ToDaCo: 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.
ToDaCo
Largest movements
- Receivables within one year +€199,562
up €199,562 (+1382.1%), from €14,439 to €214,001
of which Other amounts receivable: +€211,615
- Current investments -€50,548
down €50,548 (-100.0%), from €50,548 to €0
- Cash +€28,511
up €28,511 (+164.0%), from €17,390 to €45,901
mainly Net result for the year (+€267,992) and Current investments (+€50,548)
- Reserves +€267,992
up €267,992 (+432.2%), from €62,009 to €330,001
- Debts after one year -€66,549
down €66,549 (-6.4%), from €1.0m to €969,141
of which Financial debts: -€66,549
- Other debts -€22,899
down €22,899 (-100.0%), from €22,899 to €0
- Financial income +€199,531
up €199,531 (+13573.3%), from €1,470 to €201,001
- Gross operating margin +€89,317
up €89,317 (+201.6%), from €44,303 to €133,620
- Financial charges +€43,867
up €43,867 (+1722.2%), from €2,547 to €46,414
- Taxes +€8,669
up €8,669 (+97.7%), from €8,871 to €17,540
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 | €2,079,840 | €2,263,010 | +€183,170 | +8.8% |
| Fixed assets | 21/28 | €1,992,840 | €1,996,593 | +€3,753 | +0.2% |
| Tangible fixed assets | 22/27 | €2,215 | €5,968 | +€3,753 | +169.5% |
| Plant, machinery and equipment | 23 | €599 | €1,443 | +€844 | +140.9% |
| Furniture and vehicles | 24 | €1,616 | €4,525 | +€2,909 | +180.1% |
| Financial fixed assets | 28 | €1,990,625 | €1,990,625 | = | 0.0% |
| Current assets | 29/58 | €87,000 | €266,417 | +€179,417 | +206.2% |
| Amounts receivable within one year | 40/41 | €14,439 | €214,001 | +€199,562 | +1382.1% |
| Trade receivables | 40 | €14,439 | €2,386 | -€12,053 | -83.5% |
| Other amounts receivable | 41 | €0 | €211,615 | +€211,615 | |
| Current investments | 50/53 | €50,548 | €0 | -€50,548 | -100.0% |
| Cash at bank and in hand | 54/58 | €17,390 | €45,901 | +€28,511 | +164.0% |
| Deferred charges and accrued income | 490/1 | €4,624 | €6,515 | +€1,891 | +40.9% |
| Total equity and liabilities | 10/49 | €2,079,840 | €2,263,010 | +€183,170 | +8.8% |
| Equity | 10/15 | €950,009 | €1,218,001 | +€267,992 | +28.2% |
| Contributions | 10/11 | €3,000 | €3,000 | = | 0.0% |
| Revaluation surpluses | 12 | €885,000 | €885,000 | = | 0.0% |
| Reserves | 13 | €62,009 | €330,001 | +€267,992 | +432.2% |
| Distributable reserves | 133 | €62,009 | €330,001 | +€267,992 | +432.2% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €1,129,831 | €1,045,009 | -€84,822 | -7.5% |
| Amounts payable after more than one year | 17 | €1,035,689 | €969,141 | -€66,549 | -6.4% |
| Financial debts | 170/4 | €435,689 | €369,141 | -€66,549 | -15.3% |
| Other amounts payable | 178/9 | €600,000 | €600,000 | = | 0.0% |
| Amounts payable within one year | 42/48 | €94,142 | €75,868 | -€18,273 | -19.4% |
| Current portion of amounts payable after more than one year | 42 | €64,311 | €66,549 | +€2,238 | +3.5% |
| Trade debts | 44 | €1,495 | €3,395 | +€1,900 | +127.1% |
| Suppliers | 440/4 | €1,495 | €3,395 | +€1,900 | +127.1% |
| Taxes, remuneration and social security | 45 | €5,437 | €5,925 | +€487 | +9.0% |
| Taxes | 450/3 | €5,437 | €4,511 | -€927 | -17.0% |
| Remuneration and social security | 454/9 | €0 | €1,414 | +€1,414 | |
| Other amounts payable | 47/48 | €22,899 | €0 | -€22,899 | -100.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,423 | €2,036 | +€613 | +43.1% |
| Other operating charges | 640/8 | €568 | €638 | +€70 | +12.3% |
| Gross operating margin | 9900 | €44,303 | €133,620 | +€89,317 | +201.6% |
| Operating profit (loss) | 9901 | €42,312 | €130,945 | +€88,634 | +209.5% |
| Financial income | 75/76B | €1,470 | €201,001 | +€199,531 | +13573.3% |
| Recurring financial income | 75 | €1,470 | €201,001 | +€199,531 | +13573.3% |
| Financial charges | 65/66B | €2,547 | €46,414 | +€43,867 | +1722.2% |
| Recurring financial charges | 65 | €2,547 | €46,414 | +€43,867 | +1722.2% |
| Profit (loss) for the period before taxes | 9903 | €41,235 | €285,532 | +€244,298 | +592.5% |
| Income taxes | 67/77 | €8,871 | €17,540 | +€8,669 | +97.7% |
| Profit (loss) for the period | 9904 | €32,363 | €267,992 | +€235,629 | +728.1% |
| Profit (loss) for the period to be appropriated | 9905 | €32,363 | €267,992 | +€235,629 | +728.1% |
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 7 October 2026 via checked.be.