TOSALU: 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.
What changed
TOSALU
NACE 64.210, Activities of holding companies
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€125.2m
2024 · €14.7m+€110.5m
Equity
€98.1m
2024 · €48.0m+€50.1m
Cash
€1.2m
2024 · €119,417+€1.1m
Balance sheet total
€107.0m
2024 · €56.8m+€50.2m
Largest movements
Assets
- Financial fixed assets +€43.9m
up €43.9m (+78.4%), from €56.0m to €100.0m
of which Companies linked by participating interests: +€44.9m
- Current investments +€5.1m
new in 2025: €5.1m
- Cash +€1.1m
up €1.1m (+942%), from €119,417 to €1.2m
mainly Net result for the year (+€125.2m) and Other debts (+€608,510)
Equity and liabilities
- Reserves +€50.1m
up €50.1m (+165%), from €30.4m to €80.6m
of which Distributable reserves: +€47.6m
Income statement
- Financial income +€110.8m
up €110.8m (+732%), from €15.1m to €126.0m
of which Financial income: +€110.8m
- Taxes +€179,177
up €179,177 (+310%), from €57,732 to €236,909
of which Taxes: +€179,177
- Services and other goods +€165,664
up €165,664 (+29.6%), from €558,787 to €724,451
- Financial charges +€92,941
up €92,941 (+37.0%), from €251,094 to €344,035
- Depreciation -€69,698
down €69,698 (-58.8%), from €118,552 to €48,855
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
€14.7m
Turnover
-€4,931
Other operating income
-€33,097
Services and other goods
-€165,664
Staff costs
+€52
Depreciation
+€69,698
Other operating charges
+€873
Other operating items
+€29,515
Financial income
+€110.8m
Financial charges
-€92,941
Taxes
-€179,177
Result 2025
€125.2m
raises the resultlowers the resultnot broken down further in the accounts
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.
From operations
+€126.1m
Investment
-€49.0m
Financing
-€76.0m
Cash 2024
€119,417
From operations (derived)
+€126.1m
Net result for the year
+€125.2m
Depreciation
+€48,855
Smaller working-capital items
+€295,147
Other debts
+€608,510
Investment (derived)
-€49.0m
Investment in fixed assets (net)
-€44.0m
Current investments
-€5.1m
Financing
-€76.0m
Debts after one year
-€889,560
Current portion of long-term debt
-€62,500
Contributions, distributions and other
-€75.0m
Cash 2025
€1.2m
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €56,818,823 | €107,002,126 | +€50.2m | +88.3% |
| Fixed assets | 21/28 | €56,654,984 | €100,579,910 | +€43.9m | +77.5% |
| Tangible fixed assets | 22/27 | €617,445 | €616,987 | -€459 | -0.1% |
| Land and buildings | 22 | €581,146 | €594,495 | +€13,350 | +2.3% |
| Furniture and vehicles | 24 | €36,300 | €22,491 | -€13,808 | -38.0% |
| Financial fixed assets | 28 | €56,037,539 | €99,962,923 | +€43.9m | +78.4% |
| Companies linked by participating interests | 282/3 | €54,322,370 | €99,266,730 | +€44.9m | +82.7% |
| Participating interests | 282 | €41,856,886 | €20,719,167 | -€21.1m | -50.5% |
| Amounts receivable | 283 | €12,465,485 | €78,547,563 | +€66.1m | +530% |
| Other financial fixed assets | 284/8 | €1,715,168 | €696,193 | -€1.0m | -59.4% |
| Shares | 284 | €1,714,576 | €695,601 | -€1.0m | -59.4% |
| Amounts receivable and cash guarantees | 285/8 | €592 | €592 | = | 0.0% |
| Current assets | 29/58 | €163,839 | €6,422,216 | +€6.3m | +3,820% |
| Stocks and contracts in progress | 3 | €0 | €0 | = | |
| Amounts receivable within one year | 40/41 | €33,880 | €14,712 | -€19,168 | -56.6% |
| Trade receivables | 40 | €2,739 | €0 | -€2,739 | -100% |
| Other amounts receivable | 41 | €31,141 | €14,712 | -€16,430 | -52.8% |
| Current investments | 50/53 | - | €5,050,000 | +€5.1m | |
| Other investments | 51/53 | - | €5,050,000 | +€5.1m | |
| Cash at bank and in hand | 54/58 | €119,417 | €1,243,757 | +€1.1m | +942% |
| Deferred charges and accrued income | 490/1 | €10,542 | €113,748 | +€103,206 | +979% |
| Total equity and liabilities | 10/49 | €56,818,823 | €107,002,126 | +€50.2m | +88.3% |
| Equity | 10/15 | €47,998,200 | €98,145,870 | +€50.1m | +104% |
| Contributions | 10/11 | €17,581,113 | €17,581,113 | = | 0.0% |
| Capital | 10 | €17,535,748 | €17,535,748 | = | 0.0% |
