TORFS: 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.
TORFS
Largest movements
- Tangible fixed assets -€15,223
down €15,223 (-10.6%), from €144,249 to €129,027
- Debts after one year -€18,887
down €18,887 (-15.1%), from €125,151 to €106,264
- Other debts +€2,120
up €2,120 (+13.3%), from €15,907 to €18,027
- Gross operating margin -€1,169
down €1,169 (-4.3%), from €27,175 to €26,005
- Depreciation -€810
down €810 (-3.7%), from €21,792 to €20,982
- Financial charges -€698
down €698 (-18.3%), from €3,808 to €3,110
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 | €184,511 | €169,310 | -€15,202 | -8.2% |
| Fixed assets | 21/28 | €144,249 | €129,027 | -€15,223 | -10.6% |
| Tangible fixed assets | 22/27 | €144,249 | €129,027 | -€15,223 | -10.6% |
| Plant, machinery and equipment | 23 | €130,172 | €122,569 | -€7,603 | -5.8% |
| Furniture and vehicles | 24 | €11,350 | €4,076 | -€7,275 | -64.1% |
| Other tangible fixed assets | 26 | €2,728 | €2,382 | -€345 | -12.7% |
| Current assets | 29/58 | €40,262 | €40,283 | +€21 | +0.1% |
| Stocks and contracts in progress | 3 | €9,000 | €8,000 | -€1,000 | -11.1% |
| Stocks | 30/36 | €9,000 | €8,000 | -€1,000 | -11.1% |
| Amounts receivable within one year | 40/41 | €2,309 | €3,973 | +€1,664 | +72.1% |
| Trade receivables | 40 | €2,294 | €3,938 | +€1,644 | +71.7% |
| Other amounts receivable | 41 | €15 | €35 | +€20 | +133.3% |
| Cash at bank and in hand | 54/58 | €28,953 | €28,311 | -€643 | -2.2% |
| Total equity and liabilities | 10/49 | €184,511 | €169,310 | -€15,202 | -8.2% |
| Equity | 10/15 | €22,790 | €23,536 | +€746 | +3.3% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €10,390 | €11,136 | +€746 | +7.2% |
| Non-distributable reserves | 130/1 | €937 | €937 | = | 0.0% |
| Reserves not available under the articles | 1311 | €937 | €937 | = | 0.0% |
| Distributable reserves | 133 | €9,453 | €10,198 | +€746 | +7.9% |
| Amounts payable | 17/49 | €161,721 | €145,774 | -€15,947 | -9.9% |
| Amounts payable after more than one year | 17 | €125,151 | €106,264 | -€18,887 | -15.1% |
| Financial debts | 170/4 | €125,151 | €106,264 | -€18,887 | -15.1% |
| Amounts payable within one year | 42/48 | €36,570 | €39,510 | +€2,940 | +8.0% |
| Current portion of amounts payable after more than one year | 42 | €18,476 | €18,887 | +€411 | +2.2% |
| Trade debts | 44 | €871 | €2,073 | +€1,202 | +138.0% |
| Suppliers | 440/4 | €871 | €2,073 | +€1,202 | +138.0% |
| Taxes, remuneration and social security | 45 | €1,316 | €523 | -€793 | -60.3% |
| Taxes | 450/3 | €1,316 | €523 | -€793 | -60.3% |
| Other amounts payable | 47/48 | €15,907 | €18,027 | +€2,120 | +13.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €21,792 | €20,982 | -€810 | -3.7% |
| Other operating charges | 640/8 | €1,000 | €864 | -€136 | -13.6% |
| Gross operating margin | 9900 | €27,175 | €26,005 | -€1,169 | -4.3% |
| Operating profit (loss) | 9901 | €4,383 | €4,160 | -€223 | -5.1% |
| Financial charges | 65/66B | €3,808 | €3,110 | -€698 | -18.3% |
| Recurring financial charges | 65 | €3,808 | €3,110 | -€698 | -18.3% |
| Profit (loss) for the period before taxes | 9903 | €575 | €1,050 | +€474 | +82.4% |
| Income taxes | 67/77 | €176 | €304 | +€128 | +72.3% |
| Profit (loss) for the period | 9904 | €399 | €746 | +€347 | +86.9% |
| Profit (loss) for the period to be appropriated | 9905 | €399 | €746 | +€347 | +86.9% |
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.