THE TORREFACTORY PROJECT: 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.
THE TORREFACTORY PROJECT
Largest movements
- Stocks and contracts +€99,538
up €99,538 (+34.0%), from €292,700 to €392,238
- Tangible fixed assets +€93,912
up €93,912 (+18.4%), from €510,259 to €604,171
- Receivables within one year +€62,961
up €62,961 (+35.8%), from €175,684 to €238,645
of which Trade receivables: +€71,601
- Cash -€30,546
down €30,546 (-12.8%), from €239,206 to €208,660
mainly Investment in fixed assets (net) (-€359,260) and Short-term financial debts (-€125,000)
- Contributions +€386,536
up €386,536 (+483.2%), from €80,000 to €466,536
- Short-term financial debts -€125,000
no longer reported in 2025 (was €125,000)
- Other debts -€87,558
no longer reported in 2025 (was €87,558)
- Profit (loss) carried forward +€34,515
up €34,515 (+115.0%), from €30,018 to €64,533
- Tax, wage and social debts +€29,177
up €29,177 (+24.5%), from €119,112 to €148,289
of which Remuneration and social security: +€21,448
- Staff costs +€216,102
up €216,102 (+81.4%), from €265,627 to €481,728
- Gross operating margin +€179,370
up €179,370 (+27.1%), from €662,587 to €841,957
- Depreciation +€66,724
up €66,724 (+34.1%), from €195,600 to €262,324
- Taxes -€29,075
down €29,075 (-57.6%), from €50,474 to €21,399
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 | €1,393,132 | €1,630,088 | +€236,956 | +17.0% |
| Formation expenses | 20 | €5,021 | €7,607 | +€2,586 | +51.5% |
| Fixed assets | 21/28 | €616,716 | €711,067 | +€94,350 | +15.3% |
| Intangible fixed assets | 21 | €106,457 | €106,895 | +€438 | +0.4% |
| Tangible fixed assets | 22/27 | €510,259 | €604,171 | +€93,912 | +18.4% |
| Plant, machinery and equipment | 23 | €80,684 | €119,326 | +€38,642 | +47.9% |
| Furniture and vehicles | 24 | €39,639 | €62,008 | +€22,369 | +56.4% |
| Leasing and similar rights | 25 | €381,132 | €398,382 | +€17,250 | +4.5% |
| Other tangible fixed assets | 26 | €4,564 | €24,456 | +€19,892 | +435.9% |
| Assets under construction and advance payments | 27 | €4,240 | - | -€4,240 | |
| Current assets | 29/58 | €771,395 | €911,415 | +€140,020 | +18.2% |
| Stocks and contracts in progress | 3 | €292,700 | €392,238 | +€99,538 | +34.0% |
| Stocks | 30/36 | €292,700 | €392,238 | +€99,538 | +34.0% |
| Amounts receivable within one year | 40/41 | €175,684 | €238,645 | +€62,961 | +35.8% |
| Trade receivables | 40 | €166,545 | €238,145 | +€71,601 | +43.0% |
| Other amounts receivable | 41 | €9,140 | €500 | -€8,640 | -94.5% |
| Current investments | 50/53 | €50,000 | €50,000 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €239,206 | €208,660 | -€30,546 | -12.8% |
| Deferred charges and accrued income | 490/1 | €13,804 | €21,872 | +€8,068 | +58.4% |
| Total equity and liabilities | 10/49 | €1,393,132 | €1,630,088 | +€236,956 | +17.0% |
| Equity | 10/15 | €168,018 | €590,885 | +€422,867 | +251.7% |
| Contributions | 10/11 | €80,000 | €466,536 | +€386,536 | +483.2% |
| Capital | 10 | €80,000 | €466,536 | +€386,536 | +483.2% |
| Issued capital | 100 | €80,000 | €466,536 | +€386,536 | +483.2% |
| Reserves | 13 | €58,000 | €59,817 | +€1,817 | +3.1% |
| Non-distributable reserves | 130/1 | €58,000 | €59,817 | +€1,817 | +3.1% |
| Legal reserve | 130 | €8,000 | €9,817 | +€1,817 | +22.7% |
| Own shares acquired | 1312 | €50,000 | €50,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €30,018 | €64,533 | +€34,515 | +115.0% |
| Amounts payable | 17/49 | €1,225,114 | €1,039,203 | -€185,912 | -15.2% |
| Amounts payable after more than one year | 17 | €463,067 | €448,527 | -€14,541 | -3.1% |
| Financial debts | 170/4 | €463,067 | €448,527 | -€14,541 | -3.1% |
| Amounts payable within one year | 42/48 | €761,828 | €590,344 | -€171,484 | -22.5% |
| Current portion of amounts payable after more than one year | 42 | €186,739 | €196,747 | +€10,008 | +5.4% |
| Financial debts | 43 | €125,000 | - | -€125,000 | |
| Credit institutions | 430/8 | €125,000 | - | -€125,000 | |
| Trade debts | 44 | €243,420 | €245,309 | +€1,889 | +0.8% |
| Suppliers | 440/4 | €243,420 | €245,309 | +€1,889 | +0.8% |
| Taxes, remuneration and social security | 45 | €119,112 | €148,289 | +€29,177 | +24.5% |
| Taxes | 450/3 | €79,586 | €87,315 | +€7,729 | +9.7% |
| Remuneration and social security | 454/9 | €39,526 | €60,974 | +€21,448 | +54.3% |
| Other amounts payable | 47/48 | €87,558 | - | -€87,558 | |
| Accrued charges and deferred income | 492/3 | €218 | €332 | +€113 | +51.9% |
| Remuneration, social security and pensions | 62 | €265,627 | €481,728 | +€216,102 | +81.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €195,600 | €262,324 | +€66,724 | +34.1% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | -€1,103 | - | +€1,103 | |
| Other operating charges | 640/8 | €9,058 | €10,139 | +€1,081 | +11.9% |
| Gross operating margin | 9900 | €662,587 | €841,957 | +€179,370 | +27.1% |
| Operating profit (loss) | 9901 | €193,405 | €87,765 | -€105,640 | -54.6% |
| Financial income | 75/76B | €7,212 | €5,042 | -€2,170 | -30.1% |
| Recurring financial income | 75 | €7,212 | €5,042 | -€2,170 | -30.1% |
| Financial charges | 65/66B | €38,871 | €35,077 | -€3,794 | -9.8% |
| Recurring financial charges | 65 | €38,871 | €35,077 | -€3,794 | -9.8% |
| Profit (loss) for the period before taxes | 9903 | €161,746 | €57,731 | -€104,016 | -64.3% |
| Income taxes | 67/77 | €50,474 | €21,399 | -€29,075 | -57.6% |
| Profit (loss) for the period | 9904 | €111,272 | €36,331 | -€74,941 | -67.3% |
| Profit (loss) for the period to be appropriated | 9905 | €111,272 | €36,331 | -€74,941 | -67.3% |
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 10 October 2026 via checked.be.