TOREM: 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.
TOREM
Largest movements
- Receivables after one year +€237,719
up €237,719, from €0 to €237,719
- Receivables within one year -€92,831
down €92,831 (-28.1%), from €330,060 to €237,229
of which Other amounts receivable: -€230,572
- Tangible fixed assets -€89,044
down €89,044 (-10.8%), from €826,485 to €737,441
of which Land and buildings: -€77,253
- Cash +€68,571
up €68,571 (+67.5%), from €101,579 to €170,149
mainly Advances received (+€173,152) and Receivables within one year (+€92,831)
- Current investments -€56,565
down €56,565 (-83.0%), from €68,154 to €11,589
- Advances received +€173,152
new in 2025: €173,152
- Debts after one year -€153,297
down €153,297 (-25.9%), from €591,266 to €437,968
- Other debts +€25,867
up €25,867 (+53.4%), from €48,471 to €74,338
- Gross operating margin -€64,057
down €64,057 (-35.7%), from €179,457 to €115,401
- Depreciation -€19,295
down €19,295 (-18.5%), from €104,215 to €84,920
- Financial income -€14,638
down €14,638 (-89.0%), from €16,456 to €1,818
- Taxes -€10,103
down €10,103 (-69.5%), from €14,536 to €4,433
- Financial charges -€7,789
down €7,789 (-39.9%), from €19,498 to €11,709
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 | €1,341,415 | €1,394,741 | +€53,325 | +4.0% |
| Fixed assets | 21/28 | €826,485 | €737,441 | -€89,044 | -10.8% |
| Tangible fixed assets | 22/27 | €826,485 | €737,441 | -€89,044 | -10.8% |
| Land and buildings | 22 | €772,423 | €695,169 | -€77,253 | -10.0% |
| Plant, machinery and equipment | 23 | €7,708 | €6,635 | -€1,073 | -13.9% |
| Furniture and vehicles | 24 | €46,354 | €35,637 | -€10,717 | -23.1% |
| Current assets | 29/58 | €514,930 | €657,299 | +€142,369 | +27.6% |
| Amounts receivable after more than one year | 29 | €0 | €237,719 | +€237,719 | |
| Other amounts receivable | 291 | €0 | €237,719 | +€237,719 | |
| Amounts receivable within one year | 40/41 | €330,060 | €237,229 | -€92,831 | -28.1% |
| Trade receivables | 40 | €60,007 | €197,749 | +€137,742 | +229.5% |
| Other amounts receivable | 41 | €270,053 | €39,480 | -€230,572 | -85.4% |
| Current investments | 50/53 | €68,154 | €11,589 | -€56,565 | -83.0% |
| Cash at bank and in hand | 54/58 | €101,579 | €170,149 | +€68,571 | +67.5% |
| Deferred charges and accrued income | 490/1 | €15,138 | €613 | -€14,525 | -95.9% |
| Total equity and liabilities | 10/49 | €1,341,415 | €1,394,741 | +€53,325 | +4.0% |
| Equity | 10/15 | €511,107 | €523,722 | +€12,615 | +2.5% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €492,507 | €505,122 | +€12,615 | +2.6% |
| Non-distributable reserves | 130/1 | €0 | - | = | |
| Reserves not available under the articles | 1311 | €0 | - | = | |
| Tax-exempt reserves | 132 | €37,500 | €37,500 | = | 0.0% |
| Distributable reserves | 133 | €455,007 | €467,622 | +€12,615 | +2.8% |
| Amounts payable | 17/49 | €830,308 | €871,019 | +€40,710 | +4.9% |
| Amounts payable after more than one year | 17 | €591,266 | €437,968 | -€153,297 | -25.9% |
| Financial debts | 170/4 | €591,266 | €437,968 | -€153,297 | -25.9% |
| Amounts payable within one year | 42/48 | €237,442 | €421,662 | +€184,221 | +77.6% |
| Current portion of amounts payable after more than one year | 42 | €153,052 | €153,476 | +€424 | +0.3% |
| Financial debts | 43 | €11,305 | €0 | -€11,305 | -100.0% |
| Credit institutions | 430/8 | €11,305 | €0 | -€11,305 | -100.0% |
| Trade debts | 44 | €16,503 | €14,706 | -€1,797 | -10.9% |
| Suppliers | 440/4 | €16,503 | €14,706 | -€1,797 | -10.9% |
| Advances received on contracts in progress | 46 | - | €173,152 | +€173,152 | |
| Taxes, remuneration and social security | 45 | €8,111 | €5,991 | -€2,120 | -26.1% |
| Taxes | 450/3 | €8,111 | €5,991 | -€2,120 | -26.1% |
| Remuneration and social security | 454/9 | €0 | - | = | |
| Other amounts payable | 47/48 | €48,471 | €74,338 | +€25,867 | +53.4% |
| Accrued charges and deferred income | 492/3 | €1,601 | €11,388 | +€9,787 | +611.3% |
| Non-recurring operating income | 76A | - | €2,859 | +€2,859 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €104,215 | €84,920 | -€19,295 | -18.5% |
| Other operating charges | 640/8 | €3,787 | €3,541 | -€246 | -6.5% |
| Non-recurring operating charges | 66A | €796 | €0 | -€796 | -100.0% |
| Gross operating margin | 9900 | €179,457 | €115,401 | -€64,057 | -35.7% |
| Operating profit (loss) | 9901 | €70,660 | €26,940 | -€43,720 | -61.9% |
| Financial income | 75/76B | €16,456 | €1,818 | -€14,638 | -89.0% |
| Recurring financial income | 75 | €16,456 | €1,818 | -€14,638 | -89.0% |
| Financial charges | 65/66B | €19,498 | €11,709 | -€7,789 | -39.9% |
| Recurring financial charges | 65 | €19,498 | €11,709 | -€7,789 | -39.9% |
| Profit (loss) for the period before taxes | 9903 | €67,618 | €17,048 | -€50,570 | -74.8% |
| Income taxes | 67/77 | €14,536 | €4,433 | -€10,103 | -69.5% |
| Profit (loss) for the period | 9904 | €53,082 | €12,615 | -€40,467 | -76.2% |
| Profit (loss) for the period to be appropriated | 9905 | €53,082 | €12,615 | -€40,467 | -76.2% |
Source: filed annual accounts (NBB), financial years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 10 October 2026 via checked.be.