DE TORF HEIDE: what changed
Two fiscal 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.
DE TORF HEIDE
Largest movements
- Receivables within one year -€5.8m
down €5.8m (-70.5%), from €8.2m to €2.4m
- Financial fixed assets +€3.1m
up €3.1m (+5001.0%), from €61,260 to €3.1m
- Stocks and contracts -€2.1m
down €2.1m (-33.2%), from €6.2m to €4.1m
- Receivables after one year +€2.0m
new in 2025: €2.0m
- Tangible fixed assets -€331,598
down €331,598 (-5.4%), from €6.1m to €5.8m
of which Land and buildings: -€329,761
- Short-term financial debts -€3.8m
down €3.8m (-88.2%), from €4.3m to €500,000
- Reserves +€1.1m
up €1.1m (+20.2%), from €5.4m to €6.5m
of which Distributable reserves: +€1.1m
- Debts after one year -€543,895
down €543,895 (-55.9%), from €972,322 to €428,427
- Other debts -€407,865
down €407,865 (-4.6%), from €8.9m to €8.5m
- Current portion of long-term debt +€401,005
up €401,005 (+280.6%), from €142,890 to €543,895
- Gross operating margin +€1.9m
up €1.9m (+457.5%), from €406,534 to €2.3m
- Taxes +€472,801
new in 2025: €472,801
- Financial charges -€68,941
down €68,941 (-11.7%), from €591,413 to €522,473
- Financial income -€31,105
down €31,105 (-9.9%), from €315,507 to €284,402
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.
Cash bridge derived
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 | €20,646,387 | €17,559,605 | -€3.1m | -15.0% |
| Fixed assets | 21/28 | €6,169,935 | €8,901,971 | +€2.7m | +44.3% |
| Tangible fixed assets | 22/27 | €6,108,675 | €5,777,077 | -€331,598 | -5.4% |
| Land and buildings | 22 | €6,096,769 | €5,767,008 | -€329,761 | -5.4% |
| Plant, machinery and equipment | 23 | €0 | €0 | = | |
| Furniture and vehicles | 24 | €11,906 | €10,068 | -€1,837 | -15.4% |
| Financial fixed assets | 28 | €61,260 | €3,124,894 | +€3.1m | +5001.0% |
| Current assets | 29/58 | €14,476,452 | €8,657,635 | -€5.8m | -40.2% |
| Amounts receivable after more than one year | 29 | - | €1,965,880 | +€2.0m | |
| Other amounts receivable | 291 | - | €1,965,880 | +€2.0m | |
| Stocks and contracts in progress | 3 | €6,183,903 | €4,130,316 | -€2.1m | -33.2% |
| Stocks | 30/36 | €6,183,903 | €4,130,316 | -€2.1m | -33.2% |
| Amounts receivable within one year | 40/41 | €8,240,224 | €2,431,244 | -€5.8m | -70.5% |
| Other amounts receivable | 41 | €8,240,224 | €2,431,244 | -€5.8m | -70.5% |
| Cash at bank and in hand | 54/58 | €51,013 | €127,193 | +€76,180 | +149.3% |
| Deferred charges and accrued income | 490/1 | €1,313 | €3,002 | +€1,689 | +128.6% |
| Total equity and liabilities | 10/49 | €20,646,387 | €17,559,605 | -€3.1m | -15.0% |
| Equity | 10/15 | €6,292,955 | €7,394,686 | +€1.1m | +17.5% |
| Contributions | 10/11 | €850,000 | €850,000 | = | 0.0% |
| Capital | 10 | €850,000 | €850,000 | = | 0.0% |
| Issued capital | 100 | €850,000 | €850,000 | = | 0.0% |
| Reserves | 13 | €5,442,955 | €6,544,686 | +€1.1m | +20.2% |
| Non-distributable reserves | 130/1 | €85,000 | €85,000 | = | 0.0% |
| Legal reserve | 130 | €85,000 | €85,000 | = | 0.0% |
| Distributable reserves | 133 | €5,357,955 | €6,459,686 | +€1.1m | +20.6% |
| Amounts payable | 17/49 | €14,353,432 | €10,164,919 | -€4.2m | -29.2% |
| Amounts payable after more than one year | 17 | €972,322 | €428,427 | -€543,895 | -55.9% |
| Financial debts | 170/4 | €972,322 | €428,427 | -€543,895 | -55.9% |
| Amounts payable within one year | 42/48 | €13,286,231 | €9,690,949 | -€3.6m | -27.1% |
| Current portion of amounts payable after more than one year | 42 | €142,890 | €543,895 | +€401,005 | +280.6% |
| Financial debts | 43 | €4,250,000 | €500,000 | -€3.8m | -88.2% |
| Credit institutions | 430/8 | €4,250,000 | €500,000 | -€3.8m | -88.2% |
| Trade debts | 44 | €2,201 | €145,979 | +€143,778 | +6532.9% |
| Suppliers | 440/4 | €2,201 | €145,979 | +€143,778 | +6532.9% |
| Taxes, remuneration and social security | 45 | €2,000 | €19,800 | +€17,800 | +890.0% |
| Taxes | 450/3 | - | €17,800 | +€17,800 | |
| Remuneration and social security | 454/9 | €2,000 | €2,000 | = | 0.0% |
| Other amounts payable | 47/48 | €8,889,140 | €8,481,275 | -€407,865 | -4.6% |
| Accrued charges and deferred income | 492/3 | €94,879 | €45,544 | -€49,336 | -52.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €249,889 | €234,502 | -€15,387 | -6.2% |
| Other operating charges | 640/8 | €19,757 | €19,443 | -€314 | -1.6% |
| Gross operating margin | 9900 | €406,534 | €2,266,548 | +€1.9m | +457.5% |
| Operating profit (loss) | 9901 | €136,888 | €2,012,602 | +€1.9m | +1370.3% |
| Financial income | 75/76B | €315,507 | €284,402 | -€31,105 | -9.9% |
| Recurring financial income | 75 | €315,507 | €284,402 | -€31,105 | -9.9% |
| Financial charges | 65/66B | €591,413 | €522,473 | -€68,941 | -11.7% |
| Recurring financial charges | 65 | €591,413 | €522,473 | -€68,941 | -11.7% |
| Profit (loss) for the period before taxes | 9903 | -€139,018 | €1,774,532 | +€1.9m | |
| Income taxes | 67/77 | - | €472,801 | +€472,801 | |
| Profit (loss) for the period | 9904 | -€139,018 | €1,301,731 | +€1.4m | |
| Profit (loss) for the period to be appropriated | 9905 | -€139,018 | €1,301,731 | +€1.4m |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 7 October 2026 via checked.be.