TOTO: 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.
TOTO
Largest movements
- Receivables within one year +€26,845
up €26,845 (+17.2%), from €156,313 to €183,157
of which Other amounts receivable: +€26,845
- Cash +€12,157
up €12,157 (+9.5%), from €127,436 to €139,593
mainly Net result for the year (+€90,473) and Depreciation (+€32,215)
- Tangible fixed assets -€10,556
down €10,556 (-14.9%), from €70,842 to €60,286
of which Other tangible fixed assets: -€15,456
- Reserves +€92,333
up €92,333 (+38.2%), from €241,418 to €333,751
- Other debts -€56,706
down €56,706 (-91.4%), from €62,030 to €5,324
- Tax, wage and social debts -€4,182
down €4,182 (-15.5%), from €26,944 to €22,762
of which Remuneration and social security: -€9,011
- Gross operating margin +€20,170
up €20,170 (+4.6%), from €434,416 to €454,586
- Staff costs +€16,049
up €16,049 (+6.1%), from €264,693 to €280,742
- Depreciation -€7,191
down €7,191 (-18.2%), from €39,406 to €32,215
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 | €385,063 | €409,809 | +€24,746 | +6.4% |
| Fixed assets | 21/28 | €70,992 | €60,436 | -€10,556 | -14.9% |
| Tangible fixed assets | 22/27 | €70,842 | €60,286 | -€10,556 | -14.9% |
| Plant, machinery and equipment | 23 | €22,672 | €27,269 | +€4,598 | +20.3% |
| Furniture and vehicles | 24 | €2,709 | €3,011 | +€302 | +11.2% |
| Other tangible fixed assets | 26 | €45,461 | €30,006 | -€15,456 | -34.0% |
| Financial fixed assets | 28 | €150 | €150 | = | 0.0% |
| Current assets | 29/58 | €314,071 | €349,374 | +€35,302 | +11.2% |
| Stocks and contracts in progress | 3 | €25,481 | €22,524 | -€2,957 | -11.6% |
| Stocks | 30/36 | €25,481 | €22,524 | -€2,957 | -11.6% |
| Amounts receivable within one year | 40/41 | €156,313 | €183,157 | +€26,845 | +17.2% |
| Trade receivables | 40 | €0 | - | = | |
| Other amounts receivable | 41 | €156,313 | €183,157 | +€26,845 | +17.2% |
| Cash at bank and in hand | 54/58 | €127,436 | €139,593 | +€12,157 | +9.5% |
| Deferred charges and accrued income | 490/1 | €4,842 | €4,100 | -€742 | -15.3% |
| Total equity and liabilities | 10/49 | €385,063 | €409,809 | +€24,746 | +6.4% |
| Equity | 10/15 | €249,478 | €339,951 | +€90,473 | +36.3% |
| Contributions | 10/11 | €8,060 | €6,200 | -€1,860 | -23.1% |
| Reserves | 13 | €241,418 | €333,751 | +€92,333 | +38.2% |
| Distributable reserves | 133 | €241,418 | €333,751 | +€92,333 | +38.2% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €135,585 | €69,859 | -€65,726 | -48.5% |
| Amounts payable within one year | 42/48 | €134,672 | €69,859 | -€64,813 | -48.1% |
| Current portion of amounts payable after more than one year | 42 | €0 | - | = | |
| Financial debts | 43 | €6,827 | €6,843 | +€16 | +0.2% |
| Credit institutions | 430/8 | €6,827 | €6,843 | +€16 | +0.2% |
| Trade debts | 44 | €36,590 | €34,931 | -€1,659 | -4.5% |
| Suppliers | 440/4 | €36,590 | €34,931 | -€1,659 | -4.5% |
| Advances received on contracts in progress | 46 | €2,281 | €0 | -€2,281 | -100% |
| Taxes, remuneration and social security | 45 | €26,944 | €22,762 | -€4,182 | -15.5% |
| Taxes | 450/3 | €17,933 | €22,762 | +€4,829 | +26.9% |
| Remuneration and social security | 454/9 | €9,011 | €0 | -€9,011 | -100% |
| Other amounts payable | 47/48 | €62,030 | €5,324 | -€56,706 | -91.4% |
| Accrued charges and deferred income | 492/3 | €913 | €0 | -€913 | -100% |
| Non-recurring operating income | 76A | - | €1,881 | +€1,881 | |
| Remuneration, social security and pensions | 62 | €264,693 | €280,742 | +€16,049 | +6.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €39,406 | €32,215 | -€7,191 | -18.2% |
| Other operating charges | 640/8 | €2,741 | €1,951 | -€790 | -28.8% |
| Gross operating margin | 9900 | €434,416 | €454,586 | +€20,170 | +4.6% |
| Operating profit (loss) | 9901 | €127,577 | €139,678 | +€12,102 | +9.5% |
| Financial income | 75/76B | €3,831 | €4,361 | +€531 | +13.9% |
| Recurring financial income | 75 | €3,831 | €4,361 | +€531 | +13.9% |
| Financial charges | 65/66B | €9,557 | €10,805 | +€1,248 | +13.1% |
| Recurring financial charges | 65 | €9,557 | €10,805 | +€1,248 | +13.1% |
| Profit (loss) for the period before taxes | 9903 | €121,850 | €133,235 | +€11,384 | +9.3% |
| Income taxes | 67/77 | €39,053 | €42,762 | +€3,709 | +9.5% |
| Profit (loss) for the period | 9904 | €82,797 | €90,473 | +€7,675 | +9.3% |
| Profit (loss) for the period to be appropriated | 9905 | €82,797 | €90,473 | +€7,675 | +9.3% |
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 13 October 2026 via checked.be.