TOUBKAL: 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.
TOUBKAL
Largest movements
- Receivables within one year -€32,018
down €32,018 (-82.3%), from €38,894 to €6,876
of which Trade receivables: -€38,860
- Cash -€16,971
down €16,971 (-24.6%), from €69,095 to €52,125
mainly Other debts (-€48,071) and Contributions, distributions and other (-€42,736)
- Other debts -€48,071
down €48,071 (-88.5%), from €54,313 to €6,241
- Tax, wage and social debts -€25,672
down €25,672 (-81.0%), from €31,689 to €6,017
- Reserves +€16,023
up €16,023 (+4.2%), from €383,202 to €399,225
- Gross operating margin -€74,737
down €74,737 (-43.8%), from €170,550 to €95,813
- Taxes -€23,608
down €23,608 (-44.9%), from €52,523 to €28,915
- Depreciation -€1,712
down €1,712 (-19.9%), from €8,605 to €6,893
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 | €482,987 | €426,266 | -€56,722 | -11.7% |
| Fixed assets | 21/28 | €237,663 | €235,604 | -€2,059 | -0.9% |
| Tangible fixed assets | 22/27 | €13,727 | €11,668 | -€2,059 | -15.0% |
| Plant, machinery and equipment | 23 | €7,519 | €5,386 | -€2,133 | -28.4% |
| Furniture and vehicles | 24 | €6,208 | €6,282 | +€74 | +1.2% |
| Financial fixed assets | 28 | €223,936 | €223,936 | = | 0.0% |
| Current assets | 29/58 | €245,324 | €190,662 | -€54,662 | -22.3% |
| Amounts receivable within one year | 40/41 | €38,894 | €6,876 | -€32,018 | -82.3% |
| Trade receivables | 40 | €38,860 | - | -€38,860 | |
| Other amounts receivable | 41 | €33 | €6,876 | +€6,842 | +20504.3% |
| Current investments | 50/53 | €130,819 | €126,561 | -€4,258 | -3.3% |
| Cash at bank and in hand | 54/58 | €69,095 | €52,125 | -€16,971 | -24.6% |
| Deferred charges and accrued income | 490/1 | €6,516 | €5,100 | -€1,416 | -21.7% |
| Total equity and liabilities | 10/49 | €482,987 | €426,266 | -€56,722 | -11.7% |
| Equity | 10/15 | €395,602 | €411,625 | +€16,023 | +4.1% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €383,202 | €399,225 | +€16,023 | +4.2% |
| Distributable reserves | 133 | €383,202 | €399,225 | +€16,023 | +4.2% |
| Amounts payable | 17/49 | €87,385 | €14,641 | -€72,745 | -83.2% |
| Amounts payable within one year | 42/48 | €87,385 | €14,641 | -€72,745 | -83.2% |
| Financial debts | 43 | €82 | €85 | +€3 | +3.1% |
| Credit institutions | 430/8 | €82 | €85 | +€3 | +3.1% |
| Trade debts | 44 | €1,301 | €2,297 | +€996 | +76.6% |
| Suppliers | 440/4 | €1,301 | €2,297 | +€996 | +76.6% |
| Taxes, remuneration and social security | 45 | €31,689 | €6,017 | -€25,672 | -81.0% |
| Taxes | 450/3 | €31,689 | €6,017 | -€25,672 | -81.0% |
| Other amounts payable | 47/48 | €54,313 | €6,241 | -€48,071 | -88.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €8,605 | €6,893 | -€1,712 | -19.9% |
| Other operating charges | 640/8 | €1,048 | €1,131 | +€84 | +8.0% |
| Non-recurring operating charges | 66A | €38 | - | -€38 | |
| Gross operating margin | 9900 | €170,550 | €95,813 | -€74,737 | -43.8% |
| Operating profit (loss) | 9901 | €160,859 | €87,789 | -€73,070 | -45.4% |
| Financial income | 75/76B | €2,193 | €1,014 | -€1,179 | -53.8% |
| Recurring financial income | 75 | €2,193 | €1,014 | -€1,179 | -53.8% |
| Financial charges | 65/66B | €1,497 | €1,128 | -€368 | -24.6% |
| Recurring financial charges | 65 | €1,497 | €1,128 | -€368 | -24.6% |
| Profit (loss) for the period before taxes | 9903 | €161,555 | €87,674 | -€73,880 | -45.7% |
| Income taxes | 67/77 | €52,523 | €28,915 | -€23,608 | -44.9% |
| Profit (loss) for the period | 9904 | €109,032 | €58,759 | -€50,272 | -46.1% |
| Profit (loss) for the period to be appropriated | 9905 | €109,032 | €58,759 | -€50,272 | -46.1% |
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 9 October 2026 via checked.be.