TOLAT: 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.
What changed
TOLAT
fiscal year 2024 against 2025filed annual accounts (NBB)
Net result for the year
€116,970
2024 · €112,380+€4,590
Equity
€422,577
2024 · €604,107-€181,530
Cash
€81,352
2024 · €87,182-€5,830
Balance sheet total
€1.7m
2024 · €1.9m-€140,451
Largest movements
Assets
- Tangible fixed assets -€130,879
down €130,879 (-7.3%), from €1.8m to €1.7m
of which Land and buildings: -€97,961
Equity and liabilities
- Reserves -€181,591
down €181,591 (-33.8%), from €536,567 to €354,975
of which Distributable reserves: -€180,500
- Other debts -€179,786
down €179,786 (-36.0%), from €498,963 to €319,177
- Debts after one year +€164,650
up €164,650 (+62.6%), from €262,946 to €427,596
- Current portion of long-term debt +€72,097
up €72,097 (+63.6%), from €113,320 to €185,417
Income statement
- Gross operating margin +€82,277
up €82,277 (+27.3%), from €301,240 to €383,517
- Provisions +€74,291
up €74,291 (+95.8%), from -€77,512 to -€3,221
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.
Result 2024
€112,380
Gross operating margin
+€82,277
Depreciation
-€1,567
Provisions
-€74,291
Other operating charges
+€847
Financial income
+€0
Financial charges
-€646
Taxes
-€2,031
Result 2025
€116,970
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.
From operations
+€70,408
Investment
-€14,484
Financing
-€61,753
Cash 2024
€87,182
From operations (derived)
+€70,408
Net result for the year
+€116,970
Depreciation
+€145,363
Receivables within one year
+€3,862
Deferred charges and accrued income
-€120
Provisions
-€3,501
Trade debts
-€8,089
Tax, wage and social debts
-€4,290
Other debts
-€179,786
Investment (derived)
-€14,484
Investment in fixed assets (net)
-€14,484
Financing
-€61,753
Debts after one year
+€164,650
Current portion of long-term debt
+€72,097
Contributions, distributions and other
-€298,500
Cash 2025
€81,352
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €1,885,386 | €1,744,935 | -€140,451 | -7.4% |
| Fixed assets | 21/28 | €1,781,591 | €1,650,712 | -€130,879 | -7.3% |
| Tangible fixed assets | 22/27 | €1,781,591 | €1,650,712 | -€130,879 | -7.3% |
| Land and buildings | 22 | €1,678,167 | €1,580,206 | -€97,961 | -5.8% |
| Furniture and vehicles | 24 | €103,424 | €70,506 | -€32,918 | -31.8% |
| Current assets | 29/58 | €103,795 | €94,223 | -€9,572 | -9.2% |
| Amounts receivable within one year | 40/41 | €3,862 | - | -€3,862 | |
| Trade receivables | 40 | €3,862 | - | -€3,862 | |
| Cash at bank and in hand | 54/58 | €87,182 | €81,352 | -€5,830 | -6.7% |
| Deferred charges and accrued income | 490/1 | €12,751 | €12,871 | +€120 | +0.9% |
| Total equity and liabilities | 10/49 | €1,885,386 | €1,744,935 | -€140,451 | -7.4% |
| Equity | 10/15 | €604,107 | €422,577 | -€181,530 | -30.0% |
| Contributions | 10/11 | €62,000 | €62,000 | = | 0.0% |
| Capital | 10 | €62,000 | €62,000 | = | 0.0% |
| Issued capital | 100 | €62,000 | €62,000 | = | 0.0% |
| Revaluation surpluses | 12 | €5,503 | €5,503 | = | 0.0% |
| Reserves | 13 | €536,567 | €354,975 | -€181,591 | -33.8% |
| Non-distributable reserves | 130/1 | €6,200 | €6,200 | = | 0.0% |
| Legal reserve | 130 | €6,200 | €6,200 | = | 0.0% |
| Tax-exempt reserves | 132 | €7,819 | €6,728 | -€1,091 | -14.0% |
| Distributable reserves | 133 | €522,548 | €342,048 | -€180,500 | -34.5% |
| Profit (loss) carried forward | 14 | €37 | €98 | +€61 | +162.9% |
| Provisions and deferred taxes | 16 | €354,723 | €351,222 | -€3,501 | -1.0% |
| Provisions for liabilities and charges | 160/5 | €354,723 | €351,222 | -€3,501 | -1.0% |
| Major repairs and maintenance | 162 | €26,476 | €23,256 | -€3,221 | -12.2% |
| Environmental obligations | 163 | €324,500 | €324,500 | = | 0.0% |
| Other liabilities and charges | 164/5 | €3,747 | €3,466 | -€281 | -7.5% |
| Amounts payable | 17/49 | €926,556 | €971,137 | +€44,581 | +4.8% |
| Amounts payable after more than one year | 17 | €262,946 | €427,596 | +€164,650 | +62.6% |
| Financial debts | 170/4 | €262,946 | €427,596 | +€164,650 | +62.6% |
| Amounts payable within one year | 42/48 | €663,610 | €543,541 | -€120,069 | -18.1% |
| Current portion of amounts payable after more than one year | 42 | €113,320 | €185,417 | +€72,097 | +63.6% |
| Trade debts | 44 | €13,667 | €5,578 | -€8,089 | -59.2% |
| Suppliers | 440/4 | €13,667 | €5,578 | -€8,089 | -59.2% |
| Taxes, remuneration and social security | 45 | €37,660 | €33,369 | -€4,290 | -11.4% |
| Taxes | 450/3 | €37,660 | €33,369 | -€4,290 | -11.4% |
| Other amounts payable | 47/48 | €498,963 | €319,177 | -€179,786 | -36.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €143,797 | €145,363 | +€1,567 | +1.1% |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | -€77,512 | -€3,221 | +€74,291 | +95.8% |
| Other operating charges | 640/8 | €66,445 | €65,598 | -€847 | -1.3% |
| Gross operating margin | 9900 | €301,240 | €383,517 | +€82,277 | +27.3% |
| Operating profit (loss) | 9901 | €168,510 | €175,776 | +€7,266 | +4.3% |
| Financial income | 75/76B | - | €0 | +€0 | |
| Recurring financial income | 75 | - | €0 | +€0 | |
| Financial charges | 65/66B | €7,984 | €8,630 | +€646 | +8.1% |
| Recurring financial charges | 65 | €7,984 | €8,630 | +€646 | +8.1% |
| Profit (loss) for the period before taxes | 9903 | €160,526 | €167,146 | +€6,620 | +4.1% |
| Transfer from deferred taxes | 780 | €281 | €281 | = | 0.0% |
| Income taxes | 67/77 | €48,426 | €50,457 | +€2,031 | +4.2% |
| Profit (loss) for the period | 9904 | €112,380 | €116,970 | +€4,590 | +4.1% |
| Transfer from tax-exempt reserves | 789 | - | €1,091 | +€1,091 | |
| Profit (loss) for the period to be appropriated | 9905 | €112,380 | €118,061 | +€5,681 | +5.1% |
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 8 October 2026 via checked.be.