TODINI: 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
TODINI
NACE 46.120, Wholesale trade
financial year 2024 against 2025filed annual accounts (NBB)
Net result for the year
€6.5m
2024 · -€3.0m+€9.5m
Equity
€2.6m
2024 · -€3.9m+€6.5m
Cash
€9.8m
2024 · €8.3m+€1.5m
Balance sheet total
€146.1m
2024 · €105.1m+€41.0m
Largest movements
Assets
- Stocks and contracts +€24.0m
up €24.0m (+64.8%), from €37.0m to €61.0m
- Receivables within one year +€16.4m
up €16.4m (+29.8%), from €55.0m to €71.4m
of which Trade receivables: +€17.4m
Equity and liabilities
- Short-term financial debts +€21.9m
up €21.9m (+33.6%), from €65.2m to €87.1m
- Trade debts +€12.5m
up €12.5m (+28.9%), from €43.1m to €55.5m
- Profit (loss) carried forward +€4.2m
up €4.2m, from -€4.2m to €0
- Reserves +€2.3m
up €2.3m (+9144.6%), from €25,000 to €2.3m
of which Distributable reserves: +€2.3m
Income statement
- Turnover +€38.2m
up €38.2m (+17.3%), from €220.8m to €258.9m
- Goods and materials +€32.7m
up €32.7m (+15.7%), from €208.6m to €241.3m
of which Purchases: +€70.5m
- Financial income +€4.4m
up €4.4m (+40.4%), from €10.9m to €15.3m
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
-€3.0m
Turnover
+€38.2m
Other operating income
+€14,007
Goods and materials
-€32.7m
Services and other goods
-€467,549
Staff costs
-€1,284
Depreciation
+€105
Other operating charges
-€1,992
Financial income
+€4.4m
Financial charges
+€612,861
Taxes
-€477,562
Result 2025
€6.5m
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.
From operations
-€20.4m
Investment
-€1,088
Financing
+€21.9m
Cash 2024
€8.3m
From operations (derived)
-€20.4m
Net result for the year
+€6.5m
Depreciation
+€797,833
Stocks and contracts
-€24.0m
Receivables within one year
-€16.4m
Smaller working-capital items
-€59,519
Trade debts
+€12.5m
Tax, wage and social debts
+€464,678
Advances received
-€196,148
Investment (derived)
-€1,088
Investment in fixed assets (net)
-€1,088
Financing
+€21.9m
Short-term financial debts
+€21.9m
Cash 2025
€9.8m
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €105,079,046 | €146,114,689 | +€41.0m | +39.1% |
| Fixed assets | 21/28 | €4,766,956 | €3,970,211 | -€796,745 | -16.7% |
| Intangible fixed assets | 21 | €4,739,600 | €3,948,583 | -€791,017 | -16.7% |
| Tangible fixed assets | 22/27 | €18,954 | €13,226 | -€5,728 | -30.2% |
| Plant, machinery and equipment | 23 | €18,090 | €12,635 | -€5,455 | -30.2% |
| Furniture and vehicles | 24 | €864 | €591 | -€273 | -31.6% |
| Financial fixed assets | 28 | €8,402 | €8,402 | = | 0.0% |
| Other financial fixed assets | 284/8 | €8,402 | €8,402 | = | 0.0% |
| Amounts receivable and cash guarantees | 285/8 | €8,402 | €8,402 | = | 0.0% |
| Current assets | 29/58 | €100,312,091 | €142,144,478 | +€41.8m | +41.7% |
| Stocks and contracts in progress | 3 | €36,992,028 | €60,958,637 | +€24.0m | +64.8% |
| Stocks | 30/36 | €36,992,028 | €60,958,637 | +€24.0m | +64.8% |
| Goods purchased for resale | 34 | €36,992,028 | €60,958,637 | +€24.0m | +64.8% |
| Amounts receivable within one year | 40/41 | €54,997,868 | €71,406,395 | +€16.4m | +29.8% |
| Trade receivables | 40 | €53,646,723 | €71,074,326 | +€17.4m | +32.5% |
| Other amounts receivable | 41 | €1,351,145 | €332,068 | -€1.0m | -75.4% |
| Cash at bank and in hand | 54/58 | €8,322,116 | €9,779,381 | +€1.5m | +17.5% |
| Deferred charges and accrued income | 490/1 | €79 | €65 | -€14 | -17.3% |
| Total equity and liabilities | 10/49 | €105,079,046 | €146,114,689 | +€41.0m | +39.1% |
