ToBo: 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.
ToBo
Largest movements
- Tangible fixed assets -€508,637
down €508,637 (-29.2%), from €1.7m to €1.2m
- Receivables after one year +€125,000
up €125,000 (+100.0%), from €125,000 to €250,000
- Debts after one year -€354,610
down €354,610 (-64.7%), from €547,878 to €193,268
- Other debts -€30,894
down €30,894 (-23.6%), from €130,894 to €100,000
- Current portion of long-term debt -€30,830
down €30,830 (-57.6%), from €53,550 to €22,720
- Profit (loss) carried forward +€24,184
up €24,184 (+1872.1%), from €1,292 to €25,475
- Gross operating margin +€119,324
up €119,324 (+128.5%), from €92,859 to €212,183
- Taxes +€36,434
up €36,434 (+734.4%), from €4,961 to €41,395
- Depreciation -€14,683
down €14,683 (-33.3%), from €44,121 to €29,439
- Financial charges -€10,109
down €10,109 (-63.6%), from €15,904 to €5,795
- Financial income +€2,163
up €2,163 (+49.1%), from €4,400 to €6,563
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 | €1,898,965 | €1,498,169 | -€400,796 | -21.1% |
| Fixed assets | 21/28 | €1,739,374 | €1,230,737 | -€508,637 | -29.2% |
| Tangible fixed assets | 22/27 | €1,739,374 | €1,230,737 | -€508,637 | -29.2% |
| Land and buildings | 22 | €1,739,374 | €1,230,737 | -€508,637 | -29.2% |
| Current assets | 29/58 | €159,591 | €267,432 | +€107,841 | +67.6% |
| Amounts receivable after more than one year | 29 | €125,000 | €250,000 | +€125,000 | +100.0% |
| Other amounts receivable | 291 | €125,000 | €250,000 | +€125,000 | +100.0% |
| Amounts receivable within one year | 40/41 | €21,869 | €8,262 | -€13,607 | -62.2% |
| Trade receivables | 40 | €1,305 | €762 | -€543 | -41.6% |
| Other amounts receivable | 41 | €20,564 | €7,500 | -€13,064 | -63.5% |
| Cash at bank and in hand | 54/58 | €12,624 | €9,117 | -€3,507 | -27.8% |
| Deferred charges and accrued income | 490/1 | €98 | €53 | -€45 | -46.2% |
| Total equity and liabilities | 10/49 | €1,898,965 | €1,498,169 | -€400,796 | -21.1% |
| Equity | 10/15 | €1,156,475 | €1,180,658 | +€24,184 | +2.1% |
| Contributions | 10/11 | €1,152,000 | €1,152,000 | = | 0.0% |
| Reserves | 13 | €3,183 | €3,183 | = | 0.0% |
| Distributable reserves | 133 | €3,183 | €3,183 | = | 0.0% |
| Profit (loss) carried forward | 14 | €1,292 | €25,475 | +€24,184 | +1872.1% |
| Amounts payable | 17/49 | €742,490 | €317,510 | -€424,979 | -57.2% |
| Amounts payable after more than one year | 17 | €547,878 | €193,268 | -€354,610 | -64.7% |
| Financial debts | 170/4 | €547,878 | €193,268 | -€354,610 | -64.7% |
| Amounts payable within one year | 42/48 | €194,612 | €124,243 | -€70,369 | -36.2% |
| Current portion of amounts payable after more than one year | 42 | €53,550 | €22,720 | -€30,830 | -57.6% |
| Trade debts | 44 | €439 | €128 | -€311 | -70.8% |
| Suppliers | 440/4 | €439 | €128 | -€311 | -70.8% |
| Taxes, remuneration and social security | 45 | €9,729 | €1,395 | -€8,335 | -85.7% |
| Taxes | 450/3 | €9,729 | €1,395 | -€8,335 | -85.7% |
| Other amounts payable | 47/48 | €130,894 | €100,000 | -€30,894 | -23.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €44,121 | €29,439 | -€14,683 | -33.3% |
| Other operating charges | 640/8 | €17,390 | €17,934 | +€545 | +3.1% |
| Gross operating margin | 9900 | €92,859 | €212,183 | +€119,324 | +128.5% |
| Operating profit (loss) | 9901 | €31,348 | €164,810 | +€133,463 | +425.8% |
| Financial income | 75/76B | €4,400 | €6,563 | +€2,163 | +49.1% |
| Recurring financial income | 75 | €4,400 | €6,563 | +€2,163 | +49.1% |
| Financial charges | 65/66B | €15,904 | €5,795 | -€10,109 | -63.6% |
| Recurring financial charges | 65 | €15,904 | €5,795 | -€10,109 | -63.6% |
| Profit (loss) for the period before taxes | 9903 | €19,844 | €165,578 | +€145,735 | +734.4% |
| Income taxes | 67/77 | €4,961 | €41,395 | +€36,434 | +734.4% |
| Profit (loss) for the period | 9904 | €14,883 | €124,184 | +€109,301 | +734.4% |
| Profit (loss) for the period to be appropriated | 9905 | €14,883 | €124,184 | +€109,301 | +734.4% |
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 9 October 2026 via checked.be.