Tovag: 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.
Tovag
Largest movements
- Tangible fixed assets +€437,393
up €437,393 (+1,755%), from €24,921 to €462,314
of which Land and buildings: +€435,133
- Deferred charges and accrued income -€45,102
down €45,102 (-98.2%), from €45,940 to €838
- Stocks and contracts -€16,620
down €16,620 (-33.9%), from €49,032 to €32,412
- Receivables within one year +€16,009
up €16,009 (+103%), from €15,536 to €31,545
of which Trade receivables: +€16,671
- Debts after one year +€330,005
new in 2025: €330,005
- Profit (loss) carried forward +€36,902
up €36,902 (+16.0%), from €230,969 to €267,871
- Current portion of long-term debt +€19,660
new in 2025: €19,660
- Tax, wage and social debts +€14,688
up €14,688 (+37.1%), from €39,633 to €54,321
of which Taxes: +€10,588
- Trade debts -€6,936
down €6,936 (-49.8%), from €13,939 to €7,003
- Other operating charges +€54,844
up €54,844 (+6,341%), from €865 to €55,709
- Gross operating margin -€32,632
down €32,632 (-20.4%), from €159,917 to €127,284
- Taxes -€24,917
down €24,917 (-70.5%), from €35,359 to €10,442
- Depreciation +€11,444
up €11,444 (+548%), from €2,087 to €13,531
- Financial charges +€9,784
up €9,784 (+3,877%), from €252 to €10,036
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 | €291,601 | €690,079 | +€398,477 | +137% |
| Fixed assets | 21/28 | €24,921 | €462,314 | +€437,393 | +1,755% |
| Tangible fixed assets | 22/27 | €24,921 | €462,314 | +€437,393 | +1,755% |
| Land and buildings | 22 | - | €435,133 | +€435,133 | |
| Plant, machinery and equipment | 23 | €3,238 | €7,314 | +€4,075 | +126% |
| Furniture and vehicles | 24 | €21,683 | €19,867 | -€1,815 | -8.4% |
| Current assets | 29/58 | €266,680 | €227,764 | -€38,916 | -14.6% |
| Stocks and contracts in progress | 3 | €49,032 | €32,412 | -€16,620 | -33.9% |
| Stocks | 30/36 | €49,032 | €32,412 | -€16,620 | -33.9% |
| Amounts receivable within one year | 40/41 | €15,536 | €31,545 | +€16,009 | +103% |
| Trade receivables | 40 | €14,874 | €31,545 | +€16,671 | +112% |
| Other amounts receivable | 41 | €662 | - | -€662 | |
| Cash at bank and in hand | 54/58 | €156,173 | €162,970 | +€6,797 | +4.4% |
| Deferred charges and accrued income | 490/1 | €45,940 | €838 | -€45,102 | -98.2% |
| Total equity and liabilities | 10/49 | €291,601 | €690,079 | +€398,477 | +137% |
| Equity | 10/15 | €237,469 | €274,371 | +€36,902 | +15.5% |
| Contributions | 10/11 | €6,500 | €6,500 | = | 0.0% |
| Profit (loss) carried forward | 14 | €230,969 | €267,871 | +€36,902 | +16.0% |
| Amounts payable | 17/49 | €54,132 | €415,708 | +€361,575 | +668% |
| Amounts payable after more than one year | 17 | - | €330,005 | +€330,005 | |
| Financial debts | 170/4 | - | €330,005 | +€330,005 | |
| Amounts payable within one year | 42/48 | €54,132 | €84,641 | +€30,509 | +56.4% |
| Current portion of amounts payable after more than one year | 42 | - | €19,660 | +€19,660 | |
| Trade debts | 44 | €13,939 | €7,003 | -€6,936 | -49.8% |
| Suppliers | 440/4 | €13,939 | €7,003 | -€6,936 | -49.8% |
| Taxes, remuneration and social security | 45 | €39,633 | €54,321 | +€14,688 | +37.1% |
| Taxes | 450/3 | €37,283 | €47,871 | +€10,588 | +28.4% |
| Remuneration and social security | 454/9 | €2,350 | €6,450 | +€4,100 | +174% |
| Other amounts payable | 47/48 | €560 | €3,658 | +€3,098 | +553% |
| Accrued charges and deferred income | 492/3 | - | €1,062 | +€1,062 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,087 | €13,531 | +€11,444 | +548% |
| Other operating charges | 640/8 | €865 | €55,709 | +€54,844 | +6,341% |
| Gross operating margin | 9900 | €159,917 | €127,284 | -€32,632 | -20.4% |
| Operating profit (loss) | 9901 | €156,965 | €58,044 | -€98,921 | -63.0% |
| Financial income | 75/76B | €159 | €195 | +€36 | +22.6% |
| Recurring financial income | 75 | €159 | €195 | +€36 | +22.6% |
| Financial charges | 65/66B | €252 | €10,036 | +€9,784 | +3,877% |
| Recurring financial charges | 65 | €252 | €10,036 | +€9,784 | +3,877% |
| Profit (loss) for the period before taxes | 9903 | €156,872 | €48,203 | -€108,669 | -69.3% |
| Income taxes | 67/77 | €35,359 | €10,442 | -€24,917 | -70.5% |
| Profit (loss) for the period | 9904 | €121,513 | €37,761 | -€83,752 | -68.9% |
| Profit (loss) for the period to be appropriated | 9905 | €121,513 | €37,761 | -€83,752 | -68.9% |
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 24 October 2026 via checked.be.