TICOR: what changed
TICOR
Largest movements
- Tangible fixed assets +€34,076
up €34,076 (+12.2%), from €280,237 to €314,313
of which Furniture and vehicles: +€43,266
- Receivables within one year +€4,012
new in 2025: €4,012
- Cash +€3,995
up €3,995 (+65.7%), from €6,081 to €10,076
mainly Debts after one year (+€82,173) and Depreciation (+€33,974)
- Debts after one year +€82,173
up €82,173 (+64.5%), from €127,377 to €209,550
of which Financial debts: +€81,873
- Other debts -€75,878
down €75,878 (-84.9%), from €89,359 to €13,481
- Profit (loss) carried forward +€25,196
up €25,196 (+64.3%), from €39,202 to €64,398
- Current portion of long-term debt +€8,224
up €8,224 (+76.3%), from €10,771 to €18,995
- Gross operating margin +€10,468
up €10,468 (+15.6%), from €67,102 to €77,570
- Depreciation +€9,317
up €9,317 (+37.8%), from €24,657 to €33,974
- Other operating charges -€3,564
down €3,564 (-74.1%), from €4,808 to €1,245
- Taxes -€2,489
down €2,489 (-16.3%), from €15,304 to €12,816
- Financial charges +€1,018
up €1,018 (+30.6%), from €3,330 to €4,348
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €286,414 | €330,870 | +€44,456 | +15.5% |
| Fixed assets | 21/28 | €280,333 | €314,559 | +€34,226 | +12.2% |
| Tangible fixed assets | 22/27 | €280,237 | €314,313 | +€34,076 | +12.2% |
| Land and buildings | 22 | €258,669 | €249,786 | -€8,883 | -3.4% |
| Plant, machinery and equipment | 23 | €741 | €434 | -€307 | -41.4% |
| Furniture and vehicles | 24 | €20,827 | €64,093 | +€43,266 | +208% |
| Financial fixed assets | 28 | €96 | €246 | +€150 | +156% |
| Current assets | 29/58 | €6,081 | €16,311 | +€10,230 | +168% |
| Amounts receivable within one year | 40/41 | - | €4,012 | +€4,012 | |
| Trade receivables | 40 | - | €4,012 | +€4,012 | |
| Cash at bank and in hand | 54/58 | €6,081 | €10,076 | +€3,995 | +65.7% |
| Deferred charges and accrued income | 490/1 | - | €2,223 | +€2,223 | |
| Total equity and liabilities | 10/49 | €286,414 | €330,870 | +€44,456 | +15.5% |
| Equity | 10/15 | €45,402 | €70,598 | +€25,196 | +55.5% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Profit (loss) carried forward | 14 | €39,202 | €64,398 | +€25,196 | +64.3% |
| Amounts payable | 17/49 | €241,012 | €260,272 | +€19,260 | +8.0% |
| Amounts payable after more than one year | 17 | €127,377 | €209,550 | +€82,173 | +64.5% |
| Financial debts | 170/4 | €126,211 | €208,085 | +€81,873 | +64.9% |
| Other amounts payable | 178/9 | €1,166 | €1,466 | +€300 | +25.7% |
| Amounts payable within one year | 42/48 | €113,635 | €50,722 | -€62,913 | -55.4% |
| Current portion of amounts payable after more than one year | 42 | €10,771 | €18,995 | +€8,224 | +76.3% |
| Trade debts | 44 | €5,376 | €7,580 | +€2,204 | +41.0% |
| Suppliers | 440/4 | €5,376 | €7,580 | +€2,204 | +41.0% |
| Taxes, remuneration and social security | 45 | €8,128 | €10,665 | +€2,537 | +31.2% |
| Taxes | 450/3 | €8,128 | €10,665 | +€2,537 | +31.2% |
| Other amounts payable | 47/48 | €89,359 | €13,481 | -€75,878 | -84.9% |
| Non-recurring operating income | 76A | €4,222 | - | -€4,222 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €24,657 | €33,974 | +€9,317 | +37.8% |
| Other operating charges | 640/8 | €4,808 | €1,245 | -€3,564 | -74.1% |
| Gross operating margin | 9900 | €67,102 | €77,570 | +€10,468 | +15.6% |
| Operating profit (loss) | 9901 | €37,636 | €42,351 | +€4,715 | +12.5% |
| Financial income | 75/76B | €24 | €9 | -€15 | -64.4% |
| Recurring financial income | 75 | €24 | €9 | -€15 | -64.4% |
| Financial charges | 65/66B | €3,330 | €4,348 | +€1,018 | +30.6% |
| Recurring financial charges | 65 | €3,330 | €4,348 | +€1,018 | +30.6% |
| Profit (loss) for the period before taxes | 9903 | €34,330 | €38,012 | +€3,682 | +10.7% |
| Income taxes | 67/77 | €15,304 | €12,816 | -€2,489 | -16.3% |
| Profit (loss) for the period | 9904 | €19,026 | €25,196 | +€6,170 | +32.4% |
| Profit (loss) for the period to be appropriated | 9905 | €19,026 | €25,196 | +€6,170 | +32.4% |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 8 November 2026 via checked.be.