TORFS: 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.
TORFS
Largest movements
- Stocks and contracts +€65,403
up €65,403 (+239%), from €27,412 to €92,816
of which Stocks: +€38,000
- Cash -€33,834
down €33,834 (-36.6%), from €92,475 to €58,641
mainly Stocks and contracts (-€65,403) and Debts after one year (-€8,738)
- Tangible fixed assets -€8,946
down €8,946 (-35.1%), from €25,466 to €16,520
of which Furniture and vehicles: -€8,946
- Receivables within one year -€7,450
down €7,450 (-20.8%), from €35,847 to €28,397
of which Trade receivables: -€5,375
- Trade debts +€17,710
up €17,710 (+125%), from €14,170 to €31,880
- Reserves +€13,015
up €13,015 (+15.8%), from €82,439 to €95,454
of which Distributable reserves: +€13,015
- Debts after one year -€8,738
down €8,738 (-50.9%), from €17,162 to €8,424
- Tax, wage and social debts -€5,961
down €5,961 (-15.2%), from €39,239 to €33,278
of which Remuneration and social security: -€7,206
- Gross operating margin -€36,452
down €36,452 (-66.7%), from €54,669 to €18,216
- Staff costs -€26,528
no longer reported in 2025 (was €26,528)
- Taxes -€22,081
down €22,081, from €17,256 to -€4,826
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.
Derived cash bridge
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 | €181,201 | €196,373 | +€15,173 | +8.4% |
| Fixed assets | 21/28 | €25,466 | €16,520 | -€8,946 | -35.1% |
| Tangible fixed assets | 22/27 | €25,466 | €16,520 | -€8,946 | -35.1% |
| Land and buildings | 22 | €0 | - | = | |
| Plant, machinery and equipment | 23 | €0 | - | = | |
| Furniture and vehicles | 24 | €25,466 | €16,520 | -€8,946 | -35.1% |
| Current assets | 29/58 | €155,735 | €179,854 | +€24,119 | +15.5% |
| Stocks and contracts in progress | 3 | €27,412 | €92,816 | +€65,403 | +239% |
| Stocks | 30/36 | - | €38,000 | +€38,000 | |
| Contracts in progress | 37 | €27,412 | €54,816 | +€27,403 | +100.0% |
| Amounts receivable within one year | 40/41 | €35,847 | €28,397 | -€7,450 | -20.8% |
| Trade receivables | 40 | €25,889 | €20,514 | -€5,375 | -20.8% |
| Other amounts receivable | 41 | €9,958 | €7,883 | -€2,075 | -20.8% |
| Cash at bank and in hand | 54/58 | €92,475 | €58,641 | -€33,834 | -36.6% |
| Total equity and liabilities | 10/49 | €181,201 | €196,373 | +€15,173 | +8.4% |
| Equity | 10/15 | €101,608 | €114,054 | +€12,445 | +12.2% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €82,439 | €95,454 | +€13,015 | +15.8% |
| Non-distributable reserves | 130/1 | €0 | - | = | |
| Reserves not available under the articles | 1311 | €0 | - | = | |
| Distributable reserves | 133 | €82,439 | €95,454 | +€13,015 | +15.8% |
| Profit (loss) carried forward | 14 | €570 | €0 | -€570 | -100% |
| Amounts payable | 17/49 | €79,592 | €82,320 | +€2,728 | +3.4% |
| Amounts payable after more than one year | 17 | €17,162 | €8,424 | -€8,738 | -50.9% |
| Financial debts | 170/4 | €17,162 | €8,424 | -€8,738 | -50.9% |
| Amounts payable within one year | 42/48 | €62,430 | €73,896 | +€11,466 | +18.4% |
| Current portion of amounts payable after more than one year | 42 | €8,617 | €8,738 | +€121 | +1.4% |
| Trade debts | 44 | €14,170 | €31,880 | +€17,710 | +125% |
| Suppliers | 440/4 | €14,170 | €31,880 | +€17,710 | +125% |
| Taxes, remuneration and social security | 45 | €39,239 | €33,278 | -€5,961 | -15.2% |
| Taxes | 450/3 | €0 | €1,245 | +€1,245 | |
| Remuneration and social security | 454/9 | €39,239 | €32,033 | -€7,206 | -18.4% |
| Other amounts payable | 47/48 | €405 | €0 | -€405 | -100% |
| Remuneration, social security and pensions | 62 | €26,528 | - | -€26,528 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €8,946 | €8,946 | = | 0.0% |
| Other operating charges | 640/8 | €955 | €1,260 | +€306 | +32.1% |
| Gross operating margin | 9900 | €54,669 | €18,216 | -€36,452 | -66.7% |
| Operating profit (loss) | 9901 | €18,240 | €8,010 | -€10,231 | -56.1% |
| Financial income | 75/76B | €0 | €1 | +€0 | +74.3% |
| Recurring financial income | 75 | €0 | €1 | +€0 | +74.3% |
| Financial charges | 65/66B | €416 | €391 | -€25 | -5.9% |
| Recurring financial charges | 65 | €416 | €391 | -€25 | -5.9% |
| Profit (loss) for the period before taxes | 9903 | €17,825 | €7,619 | -€10,206 | -57.3% |
| Income taxes | 67/77 | €17,256 | -€4,826 | -€22,081 | |
| Profit (loss) for the period | 9904 | €570 | €12,445 | +€11,876 | +2,085% |
| Profit (loss) for the period to be appropriated | 9905 | €570 | €12,445 | +€11,876 | +2,085% |
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 14 October 2026 via checked.be.