TORBAC
ActiveFinancials · financial year 2025, micro format
2025 annual accounts filed 31 days after the deadline Filed on 31 August 2026, deadline 31 July 2026 (7 months after the close on 31 December 2025, Companies Code art. 3:10). Source: NBB, 2026-00494275.
Annual accounts 2025 filed on 31-08-2026 at the NBB all 5 filings
Equity
€77,548▼ 2.3%
2024 · €79,404
Total assets
€112,724▼ 6.8%
2024 · €120,945
Net result
-€1,856▲ 14.1%
2024 · -€2,162
Working capital
€11,022▲ 0.1%
2024 · €11,014
Multi-year overview
2021 to 2025, 5 financial yearsOperating result
-€1,865
2025
20212025
Net result
-€1,856
▲ 14.1%
2025
middle half of the sector
20212025
Equity
€77,548
▼ 2.3%
2025
middle half of the sector
20212025
Total assets
€112,724
▼ 6.8%
2025
middle half of the sector
20212025
Debt
€35,176
▼ 15.3%
2025
20212025
Working capital
€11,022
▲ 0.1%
2025
middle half of the sector
20212025
Solvency
68.8%
▲ 3.1pp
2025
highest quarter of the sector
20212025
Current ratio
1.31
▲ 0.05
2025
middle half of the sector
20212025
Return on assets (ROA)
-1.6%
▲ 0.1pp
2025
middle half of the sector
20212025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20212022202320242025
Operating result€88,305-€39,657▼ 55.1%-€19,786€25-€1,865
Net result€70,595above the sector's middle half-€39,485above the sector's middle half▼ 44.1%-€20,214below the sector's middle half-€2,162within the sector's middle half▲ 89.3%-€1,856within the sector's middle half▲ 14.1%
Equity€62,295within the sector's middle half-€101,781above the sector's middle half▲ 63.4%€81,566within the sector's middle half▼ 19.9%€79,404within the sector's middle half▼ 2.7%€77,548within the sector's middle half▼ 2.3%
Total assets€130,578within the sector's middle half-€163,304within the sector's middle half▲ 25.1%€107,989within the sector's middle half▼ 33.9%€120,945within the sector's middle half▲ 12.0%€112,724within the sector's middle half▼ 6.8%
Debt€68,283-€61,523▼ 9.9%€26,422▼ 57.1%€41,541▲ 57.2%€35,176▼ 15.3%
Working capital€17,368within the sector's middle half-€27,986within the sector's middle half▲ 61.1%€14,781within the sector's middle half▼ 47.2%€11,014within the sector's middle half▼ 25.5%€11,022within the sector's middle half▲ 0.1%
Solvency47.7%within the sector's middle half-62.3%within the sector's middle half▲ 14.6pp75.5%above the sector's middle half▲ 13.2pp65.7%above the sector's middle half▼ 9.9pp68.8%above the sector's middle half▲ 3.1pp
Current ratio1.25within the sector's middle half-1.45within the sector's middle half▲ 0.201.56within the sector's middle half▲ 0.101.27within the sector's middle half▼ 0.291.31within the sector's middle half▲ 0.05
Return on assets (ROA)54.1%above the sector's middle half-24.2%above the sector's middle half▼ 29.9pp-18.7%below the sector's middle half▼ 42.9pp-1.8%within the sector's middle half▲ 16.9pp-1.6%within the sector's middle half▲ 0.1pp
above
within
below
The sector band is the middle half of the companies in Land transport and transport via pipelines (NACE 49). A quarter of them sit below it, a quarter above. Each year counts only accounts in the same format, and only where there are at least 30.
The operating result for 2025 is a loss of €1,865, after a profit of €25 in 2024.
Turnover and EBIT margin are not published. The micro format does not require them.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €112,724
Fixed assets
€66,525 ▼ 2.7%
Current assets
€46,198 ▼ 12.1%
Equity and liabilities €112,724
Equity
€77,548 ▼ 2.3%
Debt
€35,176 ▼ 15.3%
Debt's share of the balance-sheet total falls from 34.3% to 31.2%. Equity and debt are lower.
