TORENO: 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.
TORENO
Largest movements
- Stocks and contracts -€136,437
down €136,437 (-48.8%), from €279,330 to €142,893
- Receivables within one year -€38,351
down €38,351 (-55.1%), from €69,639 to €31,288
of which Trade receivables: -€47,385
- Cash +€12,193
up €12,193 (+873.7%), from €1,396 to €13,589
mainly Stocks and contracts (+€136,437) and Receivables within one year (+€38,351)
- Reserves -€67,353
down €67,353 (-97.3%), from €69,213 to €1,860
of which Distributable reserves: -€67,353
- Profit (loss) carried forward -€47,090
down €47,090 (-68.7%), from €68,564 to €21,474
- Trade debts -€28,879
down €28,879 (-57.9%), from €49,859 to €20,980
- Current portion of long-term debt -€12,468
down €12,468 (-100.0%), from €12,468 to €0
- Tax, wage and social debts -€5,646
down €5,646 (-100.0%), from €5,646 to €0
- Write-downs -€8,500
new in 2025: -€8,500
- Financial charges -€3,693
down €3,693 (-27.0%), from €13,675 to €9,982
- Gross operating margin -€2,223
down €2,223 (-5.1%), from -€43,685 to -€45,909
- Other operating charges -€500
down €500 (-63.6%), from €786 to €286
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 | €522,873 | €361,197 | -€161,676 | -30.9% |
| Fixed assets | 21/28 | €4,697 | €1,197 | -€3,500 | -74.5% |
| Intangible fixed assets | 21 | €280 | €0 | -€280 | -100.0% |
| Tangible fixed assets | 22/27 | €4,417 | €1,197 | -€3,220 | -72.9% |
| Plant, machinery and equipment | 23 | €2,220 | €0 | -€2,220 | -100.0% |
| Other tangible fixed assets | 26 | €2,197 | €1,197 | -€1,000 | -45.5% |
| Current assets | 29/58 | €518,176 | €360,000 | -€158,176 | -30.5% |
| Amounts receivable after more than one year | 29 | €145,000 | €145,000 | = | 0.0% |
| Other amounts receivable | 291 | €145,000 | €145,000 | = | 0.0% |
| Stocks and contracts in progress | 3 | €279,330 | €142,893 | -€136,437 | -48.8% |
| Stocks | 30/36 | €279,330 | €142,893 | -€136,437 | -48.8% |
| Amounts receivable within one year | 40/41 | €69,639 | €31,288 | -€38,351 | -55.1% |
| Trade receivables | 40 | €58,890 | €11,505 | -€47,385 | -80.5% |
| Other amounts receivable | 41 | €10,749 | €19,782 | +€9,034 | +84.0% |
| Cash at bank and in hand | 54/58 | €1,396 | €13,589 | +€12,193 | +873.7% |
| Deferred charges and accrued income | 490/1 | €22,812 | €27,231 | +€4,419 | +19.4% |
| Total equity and liabilities | 10/49 | €522,873 | €361,197 | -€161,676 | -30.9% |
| Equity | 10/15 | €156,377 | €41,934 | -€114,443 | -73.2% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €69,213 | €1,860 | -€67,353 | -97.3% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €67,353 | €0 | -€67,353 | -100.0% |
| Profit (loss) carried forward | 14 | €68,564 | €21,474 | -€47,090 | -68.7% |
| Amounts payable | 17/49 | €366,496 | €319,263 | -€47,233 | -12.9% |
| Amounts payable after more than one year | 17 | €0 | - | = | |
| Financial debts | 170/4 | €0 | - | = | |
| Amounts payable within one year | 42/48 | €365,803 | €318,956 | -€46,847 | -12.8% |
| Current portion of amounts payable after more than one year | 42 | €12,468 | €0 | -€12,468 | -100.0% |
| Financial debts | 43 | €225,000 | €225,000 | = | 0.0% |
| Credit institutions | 430/8 | €225,000 | €225,000 | = | 0.0% |
| Trade debts | 44 | €49,859 | €20,980 | -€28,879 | -57.9% |
| Suppliers | 440/4 | €49,859 | €20,980 | -€28,879 | -57.9% |
| Taxes, remuneration and social security | 45 | €5,646 | €0 | -€5,646 | -100.0% |
| Taxes | 450/3 | €5,646 | €0 | -€5,646 | -100.0% |
| Other amounts payable | 47/48 | €72,831 | €72,977 | +€146 | +0.2% |
| Accrued charges and deferred income | 492/3 | €693 | €307 | -€386 | -55.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €3,500 | €3,500 | = | 0.0% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | -€8,500 | -€8,500 | |
| Other operating charges | 640/8 | €786 | €286 | -€500 | -63.6% |
| Non-recurring operating charges | 66A | €225 | €250 | +€25 | +11.1% |
| Gross operating margin | 9900 | -€43,685 | -€45,909 | -€2,223 | -5.1% |
| Operating profit (loss) | 9901 | -€48,196 | -€41,445 | +€6,751 | +14.0% |
| Financial income | 75/76B | €4,758 | €4,409 | -€349 | -7.3% |
| Recurring financial income | 75 | €4,758 | €4,409 | -€349 | -7.3% |
| Financial charges | 65/66B | €13,675 | €9,982 | -€3,693 | -27.0% |
| Recurring financial charges | 65 | €13,675 | €9,982 | -€3,693 | -27.0% |
| Profit (loss) for the period before taxes | 9903 | -€57,113 | -€47,018 | +€10,095 | +17.7% |
| Income taxes | 67/77 | €0 | €72 | +€72 | |
| Profit (loss) for the period | 9904 | -€57,113 | -€47,090 | +€10,023 | +17.5% |
| Profit (loss) for the period to be appropriated | 9905 | -€57,113 | -€47,090 | +€10,023 | +17.5% |
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 7 October 2026 via checked.be.