TORA: 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.
TORA
Largest movements
- Receivables within one year -€92,466
down €92,466 (-66.4%), from €139,226 to €46,760
of which Trade receivables: -€139,226
- Cash -€76,690
down €76,690 (-47.0%), from €163,205 to €86,515
mainly Other debts (-€222,356) and Tax, wage and social debts (-€45,959)
- Other debts -€222,356
down €222,356 (-37.5%), from €593,337 to €370,981
- Reserves +€108,187
up €108,187 (+76.5%), from €141,471 to €249,658
of which Distributable reserves: +€108,710
- Tax, wage and social debts -€45,959
down €45,959 (-98.6%), from €46,595 to €636
- Gross operating margin -€93,606
down €93,606 (-35.0%), from €267,351 to €173,745
- Taxes +€29,944
up €29,944 (+120.2%), from €24,903 to €54,848
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 | €866,335 | €699,604 | -€166,731 | -19.2% |
| Fixed assets | 21/28 | €563,904 | €566,329 | +€2,425 | +0.4% |
| Tangible fixed assets | 22/27 | €563,249 | €565,674 | +€2,425 | +0.4% |
| Land and buildings | 22 | €563,249 | €565,674 | +€2,425 | +0.4% |
| Financial fixed assets | 28 | €655 | €655 | = | 0.0% |
| Current assets | 29/58 | €302,431 | €133,275 | -€169,156 | -55.9% |
| Amounts receivable within one year | 40/41 | €139,226 | €46,760 | -€92,466 | -66.4% |
| Trade receivables | 40 | €139,226 | €0 | -€139,226 | -100.0% |
| Other amounts receivable | 41 | - | €46,760 | +€46,760 | |
| Cash at bank and in hand | 54/58 | €163,205 | €86,515 | -€76,690 | -47.0% |
| Total equity and liabilities | 10/49 | €866,335 | €699,604 | -€166,731 | -19.2% |
| Equity | 10/15 | €178,671 | €286,858 | +€108,187 | +60.6% |
| Contributions | 10/11 | €37,200 | €37,200 | = | 0.0% |
| Reserves | 13 | €141,471 | €249,658 | +€108,187 | +76.5% |
| Non-distributable reserves | 130/1 | €0 | - | = | |
| Reserves not available under the articles | 1311 | €0 | - | = | |
| Tax-exempt reserves | 132 | €27,164 | €26,642 | -€522 | -1.9% |
| Distributable reserves | 133 | €114,307 | €223,016 | +€108,710 | +95.1% |
| Profit (loss) carried forward | 14 | €0 | - | = | |
| Provisions and deferred taxes | 16 | €13,987 | €13,718 | -€269 | -1.9% |
| Deferred taxes | 168 | €13,987 | €13,718 | -€269 | -1.9% |
| Amounts payable | 17/49 | €673,677 | €399,027 | -€274,649 | -40.8% |
| Amounts payable within one year | 42/48 | €671,373 | €395,029 | -€276,344 | -41.2% |
| Trade debts | 44 | €31,441 | €23,412 | -€8,029 | -25.5% |
| Suppliers | 440/4 | €31,441 | €23,412 | -€8,029 | -25.5% |
| Taxes, remuneration and social security | 45 | €46,595 | €636 | -€45,959 | -98.6% |
| Taxes | 450/3 | €46,595 | €636 | -€45,959 | -98.6% |
| Other amounts payable | 47/48 | €593,337 | €370,981 | -€222,356 | -37.5% |
| Accrued charges and deferred income | 492/3 | €2,304 | €3,998 | +€1,695 | +73.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €5,437 | €5,490 | +€53 | +1.0% |
| Other operating charges | 640/8 | €3,421 | €4,792 | +€1,371 | +40.1% |
| Gross operating margin | 9900 | €267,351 | €173,745 | -€93,606 | -35.0% |
| Operating profit (loss) | 9901 | €258,494 | €163,463 | -€95,030 | -36.8% |
| Financial income | 75/76B | €0 | €0 | -€0 | -100.0% |
| Recurring financial income | 75 | €0 | €0 | -€0 | -100.0% |
| Financial charges | 65/66B | €233 | €697 | +€465 | +199.7% |
| Recurring financial charges | 65 | €233 | €697 | +€465 | +199.7% |
| Profit (loss) for the period before taxes | 9903 | €258,261 | €162,766 | -€95,495 | -37.0% |
| Transfer from deferred taxes | 780 | €269 | €269 | = | 0.0% |
| Income taxes | 67/77 | €24,903 | €54,848 | +€29,944 | +120.2% |
| Profit (loss) for the period | 9904 | €233,627 | €108,187 | -€125,440 | -53.7% |
| Transfer from tax-exempt reserves | 789 | €522 | €522 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €234,149 | €108,710 | -€125,440 | -53.6% |
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 1 October 2026 via checked.be.