Toho Estate: 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.
Toho Estate
Largest movements
- Receivables within one year +€7,721
up €7,721 (+112.0%), from €6,895 to €14,617
of which Trade receivables: +€9,916
- Cash +€2,557
up €2,557 (+9908.2%), from €26 to €2,583
mainly Other debts (+€14,868) and Trade debts (+€3,194)
- Intangible fixed assets +€1,730
new in 2025: €1,730
- Formation expenses -€572
down €572 (-26.3%), from €2,175 to €1,604
- Other debts +€14,868
up €14,868 (+70.1%), from €21,209 to €36,077
- Profit (loss) carried forward -€7,136
down €7,136 (-22.0%), from -€32,436 to -€39,573
- Trade debts +€3,194
up €3,194 (+60.0%), from €5,324 to €8,518
- Tax, wage and social debts +€511
new in 2025: €511
- Gross operating margin +€5,955
up €5,955 (+54.9%), from -€10,846 to -€4,891
- Financial charges +€610
up €610 (+255.9%), from €238 to €849
- Depreciation +€262
up €262 (+45.9%), from €572 to €834
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 | €9,096 | €20,533 | +€11,437 | +125.7% |
| Formation expenses | 20 | €2,175 | €1,604 | -€572 | -26.3% |
| Fixed assets | 21/28 | - | €1,730 | +€1,730 | |
| Intangible fixed assets | 21 | - | €1,730 | +€1,730 | |
| Current assets | 29/58 | €6,921 | €17,200 | +€10,279 | +148.5% |
| Amounts receivable within one year | 40/41 | €6,895 | €14,617 | +€7,721 | +112.0% |
| Trade receivables | 40 | €0 | €9,916 | +€9,916 | |
| Other amounts receivable | 41 | €6,895 | €4,701 | -€2,195 | -31.8% |
| Cash at bank and in hand | 54/58 | €26 | €2,583 | +€2,557 | +9908.2% |
| Total equity and liabilities | 10/49 | €9,096 | €20,533 | +€11,437 | +125.7% |
| Equity | 10/15 | -€17,436 | -€24,573 | -€7,136 | -40.9% |
| Contributions | 10/11 | €15,000 | €15,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€32,436 | -€39,573 | -€7,136 | -22.0% |
| Amounts payable | 17/49 | €26,533 | €45,106 | +€18,573 | +70.0% |
| Amounts payable within one year | 42/48 | €26,533 | €45,106 | +€18,573 | +70.0% |
| Trade debts | 44 | €5,324 | €8,518 | +€3,194 | +60.0% |
| Suppliers | 440/4 | €5,324 | €8,518 | +€3,194 | +60.0% |
| Taxes, remuneration and social security | 45 | - | €511 | +€511 | |
| Taxes | 450/3 | - | €511 | +€511 | |
| Other amounts payable | 47/48 | €21,209 | €36,077 | +€14,868 | +70.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €572 | €834 | +€262 | +45.9% |
| Other operating charges | 640/8 | €614 | €628 | +€13 | +2.2% |
| Gross operating margin | 9900 | -€10,846 | -€4,891 | +€5,955 | +54.9% |
| Operating profit (loss) | 9901 | -€12,032 | -€6,353 | +€5,679 | +47.2% |
| Financial income | 75/76B | €101 | €66 | -€35 | -35.0% |
| Recurring financial income | 75 | €101 | €66 | -€35 | -35.0% |
| Financial charges | 65/66B | €238 | €849 | +€610 | +255.9% |
| Recurring financial charges | 65 | €238 | €849 | +€610 | +255.9% |
| Profit (loss) for the period before taxes | 9903 | -€12,170 | -€7,136 | +€5,034 | +41.4% |
| Profit (loss) for the period | 9904 | -€12,170 | -€7,136 | +€5,034 | +41.4% |
| Profit (loss) for the period to be appropriated | 9905 | -€12,170 | -€7,136 | +€5,034 | +41.4% |
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 4 October 2026 via checked.be.