TOVALEX: 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.
TOVALEX
Largest movements
- Current investments +€100,000
new in 2025: €100,000
- Cash -€34,328
down €34,328 (-27.8%), from €123,346 to €89,018
mainly Current investments (-€100,000) and Accrued charges and deferred income (-€682)
- Reserves +€57,214
up €57,214 (+65.1%), from €87,906 to €145,120
- Tax, wage and social debts +€8,926
up €8,926 (+33.1%), from €27,000 to €35,926
- Gross operating margin +€6,980
up €6,980 (+9.0%), from €77,460 to €84,440
- Taxes +€2,275
up €2,275 (+9.1%), from €25,036 to €27,310
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 | €123,346 | €189,018 | +€65,672 | +53.2% |
| Current assets | 29/58 | €123,346 | €189,018 | +€65,672 | +53.2% |
| Amounts receivable within one year | 40/41 | €0 | - | = | |
| Other amounts receivable | 41 | €0 | - | = | |
| Current investments | 50/53 | - | €100,000 | +€100,000 | |
| Cash at bank and in hand | 54/58 | €123,346 | €89,018 | -€34,328 | -27.8% |
| Total equity and liabilities | 10/49 | €123,346 | €189,018 | +€65,672 | +53.2% |
| Equity | 10/15 | €88,906 | €146,120 | +€57,214 | +64.4% |
| Contributions | 10/11 | €1,000 | €1,000 | = | 0.0% |
| Reserves | 13 | €87,906 | €145,120 | +€57,214 | +65.1% |
| Distributable reserves | 133 | €87,906 | €145,120 | +€57,214 | +65.1% |
| Amounts payable | 17/49 | €34,440 | €42,898 | +€8,458 | +24.6% |
| Amounts payable within one year | 42/48 | €33,665 | €42,805 | +€9,140 | +27.2% |
| Trade debts | 44 | €7 | €0 | -€7 | -100% |
| Suppliers | 440/4 | €7 | €0 | -€7 | -100% |
| Taxes, remuneration and social security | 45 | €27,000 | €35,926 | +€8,926 | +33.1% |
| Taxes | 450/3 | €27,000 | €35,926 | +€8,926 | +33.1% |
| Other amounts payable | 47/48 | €6,658 | €6,880 | +€222 | +3.3% |
| Accrued charges and deferred income | 492/3 | €774 | €93 | -€682 | -88.0% |
| Other operating charges | 640/8 | €513 | €552 | +€38 | +7.5% |
| Gross operating margin | 9900 | €77,460 | €84,440 | +€6,980 | +9.0% |
| Operating profit (loss) | 9901 | €76,947 | €83,889 | +€6,942 | +9.0% |
| Financial income | 75/76B | €170 | €746 | +€577 | +340% |
| Recurring financial income | 75 | €170 | €746 | +€577 | +340% |
| Financial charges | 65/66B | €99 | €111 | +€12 | +11.6% |
| Recurring financial charges | 65 | €99 | €111 | +€12 | +11.6% |
| Profit (loss) for the period before taxes | 9903 | €77,017 | €84,524 | +€7,507 | +9.7% |
| Income taxes | 67/77 | €25,036 | €27,310 | +€2,275 | +9.1% |
| Profit (loss) for the period | 9904 | €51,981 | €57,214 | +€5,233 | +10.1% |
| Profit (loss) for the period to be appropriated | 9905 | €51,981 | €57,214 | +€5,233 | +10.1% |
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 28 October 2026 via checked.be.