TORO
ActiveSummary
The annual accounts of TORO for fiscal year 2025 show a net loss of 65% of the equity at the start of that year. The 2025 annual accounts show equity of €7,459 and a net result of -€13,905. Equity is shrinking by ~19.3% per year across the filed fiscal years. Its solvency ranks better than 16% of 27965 sector peers (fiscal year 2025). The company has been active since 2000 and the Belgian State Gazette contains no insolvency or warning signals. The computed 12-month bankruptcy probability is 0.9% (low).
Checked score
Score 2025
Axes · tick = 2024
Profitability0▼-94
Solvency37▼-23
Growth32▼-26
Track record100
Bankruptcy probability, 12 months
0.9%
Low
0%0.5%1.5%4%10%≥ 25%
No publishable credit limit; credit only on tighter terms
Net loss of at least half of total assets or of the equity at the start of the financial year.
Liquidity short (current ratio 0.55 against 0.46 in 2024; short-term debt: 63% and cash: 22.8% of total assets), and 87.7% of the assets are financed with debt.
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Signals
Five signals. The signal on the left, the evidence on the right.
−lowers risk+raises risk○neutral
raises risk · Higher-failure-rate sector
In this sector companies fail more often than the Belgian average.
Gazette · bankruptcies per sector, NACE 43
Relative position
BE, all sectors
reference
Specialised construction activities (NACE 43)
about 85% more bankruptcies
← fewer bankruptcies
more bankruptcies →
lowers risk · Long track record
A company with a long track record statistically fails less often than a young one.
KBO · incorporation dateAge against the risk zone
raises risk · Annual accounts: weaker financial profile
The latest annual accounts show a weaker profile in solvency, result or liquidity than companies that stay afloat.
NBB · annual accounts 2025Solvency, return and age of the figures
Solvency
12.3%
Return on assets
-23%
Age of the figures
9 mo
raises risk · Weak solvency vs sector
Solvency (equity / total assets) is in the sector's weakest quartile: better than 16% of 27965 sector peers (2025).
NBB · sector comparisonPosition among 27965 sector peers
Solvency
better than 16%
← weakest
strongest →
neutral · Latest accounts filed on time
The financial year that closed on 31-12-2025 was due by 31-07-2026 and was filed on 04-06-2026, 57 days ahead of the deadline.
NBB · 10 filingsDeviation from the deadline
2025
57 d early
2024
57 d early
2023
55 d early
2022
48 d early
2021
51 d early
2020
36 d early
2019
59 d early
← before the deadline
after the deadline →
Checked, nothing found (2)
neutral · The next deadline is still running
The next financial year closes on 31-12-2026 and is due by 31-07-2027. Nothing is late today.
Companies Code · seven monthsPosition in the running window
26-09-2026 today31-12-2026 close31-07-2027 deadline
History
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Financials · fiscal year 2025, micro schema
Equity
€7,459▼ 65.1%
2024 · €21,364
Total assets
€60,394▼ 2.2%
2024 · €61,729
Net result
-€13,905
2024 · €12,357
Working capital
-€17,052▼ 8.3%
2024 · -€15,745
Trend over the years
Click a name to add, emphasise or remove a line.
Every figure with its change against the fiscal year before
favourable
unfavourable
Line20212022202320242025
Operating result-€1,903▲ 23.2%-€1,261▲ 33.7%€348€18,283▲ 5,155%-€12,868
Net result-€4,664▲ 8.3%-€2,629▲ 43.6%-€550▲ 79.1%€12,357-€13,905
Equity€12,185▼ 27.7%€9,557▼ 21.6%€9,007▼ 5.8%€21,364▲ 137%€7,459▼ 65.1%
Total assets€77,295▼ 5.7%€64,946▼ 16.0%€60,797▼ 6.4%€61,729▲ 1.5%€60,394▼ 2.2%
Debt€65,109=€55,389▼ 14.9%€51,790▼ 6.5%€40,365▼ 22.1%€52,936▲ 31.1%
Working capital-€25,638▼ 40.4%-€24,751▲ 3.5%-€22,581▲ 8.8%-€15,745▲ 30.3%-€17,052▼ 8.3%
Turnover and EBIT margin not published: the micro schema does not require them.
Result per fiscal year
Operating resultNet result
The operating result turns negative in 2025: a loss of €12,868 after €18,283 in 2024, the lowest result in the available series.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €60,394
Fixed assets
€39,377 ▼ 18.8%
Current assets
€21,017 ▲ 59.0%
Equity and liabilities €60,394
Equity
€7,459 ▼ 65.1%
Debt
€52,936 ▲ 31.1%
Debt's share of the balance-sheet total rises from 65.4% to 87.7%. Equity is lower and debt is higher.
