K-Torsa: 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.
K-Torsa
Largest movements
- Receivables within one year +€212,420
new in 2025: €212,420
of which Other amounts receivable: +€210,000
- Cash -€91,265
down €91,265 (-39.2%), from €232,688 to €141,423
mainly Receivables within one year (-€212,420) and Contributions, distributions and other (-€61,901)
- Tangible fixed assets +€34,510
up €34,510 (+141%), from €24,435 to €58,945
of which Furniture and vehicles: +€39,099
- Receivables after one year +€15,375
up €15,375 (+10.3%), from €150,000 to €165,375
- Other debts +€169,716
up €169,716 (+203%), from €83,647 to €253,363
- Gross operating margin -€14,410
down €14,410 (-14.1%), from €102,049 to €87,639
- Financial income +€8,687
up €8,687 (+110%), from €7,878 to €16,565
- Depreciation +€8,600
up €8,600 (+217%), from €3,961 to €12,560
- Taxes -€5,559
down €5,559 (-18.5%), from €30,003 to €24,445
- Financial charges +€4,419
up €4,419 (+4,254%), from €104 to €4,523
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 | €417,385 | €583,864 | +€166,479 | +39.9% |
| Fixed assets | 21/28 | €24,435 | €58,945 | +€34,510 | +141% |
| Tangible fixed assets | 22/27 | €24,435 | €58,945 | +€34,510 | +141% |
| Plant, machinery and equipment | 23 | €4,668 | €3,468 | -€1,200 | -25.7% |
| Furniture and vehicles | 24 | €1,237 | €40,336 | +€39,099 | +3,161% |
| Other tangible fixed assets | 26 | €18,530 | €15,141 | -€3,389 | -18.3% |
| Current assets | 29/58 | €392,950 | €524,919 | +€131,969 | +33.6% |
| Amounts receivable after more than one year | 29 | €150,000 | €165,375 | +€15,375 | +10.3% |
| Other amounts receivable | 291 | €150,000 | €165,375 | +€15,375 | +10.3% |
| Amounts receivable within one year | 40/41 | - | €212,420 | +€212,420 | |
| Trade receivables | 40 | - | €2,420 | +€2,420 | |
| Other amounts receivable | 41 | - | €210,000 | +€210,000 | |
| Cash at bank and in hand | 54/58 | €232,688 | €141,423 | -€91,265 | -39.2% |
| Deferred charges and accrued income | 490/1 | €10,262 | €5,701 | -€4,560 | -44.4% |
| Total equity and liabilities | 10/49 | €417,385 | €583,864 | +€166,479 | +39.9% |
| Equity | 10/15 | €316,747 | €315,706 | -€1,041 | -0.3% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €310,547 | €309,506 | -€1,041 | -0.3% |
| Distributable reserves | 133 | €310,547 | €309,506 | -€1,041 | -0.3% |
| Amounts payable | 17/49 | €100,638 | €268,158 | +€167,520 | +166% |
| Amounts payable within one year | 42/48 | €100,638 | €268,158 | +€167,520 | +166% |
| Trade debts | 44 | €3,842 | €731 | -€3,111 | -81.0% |
| Suppliers | 440/4 | €3,842 | €731 | -€3,111 | -81.0% |
| Taxes, remuneration and social security | 45 | €13,149 | €14,063 | +€914 | +7.0% |
| Taxes | 450/3 | €13,149 | €11,192 | -€1,957 | -14.9% |
| Remuneration and social security | 454/9 | - | €2,871 | +€2,871 | |
| Other amounts payable | 47/48 | €83,647 | €253,363 | +€169,716 | +203% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €3,961 | €12,560 | +€8,600 | +217% |
| Other operating charges | 640/8 | €1,294 | €1,815 | +€521 | +40.3% |
| Gross operating margin | 9900 | €102,049 | €87,639 | -€14,410 | -14.1% |
| Operating profit (loss) | 9901 | €96,795 | €73,264 | -€23,531 | -24.3% |
| Financial income | 75/76B | €7,878 | €16,565 | +€8,687 | +110% |
| Recurring financial income | 75 | €7,878 | €16,565 | +€8,687 | +110% |
| Financial charges | 65/66B | €104 | €4,523 | +€4,419 | +4,254% |
| Recurring financial charges | 65 | €104 | €4,523 | +€4,419 | +4,254% |
| Profit (loss) for the period before taxes | 9903 | €104,569 | €85,305 | -€19,264 | -18.4% |
| Income taxes | 67/77 | €30,003 | €24,445 | -€5,559 | -18.5% |
| Profit (loss) for the period | 9904 | €74,565 | €60,860 | -€13,705 | -18.4% |
| Profit (loss) for the period to be appropriated | 9905 | €74,565 | €60,860 | -€13,705 | -18.4% |
Source: filed annual accounts (NBB), financial years ended 31 March 2024 and 31 March 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 27 October 2026 via checked.be.