TORAD: 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.
TORAD
Largest movements
- Receivables after one year -€45,000
down €45,000 (-100.0%), from €45,000 to €0
- Receivables within one year +€44,794
new in 2025: €44,794
- Tangible fixed assets -€15,854
down €15,854 (-5.1%), from €311,159 to €295,305
of which Furniture and vehicles: -€10,274
- Cash -€8,340
down €8,340 (-95.5%), from €8,734 to €394
mainly Receivables within one year (-€44,794) and Debts after one year (-€37,234)
- Debts after one year -€37,234
down €37,234 (-21.2%), from €175,347 to €138,113
- Reserves +€10,093
up €10,093 (+7.7%), from €131,842 to €141,935
of which Distributable reserves: +€10,093
- Gross operating margin -€8,150
down €8,150 (-13.0%), from €62,663 to €54,513
- Depreciation +€2,662
up €2,662 (+12.1%), from €22,029 to €24,691
- Taxes -€2,567
down €2,567 (-22.7%), from €11,308 to €8,741
- Financial income +€689
up €689 (+6891500.0%), from €0 to €689
- Other operating charges +€687
up €687 (+46.2%), from €1,486 to €2,172
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 | €364,892 | €340,493 | -€24,400 | -6.7% |
| Fixed assets | 21/28 | €311,159 | €295,305 | -€15,854 | -5.1% |
| Tangible fixed assets | 22/27 | €311,159 | €295,305 | -€15,854 | -5.1% |
| Land and buildings | 22 | €265,836 | €260,799 | -€5,038 | -1.9% |
| Plant, machinery and equipment | 23 | €3,342 | €2,801 | -€541 | -16.2% |
| Furniture and vehicles | 24 | €41,980 | €31,705 | -€10,274 | -24.5% |
| Current assets | 29/58 | €53,734 | €45,188 | -€8,546 | -15.9% |
| Amounts receivable after more than one year | 29 | €45,000 | €0 | -€45,000 | -100.0% |
| Other amounts receivable | 291 | €45,000 | €0 | -€45,000 | -100.0% |
| Amounts receivable within one year | 40/41 | - | €44,794 | +€44,794 | |
| Other amounts receivable | 41 | - | €44,794 | +€44,794 | |
| Cash at bank and in hand | 54/58 | €8,734 | €394 | -€8,340 | -95.5% |
| Total equity and liabilities | 10/49 | €364,892 | €340,493 | -€24,400 | -6.7% |
| Equity | 10/15 | €138,342 | €148,435 | +€10,093 | +7.3% |
| Contributions | 10/11 | €6,500 | €6,500 | = | 0.0% |
| Reserves | 13 | €131,842 | €141,935 | +€10,093 | +7.7% |
| Non-distributable reserves | 130/1 | €1,900 | €1,900 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,900 | €1,900 | = | 0.0% |
| Distributable reserves | 133 | €129,942 | €140,035 | +€10,093 | +7.8% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €226,550 | €192,057 | -€34,493 | -15.2% |
| Amounts payable after more than one year | 17 | €175,347 | €138,113 | -€37,234 | -21.2% |
| Financial debts | 170/4 | €175,347 | €138,113 | -€37,234 | -21.2% |
| Amounts payable within one year | 42/48 | €51,203 | €53,944 | +€2,741 | +5.4% |
| Current portion of amounts payable after more than one year | 42 | €36,504 | €37,234 | +€730 | +2.0% |
| Trade debts | 44 | €3,482 | €419 | -€3,063 | -88.0% |
| Suppliers | 440/4 | €3,482 | €419 | -€3,063 | -88.0% |
| Taxes, remuneration and social security | 45 | €7,831 | €10,316 | +€2,485 | +31.7% |
| Taxes | 450/3 | €7,831 | €10,316 | +€2,485 | +31.7% |
| Other amounts payable | 47/48 | €3,385 | €5,975 | +€2,590 | +76.5% |
| Non-recurring operating income | 76A | €5,239 | €0 | -€5,239 | -100.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €22,029 | €24,691 | +€2,662 | +12.1% |
| Other operating charges | 640/8 | €1,486 | €2,172 | +€687 | +46.2% |
| Gross operating margin | 9900 | €62,663 | €54,513 | -€8,150 | -13.0% |
| Operating profit (loss) | 9901 | €39,148 | €27,650 | -€11,499 | -29.4% |
| Financial income | 75/76B | €0 | €689 | +€689 | +6891500.0% |
| Recurring financial income | 75 | €0 | €689 | +€689 | +6891500.0% |
| Financial charges | 65/66B | €3,576 | €3,029 | -€547 | -15.3% |
| Recurring financial charges | 65 | €3,576 | €3,029 | -€547 | -15.3% |
| Profit (loss) for the period before taxes | 9903 | €35,572 | €25,310 | -€10,263 | -28.9% |
| Income taxes | 67/77 | €11,308 | €8,741 | -€2,567 | -22.7% |
| Profit (loss) for the period | 9904 | €24,265 | €16,568 | -€7,696 | -31.7% |
| Profit (loss) for the period to be appropriated | 9905 | €24,265 | €16,568 | -€7,696 | -31.7% |
Source: filed annual accounts (NBB), fiscal years ended 31 March 2024 and 31 March 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 3 October 2026 via checked.be.