TOBCO: what changed
What changed
TOBCO
NACE 64.210, Activities of holding companies
filed annual accounts (NBB)
Net result for the year
€93,767
2024 · €154,028-€60,261
Equity
€3.5m
2024 · €3.4m+€92,934
Cash
€273,455
2024 · €209,411+€64,045
Balance sheet total
€3.5m
2024 · €3.5m+€89,879
Largest movements
Assets
- Current investments +€132,500
up €132,500 (+7.1%), from €1.9m to €2.0m
- Tangible fixed assets -€100,731
down €100,731 (-7.5%), from €1.3m to €1.2m
- Cash +€64,045
up €64,045 (+30.6%), from €209,411 to €273,455
mainly Depreciation (+€100,731) and Net result for the year (+€93,767)
Equity and liabilities
- Reserves +€92,000
up €92,000 (+4.4%), from €2.1m to €2.2m
of which Distributable reserves: +€92,000
Income statement
- Gross operating margin -€68,148
down €68,148 (-25.0%), from €272,430 to €204,282
- Taxes -€20,139
down €20,139 (-39.2%), from €51,343 to €31,204
- Financial income -€14,156
down €14,156 (-24.9%), from €56,851 to €42,695
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Result 2024
€154,028
Gross operating margin
-€68,148
Other operating charges
+€1,900
Financial income
-€14,156
Financial charges
+€4
Taxes
+€20,139
Result 2025
€93,767
raises the resultlowers the result
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
From operations
+€197,378
Investment
-€132,500
Financing
-€833
Cash 2024
€209,411
From operations (derived)
+€197,378
Net result for the year
+€93,767
Depreciation
+€100,731
Receivables within one year
+€2,269
Deferred charges and accrued income
+€3,666
Trade debts
-€633
Tax, wage and social debts
-€1,286
Other debts
+€53
Accrued charges and deferred income
-€1,189
Investment (derived)
-€132,500
Current investments
-€132,500
Financing
-€833
Contributions, distributions and other
-€833
Cash 2025
€273,455
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €3,450,194 | €3,540,073 | +€89,879 | +2.6% |
| Fixed assets | 21/28 | €1,339,912 | €1,239,181 | -€100,731 | -7.5% |
| Tangible fixed assets | 22/27 | €1,339,912 | €1,239,181 | -€100,731 | -7.5% |
| Land and buildings | 22 | €1,339,912 | €1,239,181 | -€100,731 | -7.5% |
| Current assets | 29/58 | €2,110,282 | €2,300,893 | +€190,610 | +9.0% |
| Amounts receivable within one year | 40/41 | €19,586 | €17,318 | -€2,269 | -11.6% |
| Trade receivables | 40 | €3,630 | €0 | -€3,630 | -100% |
| Other amounts receivable | 41 | €15,956 | €17,318 | +€1,361 | +8.5% |
| Current investments | 50/53 | €1,865,127 | €1,997,627 | +€132,500 | +7.1% |
| Cash at bank and in hand | 54/58 | €209,411 | €273,455 | +€64,045 | +30.6% |
| Deferred charges and accrued income | 490/1 | €16,158 | €12,492 | -€3,666 | -22.7% |
| Total equity and liabilities | 10/49 | €3,450,194 | €3,540,073 | +€89,879 | +2.6% |
| Equity | 10/15 | €3,430,379 | €3,523,312 | +€92,934 | +2.7% |
| Contributions | 10/11 | €1,350,000 | €1,350,000 | = | 0.0% |
| Capital | 10 | €1,350,000 | €1,350,000 | = | 0.0% |
| Issued capital | 100 | €1,350,000 | €1,350,000 | = | 0.0% |
| Reserves | 13 | €2,078,000 | €2,170,000 | +€92,000 | +4.4% |
| Non-distributable reserves | 130/1 | €135,000 | €135,000 | = | 0.0% |
| Legal reserve | 130 | €135,000 | €135,000 | = | 0.0% |
| Distributable reserves | 133 | €1,943,000 | €2,035,000 | +€92,000 | +4.7% |
| Profit (loss) carried forward | 14 | €2,379 | €3,312 | +€934 | +39.3% |
| Amounts payable | 17/49 | €19,816 | €16,761 | -€3,055 | -15.4% |
| Amounts payable within one year | 42/48 | €14,236 | €12,370 | -€1,866 | -13.1% |
| Trade debts | 44 | €879 | €247 | -€633 | -72.0% |
| Suppliers | 440/4 | €879 | €247 | -€633 | -72.0% |
| Taxes, remuneration and social security | 45 | €2,464 | €1,178 | -€1,286 | -52.2% |
| Taxes | 450/3 | €2,464 | €1,178 | -€1,286 | -52.2% |
| Other amounts payable | 47/48 | €10,893 | €10,946 | +€53 | +0.5% |
| Accrued charges and deferred income | 492/3 | €5,579 | €4,391 | -€1,189 | -21.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €100,731 | €100,731 | = | 0.0% |
| Other operating charges | 640/8 | €23,136 | €21,236 | -€1,900 | -8.2% |
| Gross operating margin | 9900 | €272,430 | €204,282 | -€68,148 | -25.0% |
| Operating profit (loss) | 9901 | €148,563 | €82,315 | -€66,248 | -44.6% |
| Financial income | 75/76B | €56,851 | €42,695 | -€14,156 | -24.9% |
| Recurring financial income | 75 | €56,851 | €42,695 | -€14,156 | -24.9% |
| Financial charges | 65/66B | €43 | €40 | -€4 | -8.3% |
| Recurring financial charges | 65 | €43 | €40 | -€4 | -8.3% |
| Profit (loss) for the period before taxes | 9903 | €205,371 | €124,970 | -€80,400 | -39.1% |
| Income taxes | 67/77 | €51,343 | €31,204 | -€20,139 | -39.2% |
| Profit (loss) for the period | 9904 | €154,028 | €93,767 | -€60,261 | -39.1% |
| Profit (loss) for the period to be appropriated | 9905 | €154,028 | €93,767 | -€60,261 | -39.1% |
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Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 2 November 2026 via checked.be.