Dr. Michaël 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.
Dr. Michaël Torfs
Largest movements
- Cash +€1.1m
up €1.1m (+422%), from €270,899 to €1.4m
mainly Other debts (+€1.3m) and Current investments (+€665,205)
- Current investments -€665,205
down €665,205 (-47.3%), from €1.4m to €742,512
- Deferred charges and accrued income +€47,734
up €47,734 (+14.6%), from €326,190 to €373,924
- Other debts +€1.3m
up €1.3m (+164,033%), from €772 to €1.3m
- Profit (loss) carried forward -€830,020
down €830,020 (-83.7%), from €991,197 to €161,178
- Tax, wage and social debts +€84,315
up €84,315 (+116%), from €72,620 to €156,935
of which Taxes: +€84,315
- Gross operating margin +€53,484
up €53,484 (+6.6%), from €811,597 to €865,080
- Taxes +€17,343
up €17,343 (+8.5%), from €203,036 to €220,379
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 | €2,035,009 | €2,545,191 | +€510,182 | +25.1% |
| Fixed assets | 21/28 | €28,724 | €14,928 | -€13,797 | -48.0% |
| Tangible fixed assets | 22/27 | €28,724 | €14,928 | -€13,797 | -48.0% |
| Furniture and vehicles | 24 | €27,224 | €13,428 | -€13,797 | -50.7% |
| Other tangible fixed assets | 26 | €1,500 | €1,500 | = | 0.0% |
| Current assets | 29/58 | €2,006,285 | €2,530,263 | +€523,978 | +26.1% |
| Amounts receivable within one year | 40/41 | €1,479 | €0 | -€1,479 | -100% |
| Other amounts receivable | 41 | €1,479 | €0 | -€1,479 | -100% |
| Current investments | 50/53 | €1,407,717 | €742,512 | -€665,205 | -47.3% |
| Cash at bank and in hand | 54/58 | €270,899 | €1,413,826 | +€1.1m | +422% |
| Deferred charges and accrued income | 490/1 | €326,190 | €373,924 | +€47,734 | +14.6% |
| Total equity and liabilities | 10/49 | €2,035,009 | €2,545,191 | +€510,182 | +25.1% |
| Equity | 10/15 | €1,931,086 | €1,101,067 | -€830,020 | -43.0% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €921,289 | €921,289 | = | 0.0% |
| Non-distributable reserves | 130/1 | €0 | - | = | |
| Reserves not available under the articles | 1311 | €0 | - | = | |
| Distributable reserves | 133 | €921,289 | €921,289 | = | 0.0% |
| Profit (loss) carried forward | 14 | €991,197 | €161,178 | -€830,020 | -83.7% |
| Amounts payable | 17/49 | €103,923 | €1,444,124 | +€1.3m | +1,290% |
| Amounts payable after more than one year | 17 | €13,331 | €0 | -€13,331 | -100% |
| Financial debts | 170/4 | €13,331 | €0 | -€13,331 | -100% |
| Amounts payable within one year | 42/48 | €88,892 | €1,442,424 | +€1.4m | +1,523% |
| Current portion of amounts payable after more than one year | 42 | €13,182 | €13,331 | +€149 | +1.1% |
| Trade debts | 44 | €2,317 | €4,313 | +€1,995 | +86.1% |
| Suppliers | 440/4 | €2,317 | €4,313 | +€1,995 | +86.1% |
| Taxes, remuneration and social security | 45 | €72,620 | €156,935 | +€84,315 | +116% |
| Taxes | 450/3 | €70,620 | €154,935 | +€84,315 | +119% |
| Remuneration and social security | 454/9 | €2,000 | €2,000 | = | 0.0% |
| Other amounts payable | 47/48 | €772 | €1,267,846 | +€1.3m | +164,033% |
| Accrued charges and deferred income | 492/3 | €1,700 | €1,700 | = | 0.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €13,797 | €13,797 | = | 0.0% |
| Other operating charges | 640/8 | €1,998 | €2,038 | +€39 | +2.0% |
| Gross operating margin | 9900 | €811,597 | €865,080 | +€53,484 | +6.6% |
| Operating profit (loss) | 9901 | €795,802 | €849,246 | +€53,444 | +6.7% |
| Financial income | 75/76B | €27,443 | €32,686 | +€5,243 | +19.1% |
| Recurring financial income | 75 | €27,443 | €32,686 | +€5,243 | +19.1% |
| Financial charges | 65/66B | €530 | €375 | -€155 | -29.2% |
| Recurring financial charges | 65 | €530 | €375 | -€155 | -29.2% |
| Profit (loss) for the period before taxes | 9903 | €822,715 | €881,557 | +€58,842 | +7.2% |
| Income taxes | 67/77 | €203,036 | €220,379 | +€17,343 | +8.5% |
| Profit (loss) for the period | 9904 | €619,679 | €661,178 | +€41,499 | +6.7% |
| Profit (loss) for the period to be appropriated | 9905 | €619,679 | €661,178 | +€41,499 | +6.7% |
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 18 October 2026 via checked.be.