TOAN: 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.
TOAN
Largest movements
- Tangible fixed assets -€1.5m
down €1.5m (-52.9%), from €2.8m to €1.3m
- Receivables within one year +€602,215
up €602,215 (+84.7%), from €710,759 to €1.3m
of which Other amounts receivable: +€595,095
- Cash +€116,069
up €116,069 (+82593.7%), from €141 to €116,209
mainly Investment in fixed assets (net) (+€1.3m) and Tax, wage and social debts (+€471,202)
- Debts after one year -€1.2m
down €1.2m (-55.7%), from €2.2m to €984,532
- Tax, wage and social debts +€471,202
up €471,202 (+12821.6%), from €3,675 to €474,877
- Profit (loss) carried forward +€393,826
up €393,826 (+91.1%), from €432,247 to €826,073
- Trade debts -€196,820
down €196,820 (-97.4%), from €202,051 to €5,231
- Short-term financial debts -€113,144
no longer reported in 2025 (was €113,144)
- Gross operating margin +€520,256
up €520,256 (+295.3%), from €176,202 to €696,458
- Taxes +€87,219
up €87,219 (+612.8%), from €14,233 to €101,452
- Depreciation -€57,296
down €57,296 (-33.0%), from €173,684 to €116,387
- Financial charges -€35,071
down €35,071 (-29.3%), from €119,865 to €84,794
- Other operating charges -€8,106
no longer reported in 2025 (was €8,106)
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.
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.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €3,478,881 | €2,732,230 | -€746,651 | -21.5% |
| Fixed assets | 21/28 | €2,767,982 | €1,303,047 | -€1.5m | -52.9% |
| Tangible fixed assets | 22/27 | €2,767,982 | €1,303,047 | -€1.5m | -52.9% |
| Land and buildings | 22 | €2,767,982 | €1,303,047 | -€1.5m | -52.9% |
| Current assets | 29/58 | €710,900 | €1,429,184 | +€718,284 | +101.0% |
| Amounts receivable within one year | 40/41 | €710,759 | €1,312,974 | +€602,215 | +84.7% |
| Trade receivables | 40 | €118 | €7,238 | +€7,120 | +6033.0% |
| Other amounts receivable | 41 | €710,641 | €1,305,736 | +€595,095 | +83.7% |
| Cash at bank and in hand | 54/58 | €141 | €116,209 | +€116,069 | +82593.7% |
| Total equity and liabilities | 10/49 | €3,478,881 | €2,732,230 | -€746,651 | -21.5% |
| Equity | 10/15 | €642,247 | €1,036,073 | +€393,826 | +61.3% |
| Contributions | 10/11 | €210,000 | €210,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €432,247 | €826,073 | +€393,826 | +91.1% |
| Amounts payable | 17/49 | €2,836,634 | €1,696,157 | -€1.1m | -40.2% |
| Amounts payable after more than one year | 17 | €2,222,117 | €984,532 | -€1.2m | -55.7% |
| Financial debts | 170/4 | €2,222,117 | €984,532 | -€1.2m | -55.7% |
| Amounts payable within one year | 42/48 | €614,517 | €711,625 | +€97,109 | +15.8% |
| Current portion of amounts payable after more than one year | 42 | €190,646 | €118,418 | -€72,229 | -37.9% |
| Financial debts | 43 | €113,144 | - | -€113,144 | |
| Credit institutions | 430/8 | €113,144 | - | -€113,144 | |
| Trade debts | 44 | €202,051 | €5,231 | -€196,820 | -97.4% |
| Suppliers | 440/4 | €202,051 | €5,231 | -€196,820 | -97.4% |
| Taxes, remuneration and social security | 45 | €3,675 | €474,877 | +€471,202 | +12821.6% |
| Taxes | 450/3 | €3,675 | €474,877 | +€471,202 | +12821.6% |
| Other amounts payable | 47/48 | €105,000 | €113,100 | +€8,100 | +7.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €173,684 | €116,387 | -€57,296 | -33.0% |
| Other operating charges | 640/8 | €8,106 | - | -€8,106 | |
| Gross operating margin | 9900 | €176,202 | €696,458 | +€520,256 | +295.3% |
| Operating profit (loss) | 9901 | -€5,587 | €580,071 | +€585,659 | |
| Financial income | 75/76B | €0 | €0 | -€0 | -55.6% |
| Recurring financial income | 75 | €0 | €0 | -€0 | -55.6% |
| Financial charges | 65/66B | €119,865 | €84,794 | -€35,071 | -29.3% |
| Recurring financial charges | 65 | €119,865 | €84,794 | -€35,071 | -29.3% |
| Profit (loss) for the period before taxes | 9903 | -€125,452 | €495,277 | +€620,730 | |
| Income taxes | 67/77 | €14,233 | €101,452 | +€87,219 | +612.8% |
| Profit (loss) for the period | 9904 | -€139,685 | €393,826 | +€533,510 | |
| Profit (loss) for the period to be appropriated | 9905 | -€139,685 | €393,826 | +€533,510 |
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 4 October 2026 via checked.be.