TOVINAL: 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.
TOVINAL
Largest movements
- Receivables within one year -€57,384
down €57,384 (-9.7%), from €594,131 to €536,746
of which Trade receivables: -€88,792
- Cash -€28,166
down €28,166 (-30.9%), from €91,092 to €62,926
mainly Trade debts (-€51,040) and Tax, wage and social debts (-€26,286)
- Stocks and contracts -€22,107
down €22,107 (-3.7%), from €605,573 to €583,466
- Trade debts -€51,040
down €51,040 (-6.6%), from €769,976 to €718,936
- Tax, wage and social debts -€26,286
down €26,286 (-68.7%), from €38,269 to €11,983
of which Taxes: -€26,946
- Other debts -€24,136
down €24,136 (-89.0%), from €27,133 to €2,996
- Gross operating margin -€49,052
down €49,052 (-26.4%), from €185,893 to €136,840
- Financial income +€33,368
up €33,368 (+1,942%), from €1,718 to €35,086
- Staff costs +€18,892
up €18,892 (+23.3%), from €81,043 to €99,935
- Other operating charges -€6,508
down €6,508 (-16.6%), from €39,315 to €32,807
- Taxes +€2,535
up €2,535 (+2,238%), from €113 to €2,648
From the 2025 result to the 2026 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 2025 and 2026 balance sheets and the 2026 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2025 | 2026 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €1,325,550 | €1,220,352 | -€105,199 | -7.9% |
| Fixed assets | 21/28 | €31,409 | €24,745 | -€6,665 | -21.2% |
| Tangible fixed assets | 22/27 | €31,194 | €24,529 | -€6,665 | -21.4% |
| Plant, machinery and equipment | 23 | €4,315 | €1,932 | -€2,383 | -55.2% |
| Furniture and vehicles | 24 | €1,007 | €422 | -€585 | -58.1% |
| Other tangible fixed assets | 26 | €25,872 | €22,175 | -€3,697 | -14.3% |
| Financial fixed assets | 28 | €216 | €216 | = | 0.0% |
| Current assets | 29/58 | €1,294,141 | €1,195,607 | -€98,534 | -7.6% |
| Stocks and contracts in progress | 3 | €605,573 | €583,466 | -€22,107 | -3.7% |
| Stocks | 30/36 | €605,573 | €583,466 | -€22,107 | -3.7% |
| Amounts receivable within one year | 40/41 | €594,131 | €536,746 | -€57,384 | -9.7% |
| Trade receivables | 40 | €573,759 | €484,967 | -€88,792 | -15.5% |
| Other amounts receivable | 41 | €20,372 | €51,779 | +€31,408 | +154% |
| Cash at bank and in hand | 54/58 | €91,092 | €62,926 | -€28,166 | -30.9% |
| Deferred charges and accrued income | 490/1 | €3,346 | €12,469 | +€9,123 | +273% |
| Total equity and liabilities | 10/49 | €1,325,550 | €1,220,352 | -€105,199 | -7.9% |
| Equity | 10/15 | €227,340 | €226,436 | -€903 | -0.4% |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Reserves | 13 | €132,355 | €132,355 | = | 0.0% |
| Non-distributable reserves | 130/1 | €2,000 | €2,000 | = | 0.0% |
| Reserves not available under the articles | 1311 | €2,000 | €2,000 | = | 0.0% |
| Tax-exempt reserves | 132 | €17,749 | €17,749 | = | 0.0% |
| Distributable reserves | 133 | €112,606 | €112,606 | = | 0.0% |
| Profit (loss) carried forward | 14 | €74,985 | €74,082 | -€903 | -1.2% |
| Amounts payable | 17/49 | €1,098,211 | €993,915 | -€104,295 | -9.5% |
| Amounts payable after more than one year | 17 | €2,833 | - | -€2,833 | |
| Financial debts | 170/4 | €2,833 | - | -€2,833 | |
| Amounts payable within one year | 42/48 | €1,095,378 | €993,915 | -€101,462 | -9.3% |
| Current portion of amounts payable after more than one year | 42 | €260,000 | €260,000 | = | 0.0% |
| Trade debts | 44 | €769,976 | €718,936 | -€51,040 | -6.6% |
| Suppliers | 440/4 | €769,976 | €718,936 | -€51,040 | -6.6% |
| Taxes, remuneration and social security | 45 | €38,269 | €11,983 | -€26,286 | -68.7% |
| Taxes | 450/3 | €29,686 | €2,741 | -€26,946 | -90.8% |
| Remuneration and social security | 454/9 | €8,582 | €9,243 | +€660 | +7.7% |
| Other amounts payable | 47/48 | €27,133 | €2,996 | -€24,136 | -89.0% |
| Remuneration, social security and pensions | 62 | €81,043 | €99,935 | +€18,892 | +23.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €6,665 | €6,665 | = | 0.0% |
| Other operating charges | 640/8 | €39,315 | €32,807 | -€6,508 | -16.6% |
| Non-recurring operating charges | 66A | €1,439 | - | -€1,439 | |
| Gross operating margin | 9900 | €185,893 | €136,840 | -€49,052 | -26.4% |
| Operating profit (loss) | 9901 | €57,431 | -€2,566 | -€59,997 | |
| Financial income | 75/76B | €1,718 | €35,086 | +€33,368 | +1,942% |
| Recurring financial income | 75 | €1,718 | €35,086 | +€33,368 | +1,942% |
| Financial charges | 65/66B | €31,532 | €30,775 | -€757 | -2.4% |
| Recurring financial charges | 65 | €31,532 | €30,775 | -€757 | -2.4% |
| Profit (loss) for the period before taxes | 9903 | €27,617 | €1,745 | -€25,872 | -93.7% |
| Income taxes | 67/77 | €113 | €2,648 | +€2,535 | +2,238% |
| Profit (loss) for the period | 9904 | €27,504 | -€903 | -€28,407 | |
| Profit (loss) for the period to be appropriated | 9905 | €27,504 | -€903 | -€28,407 |
Source: filed annual accounts (NBB), financial years ended 31 January 2025 and 31 January 2026. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 19 October 2026 via checked.be.