Key figures and ratios
EBITDA
-€3,734▼
2024 · €27,663
Cash flow
-€4,771▼
2024 · €21,737
Current ratio
0.55▲
2024 · 0.46
Debt to equity
7.10▲
2024 · 1.89
ROE
-186.4%▼
2024 · 57.8%
ROA
-23.0%▼
2024 · 20.0%
Interest coverage
-4.66▼
2024 · 29.88
Debt ≤ 1 year
€38,069▲
2024 · €28,963
Debt > 1 year
€14,867▲
2024 · €11,402
Income taxes
€236▼
2024 · €5,000
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Annual accounts
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Non-recurring operating income76A | - | €5,785 | - | - | - | - |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €9,715 | €10,149 | €9,521 | €9,380 | €9,134 | ▼ 2.6% |
| Other operating charges640/8 | €1,440 | €1,273 | €1,086 | €763 | €1,639 | ▲ 115% |
| Gross operating margin9900 | €9,252 | €10,161 | €10,954 | €28,426 | -€2,096 | ▼ 107% |
| Operating profit (loss)9901 | -€1,903 | -€1,261 | €348 | €18,283 | -€12,868 | ▼ 170% |
| Financial income75/76B | - | €0 | - | - | - | - |
| Recurring financial income75 | - | €0 | - | - | - | - |
| Financial charges65/66B | €2,761 | €1,368 | €898 | €926 | €801 | ▼ 13.5% |
| Recurring financial charges65 | €2,761 | €1,368 | €898 | €926 | €801 | ▼ 13.5% |
| Profit (loss) for the period before taxes9903 | -€4,664 | -€2,629 | -€550 | €17,357 | -€13,669 | ▼ 179% |
| Income taxes67/77 | - | - | - | €5,000 | €236 | ▼ 95.3% |
| Profit (loss) for the period9904 | -€4,664 | -€2,629 | -€550 | €12,357 | -€13,905 | ▼ 213% |
| Profit (loss) for the period to be appropriated9905 | -€4,664 | -€2,629 | -€550 | €12,357 | -€13,905 | ▼ 213% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €77,295 | €64,946 | €60,797 | €61,729 | €60,394 | ▼ 2.2% |
| Fixed assets21/28 | €69,633 | €59,484 | €49,963 | €48,511 | €39,377 | ▼ 18.8% |
| Tangible fixed assets22/27 | €69,633 | €59,484 | €49,963 | €48,471 | €39,337 | ▼ 18.8% |
| Land and buildings22 | €65,006 | €57,129 | €49,252 | €44,321 | €36,123 | ▼ 18.5% |
| Plant, machinery and equipment23 | €3,418 | €1,801 | €434 | - | - | - |
| Furniture and vehicles24 | €830 | €553 | €277 | €4,151 | €3,215 | ▼ 22.6% |
| Other tangible fixed assets26 | €379 | - | - | - | - | - |
| Financial fixed assets28 | - | - | - | €40 | €40 | = |
| Current assets29/58 | €7,662 | €5,462 | €10,833 | €13,217 | €21,017 | ▲ 59.0% |
| Amounts receivable within one year40/41 | €3,203 | €713 | €4,540 | €6,546 | €7,209 | ▲ 10.1% |
| Trade receivables40 | €644 | €644 | €4,540 | €4,874 | €7,209 | ▲ 47.9% |
| Other amounts receivable41 | €2,558 | €68 | - | €1,672 | - | - |
| Cash at bank and in hand54/58 | €2,561 | €4,052 | €5,870 | €4,687 | €13,799 | ▲ 194% |
| Deferred charges and accrued income490/1 | €1,898 | €698 | €423 | €1,985 | €9 | ▼ 99.5% |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €77,295 | €64,946 | €60,797 | €61,729 | €60,394 | ▼ 2.2% |
| Equity10/15 | €12,185 | €9,557 | €9,007 | €21,364 | €7,459 | ▼ 65.1% |
| Contributions10/11 | €19,000 | €19,000 | €19,000 | €19,000 | €19,000 | = |
| Reserves13 | €1,900 | €1,900 | €1,900 | €2,364 | €2,364 | = |
| Non-distributable reserves130/1 | €1,900 | - | - | - | - | - |
| Reserves not available under the articles1311 | €1,900 | - | - | - | - | - |
| Distributable reserves133 | - | €1,900 | €1,900 | €2,364 | €2,364 | = |
| Profit (loss) carried forward14 | -€8,715 | -€11,343 | -€11,893 | - | -€13,905 | - |
| Amounts payable17/49 | €65,109 | €55,389 | €51,790 | €40,365 | €52,936 | ▲ 31.1% |
| Amounts payable after more than one year17 | €31,809 | €25,176 | €18,375 | €11,402 | €14,867 | ▲ 30.4% |
| Financial debts170/4 | €31,809 | €25,176 | €18,375 | €11,402 | €14,867 | ▲ 30.4% |
| Amounts payable within one year42/48 | €33,300 | €30,213 | €33,415 | €28,963 | €38,069 | ▲ 31.4% |
| Current portion of amounts payable after more than one year42 | €8,326 | €6,629 | €6,801 | €6,968 | €12,116 | ▲ 73.9% |
| Financial debts43 | - | €26 | - | - | - | - |
| Credit institutions430/8 | - | €26 | - | - | - | - |
| Trade debts44 | €978 | €1,307 | €969 | €3,256 | €1,573 | ▼ 51.7% |
