TOECAN: 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.
TOECAN
Largest movements
- Intangible fixed assets +€306,318
up €306,318 (+52.9%), from €579,216 to €885,534
- Receivables within one year +€123,074
up €123,074 (+103.4%), from €118,981 to €242,055
of which Trade receivables: +€119,706
- Stocks and contracts +€50,564
up €50,564 (+53.7%), from €94,247 to €144,810
- Financial fixed assets +€47,550
up €47,550 (+1038.5%), from €4,579 to €52,129
- Cash -€30,827
down €30,827 (-81.5%), from €37,834 to €7,007
mainly Investment in fixed assets (net) (-€492,521) and Net result for the year (-€335,645)
- Contributions +€500,000
up €500,000 (+79.8%), from €626,296 to €1.1m
- Profit (loss) carried forward -€335,645
down €335,645 (-64.4%), from -€521,169 to -€856,814
- Trade debts +€263,477
up €263,477 (+78.8%), from €334,417 to €597,894
- Advances received +€80,000
new in 2025: €80,000
- Investment grants -€28,876
down €28,876 (-81.7%), from €35,341 to €6,465
- Gross operating margin +€203,223
up €203,223 (+236.3%), from €86,016 to €289,239
- Staff costs +€145,180
up €145,180 (+44.7%), from €325,027 to €470,207
- Depreciation +€69,011
up €69,011 (+82.3%), from €83,896 to €152,907
- Financial charges +€15,476
up €15,476 (+141.4%), from €10,941 to €26,417
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 | €910,630 | €1,392,307 | +€481,677 | +52.9% |
| Fixed assets | 21/28 | €648,026 | €987,640 | +€339,614 | +52.4% |
| Intangible fixed assets | 21 | €579,216 | €885,534 | +€306,318 | +52.9% |
| Tangible fixed assets | 22/27 | €64,231 | €49,977 | -€14,254 | -22.2% |
| Plant, machinery and equipment | 23 | €53,412 | €38,273 | -€15,139 | -28.3% |
| Furniture and vehicles | 24 | €1,301 | €3,210 | +€1,908 | +146.6% |
| Other tangible fixed assets | 26 | €9,517 | €8,494 | -€1,023 | -10.7% |
| Financial fixed assets | 28 | €4,579 | €52,129 | +€47,550 | +1038.5% |
| Current assets | 29/58 | €262,604 | €404,667 | +€142,063 | +54.1% |
| Stocks and contracts in progress | 3 | €94,247 | €144,810 | +€50,564 | +53.7% |
| Stocks | 30/36 | €94,247 | €144,810 | +€50,564 | +53.7% |
| Amounts receivable within one year | 40/41 | €118,981 | €242,055 | +€123,074 | +103.4% |
| Trade receivables | 40 | €112,997 | €232,703 | +€119,706 | +105.9% |
| Other amounts receivable | 41 | €5,985 | €9,352 | +€3,367 | +56.3% |
| Cash at bank and in hand | 54/58 | €37,834 | €7,007 | -€30,827 | -81.5% |
| Deferred charges and accrued income | 490/1 | €11,542 | €10,796 | -€747 | -6.5% |
| Total equity and liabilities | 10/49 | €910,630 | €1,392,307 | +€481,677 | +52.9% |
| Equity | 10/15 | €140,468 | €275,948 | +€135,479 | +96.4% |
| Contributions | 10/11 | €626,296 | €1,126,296 | +€500,000 | +79.8% |
| Profit (loss) carried forward | 14 | -€521,169 | -€856,814 | -€335,645 | -64.4% |
| Investment grants | 15 | €35,341 | €6,465 | -€28,876 | -81.7% |
| Amounts payable | 17/49 | €770,161 | €1,116,360 | +€346,198 | +45.0% |
| Amounts payable after more than one year | 17 | €319,709 | €338,614 | +€18,905 | +5.9% |
| Financial debts | 170/4 | €184,709 | €136,084 | -€48,625 | -26.3% |
| Other amounts payable | 178/9 | €135,000 | €202,530 | +€67,530 | +50.0% |
| Amounts payable within one year | 42/48 | €450,453 | €777,046 | +€326,593 | +72.5% |
| Current portion of amounts payable after more than one year | 42 | €46,513 | €52,581 | +€6,068 | +13.0% |
| Financial debts | 43 | €4,594 | €0 | -€4,594 | -100.0% |
| Credit institutions | 430/8 | €4,594 | €0 | -€4,594 | -100.0% |
| Trade debts | 44 | €334,417 | €597,894 | +€263,477 | +78.8% |
| Suppliers | 440/4 | €334,417 | €597,894 | +€263,477 | +78.8% |
| Advances received on contracts in progress | 46 | - | €80,000 | +€80,000 | |
| Taxes, remuneration and social security | 45 | €64,929 | €46,571 | -€18,358 | -28.3% |
| Taxes | 450/3 | €14,096 | €2,645 | -€11,451 | -81.2% |
| Remuneration and social security | 454/9 | €50,833 | €43,926 | -€6,907 | -13.6% |
| Accrued charges and deferred income | 492/3 | - | €700 | +€700 | |
| Remuneration, social security and pensions | 62 | €325,027 | €470,207 | +€145,180 | +44.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €83,896 | €152,907 | +€69,011 | +82.3% |
| Other operating charges | 640/8 | €2,631 | €3,490 | +€859 | +32.6% |
| Gross operating margin | 9900 | €86,016 | €289,239 | +€203,223 | +236.3% |
| Operating profit (loss) | 9901 | -€325,538 | -€337,365 | -€11,827 | -3.6% |
| Financial income | 75/76B | €28,939 | €28,942 | +€3 | 0.0% |
| Recurring financial income | 75 | €28,939 | €28,942 | +€3 | 0.0% |
| Financial charges | 65/66B | €10,941 | €26,417 | +€15,476 | +141.4% |
| Recurring financial charges | 65 | €10,941 | €26,417 | +€15,476 | +141.4% |
| Profit (loss) for the period before taxes | 9903 | -€307,541 | -€334,840 | -€27,300 | -8.9% |
| Income taxes | 67/77 | €1,363 | €805 | -€558 | -40.9% |
| Profit (loss) for the period | 9904 | -€308,904 | -€335,645 | -€26,741 | -8.7% |
| Profit (loss) for the period to be appropriated | 9905 | -€308,904 | -€335,645 | -€26,741 | -8.7% |
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.