TORA: 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.
TORA
Largest movements
- Current investments -€259,820
down €259,820 (-26.7%), from €971,534 to €711,714
- Receivables after one year +€220,000
new in 2025: €220,000
- Cash -€22,151
down €22,151 (-46.6%), from €47,487 to €25,336
mainly Receivables after one year (-€220,000) and Other debts (-€69,100)
- Other debts -€69,100
down €69,100 (-98.3%), from €70,262 to €1,162
- Financial income -€71,610
down €71,610 (-56.7%), from €126,292 to €54,681
of which Non-recurring financial income: -€74,247
- Financial charges +€30,718
up €30,718 (+3,354%), from €916 to €31,634
of which Non-recurring financial charges: +€27,464
- Gross operating margin +€1,307
up €1,307 (+16.0%), from -€8,187 to -€6,880
- Other operating charges +€257
up €257 (+4.0%), from €6,425 to €6,682
- Depreciation +€101
up €101 (+4.5%), from €2,254 to €2,356
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 | €1,077,476 | €1,018,306 | -€59,170 | -5.5% |
| Fixed assets | 21/28 | €51,164 | €48,808 | -€2,356 | -4.6% |
| Tangible fixed assets | 22/27 | €51,164 | €48,808 | -€2,356 | -4.6% |
| Land and buildings | 22 | €48,282 | €46,235 | -€2,047 | -4.2% |
| Plant, machinery and equipment | 23 | €2,882 | €2,573 | -€309 | -10.7% |
| Current assets | 29/58 | €1,026,313 | €969,498 | -€56,814 | -5.5% |
| Amounts receivable after more than one year | 29 | - | €220,000 | +€220,000 | |
| Other amounts receivable | 291 | - | €220,000 | +€220,000 | |
| Amounts receivable within one year | 40/41 | €5,375 | €4,147 | -€1,227 | -22.8% |
| Other amounts receivable | 41 | €5,375 | €4,147 | -€1,227 | -22.8% |
| Current investments | 50/53 | €971,534 | €711,714 | -€259,820 | -26.7% |
| Cash at bank and in hand | 54/58 | €47,487 | €25,336 | -€22,151 | -46.6% |
| Deferred charges and accrued income | 490/1 | €1,916 | €8,301 | +€6,385 | +333% |
| Total equity and liabilities | 10/49 | €1,077,476 | €1,018,306 | -€59,170 | -5.5% |
| Equity | 10/15 | €1,001,222 | €1,008,070 | +€6,848 | +0.7% |
| Contributions | 10/11 | €62,000 | €62,000 | = | 0.0% |
| Capital | 10 | €62,000 | €62,000 | = | 0.0% |
| Issued capital | 100 | €62,000 | €62,000 | = | 0.0% |
| Reserves | 13 | €937,114 | €937,114 | = | 0.0% |
| Non-distributable reserves | 130/1 | €6,200 | €6,200 | = | 0.0% |
| Legal reserve | 130 | €6,200 | €6,200 | = | 0.0% |
| Distributable reserves | 133 | €930,914 | €930,914 | = | 0.0% |
| Profit (loss) carried forward | 14 | €2,108 | €8,956 | +€6,848 | +325% |
| Amounts payable | 17/49 | €76,254 | €10,237 | -€66,018 | -86.6% |
| Amounts payable within one year | 42/48 | €73,694 | €4,698 | -€68,996 | -93.6% |
| Trade debts | 44 | €3,429 | €3,536 | +€107 | +3.1% |
| Suppliers | 440/4 | €3,429 | €3,536 | +€107 | +3.1% |
| Taxes, remuneration and social security | 45 | €3 | - | -€3 | |
| Taxes | 450/3 | €3 | - | -€3 | |
| Other amounts payable | 47/48 | €70,262 | €1,162 | -€69,100 | -98.3% |
| Accrued charges and deferred income | 492/3 | €2,561 | €5,539 | +€2,979 | +116% |
| Non-recurring operating income | 76A | - | €383 | +€383 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,254 | €2,356 | +€101 | +4.5% |
| Other operating charges | 640/8 | €6,425 | €6,682 | +€257 | +4.0% |
| Gross operating margin | 9900 | -€8,187 | -€6,880 | +€1,307 | +16.0% |
| Operating profit (loss) | 9901 | -€16,867 | -€15,917 | +€949 | +5.6% |
| Financial income | 75/76B | €126,292 | €54,681 | -€71,610 | -56.7% |
| Recurring financial income | 75 | €18,582 | €21,219 | +€2,637 | +14.2% |
| Non-recurring financial income | 76B | €107,710 | €33,463 | -€74,247 | -68.9% |
| Financial charges | 65/66B | €916 | €31,634 | +€30,718 | +3,354% |
| Recurring financial charges | 65 | €916 | €4,170 | +€3,254 | +355% |
| Non-recurring financial charges | 66B | - | €27,464 | +€27,464 | |
| Profit (loss) for the period before taxes | 9903 | €108,509 | €7,130 | -€101,379 | -93.4% |
| Income taxes | 67/77 | €200 | €283 | +€83 | +41.6% |
| Profit (loss) for the period | 9904 | €108,309 | €6,848 | -€101,462 | -93.7% |
| Profit (loss) for the period to be appropriated | 9905 | €108,309 | €6,848 | -€101,462 | -93.7% |
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 14 October 2026 via checked.be.