| Suppliers440/4 | €978 | €1,307 | €969 | €3,256 | €1,573 | ▼ 51.7% |
| Taxes, remuneration and social security45 | - | - | €1,689 | - | €408 | - |
| Taxes450/3 | - | - | €1,689 | - | €408 | - |
| Other amounts payable47/48 | €23,996 | €22,252 | €23,956 | €18,739 | €23,972 | ▲ 27.9% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | -€4,664 | -€2,629 | -€550 | €12,357 | -€13,905 | ▼ 213% |
| + Depreciation and write-downs630 | €9,715 | €10,149 | €9,521 | €9,380 | €9,134 | ▼ 2.6% |
| Operating cash flow (approximation) | €5,051 | €7,521 | €8,971 | €21,737 | -€4,771 | ▼ 122% |
| Investment in fixed assets (approximation) | - | €0 | €0 | -€7,928 | €0 | ▲ 100% |
| Change in cash | - | €1,491 | €1,818 | -€1,184 | €9,112 | ▲ 870% |
Simplified and derived: a Belgian filing has no cash-flow statement, so these rows come from the income statement and the balance-sheet moves.
Timeline · acts, filings and financial milestones
Next filing, fiscal year 2026, expected by
2026
04-06
NBB filing
Annual accounts filed
fiscal year 2025 · micro schema
2025
31-12
Financial
Weakest financial yearnet -€13,905
Net result drops to -€13,905, the lowest in the series.
04-06
NBB filing
Annual accounts filed
fiscal year 2024 · micro schema
2024
31-12
Financial
Back to profitnet €12,357
Net result €12,357 after 6 loss-making years.
06-06
NBB filing
Annual accounts filed
fiscal year 2023 · micro schema
2023
13-06
NBB filing
Annual accounts filed
fiscal year 2022 · micro schema
2022
10-06
NBB filing
Annual accounts filed
fiscal year 2021 · micro schema
2021
25-06
NBB filing
Annual accounts filed
fiscal year 2020 · micro schema
2020
02-06
NBB filing
Annual accounts filed
fiscal year 2019 · micro schema
2019
04-06
NBB filing
Annual accounts filed
fiscal year 2018 · micro schema
2018
05-06
NBB filing
Annual accounts filed
fiscal year 2017 · micro schema
2017
06-06
NBB filing
Annual accounts filed
fiscal year 2016 · micro schema
Financial milestoneNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
0 of 3 acts read
About the unread acts
We know of 3 Belgian State Gazette acts for this company. None of them has been read yet: what they contain is neither established nor disproved here.
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Directors · office · real estate
Directors
3 acts for this company are in the Belgian State Gazette, of which we have read 0. We have therefore not extracted its directors from those acts yet.
Location & real-estate footprint
Registered office, Aarschot · 1 establishment unit since 2000
Ground area
1,033 m²
Building footprint
241 m²
Volume, LiDAR
1,834 m³
Parcel 24092C0431/00B002, Flanders · tallest building 13.4 m, ±3 floors. Linked by address, not a title deed.
1 establishment unit
TORO
since 20002.099.876.289
1 parcel
Flanders
1
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 24092C0431/00B002indicative | Flanders | 1,033 m² | 1 · 240 m² | 13.4 m · 3 fl. |
Linked by address, not proof of ownership
Good to know
0 of 1 parcel with an exact address match; the rest are indicative.
Linked through address data, this is not proof of ownership.
Similar companies · same sector, comparable size
DWH Construct
BE 0870.107.222
Duffel · Eq €7,459
J.S. DECOS
BE 0874.460.047
Nivelles · Eq €7,450
HOT CONSTRUCT
BE 0748.435.073
Sint-Jans-Molenbeek · Eq €7,471
Zobicu
BE 0768.511.994
Brussel · Eq €7,471
BELMORRO
BE 0792.315.695
Brussel · Eq €7,423
Of 15,521 companies in sector 43990 we hold annual accounts for 7,416. 3,499 are within a factor 10 of this equity. The 5 above are the closest to it. See the whole sector
Identification & contact
Identification
Legal formPrivate limited company
Founded05-10-2000
Fiscal year end31-12
Activities, NACEBEL 2025
43990Other specialised construction activities
43221Plumbing work
43222Installation of electric heating, air conditioning, cooling and ventilation
43350Other building finishing work
43410Roofing work
Scores and ratios are computed by Checked and are not a credit decision.