TOVABO: 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.
TOVABO
Largest movements
- Current investments -€1.0m
down €1.0m (-95.2%), from €1.1m to €50,000
- Cash +€920,712
up €920,712 (+76.5%), from €1.2m to €2.1m
mainly Current investments (+€1.0m) and Net result for the year (+€286,652)
- Tangible fixed assets +€351,582
up €351,582 (+25.1%), from €1.4m to €1.8m
of which Plant, machinery and equipment: +€411,993
- Receivables within one year -€249,602
down €249,602 (-45.6%), from €546,898 to €297,296
of which Trade receivables: -€204,808
- Reserves +€83,193
up €83,193 (+2.5%), from €3.3m to €3.4m
- Current portion of long-term debt -€80,000
down €80,000 (-76.2%), from €105,000 to €25,000
- Trade debts +€61,199
up €61,199 (+17.8%), from €343,523 to €404,723
- Gross operating margin -€169,432
down €169,432 (-14.7%), from €1.2m to €982,331
- Taxes -€72,765
down €72,765 (-40.1%), from €181,389 to €108,624
- Staff costs +€37,577
up €37,577 (+11.3%), from €333,790 to €371,367
- Depreciation -€17,561
down €17,561 (-7.5%), from €233,396 to €215,835
- Other operating charges +€13,304
up €13,304 (+64.7%), from €20,555 to €33,858
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 | €4,270,463 | €4,325,670 | +€55,207 | +1.3% |
| Fixed assets | 21/28 | €1,418,643 | €1,788,688 | +€370,045 | +26.1% |
| Tangible fixed assets | 22/27 | €1,403,509 | €1,755,092 | +€351,582 | +25.1% |
| Land and buildings | 22 | €970,960 | €930,801 | -€40,159 | -4.1% |
| Plant, machinery and equipment | 23 | €371,050 | €783,043 | +€411,993 | +111.0% |
| Furniture and vehicles | 24 | €61,500 | €41,248 | -€20,252 | -32.9% |
| Financial fixed assets | 28 | €15,133 | €33,596 | +€18,463 | +122.0% |
| Current assets | 29/58 | €2,851,820 | €2,536,982 | -€314,838 | -11.0% |
| Stocks and contracts in progress | 3 | €7,030 | €6,400 | -€629 | -9.0% |
| Stocks | 30/36 | €7,030 | €6,400 | -€629 | -9.0% |
| Amounts receivable within one year | 40/41 | €546,898 | €297,296 | -€249,602 | -45.6% |
| Trade receivables | 40 | €308,406 | €103,599 | -€204,808 | -66.4% |
| Other amounts receivable | 41 | €238,492 | €193,698 | -€44,794 | -18.8% |
| Current investments | 50/53 | €1,050,000 | €50,000 | -€1.0m | -95.2% |
| Cash at bank and in hand | 54/58 | €1,204,054 | €2,124,766 | +€920,712 | +76.5% |
| Deferred charges and accrued income | 490/1 | €43,838 | €58,519 | +€14,681 | +33.5% |
| Total equity and liabilities | 10/49 | €4,270,463 | €4,325,670 | +€55,207 | +1.3% |
| Equity | 10/15 | €3,391,103 | €3,470,504 | +€79,400 | +2.3% |
| Contributions | 10/11 | €24,541 | €24,541 | = | 0.0% |
| Reserves | 13 | €3,321,989 | €3,405,182 | +€83,193 | +2.5% |
| Distributable reserves | 133 | €3,321,989 | €3,405,182 | +€83,193 | +2.5% |
| Profit (loss) carried forward | 14 | €39,794 | €39,794 | = | 0.0% |
| Investment grants | 15 | €4,779 | €986 | -€3,793 | -79.4% |
| Provisions and deferred taxes | 16 | €252 | €52 | -€200 | -79.4% |
| Deferred taxes | 168 | €252 | €52 | -€200 | -79.4% |
| Amounts payable | 17/49 | €879,108 | €855,114 | -€23,994 | -2.7% |
| Amounts payable after more than one year | 17 | €397,917 | €372,917 | -€25,000 | -6.3% |
| Financial debts | 170/4 | €397,917 | €372,917 | -€25,000 | -6.3% |
| Amounts payable within one year | 42/48 | €480,207 | €481,573 | +€1,366 | +0.3% |
| Current portion of amounts payable after more than one year | 42 | €105,000 | €25,000 | -€80,000 | -76.2% |
| Trade debts | 44 | €343,523 | €404,723 | +€61,199 | +17.8% |
| Suppliers | 440/4 | €343,523 | €404,723 | +€61,199 | +17.8% |
| Taxes, remuneration and social security | 45 | €28,938 | €50,522 | +€21,584 | +74.6% |
| Taxes | 450/3 | €0 | €15,645 | +€15,645 | |
| Remuneration and social security | 454/9 | €28,938 | €34,877 | +€5,939 | +20.5% |
| Other amounts payable | 47/48 | €2,746 | €1,328 | -€1,417 | -51.6% |
| Accrued charges and deferred income | 492/3 | €984 | €625 | -€359 | -36.5% |
| Remuneration, social security and pensions | 62 | €333,790 | €371,367 | +€37,577 | +11.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €233,396 | €215,835 | -€17,561 | -7.5% |
| Other operating charges | 640/8 | €20,555 | €33,858 | +€13,304 | +64.7% |
| Non-recurring operating charges | 66A | €0 | - | = | |
| Gross operating margin | 9900 | €1,151,763 | €982,331 | -€169,432 | -14.7% |
| Operating profit (loss) | 9901 | €564,023 | €361,271 | -€202,751 | -35.9% |
| Financial income | 75/76B | €36,665 | €42,622 | +€5,957 | +16.2% |
| Recurring financial income | 75 | €31,415 | €41,521 | +€10,106 | +32.2% |
| Non-recurring financial income | 76B | €5,250 | €1,101 | -€4,149 | -79.0% |
| Financial charges | 65/66B | €10,352 | €8,818 | -€1,534 | -14.8% |
| Recurring financial charges | 65 | €10,352 | €8,818 | -€1,534 | -14.8% |
| Profit (loss) for the period before taxes | 9903 | €590,336 | €395,076 | -€195,260 | -33.1% |
| Transfer from deferred taxes | 780 | €250 | €200 | -€50 | -20.1% |
| Income taxes | 67/77 | €181,389 | €108,624 | -€72,765 | -40.1% |
| Profit (loss) for the period | 9904 | €409,197 | €286,652 | -€122,546 | -29.9% |
| Profit (loss) for the period to be appropriated | 9905 | €409,197 | €286,652 | -€122,546 | -29.9% |
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 12 October 2026 via checked.be.