Tounet: 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.
Tounet
Largest movements
- Tangible fixed assets +€391,146
up €391,146 (+66.2%), from €591,200 to €982,345
of which Plant, machinery and equipment: +€385,602
- Receivables within one year -€83,317
down €83,317 (-19.0%), from €439,584 to €356,267
of which Trade receivables: -€119,911
- Deferred charges and accrued income +€82,147
up €82,147 (+190%), from €43,329 to €125,475
- Financial fixed assets -€37,200
down €37,200 (-67.6%), from €55,010 to €17,810
- Cash -€28,719
down €28,719 (-20.6%), from €139,628 to €110,909
mainly Investment in fixed assets (net) (-€502,548) and Deferred charges and accrued income (-€82,147)
- Revaluation surpluses +€470,799
up €470,799 (+4,220%), from €11,155 to €481,954
- Profit (loss) carried forward -€137,216
down €137,216 (-28.5%), from -€482,067 to -€619,283
- Reserves +€84,484
up €84,484 (+1,360%), from €6,212 to €90,696
of which Tax-exempt reserves: +€84,484
- Tax, wage and social debts -€62,411
down €62,411 (-10.1%), from €615,310 to €552,899
of which Remuneration and social security: -€57,872
- Debts after one year -€47,368
down €47,368 (-10.9%), from €435,943 to €388,575
- Staff costs +€113,022
up €113,022 (+7.8%), from €1.5m to €1.6m
- Write-downs -€94,395
down €94,395 (-98.8%), from €95,579 to €1,184
- Other operating charges -€53,065
no longer reported in 2025 (was €53,065)
- Gross operating margin +€41,078
up €41,078 (+2.5%), from €1.7m to €1.7m
- Depreciation -€17,859
down €17,859 (-10.7%), from €166,839 to €148,980
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 | €1,283,826 | €1,607,490 | +€323,663 | +25.2% |
| Fixed assets | 21/28 | €646,831 | €1,000,399 | +€353,568 | +54.7% |
| Intangible fixed assets | 21 | €622 | €244 | -€378 | -60.7% |
| Tangible fixed assets | 22/27 | €591,200 | €982,345 | +€391,146 | +66.2% |
| Plant, machinery and equipment | 23 | €539,835 | €925,436 | +€385,602 | +71.4% |
| Other tangible fixed assets | 26 | €51,365 | €56,909 | +€5,544 | +10.8% |
| Financial fixed assets | 28 | €55,010 | €17,810 | -€37,200 | -67.6% |
| Current assets | 29/58 | €636,995 | €607,090 | -€29,905 | -4.7% |
| Stocks and contracts in progress | 3 | €14,454 | €14,439 | -€16 | -0.1% |
| Stocks | 30/36 | €14,454 | €14,439 | -€16 | -0.1% |
| Amounts receivable within one year | 40/41 | €439,584 | €356,267 | -€83,317 | -19.0% |
| Trade receivables | 40 | €417,915 | €298,003 | -€119,911 | -28.7% |
| Other amounts receivable | 41 | €21,669 | €58,264 | +€36,595 | +169% |
| Cash at bank and in hand | 54/58 | €139,628 | €110,909 | -€28,719 | -20.6% |
| Deferred charges and accrued income | 490/1 | €43,329 | €125,475 | +€82,147 | +190% |
| Total equity and liabilities | 10/49 | €1,283,826 | €1,607,490 | +€323,663 | +25.2% |
| Equity | 10/15 | -€403,200 | €14,867 | +€418,066 | |
| Contributions | 10/11 | €61,500 | €61,500 | = | 0.0% |
| Capital | 10 | €61,500 | €61,500 | = | 0.0% |
| Issued capital | 100 | €61,500 | €61,500 | = | 0.0% |
| Revaluation surpluses | 12 | €11,155 | €481,954 | +€470,799 | +4,220% |
| Reserves | 13 | €6,212 | €90,696 | +€84,484 | +1,360% |
| Non-distributable reserves | 130/1 | €5,578 | €5,578 | = | 0.0% |
| Legal reserve | 130 | €5,578 | €5,578 | = | 0.0% |
| Tax-exempt reserves | 132 | - | €84,484 | +€84,484 | |
| Distributable reserves | 133 | €635 | €635 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€482,067 | -€619,283 | -€137,216 | -28.5% |
| Amounts payable | 17/49 | €1,687,026 | €1,592,623 | -€94,403 | -5.6% |
| Amounts payable after more than one year | 17 | €435,943 | €388,575 | -€47,368 | -10.9% |
| Financial debts | 170/4 | €435,943 | €388,575 | -€47,368 | -10.9% |
| Amounts payable within one year | 42/48 | €1,250,521 | €1,203,108 | -€47,413 | -3.8% |
| Financial debts | 43 | €125,539 | €127,944 | +€2,405 | +1.9% |
| Credit institutions | 430/8 | €125,539 | €127,944 | +€2,405 | +1.9% |
| Trade debts | 44 | €509,672 | €522,264 | +€12,593 | +2.5% |
| Suppliers | 440/4 | €509,672 | €522,264 | +€12,593 | +2.5% |
| Taxes, remuneration and social security | 45 | €615,310 | €552,899 | -€62,411 | -10.1% |
| Taxes | 450/3 | €75,519 | €70,980 | -€4,539 | -6.0% |
| Remuneration and social security | 454/9 | €539,791 | €481,919 | -€57,872 | -10.7% |
| Accrued charges and deferred income | 492/3 | €562 | €940 | +€378 | +67.3% |
| Remuneration, social security and pensions | 62 | €1,458,179 | €1,571,200 | +€113,022 | +7.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €166,839 | €148,980 | -€17,859 | -10.7% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €95,579 | €1,184 | -€94,395 | -98.8% |
| Other operating charges | 640/8 | €53,065 | - | -€53,065 | |
| Non-recurring operating charges | 66A | €54,430 | €2,409 | -€52,021 | -95.6% |
| Gross operating margin | 9900 | €1,654,664 | €1,695,742 | +€41,078 | +2.5% |
| Operating profit (loss) | 9901 | -€173,428 | -€28,031 | +€145,397 | +83.8% |
| Financial income | 75/76B | €119 | €234 | +€115 | +96.4% |
| Recurring financial income | 75 | €119 | €234 | +€115 | +96.4% |
| Financial charges | 65/66B | €39,163 | €24,326 | -€14,837 | -37.9% |
| Recurring financial charges | 65 | €39,163 | €24,326 | -€14,837 | -37.9% |
| Profit (loss) for the period before taxes | 9903 | -€212,472 | -€52,123 | +€160,348 | +75.5% |
| Income taxes | 67/77 | €684 | €609 | -€75 | -11.0% |
| Profit (loss) for the period | 9904 | -€213,156 | -€52,733 | +€160,423 | +75.3% |
| Profit (loss) for the period to be appropriated | 9905 | -€213,156 | -€52,733 | +€160,423 | +75.3% |
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 20 October 2026 via checked.be.