TOELPA: 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.
TOELPA
Largest movements
- Current investments +€100,000
up €100,000 (+50.0%), from €200,000 to €300,000
- Tangible fixed assets -€73,217
down €73,217 (-95.4%), from €76,717 to €3,499
of which Plant, machinery and equipment: -€65,102
- Receivables within one year -€45,789
down €45,789 (-55.6%), from €82,405 to €36,616
of which Trade receivables: -€49,079
- Deferred charges and accrued income +€31,454
up €31,454 (+62.4%), from €50,443 to €81,898
- Stocks and contracts -€11,682
down €11,682 (-2.8%), from €416,840 to €405,158
- Current portion of long-term debt -€56,203
down €56,203 (-83.2%), from €67,519 to €11,317
- Profit (loss) carried forward +€39,279
up €39,279 (+44.4%), from €88,411 to €127,690
- Trade debts +€26,002
up €26,002 (+5.5%), from €476,322 to €502,324
- Debts after one year -€11,317
down €11,317 (-100%), from €11,317 to €0
- Tax, wage and social debts +€10,061
up €10,061 (+55.7%), from €18,062 to €28,123
of which Remuneration and social security: +€8,222
- Staff costs +€40,332
up €40,332 (+23.6%), from €170,633 to €210,965
- Depreciation -€19,246
down €19,246 (-20.3%), from €94,693 to €75,447
- Gross operating margin -€11,942
down €11,942 (-2.7%), from €434,655 to €422,713
- Taxes -€7,841
down €7,841 (-34.0%), from €23,059 to €15,217
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.
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.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €970,410 | €980,367 | +€9,957 | +1.0% |
| Fixed assets | 21/28 | €78,946 | €3,499 | -€75,447 | -95.6% |
| Intangible fixed assets | 21 | €2,230 | €0 | -€2,230 | -100% |
| Tangible fixed assets | 22/27 | €76,717 | €3,499 | -€73,217 | -95.4% |
| Plant, machinery and equipment | 23 | €67,039 | €1,938 | -€65,102 | -97.1% |
| Other tangible fixed assets | 26 | €9,677 | €1,562 | -€8,115 | -83.9% |
| Current assets | 29/58 | €891,464 | €976,868 | +€85,404 | +9.6% |
| Stocks and contracts in progress | 3 | €416,840 | €405,158 | -€11,682 | -2.8% |
| Stocks | 30/36 | €416,840 | €405,158 | -€11,682 | -2.8% |
| Amounts receivable within one year | 40/41 | €82,405 | €36,616 | -€45,789 | -55.6% |
| Trade receivables | 40 | €68,342 | €19,263 | -€49,079 | -71.8% |
| Other amounts receivable | 41 | €14,063 | €17,353 | +€3,290 | +23.4% |
| Current investments | 50/53 | €200,000 | €300,000 | +€100,000 | +50.0% |
| Cash at bank and in hand | 54/58 | €141,775 | €153,196 | +€11,421 | +8.1% |
| Deferred charges and accrued income | 490/1 | €50,443 | €81,898 | +€31,454 | +62.4% |
| Total equity and liabilities | 10/49 | €970,410 | €980,367 | +€9,957 | +1.0% |
| Equity | 10/15 | €188,411 | €227,690 | +€39,279 | +20.8% |
| Contributions | 10/11 | €100,000 | €100,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €88,411 | €127,690 | +€39,279 | +44.4% |
| Amounts payable | 17/49 | €781,999 | €752,677 | -€29,321 | -3.7% |
| Amounts payable after more than one year | 17 | €11,317 | €0 | -€11,317 | -100% |
| Financial debts | 170/4 | €11,317 | €0 | -€11,317 | -100% |
| Amounts payable within one year | 42/48 | €763,803 | €747,598 | -€16,206 | -2.1% |
| Current portion of amounts payable after more than one year | 42 | €67,519 | €11,317 | -€56,203 | -83.2% |
| Financial debts | 43 | €1,650 | €100 | -€1,550 | -93.9% |
| Credit institutions | 430/8 | €1,650 | €100 | -€1,550 | -93.9% |
| Trade debts | 44 | €476,322 | €502,324 | +€26,002 | +5.5% |
| Suppliers | 440/4 | €476,322 | €502,324 | +€26,002 | +5.5% |
| Advances received on contracts in progress | 46 | €0 | - | = | |
| Taxes, remuneration and social security | 45 | €18,062 | €28,123 | +€10,061 | +55.7% |
| Taxes | 450/3 | €4,861 | €6,700 | +€1,839 | +37.8% |
| Remuneration and social security | 454/9 | €13,201 | €21,423 | +€8,222 | +62.3% |
| Other amounts payable | 47/48 | €200,250 | €205,734 | +€5,484 | +2.7% |
| Accrued charges and deferred income | 492/3 | €6,879 | €5,080 | -€1,799 | -26.2% |
| Remuneration, social security and pensions | 62 | €170,633 | €210,965 | +€40,332 | +23.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €94,693 | €75,447 | -€19,246 | -20.3% |
| Other operating charges | 640/8 | €3,253 | €2,982 | -€271 | -8.3% |
| Gross operating margin | 9900 | €434,655 | €422,713 | -€11,942 | -2.7% |
| Operating profit (loss) | 9901 | €166,076 | €133,319 | -€32,757 | -19.7% |
| Financial income | 75/76B | €13,882 | €12,812 | -€1,070 | -7.7% |
| Recurring financial income | 75 | €13,882 | €12,812 | -€1,070 | -7.7% |
| Financial charges | 65/66B | €13,519 | €11,635 | -€1,884 | -13.9% |
| Recurring financial charges | 65 | €13,519 | €11,635 | -€1,884 | -13.9% |
| Profit (loss) for the period before taxes | 9903 | €166,439 | €134,496 | -€31,943 | -19.2% |
| Income taxes | 67/77 | €23,059 | €15,217 | -€7,841 | -34.0% |
| Profit (loss) for the period | 9904 | €143,380 | €119,279 | -€24,101 | -16.8% |
| Profit (loss) for the period to be appropriated | 9905 | €143,380 | €119,279 | -€24,101 | -16.8% |
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 25 October 2026 via checked.be.