Kevin 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.
Kevin Torfs
Largest movements
- Receivables within one year +€19,149
up €19,149 (+149%), from €12,851 to €32,000
of which Trade receivables: +€19,603
- Cash -€6,451
down €6,451 (-64.2%), from €10,053 to €3,603
mainly Receivables within one year (-€19,149) and Investment in fixed assets (net) (-€2,065)
- Tangible fixed assets +€1,382
up €1,382 (+138%), from €1,003 to €2,384
of which Furniture and vehicles: +€1,739
- Tax, wage and social debts +€5,897
up €5,897 (+236%), from €2,497 to €8,394
- Other debts +€3,701
up €3,701 (+34.3%), from €10,776 to €14,476
- Profit (loss) carried forward +€2,475
up €2,475 (+33.9%), from €7,302 to €9,777
- Trade debts +€2,058
up €2,058 (+353%), from €583 to €2,641
- Taxes +€1,254
up €1,254 (+75.6%), from €1,660 to €2,914
- Gross operating margin -€836
down €836 (-11.7%), from €7,165 to €6,329
- Depreciation +€613
up €613 (+869%), from €71 to €684
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 | €23,907 | €38,038 | +€14,131 | +59.1% |
| Fixed assets | 21/28 | €1,003 | €2,384 | +€1,382 | +138% |
| Tangible fixed assets | 22/27 | €1,003 | €2,384 | +€1,382 | +138% |
| Plant, machinery and equipment | 23 | €1,003 | €645 | -€358 | -35.7% |
| Furniture and vehicles | 24 | - | €1,739 | +€1,739 | |
| Current assets | 29/58 | €22,904 | €35,654 | +€12,749 | +55.7% |
| Amounts receivable within one year | 40/41 | €12,851 | €32,000 | +€19,149 | +149% |
| Trade receivables | 40 | €12,397 | €32,000 | +€19,603 | +158% |
| Other amounts receivable | 41 | €454 | €0 | -€454 | -100% |
| Cash at bank and in hand | 54/58 | €10,053 | €3,603 | -€6,451 | -64.2% |
| Deferred charges and accrued income | 490/1 | - | €51 | +€51 | |
| Total equity and liabilities | 10/49 | €23,907 | €38,038 | +€14,131 | +59.1% |
| Equity | 10/15 | €10,052 | €12,527 | +€2,475 | +24.6% |
| Contributions | 10/11 | €2,750 | €2,750 | = | 0.0% |
| Profit (loss) carried forward | 14 | €7,302 | €9,777 | +€2,475 | +33.9% |
| Amounts payable | 17/49 | €13,855 | €25,511 | +€11,656 | +84.1% |
| Amounts payable within one year | 42/48 | €13,855 | €25,511 | +€11,656 | +84.1% |
| Trade debts | 44 | €583 | €2,641 | +€2,058 | +353% |
| Suppliers | 440/4 | €583 | €2,641 | +€2,058 | +353% |
| Taxes, remuneration and social security | 45 | €2,497 | €8,394 | +€5,897 | +236% |
| Taxes | 450/3 | €2,497 | €8,394 | +€5,897 | +236% |
| Other amounts payable | 47/48 | €10,776 | €14,476 | +€3,701 | +34.3% |
| Accrued charges and deferred income | 492/3 | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €71 | €684 | +€613 | +869% |
| Other operating charges | 640/8 | €118 | €189 | +€71 | +60.2% |
| Gross operating margin | 9900 | €7,165 | €6,329 | -€836 | -11.7% |
| Operating profit (loss) | 9901 | €6,976 | €5,456 | -€1,520 | -21.8% |
| Financial income | 75/76B | €0 | - | = | |
| Recurring financial income | 75 | €0 | - | = | |
| Financial charges | 65/66B | €44 | €67 | +€24 | +54.2% |
| Recurring financial charges | 65 | €44 | €67 | +€24 | +54.2% |
| Profit (loss) for the period before taxes | 9903 | €6,933 | €5,389 | -€1,544 | -22.3% |
| Income taxes | 67/77 | €1,660 | €2,914 | +€1,254 | +75.6% |
| Profit (loss) for the period | 9904 | €5,273 | €2,475 | -€2,798 | -53.1% |
| Profit (loss) for the period to be appropriated | 9905 | €5,273 | €2,475 | -€2,798 | -53.1% |
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 14 October 2026 via checked.be.