TOBARA: 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.
TOBARA
Largest movements
- Cash -€150,975
down €150,975 (-33.8%), from €446,088 to €295,113
mainly Current investments (-€150,000) and Other debts (-€44,660)
- Current investments +€150,000
up €150,000 (+86.8%), from €172,850 to €322,850
- Receivables within one year +€28,222
up €28,222 (+129.5%), from €21,795 to €50,017
of which Other amounts receivable: +€28,222
- Reserves +€58,162
up €58,162 (+10.2%), from €568,365 to €626,527
of which Distributable reserves: +€58,162
- Other debts -€44,660
down €44,660 (-91.5%), from €48,825 to €4,165
- Short-term financial debts +€11,375
new in 2025: €11,375
- Taxes -€9,598
down €9,598 (-25.7%), from €37,400 to €27,802
- Gross operating margin -€7,228
down €7,228 (-6.7%), from €108,260 to €101,032
- Financial income +€1,762
up €1,762 (+39.3%), from €4,484 to €6,246
- Depreciation +€1,662
up €1,662 (+94.4%), from €1,760 to €3,421
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 | €655,215 | €684,273 | +€29,058 | +4.4% |
| Fixed assets | 21/28 | €4,511 | €6,476 | +€1,965 | +43.6% |
| Tangible fixed assets | 22/27 | €4,511 | €6,476 | +€1,965 | +43.6% |
| Land and buildings | 22 | €1,652 | €1,047 | -€605 | -36.6% |
| Plant, machinery and equipment | 23 | €410 | €90 | -€320 | -78.1% |
| Furniture and vehicles | 24 | €2,449 | €5,338 | +€2,890 | +118.0% |
| Current assets | 29/58 | €650,705 | €677,797 | +€27,093 | +4.2% |
| Stocks and contracts in progress | 3 | €7,704 | €8,268 | +€564 | +7.3% |
| Stocks | 30/36 | €7,704 | €8,268 | +€564 | +7.3% |
| Amounts receivable within one year | 40/41 | €21,795 | €50,017 | +€28,222 | +129.5% |
| Trade receivables | 40 | €0 | - | = | |
| Other amounts receivable | 41 | €21,795 | €50,017 | +€28,222 | +129.5% |
| Current investments | 50/53 | €172,850 | €322,850 | +€150,000 | +86.8% |
| Cash at bank and in hand | 54/58 | €446,088 | €295,113 | -€150,975 | -33.8% |
| Deferred charges and accrued income | 490/1 | €2,268 | €1,549 | -€719 | -31.7% |
| Total equity and liabilities | 10/49 | €655,215 | €684,273 | +€29,058 | +4.4% |
| Equity | 10/15 | €586,957 | €645,119 | +€58,162 | +9.9% |
| Contributions | 10/11 | €18,592 | €18,592 | = | 0.0% |
| Reserves | 13 | €568,365 | €626,527 | +€58,162 | +10.2% |
| Tax-exempt reserves | 132 | €439 | €439 | = | 0.0% |
| Distributable reserves | 133 | €567,926 | €626,088 | +€58,162 | +10.2% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €68,258 | €39,154 | -€29,105 | -42.6% |
| Amounts payable within one year | 42/48 | €65,601 | €37,744 | -€27,857 | -42.5% |
| Financial debts | 43 | - | €11,375 | +€11,375 | |
| Credit institutions | 430/8 | - | €11,375 | +€11,375 | |
| Trade debts | 44 | €13,155 | €17,450 | +€4,295 | +32.6% |
| Suppliers | 440/4 | €13,155 | €17,450 | +€4,295 | +32.6% |
| Taxes, remuneration and social security | 45 | €3,621 | €4,754 | +€1,133 | +31.3% |
| Taxes | 450/3 | €3,621 | €2,745 | -€876 | -24.2% |
| Remuneration and social security | 454/9 | - | €2,009 | +€2,009 | |
| Other amounts payable | 47/48 | €48,825 | €4,165 | -€44,660 | -91.5% |
| Accrued charges and deferred income | 492/3 | €2,658 | €1,410 | -€1,248 | -47.0% |
| Remuneration, social security and pensions | 62 | -€10 | €49 | +€59 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,760 | €3,421 | +€1,662 | +94.4% |
| Other operating charges | 640/8 | €9,478 | €9,958 | +€480 | +5.1% |
| Gross operating margin | 9900 | €108,260 | €101,032 | -€7,228 | -6.7% |
| Operating profit (loss) | 9901 | €97,033 | €87,604 | -€9,428 | -9.7% |
| Financial income | 75/76B | €4,484 | €6,246 | +€1,762 | +39.3% |
| Recurring financial income | 75 | €4,484 | €6,246 | +€1,762 | +39.3% |
| Financial charges | 65/66B | €3,486 | €3,722 | +€236 | +6.8% |
| Recurring financial charges | 65 | €3,486 | €3,722 | +€236 | +6.8% |
| Profit (loss) for the period before taxes | 9903 | €98,031 | €90,129 | -€7,902 | -8.1% |
| Income taxes | 67/77 | €37,400 | €27,802 | -€9,598 | -25.7% |
| Profit (loss) for the period | 9904 | €60,632 | €62,327 | +€1,696 | +2.8% |
| Profit (loss) for the period to be appropriated | 9905 | €60,632 | €62,327 | +€1,696 | +2.8% |
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 3 October 2026 via checked.be.