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
- Tangible fixed assets +€7.4m
up €7.4m (+972.3%), from €757,754 to €8.1m
of which Assets under construction and advance payments: +€5.0m
- Cash +€326,694
up €326,694 (+183.1%), from €178,464 to €505,158
mainly Debts after one year (+€5.4m) and Trade debts (+€2.1m)
- Debts after one year +€5.4m
up €5.4m (+2564.6%), from €211,457 to €5.6m
- Trade debts +€2.1m
new in 2025: €2.1m
- Gross operating margin +€94,473
up €94,473 (+63.7%), from €148,403 to €242,876
- Financial charges +€53,194
up €53,194 (+428.0%), from €12,427 to €65,622
- Depreciation +€17,185
up €17,185 (+35.0%), from €49,070 to €66,254
- Taxes +€6,736
up €6,736 (+36.9%), from €18,241 to €24,977
- Staff costs -€3,891
no longer reported in 2025 (was €3,891)
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 | €936,250 | €8,630,433 | +€7.7m | +821.8% |
| Fixed assets | 21/28 | €757,754 | €8,125,256 | +€7.4m | +972.3% |
| Tangible fixed assets | 22/27 | €757,754 | €8,125,256 | +€7.4m | +972.3% |
| Land and buildings | 22 | €697,754 | €3,100,953 | +€2.4m | +344.4% |
| Assets under construction and advance payments | 27 | €60,000 | €5,024,303 | +€5.0m | +8273.8% |
| Current assets | 29/58 | €178,495 | €505,177 | +€326,682 | +183.0% |
| Amounts receivable within one year | 40/41 | €31 | €19 | -€12 | -39.0% |
| Other amounts receivable | 41 | €31 | €19 | -€12 | -39.0% |
| Cash at bank and in hand | 54/58 | €178,464 | €505,158 | +€326,694 | +183.1% |
| Total equity and liabilities | 10/49 | €936,250 | €8,630,433 | +€7.7m | +821.8% |
| Equity | 10/15 | €642,001 | €710,615 | +€68,614 | +10.7% |
| Contributions | 10/11 | €278,000 | €278,000 | = | 0.0% |
| Capital | 10 | €278,000 | €278,000 | = | 0.0% |
| Issued capital | 100 | €278,000 | €278,000 | = | 0.0% |
| Reserves | 13 | €364,001 | €432,615 | +€68,614 | +18.8% |
| Non-distributable reserves | 130/1 | €22,526 | €25,957 | +€3,431 | +15.2% |
| Legal reserve | 130 | €22,526 | €25,957 | +€3,431 | +15.2% |
| Distributable reserves | 133 | €341,475 | €406,658 | +€65,183 | +19.1% |
| Amounts payable | 17/49 | €294,249 | €7,919,818 | +€7.6m | +2591.5% |
| Amounts payable after more than one year | 17 | €211,457 | €5,634,376 | +€5.4m | +2564.6% |
| Financial debts | 170/4 | €211,457 | €5,634,376 | +€5.4m | +2564.6% |
| Amounts payable within one year | 42/48 | €82,792 | €2,285,442 | +€2.2m | +2660.5% |
| Current portion of amounts payable after more than one year | 42 | €57,996 | €112,511 | +€54,515 | +94.0% |
| Trade debts | 44 | - | €2,129,713 | +€2.1m | |
| Suppliers | 440/4 | - | €2,129,713 | +€2.1m | |
| Taxes, remuneration and social security | 45 | €24,796 | €43,218 | +€18,422 | +74.3% |
| Taxes | 450/3 | €24,796 | €43,218 | +€18,422 | +74.3% |
| Remuneration, social security and pensions | 62 | €3,891 | - | -€3,891 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €49,070 | €66,254 | +€17,185 | +35.0% |
| Other operating charges | 640/8 | €16,075 | €18,814 | +€2,738 | +17.0% |
| Gross operating margin | 9900 | €148,403 | €242,876 | +€94,473 | +63.7% |
| Operating profit (loss) | 9901 | €79,367 | €157,808 | +€78,441 | +98.8% |
| Financial income | 75/76B | - | €1,405 | +€1,405 | |
| Recurring financial income | 75 | - | €1,405 | +€1,405 | |
| Financial charges | 65/66B | €12,427 | €65,622 | +€53,194 | +428.0% |
| Recurring financial charges | 65 | €12,427 | €65,622 | +€53,194 | +428.0% |
| Profit (loss) for the period before taxes | 9903 | €66,939 | €93,591 | +€26,652 | +39.8% |
| Income taxes | 67/77 | €18,241 | €24,977 | +€6,736 | +36.9% |
| Profit (loss) for the period | 9904 | €48,698 | €68,614 | +€19,916 | +40.9% |
| Profit (loss) for the period to be appropriated | 9905 | €48,698 | €68,614 | +€19,916 | +40.9% |
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 2 October 2026 via checked.be.