Toho Invest: 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.
Toho Invest
Largest movements
- Stocks and contracts +€268,823
up €268,823 (+106%), from €254,452 to €523,275
of which Stocks: +€323,868
- Receivables within one year -€8,091
down €8,091 (-73.0%), from €11,089 to €2,998
of which Trade receivables: -€8,091
- Short-term financial debts +€180,200
up €180,200 (+240%), from €75,000 to €255,200
- Current portion of long-term debt +€70,000
new in 2025: €70,000
- Trade debts +€68,845
up €68,845 (+138%), from €50,003 to €118,849
- Debts after one year -€63,267
down €63,267 (-47.5%), from €133,282 to €70,016
of which Financial debts: -€70,000
- Other debts +€10,697
up €10,697 (+133%), from €8,053 to €18,751
- Gross operating margin +€7,306
up €7,306 (+76.6%), from -€9,533 to -€2,227
- Financial income +€1,033
up €1,033 (+1,264%), from €82 to €1,115
- Financial charges +€495
up €495 (+18.3%), from €2,707 to €3,202
- Other operating charges +€294
up €294 (+52.3%), from €562 to €856
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 | €268,143 | €529,140 | +€260,998 | +97.3% |
| Formation expenses | 20 | €2,587 | €1,907 | -€680 | -26.3% |
| Current assets | 29/58 | €265,556 | €527,233 | +€261,678 | +98.5% |
| Stocks and contracts in progress | 3 | €254,452 | €523,275 | +€268,823 | +106% |
| Stocks | 30/36 | €199,407 | €523,275 | +€323,868 | +162% |
| Contracts in progress | 37 | €55,044 | €0 | -€55,044 | -100% |
| Amounts receivable within one year | 40/41 | €11,089 | €2,998 | -€8,091 | -73.0% |
| Trade receivables | 40 | €11,089 | €2,998 | -€8,091 | -73.0% |
| Other amounts receivable | 41 | €0 | - | = | |
| Cash at bank and in hand | 54/58 | €15 | €960 | +€945 | +6,268% |
| Deferred charges and accrued income | 490/1 | €0 | - | = | |
| Total equity and liabilities | 10/49 | €268,143 | €529,140 | +€260,998 | +97.3% |
| Equity | 10/15 | -€440 | -€6,290 | -€5,850 | -1,329% |
| Contributions | 10/11 | €15,000 | €15,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€15,440 | -€21,290 | -€5,850 | -37.9% |
| Amounts payable | 17/49 | €268,583 | €535,430 | +€266,847 | +99.4% |
| Amounts payable after more than one year | 17 | €133,282 | €70,016 | -€63,267 | -47.5% |
| Financial debts | 170/4 | €70,000 | €0 | -€70,000 | -100% |
| Other amounts payable | 178/9 | €63,282 | €70,016 | +€6,733 | +10.6% |
| Amounts payable within one year | 42/48 | €133,057 | €462,799 | +€329,743 | +248% |
| Current portion of amounts payable after more than one year | 42 | - | €70,000 | +€70,000 | |
| Financial debts | 43 | €75,000 | €255,200 | +€180,200 | +240% |
| Credit institutions | 430/8 | €75,000 | €255,200 | +€180,200 | +240% |
| Trade debts | 44 | €50,003 | €118,849 | +€68,845 | +138% |
| Suppliers | 440/4 | €50,003 | €118,849 | +€68,845 | +138% |
| Other amounts payable | 47/48 | €8,053 | €18,751 | +€10,697 | +133% |
| Accrued charges and deferred income | 492/3 | €2,244 | €2,615 | +€371 | +16.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €680 | €680 | = | 0.0% |
| Other operating charges | 640/8 | €562 | €856 | +€294 | +52.3% |
| Gross operating margin | 9900 | -€9,533 | -€2,227 | +€7,306 | +76.6% |
| Operating profit (loss) | 9901 | -€10,775 | -€3,763 | +€7,012 | +65.1% |
| Financial income | 75/76B | €82 | €1,115 | +€1,033 | +1,264% |
| Recurring financial income | 75 | €82 | €1,115 | +€1,033 | +1,264% |
| Financial charges | 65/66B | €2,707 | €3,202 | +€495 | +18.3% |
| Recurring financial charges | 65 | €2,707 | €3,202 | +€495 | +18.3% |
| Profit (loss) for the period before taxes | 9903 | -€13,400 | -€5,850 | +€7,550 | +56.3% |
| Profit (loss) for the period | 9904 | -€13,400 | -€5,850 | +€7,550 | +56.3% |
| Profit (loss) for the period to be appropriated | 9905 | -€13,400 | -€5,850 | +€7,550 | +56.3% |
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.