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
- Tangible fixed assets -€57,267
down €57,267 (-21.9%), from €261,102 to €203,835
of which Land and buildings: -€30,563
- Receivables within one year +€36,177
up €36,177 (+23.7%), from €152,324 to €188,500
of which Trade receivables: +€34,873
- Cash +€11,382
up €11,382 (+331%), from €3,434 to €14,816
- Debts after one year -€50,218
down €50,218 (-22.7%), from €220,850 to €170,631
- Trade debts +€26,443
up €26,443 (+72.5%), from €36,476 to €62,919
- Current portion of long-term debt +€6,479
up €6,479 (+21.3%), from €30,433 to €36,912
- Other debts +€5,544
up €5,544 (+16.5%), from €33,690 to €39,234
- Gross operating margin +€7,470
up €7,470 (+16.8%), from €44,566 to €52,036
- Depreciation +€3,394
up €3,394 (+9.0%), from €37,915 to €41,309
- Other operating charges +€2,383
up €2,383 (+83.2%), from €2,864 to €5,247
From the 2023 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
A cash bridge needs two consecutive financial years: one year's result and depreciation cannot explain a change over several years. Pick two years that follow each other.
Every line side by side
| Line | Code | 2023 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €417,186 | €411,651 | -€5,536 | -1.3% |
| Fixed assets | 21/28 | €261,102 | €203,835 | -€57,267 | -21.9% |
| Tangible fixed assets | 22/27 | €261,102 | €203,835 | -€57,267 | -21.9% |
| Land and buildings | 22 | €217,722 | €187,159 | -€30,563 | -14.0% |
| Furniture and vehicles | 24 | €43,381 | €16,677 | -€26,704 | -61.6% |
| Current assets | 29/58 | €156,084 | €207,815 | +€51,731 | +33.1% |
| Stocks and contracts in progress | 3 | - | €2,152 | +€2,152 | |
| Contracts in progress | 37 | - | €2,152 | +€2,152 | |
| Amounts receivable within one year | 40/41 | €152,324 | €188,500 | +€36,177 | +23.7% |
| Trade receivables | 40 | €151,165 | €186,038 | +€34,873 | +23.1% |
| Other amounts receivable | 41 | €1,159 | €2,462 | +€1,303 | +112% |
| Cash at bank and in hand | 54/58 | €3,434 | €14,816 | +€11,382 | +331% |
| Deferred charges and accrued income | 490/1 | €327 | €2,347 | +€2,020 | +619% |
| Total equity and liabilities | 10/49 | €417,186 | €411,651 | -€5,536 | -1.3% |
| Equity | 10/15 | €92,878 | €95,462 | +€2,584 | +2.8% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €1,860 | €1,860 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Profit (loss) carried forward | 14 | €84,818 | €87,402 | +€2,584 | +3.0% |
| Amounts payable | 17/49 | €324,309 | €316,189 | -€8,120 | -2.5% |
| Amounts payable after more than one year | 17 | €220,850 | €170,631 | -€50,218 | -22.7% |
| Financial debts | 170/4 | €220,850 | €170,631 | -€50,218 | -22.7% |
| Amounts payable within one year | 42/48 | €103,459 | €145,557 | +€42,098 | +40.7% |
| Current portion of amounts payable after more than one year | 42 | €30,433 | €36,912 | +€6,479 | +21.3% |
| Trade debts | 44 | €36,476 | €62,919 | +€26,443 | +72.5% |
| Suppliers | 440/4 | €36,476 | €62,919 | +€26,443 | +72.5% |
| Advances received on contracts in progress | 46 | - | €75 | +€75 | |
| Taxes, remuneration and social security | 45 | €2,861 | €6,417 | +€3,557 | +124% |
| Taxes | 450/3 | €2,861 | €6,417 | +€3,557 | +124% |
| Other amounts payable | 47/48 | €33,690 | €39,234 | +€5,544 | +16.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €37,915 | €41,309 | +€3,394 | +9.0% |
| Other operating charges | 640/8 | €2,864 | €5,247 | +€2,383 | +83.2% |
| Gross operating margin | 9900 | €44,566 | €52,036 | +€7,470 | +16.8% |
| Operating profit (loss) | 9901 | €3,787 | €5,480 | +€1,693 | +44.7% |
| Financial charges | 65/66B | €5,325 | €4,962 | -€363 | -6.8% |
| Recurring financial charges | 65 | €5,325 | €4,962 | -€363 | -6.8% |
| Profit (loss) for the period before taxes | 9903 | -€1,538 | €518 | +€2,056 | |
| Income taxes | 67/77 | - | €246 | +€246 | |
| Profit (loss) for the period | 9904 | -€1,538 | €272 | +€1,810 | |
| Profit (loss) for the period to be appropriated | 9905 | -€1,538 | €272 | +€1,810 |
Source: filed annual accounts (NBB), financial years ended 30 June 2023 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 25 October 2026 via checked.be.