| Equity | 10/15 | -€3,918,523 | €2,561,147 | +€6.5m | |
| Contributions | 10/11 | €250,000 | €250,000 | = | 0.0% |
| Reserves | 13 | €25,000 | €2,311,147 | +€2.3m | +9144.6% |
| Non-distributable reserves | 130/1 | €25,000 | €25,000 | = | 0.0% |
| Other | 1319 | €25,000 | €25,000 | = | 0.0% |
| Distributable reserves | 133 | €0 | €2,286,147 | +€2.3m | |
| Profit (loss) carried forward | 14 | -€4,193,523 | €0 | +€4.2m | |
| Amounts payable | 17/49 | €108,997,569 | €143,553,542 | +€34.6m | +31.7% |
| Amounts payable within one year | 42/48 | €108,783,716 | €143,399,221 | +€34.6m | +31.8% |
| Financial debts | 43 | €65,226,238 | €87,122,109 | +€21.9m | +33.6% |
| Credit institutions | 430/8 | €65,226,238 | €87,122,109 | +€21.9m | +33.6% |
| Trade debts | 44 | €43,073,610 | €55,524,714 | +€12.5m | +28.9% |
| Suppliers | 440/4 | €43,073,610 | €55,524,714 | +€12.5m | +28.9% |
| Advances received on contracts in progress | 46 | €416,071 | €219,923 | -€196,148 | -47.1% |
| Taxes, remuneration and social security | 45 | €67,797 | €532,475 | +€464,678 | +685.4% |
| Taxes | 450/3 | €534 | €478,087 | +€477,553 | +89479.7% |
| Remuneration and social security | 454/9 | €67,263 | €54,388 | -€12,875 | -19.1% |
| Accrued charges and deferred income | 492/3 | €213,853 | €154,320 | -€59,533 | -27.8% |
| Operating income | 70/76A | €220,844,671 | €259,014,937 | +€38.2m | +17.3% |
| Turnover | 70 | €220,793,408 | €258,949,668 | +€38.2m | +17.3% |
| Other operating income | 74 | €51,262 | €65,269 | +€14,007 | +27.3% |
| Operating charges | 60/66A | €215,597,441 | €248,813,881 | +€33.2m | +15.4% |
| Goods for resale, raw materials and consumables | 60 | €208,556,530 | €241,302,251 | +€32.7m | +15.7% |
| Purchases | 600/8 | €194,730,204 | €265,268,860 | +€70.5m | +36.2% |
| Change in stocks: decrease (increase) | 609 | €13,826,326 | -€23,966,609 | -€37.8m | |
| Services and other goods | 61 | €5,690,810 | €6,158,359 | +€467,549 | +8.2% |
| Remuneration, social security and pensions | 62 | €550,965 | €552,249 | +€1,284 | +0.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €797,938 | €797,833 | -€105 | 0.0% |
| Other operating charges | 640/8 | €1,198 | €3,190 | +€1,992 | +166.2% |
| Operating profit (loss) | 9901 | €5,247,229 | €10,201,056 | +€5.0m | +94.4% |
| Financial income | 75/76B | €10,869,472 | €15,258,307 | +€4.4m | +40.4% |
| Recurring financial income | 75 | €10,869,472 | €15,258,307 | +€4.4m | +40.4% |
| Income from current assets | 751 | €13,135 | €1,494 | -€11,641 | -88.6% |
| Other financial income | 752/9 | €10,856,337 | €15,256,813 | +€4.4m | +40.5% |
| Financial charges | 65/66B | €19,114,735 | €18,501,874 | -€612,861 | -3.2% |
| Recurring financial charges | 65 | €19,114,735 | €18,501,874 | -€612,861 | -3.2% |
| Debt charges | 650 | €6,498,702 | €5,537,763 | -€960,939 | -14.8% |
| Other financial charges | 652/9 | €12,616,033 | €12,964,111 | +€348,078 | +2.8% |
| Profit (loss) for the period before taxes | 9903 | -€2,998,034 | €6,957,489 | +€10.0m | |
| Income taxes | 67/77 | €257 | €477,819 | +€477,562 | +185894.3% |
| Taxes | 670/3 | €257 | €477,819 | +€477,562 | +185894.3% |
| Profit (loss) for the period | 9904 | -€2,998,291 | €6,479,670 | +€9.5m | |
| Profit (loss) for the period to be appropriated | 9905 | -€2,998,291 | €6,479,670 | +€9.5m |
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 9 October 2026 via checked.be.