Key figures and ratios
EBITDA
€0▼
2024 · €1,916
Cash flow
€8▲
2024 · -€271
Debt to equity
0.45▼
2024 · 0.52
ROE
-2.4%▲
2024 · -2.7%
Interest coverage
0.00▼
2024 · 0.88
Debt ≤ 1 year
€35,176▼
2024 · €41,541
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Investments
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | €2,201 | - | €2,098 | €3,496 | - |
| Intangible fixed assets | - | €7,804 | - | - | - |
| Financial fixed assets | €43,338 | €21,857 | - | - | - |
| Depreciation and write-downs of the year | €1,710 | €793 | €1,303 | €1,891 | €1,865 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Annual accounts
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €1,710 | €793 | €1,303 | €1,891 | €1,865 | ▼ 1.4% |
| Other operating charges640/8 | €472 | €1,496 | €1,665 | €407 | - | - |
| Non-recurring operating charges66A | €1,665 | - | - | - | - | - |
| Gross operating margin9900 | €92,152 | €41,946 | -€16,818 | €2,322 | - | - |
| Operating profit (loss)9901 | €88,305 | €39,657 | -€19,786 | €25 | -€1,865 | - |
| Financial charges65/66B | €84 | €172 | €379 | €2,187 | -€8 | - |
| Recurring financial charges65 | €84 | €172 | €379 | €2,187 | -€8 | - |
| Profit (loss) for the period before taxes9903 | €88,221 | €39,485 | -€20,166 | -€2,162 | -€1,856 | ▲ 14.1% |
| Income taxes67/77 | €17,626 | - | €48 | - | - | - |
| Profit (loss) for the period9904 | €70,595 | €39,485 | -€20,214 | -€2,162 | -€1,856 | ▲ 14.1% |
| Profit (loss) for the period to be appropriated9905 | €70,595 | €39,485 | -€20,214 | -€2,162 | -€1,856 | ▲ 14.1% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €130,578 | €163,304 | €107,989 | €120,945 | €112,724 | ▼ 6.8% |
| Fixed assets21/28 | €44,927 | €73,794 | €66,785 | €68,390 | €66,525 | ▼ 2.7% |
| Intangible fixed assets21 | - | €7,804 | - | - | - | - |
| Tangible fixed assets22/27 | €1,589 | €796 | €1,591 | €3,196 | €1,331 | ▼ 58.3% |
| Plant, machinery and equipment23 | - | - | €1,416 | €717 | €17 | ▼ 97.6% |
| Furniture and vehicles24 | €1,589 | €796 | €175 | €2,479 | €1,314 | ▼ 47.0% |
| Financial fixed assets28 | €43,338 | €65,194 | €65,194 | €65,194 | €65,194 | = |
| Current assets29/58 | €85,651 | €89,510 | €41,203 | €52,555 | €46,198 | ▼ 12.1% |
| Amounts receivable within one year40/41 | €81,312 | €78,950 | €41,131 | €52,555 | €46,198 | ▼ 12.1% |
| Trade receivables40 | €33,811 | €29,124 | €11,826 | €21,860 | €14,534 | ▼ 33.5% |
| Other amounts receivable41 | €47,501 | €49,826 | €29,305 | €30,694 | €31,664 | ▲ 3.2% |
| Cash at bank and in hand54/58 | €4,339 | €10,560 | €72 | - | - | - |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €130,578 | €163,304 | €107,989 | €120,945 | €112,724 | ▼ 6.8% |
| Equity10/15 | €62,295 | €101,781 | €81,566 | €79,404 | €77,548 | ▼ 2.3% |
| Contributions10/11 | €500 | €500 | €500 | €500 | €500 | = |
| Capital10 | €500 | - | - | - | - | - |
| Issued capital100 | €500 | - | - | - | - | - |
| Profit (loss) carried forward14 | €61,795 | €101,281 | €81,066 | €78,904 | €77,048 | ▼ 2.4% |
| Amounts payable17/49 | €68,283 | €61,523 | €26,422 | €41,541 | €35,176 | ▼ 15.3% |
| Amounts payable within one year42/48 | €68,283 | €61,523 | €26,422 | €41,541 | €35,176 | ▼ 15.3% |
| Financial debts43 | - | - | - | €2,019 | €2,019 | = |
| Credit institutions430/8 | - | - | - | €2,019 | €2,019 | = |
| Trade debts44 | €41,357 | €12,384 | €21,197 | €37,802 | €31,438 | ▼ 16.8% |
| Suppliers440/4 | €41,357 | €12,384 | €21,197 | €37,802 | €31,438 | ▼ 16.8% |
| Taxes, remuneration and social security45 | €18,126 | €19,252 | - | - | - | - |
| Taxes450/3 | €17,626 | €19,252 | - | - | - | - |
| Remuneration and social security454/9 | €500 | - | - | - | - | - |
| Other amounts payable47/48 | €8,800 | €29,888 | €5,225 | €1,719 | €1,719 | = |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €70,595 | €39,485 | -€20,214 | -€2,162 | -€1,856 | ▲ 14.1% |
| + Depreciation and write-downs630 | €1,710 | €793 | €1,303 | €1,891 | €1,865 | ▼ 1.4% |
| Operating cash flow (approximation) | €72,306 | €40,278 | -€18,911 | -€271 | €8 | - |
| Investment in fixed assets (approximation) | - | -€29,660 | €5,706 | -€3,496 | €0 | - |
| Change in cash | - | €6,220 | -€10,488 | - | - | - |
A Belgian filing has no cash-flow statement. These rows are therefore an approximation, derived from the income statement and the balance-sheet moves.
Filings with the National Bank (5)
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | micro format | 31-08-2026 | 2026-00494275 | |
| 31-12-2024 | micro format | 29-08-2025 | 2025-00475601 | |
| 31-12-2023 | micro format | 30-09-2024 | 2024-00489359 | |
| 31-12-2022 | micro format | 03-01-2024 | 2024-00545805 | |
| 31-12-2021 | micro format | 22-07-2022 | 2022-20211821 |