TOF: 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.
TOF
Largest movements
- Receivables within one year +€60,414
up €60,414 (+374%), from €16,137 to €76,551
of which Other amounts receivable: +€53,626
- Receivables after one year -€50,000
no longer reported in 2025 (was €50,000)
- Tangible fixed assets +€11,847
up €11,847 (+498%), from €2,379 to €14,226
of which Plant, machinery and equipment: +€12,746
- Trade debts +€16,242
up €16,242 (+789%), from €2,058 to €18,300
- Reserves +€10,413
up €10,413 (+59.7%), from €17,442 to €27,855
of which Distributable reserves: +€9,958
- Current portion of long-term debt -€3,560
no longer reported in 2025 (was €3,560)
- Gross operating margin -€6,619
down €6,619 (-24.0%), from €27,603 to €20,984
- Depreciation -€4,501
down €4,501 (-63.5%), from €7,092 to €2,591
- Other operating charges -€1,064
down €1,064 (-58.3%), from €1,826 to €762
- Financial income +€407
up €407 (+22.5%), from €1,807 to €2,214
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
Cash or the result is not a separate line in both sets of accounts; the cash flow cannot be derived from them.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €71,715 | €94,224 | +€22,509 | +31.4% |
| Formation expenses | 20 | €1,016 | €756 | -€260 | -25.6% |
| Fixed assets | 21/28 | €2,379 | €14,226 | +€11,847 | +498% |
| Tangible fixed assets | 22/27 | €2,379 | €14,226 | +€11,847 | +498% |
| Plant, machinery and equipment | 23 | €1,480 | €14,226 | +€12,746 | +861% |
| Furniture and vehicles | 24 | €899 | - | -€899 | |
| Current assets | 29/58 | €68,320 | €79,242 | +€10,922 | +16.0% |
| Amounts receivable after more than one year | 29 | €50,000 | - | -€50,000 | |
| Trade receivables | 290 | €50,000 | - | -€50,000 | |
| Amounts receivable within one year | 40/41 | €16,137 | €76,551 | +€60,414 | +374% |
| Trade receivables | 40 | €3,211 | €9,999 | +€6,788 | +211% |
| Other amounts receivable | 41 | €12,926 | €66,552 | +€53,626 | +415% |
| Deferred charges and accrued income | 490/1 | €2,183 | €2,691 | +€508 | +23.3% |
| Total equity and liabilities | 10/49 | €71,715 | €94,224 | +€22,509 | +31.4% |
| Equity | 10/15 | €48,240 | €58,653 | +€10,413 | +21.6% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €17,442 | €27,855 | +€10,413 | +59.7% |
| Non-distributable reserves | 130/1 | €1,405 | €1,860 | +€455 | +32.4% |
| Reserves not available under the articles | 1311 | €1,405 | €1,860 | +€455 | +32.4% |
| Distributable reserves | 133 | €16,037 | €25,995 | +€9,958 | +62.1% |
| Profit (loss) carried forward | 14 | €12,198 | €12,198 | = | 0.0% |
| Amounts payable | 17/49 | €23,475 | €35,571 | +€12,096 | +51.5% |
| Amounts payable within one year | 42/48 | €23,475 | €35,571 | +€12,096 | +51.5% |
| Current portion of amounts payable after more than one year | 42 | €3,560 | - | -€3,560 | |
| Financial debts | 43 | €9,998 | €10,236 | +€238 | +2.4% |
| Credit institutions | 430/8 | €9,998 | €10,236 | +€238 | +2.4% |
| Trade debts | 44 | €2,058 | €18,300 | +€16,242 | +789% |
| Suppliers | 440/4 | €2,058 | €18,300 | +€16,242 | +789% |
| Taxes, remuneration and social security | 45 | €7,859 | €7,035 | -€824 | -10.5% |
| Taxes | 450/3 | €7,859 | €7,035 | -€824 | -10.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €7,092 | €2,591 | -€4,501 | -63.5% |
| Other operating charges | 640/8 | €1,826 | €762 | -€1,064 | -58.3% |
| Gross operating margin | 9900 | €27,603 | €20,984 | -€6,619 | -24.0% |
| Operating profit (loss) | 9901 | €18,685 | €17,631 | -€1,054 | -5.6% |
| Financial income | 75/76B | €1,807 | €2,214 | +€407 | +22.5% |
| Recurring financial income | 75 | €1,807 | €2,214 | +€407 | +22.5% |
| Financial charges | 65/66B | €2,052 | €2,122 | +€70 | +3.4% |
| Recurring financial charges | 65 | €2,052 | €2,122 | +€70 | +3.4% |
| Profit (loss) for the period before taxes | 9903 | €18,440 | €17,723 | -€717 | -3.9% |
| Income taxes | 67/77 | €4,911 | €4,972 | +€61 | +1.2% |
| Profit (loss) for the period | 9904 | €13,529 | €12,751 | -€778 | -5.8% |
| Profit (loss) for the period to be appropriated | 9905 | €13,529 | €12,751 | -€778 | -5.8% |
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 15 October 2026 via checked.be.