BERT TORFS: 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.
BERT TORFS
Largest movements
- Cash -€162,015
down €162,015 (-63.1%), from €256,727 to €94,712
mainly Current investments (-€99,523) and Contributions, distributions and other (-€50,636)
- Current investments +€99,523
up €99,523 (+171%), from €58,129 to €157,651
- Tangible fixed assets +€35,098
up €35,098 (+126%), from €27,798 to €62,895
of which Furniture and vehicles: +€38,098
- Receivables within one year +€15,413
up €15,413 (+84.1%), from €18,317 to €33,730
of which Trade receivables: +€10,722
- Other debts -€13,672
down €13,672 (-18.4%), from €74,462 to €60,789
- Tax, wage and social debts +€9,833
up €9,833 (+391%), from €2,514 to €12,347
- Reserves -€8,998
down €8,998 (-3.6%), from €251,465 to €242,467
of which Distributable reserves: -€8,998
- Gross operating margin -€8,444
down €8,444 (-10.7%), from €78,608 to €70,164
- Depreciation +€5,317
up €5,317 (+83.1%), from €6,402 to €11,719
- Taxes -€4,180
down €4,180 (-20.6%), from €20,295 to €16,115
- Financial charges +€1,774
up €1,774 (+147%), from €1,205 to €2,979
- Financial income +€1,496
up €1,496 (+68.3%), from €2,191 to €3,686
of which Non-recurring financial income: +€1,000
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 | €365,163 | €353,332 | -€11,831 | -3.2% |
| Fixed assets | 21/28 | €28,426 | €63,524 | +€35,098 | +123% |
| Tangible fixed assets | 22/27 | €27,798 | €62,895 | +€35,098 | +126% |
| Land and buildings | 22 | €17,711 | €15,059 | -€2,652 | -15.0% |
| Furniture and vehicles | 24 | €7,320 | €45,418 | +€38,098 | +520% |
| Other tangible fixed assets | 26 | €2,767 | €2,419 | -€348 | -12.6% |
| Financial fixed assets | 28 | €628 | €628 | = | 0.0% |
| Current assets | 29/58 | €336,737 | €289,808 | -€46,929 | -13.9% |
| Amounts receivable within one year | 40/41 | €18,317 | €33,730 | +€15,413 | +84.1% |
| Trade receivables | 40 | €17,583 | €28,304 | +€10,722 | +61.0% |
| Other amounts receivable | 41 | €734 | €5,426 | +€4,691 | +639% |
| Current investments | 50/53 | €58,129 | €157,651 | +€99,523 | +171% |
| Cash at bank and in hand | 54/58 | €256,727 | €94,712 | -€162,015 | -63.1% |
| Deferred charges and accrued income | 490/1 | €3,564 | €3,715 | +€151 | +4.2% |
| Total equity and liabilities | 10/49 | €365,163 | €353,332 | -€11,831 | -3.2% |
| Equity | 10/15 | €286,289 | €278,291 | -€7,997 | -2.8% |
| Contributions | 10/11 | €18,595 | €18,595 | = | 0.0% |
| Reserves | 13 | €251,465 | €242,467 | -€8,998 | -3.6% |
| Non-distributable reserves | 130/1 | €0 | - | = | |
| Own shares acquired | 1312 | €0 | - | = | |
| Distributable reserves | 133 | €251,465 | €242,467 | -€8,998 | -3.6% |
| Profit (loss) carried forward | 14 | €16,229 | €17,230 | +€1,000 | +6.2% |
| Amounts payable | 17/49 | €78,874 | €75,041 | -€3,834 | -4.9% |
| Amounts payable within one year | 42/48 | €77,117 | €73,605 | -€3,512 | -4.6% |
| Financial debts | 43 | - | €69 | +€69 | |
| Credit institutions | 430/8 | - | €69 | +€69 | |
| Trade debts | 44 | €142 | €399 | +€257 | +182% |
| Suppliers | 440/4 | €142 | €399 | +€257 | +182% |
| Taxes, remuneration and social security | 45 | €2,514 | €12,347 | +€9,833 | +391% |
| Taxes | 450/3 | €2,514 | €12,347 | +€9,833 | +391% |
| Other amounts payable | 47/48 | €74,462 | €60,789 | -€13,672 | -18.4% |
| Accrued charges and deferred income | 492/3 | €1,757 | €1,436 | -€322 | -18.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €6,402 | €11,719 | +€5,317 | +83.1% |
| Other operating charges | 640/8 | €387 | €400 | +€12 | +3.2% |
| Non-recurring operating charges | 66A | €0 | - | = | |
| Gross operating margin | 9900 | €78,608 | €70,164 | -€8,444 | -10.7% |
| Operating profit (loss) | 9901 | €71,819 | €58,045 | -€13,773 | -19.2% |
| Financial income | 75/76B | €2,191 | €3,686 | +€1,496 | +68.3% |
| Recurring financial income | 75 | €2,191 | €2,686 | +€496 | +22.6% |
| Non-recurring financial income | 76B | - | €1,000 | +€1,000 | |
| Financial charges | 65/66B | €1,205 | €2,979 | +€1,774 | +147% |
| Recurring financial charges | 65 | €1,205 | €2,979 | +€1,774 | +147% |
| Profit (loss) for the period before taxes | 9903 | €72,804 | €58,753 | -€14,052 | -19.3% |
| Income taxes | 67/77 | €20,295 | €16,115 | -€4,180 | -20.6% |
| Profit (loss) for the period | 9904 | €52,510 | €42,638 | -€9,871 | -18.8% |
| Profit (loss) for the period to be appropriated | 9905 | €52,510 | €42,638 | -€9,871 | -18.8% |
Source: filed annual accounts (NBB), financial years ended 1 October 2024 and 1 October 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 31 October 2026 via checked.be.