| Issued capital | 100 | €17,535,748 | €17,535,748 | = | 0.0% |
| Contributions outside capital | 11 | €45,365 | €45,365 | = | 0.0% |
| Share premium | 1100/10 | €45,365 | €45,365 | = | 0.0% |
| Reserves | 13 | €30,415,827 | €80,563,942 | +€50.1m | +165% |
| Non-distributable reserves | 130/1 | €1,170,000 | €3,680,000 | +€2.5m | +215% |
| Legal reserve | 130 | €1,170,000 | €3,680,000 | +€2.5m | +215% |
| Tax-exempt reserves | 132 | €0 | - | = | |
| Distributable reserves | 133 | €29,245,827 | €76,883,942 | +€47.6m | +163% |
| Investment grants | 15 | €1,261 | €816 | -€445 | -35.3% |
| Provisions and deferred taxes | 16 | €846 | €557 | -€290 | -34.2% |
| Deferred taxes | 168 | €846 | €557 | -€290 | -34.2% |
| Amounts payable | 17/49 | €8,819,776 | €8,855,700 | +€35,924 | +0.4% |
| Amounts payable after more than one year | 17 | €7,689,518 | €6,799,958 | -€889,560 | -11.6% |
| Financial debts | 170/4 | €7,689,518 | €6,799,958 | -€889,560 | -11.6% |
| Subordinated loans | 170 | €1,655,770 | €1,055,770 | -€600,000 | -36.2% |
| Credit institutions | 173 | €500,000 | €214,286 | -€285,714 | -57.1% |
| Other loans | 174 | €5,533,747 | €5,529,901 | -€3,846 | -0.1% |
| Amounts payable within one year | 42/48 | €591,489 | €1,376,927 | +€785,437 | +133% |
| Current portion of amounts payable after more than one year | 42 | €348,214 | €285,714 | -€62,500 | -17.9% |
| Trade debts | 44 | €50,261 | €61,661 | +€11,400 | +22.7% |
| Suppliers | 440/4 | €50,261 | €61,661 | +€11,400 | +22.7% |
| Taxes, remuneration and social security | 45 | €31,991 | €260,019 | +€228,028 | +713% |
| Taxes | 450/3 | €31,991 | €260,019 | +€228,028 | +713% |
| Other amounts payable | 47/48 | €161,023 | €769,533 | +€608,510 | +378% |
| Accrued charges and deferred income | 492/3 | €538,769 | €678,816 | +€140,046 | +26.0% |
| Operating income | 70/76A | €568,904 | €533,376 | -€35,528 | -6.2% |
| Turnover | 70 | €363,739 | €358,808 | -€4,931 | -1.4% |
| Other operating income | 74 | €205,166 | €172,068 | -€33,097 | -16.1% |
| Non-recurring operating income | 76A | - | €2,500 | +€2,500 | |
| Operating charges | 60/66A | €728,799 | €796,824 | +€68,025 | +9.3% |
| Services and other goods | 61 | €558,787 | €724,451 | +€165,664 | +29.6% |
| Remuneration, social security and pensions | 62 | €6,482 | €6,431 | -€52 | -0.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €118,552 | €48,855 | -€69,698 | -58.8% |
| Other operating charges | 640/8 | €17,962 | €17,089 | -€873 | -4.9% |
| Non-recurring operating charges | 66A | €27,015 | €0 | -€27,015 | -100% |
| Operating profit (loss) | 9901 | -€159,895 | -€263,448 | -€103,553 | -64.8% |
| Financial income | 75/76B | €15,146,975 | €125,994,967 | +€110.8m | +732% |
| Recurring financial income | 75 | €15,144,909 | €125,988,571 | +€110.8m | +732% |
| Income from financial fixed assets | 750 | €389,162 | €1,105,865 | +€716,703 | +184% |
| Income from current assets | 751 | €713,647 | €862,826 | +€149,179 | +20.9% |
| Other financial income | 752/9 | €14,042,100 | €124,019,880 | +€110.0m | +783% |
| Non-recurring financial income | 76B | €2,066 | €6,396 | +€4,330 | +210% |
| Financial charges | 65/66B | €251,094 | €344,035 | +€92,941 | +37.0% |
| Recurring financial charges | 65 | €251,094 | €344,035 | +€92,941 | +37.0% |
| Debt charges | 650 | €251,068 | €308,604 | +€57,535 | +22.9% |
| Other financial charges | 652/9 | €25 | €35,431 | +€35,406 | +140,835% |
| Profit (loss) for the period before taxes | 9903 | €14,735,986 | €125,387,484 | +€110.7m | +751% |
| Income taxes | 67/77 | €57,732 | €236,909 | +€179,177 | +310% |
| Taxes | 670/3 | €57,732 | €236,909 | +€179,177 | +310% |
| Tax adjustments and reversals of tax provisions | 77 | €0 | - | = | |
| Profit (loss) for the period | 9904 | €14,678,255 | €125,150,575 | +€110.5m | +753% |
| Transfer from tax-exempt reserves | 789 | €46,029 | €0 | -€46,029 | -100% |
| Profit (loss) for the period to be appropriated | 9905 | €14,724,283 | €125,150,575 | +€110.4m | +750% |
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 29 October 2026 via checked.be.