25,836 (+269.6%), from €9,584 to €35,420
Income statement
- Depreciation +€43,452
up €43,452 (+18.6%), from €233,064 to €276,516
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
€230,674
Gross operating margin
+€14,412
Staff costs
-€1,160
Depreciation
-€43,452
Other operating charges
-€2,526
Other operating items
-€829
Financial income
+€814
Financial charges
-€485
Taxes
-€10,044
Result 2025
€187,403
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.
From operations
+€602,680
Investment
-€347,399
Financing
-€215,014
Cash 2024
€318,667
From operations (derived)
+€602,680
Net result for the year
+€187,403
Depreciation
+€276,516
Stocks and contracts
+€101,556
Receivables within one year
-€4,252
Deferred charges and accrued income
-€28,830
Trade debts
+€147,219
Tax, wage and social debts
-€7,394
Other debts
-€95,375
Accrued charges and deferred income
+€25,836
Investment (derived)
-€347,399
Investment in fixed assets (net)
-€347,399
Financing
-€215,014
Debts after one year
-€197,238
Current portion of long-term debt
-€3,078
Short-term financial debts
-€14,698
Cash 2025
€358,934
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €2,025,046 | €2,067,722 | +€42,676 | +2.1% |
| Formation expenses | 20 | €4,201 | €2,366 | -€1,835 | -43.7% |
| Fixed assets | 21/28 | €1,259,563 | €1,332,281 | +€72,718 | +5.8% |
| Intangible fixed assets | 21 | €1,781 | €1,331 | -€450 | -25.3% |
| Tangible fixed assets | 22/27 | €1,248,671 | €1,321,839 | +€73,168 | +5.9% |
| Land and buildings | 22 | - | €1,000 | +€1,000 | |
| Plant, machinery and equipment | 23 | €382,153 | €262,984 | -€119,170 | -31.2% |
| Furniture and vehicles | 24 | €7,436 | €86,982 | +€79,546 | +1069.7% |
| Leasing and similar rights | 25 | €549,417 | €491,517 | -€57,900 | -10.5% |
| Other tangible fixed assets | 26 | €299,295 | €471,075 | +€171,780 | +57.4% |
| Assets under construction and advance payments | 27 | €10,369 | €8,282 | -€2,088 | -20.1% |
| Financial fixed assets | 28 | €9,111 | €9,111 | = | 0.0% |
| Current assets | 29/58 | €761,282 | €733,075 | -€28,207 | -3.7% |
| Stocks and contracts in progress | 3 | €227,411 | €125,855 | -€101,556 | -44.7% |
| Stocks | 30/36 | €227,411 | €125,855 | -€101,556 | -44.7% |
| Amounts receivable within one year | 40/41 | €162,389 | €166,641 | +€4,252 | +2.6% |
| Trade receivables | 40 | €86,840 | €78,411 | -€8,429 | -9.7% |
| Other amounts receivable | 41 | €75,549 | €88,230 | +€12,681 | +16.8% |
| Cash at bank and in hand | 54/58 | €318,667 | €358,934 | +€40,267 | +12.6% |
| Deferred charges and accrued income | 490/1 | €52,816 | €81,646 | +€28,830 | +54.6% |
| Total equity and liabilities | 10/49 | €2,025,046 | €2,067,722 | +€42,676 | +2.1% |
| Equity | 10/15 | €389,845 | €577,248 | +€187,403 | +48.1% |
| Contributions | 10/11 | €16,490 | €16,490 | = | 0.0% |
| Reserves | 13 | €373,354 | €560,758 | +€187,403 | +50.2% |
| Distributable reserves | 133 | €373,354 | €560,758 | +€187,403 | +50.2% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €1,635,202 | €1,490,474 | -€144,727 | -8.9% |
| Amounts payable after more than one year | 17 | €976,314 | €779,076 | -€197,238 | -20.2% |
| Financial debts | 170/4 | €976,314 | €779,076 | -€197,238 | -20.2% |
| Amounts payable within one year | 42/48 | €649,304 | €675,979 | +€26,675 | +4.1% |
| Current portion of amounts payable after more than one year | 42 | €150,316 | €147,238 | -€3,078 | -2.0% |
| Financial debts | 43 | €14,698 | €0 | -€14,698 | -100.0% |
| Credit institutions | 430/8 | €14,698 | €0 | -€14,698 | -100.0% |
| Trade debts | 44 | €109,132 | €256,352 | +€147,219 | +134.9% |
| Suppliers | 440/4 | €109,132 | €256,352 | +€147,219 | +134.9% |
| Taxes, remuneration and social security | 45 | €215,993 | €208,599 | -€7,394 | -3.4% |
| Taxes | 450/3 | €34,391 | €36,768 | +€2,377 | +6.9% |
| Remuneration and social security | 454/9 | €181,602 | €171,831 | -€9,771 | -5.4% |
| Other amounts payable | 47/48 | €159,166 | €63,790 | -€95,375 | -59.9% |
| Accrued charges and deferred income | 492/3 | €9,584 | €35,420 | +€25,836 | +269.6% |
| Non-recurring operating income | 76A | €16,500 | €7,273 | -€9,227 | -55.9% |
| Remuneration, social security and pensions | 62 | €1,110,810 | €1,111,970 | +€1,160 | +0.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €233,064 | €276,516 | +€43,452 | +18.6% |
| Other operating charges | 640/8 | €12,988 | €15,514 | +€2,526 | +19.4% |
| Non-recurring operating charges | 66A | - | €829 | +€829 | |
| Gross operating margin | 9900 | €1,699,088 | €1,713,499 | +€14,412 | +0.8% |
| Operating profit (loss) | 9901 | €342,225 | €308,671 | -€33,555 | -9.8% |
| Financial income | 75/76B | €757 | €1,571 | +€814 | +107.6% |
| Recurring financial income | 75 | €757 | €1,571 | +€814 | +107.6% |
| Financial charges | 65/66B | €66,787 | €67,272 | +€485 | +0.7% |
| Recurring financial charges | 65 | €66,787 | €67,272 | +€485 | +0.7% |
| Profit (loss) for the period before taxes | 9903 | €276,195 | €242,969 | -€33,226 | -12.0% |
| Income taxes | 67/77 | €45,521 | €55,566 | +€10,044 | +22.1% |
| Profit (loss) for the period | 9904 | €230,674 | €187,403 | -€43,271 | -18.8% |
| Profit (loss) for the period to be appropriated | 9905 | €230,674 | €187,403 | -€43,271 | -18.8% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 7 October 2026 via checked.be.