TULINVEST: 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.
TULINVEST
Largest movements
- Tangible fixed assets +€58,571
up €58,571 (+10.6%), from €551,430 to €610,001
of which Plant, machinery and equipment: +€56,543
- Cash -€26,115
down €26,115 (-78.1%), from €33,446 to €7,331
mainly Investment in fixed assets (net) (-€83,197) and Provisions (-€280)
- Other debts +€17,407
up €17,407 (+6.1%), from €283,695 to €301,102
- Profit (loss) carried forward +€10,026
up €10,026 (+50.7%), from -€19,776 to -€9,751
- Gross operating margin +€24,664
up €24,664 (+107%), from €22,996 to €47,660
- Depreciation +€6,670
up €6,670 (+37.1%), from €17,956 to €24,626
- Other operating charges +€906
up €906 (+25.5%), from €3,548 to €4,454
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 | €594,045 | €624,030 | +€29,984 | +5.0% |
| Fixed assets | 21/28 | €551,430 | €610,001 | +€58,571 | +10.6% |
| Tangible fixed assets | 22/27 | €551,430 | €610,001 | +€58,571 | +10.6% |
| Land and buildings | 22 | €506,360 | €492,711 | -€13,650 | -2.7% |
| Plant, machinery and equipment | 23 | €32,607 | €89,150 | +€56,543 | +173% |
| Furniture and vehicles | 24 | €11,173 | €27,013 | +€15,840 | +142% |
| Other tangible fixed assets | 26 | €1,289 | €1,128 | -€161 | -12.5% |
| Current assets | 29/58 | €42,616 | €14,029 | -€28,587 | -67.1% |
| Amounts receivable within one year | 40/41 | €6,330 | €4,257 | -€2,073 | -32.8% |
| Trade receivables | 40 | - | €3,314 | +€3,314 | |
| Other amounts receivable | 41 | €6,330 | €943 | -€5,387 | -85.1% |
| Cash at bank and in hand | 54/58 | €33,446 | €7,331 | -€26,115 | -78.1% |
| Deferred charges and accrued income | 490/1 | €2,840 | €2,441 | -€399 | -14.0% |
| Total equity and liabilities | 10/49 | €594,045 | €624,030 | +€29,984 | +5.0% |
| Equity | 10/15 | €4,780 | €13,967 | +€9,186 | +192% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €18,357 | €17,517 | -€839 | -4.6% |
| Tax-exempt reserves | 132 | €18,357 | €17,517 | -€839 | -4.6% |
| Profit (loss) carried forward | 14 | -€19,776 | -€9,751 | +€10,026 | +50.7% |
| Provisions and deferred taxes | 16 | €6,119 | €5,839 | -€280 | -4.6% |
| Deferred taxes | 168 | €6,119 | €5,839 | -€280 | -4.6% |
| Amounts payable | 17/49 | €583,146 | €604,224 | +€21,078 | +3.6% |
| Amounts payable after more than one year | 17 | €280,750 | €282,207 | +€1,457 | +0.5% |
| Financial debts | 170/4 | €280,750 | €282,207 | +€1,457 | +0.5% |
| Amounts payable within one year | 42/48 | €302,396 | €322,017 | +€19,621 | +6.5% |
| Current portion of amounts payable after more than one year | 42 | €17,460 | €19,687 | +€2,227 | +12.8% |
| Trade debts | 44 | €916 | €1,079 | +€163 | +17.9% |
| Suppliers | 440/4 | €916 | €1,079 | +€163 | +17.9% |
| Taxes, remuneration and social security | 45 | €326 | €148 | -€177 | -54.4% |
| Taxes | 450/3 | €326 | €148 | -€177 | -54.4% |
| Other amounts payable | 47/48 | €283,695 | €301,102 | +€17,407 | +6.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €17,956 | €24,626 | +€6,670 | +37.1% |
| Other operating charges | 640/8 | €3,548 | €4,454 | +€906 | +25.5% |
| Gross operating margin | 9900 | €22,996 | €47,660 | +€24,664 | +107% |
| Operating profit (loss) | 9901 | €1,492 | €18,581 | +€17,088 | +1,145% |
| Financial income | 75/76B | - | €10 | +€10 | |
| Recurring financial income | 75 | - | €10 | +€10 | |
| Financial charges | 65/66B | €9,488 | €9,430 | -€59 | -0.6% |
| Recurring financial charges | 65 | €9,488 | €9,430 | -€59 | -0.6% |
| Profit (loss) for the period before taxes | 9903 | -€7,996 | €9,161 | +€17,157 | |
| Transfer from deferred taxes | 780 | €53 | €280 | +€227 | +429% |
| Income taxes | 67/77 | -€28 | €255 | +€283 | |
| Profit (loss) for the period | 9904 | -€7,915 | €9,186 | +€17,101 | |
| Transfer from tax-exempt reserves | 789 | €159 | €839 | +€681 | +428% |
| Profit (loss) for the period to be appropriated | 9905 | -€7,756 | €10,026 | +€17,781 |
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 15 October 2026 via checked.be.