TOREEL: 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.
TOREEL
Largest movements
- Tangible fixed assets +€309,564
up €309,564 (+32.7%), from €945,588 to €1.3m
of which Land and buildings: +€434,052
- Cash +€269,097
up €269,097 (+3049.3%), from €8,825 to €277,922
mainly Net result for the year (+€296,544) and Debts after one year (+€222,917)
- Receivables within one year +€105,180
up €105,180 (+163.5%), from €64,332 to €169,512
of which Other amounts receivable: +€110,022
- Receivables after one year -€95,000
no longer reported in 2025 (was €95,000)
- Current investments -€94,719
down €94,719 (-46.9%), from €202,030 to €107,311
- Debts after one year +€222,917
new in 2025: €222,917
- Reserves +€195,946
up €195,946 (+16.7%), from €1.2m to €1.4m
of which Distributable reserves: +€98,500
- Provisions +€32,482
up €32,482 (+63.8%), from €50,941 to €83,423
of which Deferred taxes: +€32,482
- Current portion of long-term debt +€25,000
new in 2025: €25,000
- Gross operating margin +€151,159
up €151,159 (+41.8%), from €361,541 to €512,700
- Depreciation -€15,801
down €15,801 (-18.1%), from €87,506 to €71,705
- Provisions +€14,000
no longer reported in 2025 (was -€14,000)
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 | €1,334,936 | €1,818,372 | +€483,436 | +36.2% |
| Fixed assets | 21/28 | €945,588 | €1,255,152 | +€309,564 | +32.7% |
| Tangible fixed assets | 22/27 | €945,588 | €1,255,152 | +€309,564 | +32.7% |
| Land and buildings | 22 | €175,548 | €609,600 | +€434,052 | +247.3% |
| Plant, machinery and equipment | 23 | €123,712 | €102,560 | -€21,152 | -17.1% |
| Furniture and vehicles | 24 | €4,778 | €8,841 | +€4,063 | +85.0% |
| Other tangible fixed assets | 26 | €641,550 | €534,151 | -€107,399 | -16.7% |
| Current assets | 29/58 | €389,348 | €563,220 | +€173,872 | +44.7% |
| Amounts receivable after more than one year | 29 | €95,000 | - | -€95,000 | |
| Other amounts receivable | 291 | €95,000 | - | -€95,000 | |
| Amounts receivable within one year | 40/41 | €64,332 | €169,512 | +€105,180 | +163.5% |
| Trade receivables | 40 | €5,173 | €331 | -€4,842 | -93.6% |
| Other amounts receivable | 41 | €59,159 | €169,181 | +€110,022 | +186.0% |
| Current investments | 50/53 | €202,030 | €107,311 | -€94,719 | -46.9% |
| Cash at bank and in hand | 54/58 | €8,825 | €277,922 | +€269,097 | +3049.3% |
| Deferred charges and accrued income | 490/1 | €19,161 | €8,475 | -€10,686 | -55.8% |
| Total equity and liabilities | 10/49 | €1,334,936 | €1,818,372 | +€483,436 | +36.2% |
| Equity | 10/15 | €1,212,319 | €1,408,863 | +€196,544 | +16.2% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €1,170,522 | €1,366,468 | +€195,946 | +16.7% |
| Tax-exempt reserves | 132 | €208,662 | €306,108 | +€97,446 | +46.7% |
| Distributable reserves | 133 | €961,860 | €1,060,360 | +€98,500 | +10.2% |
| Profit (loss) carried forward | 14 | €23,197 | €23,795 | +€598 | +2.6% |
| Provisions and deferred taxes | 16 | €50,941 | €83,423 | +€32,482 | +63.8% |
| Provisions for liabilities and charges | 160/5 | €50,941 | €50,941 | = | 0.0% |
| Pensions and similar obligations | 160 | €50,941 | €50,941 | = | 0.0% |
| Deferred taxes | 168 | - | €32,482 | +€32,482 | |
| Amounts payable | 17/49 | €71,676 | €326,086 | +€254,410 | +354.9% |
| Amounts payable after more than one year | 17 | - | €222,917 | +€222,917 | |
| Financial debts | 170/4 | - | €222,917 | +€222,917 | |
| Amounts payable within one year | 42/48 | €71,676 | €103,169 | +€31,493 | +43.9% |
| Current portion of amounts payable after more than one year | 42 | - | €25,000 | +€25,000 | |
| Trade debts | 44 | €9,476 | €16,441 | +€6,965 | +73.5% |
| Suppliers | 440/4 | €9,476 | €16,441 | +€6,965 | +73.5% |
| Taxes, remuneration and social security | 45 | €62,200 | €61,728 | -€472 | -0.8% |
| Taxes | 450/3 | €58,545 | €57,933 | -€612 | -1.0% |
| Remuneration and social security | 454/9 | €3,655 | €3,795 | +€140 | +3.8% |
| Non-recurring operating income | 76A | - | €133,567 | +€133,567 | |
| Remuneration, social security and pensions | 62 | €33,716 | €35,105 | +€1,389 | +4.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €87,506 | €71,705 | -€15,801 | -18.1% |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | -€14,000 | - | +€14,000 | |
| Other operating charges | 640/8 | €3,475 | €3,860 | +€385 | +11.1% |
| Gross operating margin | 9900 | €361,541 | €512,700 | +€151,159 | +41.8% |
| Operating profit (loss) | 9901 | €250,844 | €402,030 | +€151,186 | +60.3% |
| Financial income | 75/76B | €7,763 | €6,805 | -€958 | -12.3% |
| Recurring financial income | 75 | €7,763 | €6,805 | -€958 | -12.3% |
| Financial charges | 65/66B | €922 | €5,305 | +€4,383 | +475.4% |
| Recurring financial charges | 65 | €922 | €5,305 | +€4,383 | +475.4% |
| Profit (loss) for the period before taxes | 9903 | €257,685 | €403,530 | +€145,845 | +56.6% |
| Transfer from deferred taxes | 780 | - | €910 | +€910 | |
| Transfer to deferred taxes | 680 | - | €33,392 | +€33,392 | |
| Income taxes | 67/77 | €77,579 | €74,504 | -€3,075 | -4.0% |
| Profit (loss) for the period | 9904 | €180,106 | €296,544 | +€116,438 | +64.6% |
| Transfer from tax-exempt reserves | 789 | - | €2,729 | +€2,729 | |
| Transfer to tax-exempt reserves | 689 | - | €100,175 | +€100,175 | |
| Profit (loss) for the period to be appropriated | 9905 | €180,106 | €199,098 | +€18,992 | +10.5% |
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 5 October 2026 via checked.be.