TOCG: 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.
What changed
TOCG
NACE 64.210, Activities of holding companies
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€6.4m
2024 · €357,599+€6.0m
Equity
€45.4m
2024 · €34.0m+€11.4m
Cash
€4.8m
2024 · €441,325+€4.3m
Balance sheet total
€61.8m
2024 · €51.2m+€10.6m
Largest movements
Assets
- Financial fixed assets +€6.7m
up €6.7m (+13.5%), from €49.7m to €56.5m
of which Affiliated companies: +€6.4m
- Cash +€4.3m
up €4.3m (+984%), from €441,325 to €4.8m
mainly Net result for the year (+€6.4m) and Contributions, distributions and other (+€5.0m)
Equity and liabilities
- Profit (loss) carried forward +€6.4m
up €6.4m (+162%), from €3.9m to €10.3m
- Contributions +€5.0m
up €5.0m (+16.8%), from €30.1m to €35.1m
- Debts after one year -€771,751
down €771,751 (-5.5%), from €14.0m to €13.2m
Income statement
- Financial income +€6.4m
up €6.4m (+483%), from €1.3m to €7.8m
- Services and other goods +€621,639
up €621,639 (+78.7%), from €789,924 to €1.4m
- Turnover +€144,739
up €144,739 (+19.3%), from €748,088 to €892,826
- Financial charges -€28,166
down €28,166 (-3.0%), from €933,915 to €905,749
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.
Result 2024
€357,599
Turnover
+€144,739
Services and other goods
-€621,639
Depreciation
-€159
Other operating charges
-€1,954
Financial income
+€6.4m
Financial charges
+€28,166
Result 2025
€6.4m
raises the resultlowers the result
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.
From operations
+€6.6m
Investment
-€6.7m
Financing
+€4.4m
Cash 2024
€441,325
From operations (derived)
+€6.6m
Net result for the year
+€6.4m
Depreciation
+€159
Receivables within one year
+€136,408
Deferred charges and accrued income
+€330,749
Trade debts
+€188,585
Accrued charges and deferred income
-€371,354
Investment (derived)
-€6.7m
Investment in fixed assets (net)
-€6.7m
Financing
+€4.4m
Debts after one year
-€771,751
Current portion of long-term debt
+€166,666
Contributions, distributions and other
+€5.0m
Cash 2025
€4.8m
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €51,192,487 | €61,797,276 | +€10.6m | +20.7% |
| Fixed assets | 21/28 | €49,740,741 | €56,470,049 | +€6.7m | +13.5% |
| Intangible fixed assets | 21 | - | €8,916 | +€8,916 | |
| Financial fixed assets | 28 | €49,740,741 | €56,461,133 | +€6.7m | +13.5% |
| Affiliated companies | 280/1 | €49,740,741 | €56,116,133 | +€6.4m | +12.8% |
| Participating interests | 280 | €32,713,527 | €37,716,220 | +€5.0m | +15.3% |
| Amounts receivable | 281 | €17,027,214 | €18,399,913 | +€1.4m | +8.1% |
| Companies linked by participating interests | 282/3 | - | €345,000 | +€345,000 | |
| Participating interests | 282 | - | €345,000 | +€345,000 | |
| Current assets | 29/58 | €1,451,747 | €5,327,227 | +€3.9m | +267% |
| Stocks and contracts in progress | 3 | €0 | €0 | = | |
| Amounts receivable within one year | 40/41 | €429,193 | €292,785 | -€136,408 | -31.8% |
| Trade receivables | 40 | €289,453 | €130,500 | -€158,953 | -54.9% |
| Other amounts receivable | 41 | €139,740 | €162,285 | +€22,545 | +16.1% |
| Cash at bank and in hand | 54/58 | €441,325 | €4,783,963 | +€4.3m | +984% |
| Deferred charges and accrued income | 490/1 | €581,229 | €250,480 | -€330,749 | -56.9% |
| Total equity and liabilities | 10/49 | €51,192,487 | €61,797,276 | +€10.6m | +20.7% |
| Equity | 10/15 | €33,965,070 | €45,357,713 | +€11.4m | +33.5% |
| Contributions | 10/11 | €30,051,021 | €35,090,297 | +€5.0m | +16.8% |
| Profit (loss) carried forward | 14 | €3,914,049 | €10,267,417 | +€6.4m | +162% |
| Amounts payable | 17/49 | €17,227,417 | €16,439,563 | -€787,854 | -4.6% |
| Amounts payable after more than one year | 17 | €13,950,000 | €13,178,249 | -€771,751 | -5.5% |
| Financial debts | 170/4 | €13,950,000 | €13,178,249 | -€771,751 | -5.5% |
| Credit institutions | 173 | €13,950,000 | €13,178,249 | -€771,751 | -5.5% |
| Amounts payable within one year | 42/48 | €2,721,340 | €3,076,591 | +€355,251 | +13.1% |
| Current portion of amounts payable after more than one year | 42 | €2,650,000 | €2,816,666 | +€166,666 | +6.3% |
| Financial debts | 43 | €0 | - | = | |
| Other loans | 439 | €0 | - | = | |
| Trade debts | 44 | €71,340 | €259,925 | +€188,585 | +264% |
| Suppliers | 440/4 | €71,340 | €259,925 | +€188,585 | +264% |
| Accrued charges and deferred income | 492/3 | €556,077 | €184,723 | -€371,354 | -66.8% |
| Operating income | 70/76A | €748,088 | €892,826 | +€144,739 | +19.3% |
| Turnover | 70 | €748,088 | €892,826 | +€144,739 | +19.3% |
| Operating charges | 60/66A | €791,140 | €1,414,893 | +€623,752 | +78.8% |
| Services and other goods | 61 | €789,924 | €1,411,563 | +€621,639 | +78.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | - | €159 | +€159 | |
| Other operating charges | 640/8 | €1,217 | €3,170 | +€1,954 | +161% |
| Operating profit (loss) | 9901 | -€43,053 | -€522,066 | -€479,014 | -1,113% |
| Financial income | 75/76B | €1,334,567 | €7,781,183 | +€6.4m | +483% |
| Recurring financial income | 75 | €1,334,567 | €7,781,183 | +€6.4m | +483% |
| Income from financial fixed assets | 750 | €1,219,827 | €7,753,691 | +€6.5m | +536% |
| Income from current assets | 751 | €89,383 | €14,838 | -€74,545 | -83.4% |
| Other financial income | 752/9 | €25,357 | €12,654 | -€12,703 | -50.1% |
| Financial charges | 65/66B | €933,915 | €905,749 | -€28,166 | -3.0% |
| Recurring financial charges | 65 | €933,915 | €905,749 | -€28,166 | -3.0% |
| Debt charges | 650 | €930,940 | €845,634 | -€85,307 | -9.2% |
| Other financial charges | 652/9 | €2,975 | €60,115 | +€57,141 | +1,921% |
| Profit (loss) for the period before taxes | 9903 | €357,599 | €6,353,367 | +€6.0m | +1,677% |
| Profit (loss) for the period | 9904 | €357,599 | €6,353,367 | +€6.0m | +1,677% |
| Profit (loss) for the period to be appropriated | 9905 | €357,599 | €6,353,367 | +€6.0m | +1,677% |
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 18 October 2026 via checked.be.