TO & CO: 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.
TO & CO
Largest movements
- Cash +€105,749
up €105,749 (+88.4%), from €119,574 to €225,322
mainly Net result for the year (+€62,272) and Depreciation (+€30,344)
- Tangible fixed assets -€30,818
down €30,818 (-25.7%), from €120,067 to €89,249
of which Leasing and similar rights: -€30,344
- Receivables within one year -€29,540
down €29,540 (-43.3%), from €68,273 to €38,733
of which Trade receivables: -€30,979
- Deferred charges and accrued income -€4,448
down €4,448 (-29.4%), from €15,131 to €10,683
- Reserves +€62,272
up €62,272 (+31.5%), from €197,955 to €260,227
- Debts after one year -€26,866
down €26,866 (-36.3%), from €73,934 to €47,067
- Trade debts +€4,635
up €4,635 (+30.7%), from €15,089 to €19,724
- Gross operating margin -€7,389
down €7,389 (-4.0%), from €184,995 to €177,607
- Taxes -€2,441
down €2,441 (-9.1%), from €26,951 to €24,510
- Depreciation +€1,996
up €1,996 (+7.0%), from €28,348 to €30,344
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 | €323,044 | €363,988 | +€40,943 | +12.7% |
| Fixed assets | 21/28 | €120,067 | €89,249 | -€30,818 | -25.7% |
| Tangible fixed assets | 22/27 | €120,067 | €89,249 | -€30,818 | -25.7% |
| Furniture and vehicles | 24 | €473 | - | -€473 | |
| Leasing and similar rights | 25 | €119,593 | €89,249 | -€30,344 | -25.4% |
| Current assets | 29/58 | €202,978 | €274,739 | +€71,761 | +35.4% |
| Amounts receivable within one year | 40/41 | €68,273 | €38,733 | -€29,540 | -43.3% |
| Trade receivables | 40 | €55,941 | €24,962 | -€30,979 | -55.4% |
| Other amounts receivable | 41 | €12,332 | €13,772 | +€1,439 | +11.7% |
| Cash at bank and in hand | 54/58 | €119,574 | €225,322 | +€105,749 | +88.4% |
| Deferred charges and accrued income | 490/1 | €15,131 | €10,683 | -€4,448 | -29.4% |
| Total equity and liabilities | 10/49 | €323,044 | €363,988 | +€40,943 | +12.7% |
| Equity | 10/15 | €197,955 | €260,227 | +€62,272 | +31.5% |
| Reserves | 13 | €197,955 | €260,227 | +€62,272 | +31.5% |
| Distributable reserves | 133 | €197,955 | €260,227 | +€62,272 | +31.5% |
| Amounts payable | 17/49 | €125,090 | €103,761 | -€21,329 | -17.1% |
| Amounts payable after more than one year | 17 | €73,934 | €47,067 | -€26,866 | -36.3% |
| Financial debts | 170/4 | €73,934 | €47,067 | -€26,866 | -36.3% |
| Amounts payable within one year | 42/48 | €51,156 | €56,569 | +€5,412 | +10.6% |
| Current portion of amounts payable after more than one year | 42 | €25,714 | €26,866 | +€1,153 | +4.5% |
| Trade debts | 44 | €15,089 | €19,724 | +€4,635 | +30.7% |
| Suppliers | 440/4 | €15,089 | €19,724 | +€4,635 | +30.7% |
| Taxes, remuneration and social security | 45 | €10,354 | €9,978 | -€376 | -3.6% |
| Remuneration and social security | 454/9 | €10,354 | €9,978 | -€376 | -3.6% |
| Accrued charges and deferred income | 492/3 | - | €125 | +€125 | |
| Non-recurring operating income | 76A | - | €1,593 | +€1,593 | |
| Remuneration, social security and pensions | 62 | €52,234 | €52,147 | -€87 | -0.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €28,348 | €30,344 | +€1,996 | +7.0% |
| Other operating charges | 640/8 | €3,227 | €3,318 | +€92 | +2.8% |
| Gross operating margin | 9900 | €184,995 | €177,607 | -€7,389 | -4.0% |
| Operating profit (loss) | 9901 | €101,186 | €91,797 | -€9,390 | -9.3% |
| Financial income | 75/76B | €123 | €168 | +€45 | +36.9% |
| Recurring financial income | 75 | €123 | €168 | +€45 | +36.9% |
| Financial charges | 65/66B | €5,454 | €5,183 | -€271 | -5.0% |
| Recurring financial charges | 65 | €5,454 | €5,183 | -€271 | -5.0% |
| Profit (loss) for the period before taxes | 9903 | €95,855 | €86,782 | -€9,073 | -9.5% |
| Income taxes | 67/77 | €26,951 | €24,510 | -€2,441 | -9.1% |
| Profit (loss) for the period | 9904 | €68,904 | €62,272 | -€6,632 | -9.6% |
| Profit (loss) for the period to be appropriated | 9905 | €68,904 | €62,272 | -€6,632 | -9.6% |
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 25 October 2026 via checked.be.