TORFS L.: 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.
What changed
TORFS L.
NACE 47.721, Retail sale of footwear
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€9.9m
2024 · €6.6m+€3.3m
Equity
€36.7m
2024 · €36.2m+€554,219
Cash
€919,661
2024 · €763,129+€156,532
Balance sheet total
€68.0m
2024 · €65.6m+€2.4m
Largest movements
Assets
- Receivables within one year -€2.9m
down €2.9m (-17.6%), from €16.3m to €13.4m
of which Trade receivables: -€1.6m
- Stocks and contracts +€2.4m
up €2.4m (+8.0%), from €30.7m to €33.2m
- Tangible fixed assets +€1.6m
up €1.6m (+9.7%), from €16.8m to €18.4m
of which Plant, machinery and equipment: +€2.6m
- Deferred charges and accrued income +€1.1m
up €1.1m (+120%), from €880,702 to €1.9m
Equity and liabilities
- Other debts +€2.9m
up €2.9m (+45.2%), from €6.5m to €9.4m
- Debts after one year -€1.2m
down €1.2m (-100%), from €1.2m to €0
Income statement
- Turnover +€1.9m
up €1.9m (+1.1%), from €170.6m to €172.5m
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.
Result 2024
€6.6m
Turnover
+€1.9m
Other operating income
-€313,050
Goods and materials
+€363,250
Services and other goods
+€1.5m
Staff costs
-€1.2m
Depreciation
+€1.6m
Write-downs
-€24,126
Provisions
+€289,936
Other operating charges
+€42,829
Other operating items
+€145,814
Financial income
+€200,693
Financial charges
+€90,486
Taxes
-€1.2m
Result 2025
€9.9m
raises the resultlowers the resultnot broken down further in the accounts
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.
From operations
+€17.7m
Investment
-€6.9m
Financing
-€10.6m
Cash 2024
€763,129
From operations (derived)
+€17.7m
Net result for the year
+€9.9m
Depreciation
+€5.3m
Stocks and contracts
-€2.4m
Receivables within one year
+€2.9m
Deferred charges and accrued income
-€1.1m
Provisions
-€114,697
Trade debts
-€124,242
Tax, wage and social debts
+€29,149
Advances received
+€4,780
Other debts
+€2.9m
Accrued charges and deferred income
+€367,623
Investment (derived)
-€6.9m
Investment in fixed assets (net)
-€6.9m
Financing
-€10.6m
Debts after one year
-€1.2m
Current portion of long-term debt
-€0
Contributions, distributions and other
-€9.4m
Cash 2025
€919,661
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €65,550,861 | €67,974,659 | +€2.4m | +3.7% |
| Fixed assets | 21/28 | €16,885,388 | €18,512,829 | +€1.6m | +9.6% |
| Intangible fixed assets | 21 | €9,051 | €0 | -€9,051 | -100% |
| Tangible fixed assets | 22/27 | €16,807,662 | €18,444,154 | +€1.6m | +9.7% |
| Land and buildings | 22 | €3,770,868 | €3,327,470 | -€443,397 | -11.8% |
| Plant, machinery and equipment | 23 | €10,414,873 | €13,024,888 | +€2.6m | +25.1% |
| Furniture and vehicles | 24 | €2,621,922 | €2,091,795 | -€530,127 | -20.2% |
| Financial fixed assets | 28 | €68,675 | €68,675 | = | 0.0% |
| Affiliated companies | 280/1 | €13,950 | €13,950 | = | 0.0% |
| Participating interests | 280 | €13,950 | €13,950 | = | 0.0% |
| Other financial fixed assets | 284/8 | €54,725 | €54,725 | = | 0.0% |
| Amounts receivable and cash guarantees | 285/8 | €54,725 | €54,725 | = | 0.0% |
| Current assets | 29/58 | €48,665,474 | €49,461,830 | +€796,356 | +1.6% |
| Stocks and contracts in progress | 3 | €30,742,822 | €33,188,068 | +€2.4m | +8.0% |
| Stocks | 30/36 | €30,742,822 | €33,188,068 | +€2.4m | +8.0% |
| Goods purchased for resale | 34 | €30,742,822 | €33,188,068 | +€2.4m | +8.0% |
| Amounts receivable within one year | 40/41 | €16,278,820 | €13,413,894 | -€2.9m | -17.6% |
| Trade receivables | 40 | €2,230,056 | €652,521 | -€1.6m | -70.7% |
| Other amounts receivable | 41 | €14,048,763 | €12,761,373 | -€1.3m | -9.2% |
| Cash at bank and in hand | 54/58 | €763,129 | €919,661 | +€156,532 | +20.5% |
| Deferred charges and accrued income | 490/1 | €880,702 | €1,940,206 | +€1.1m | +120% |
| Total equity and liabilities | 10/49 | €65,550,861 | €67,974,659 | +€2.4m | +3.7% |
| Equity | 10/15 | €36,180,481 | €36,734,700 | +€554,219 | +1.5% |
| Contributions | 10/11 | €9,160,000 | €9,160,000 | = | 0.0% |
| Capital | 10 | €9,160,000 | €9,160,000 | = | 0.0% |
| Issued capital | 100 | €9,160,000 | €9,160,000 | = | 0.0% |
| Reserves | 13 | €13,238,090 | €13,200,881 | -€37,209 | -0.3% |
| Non-distributable reserves | 130/1 | €916,000 | €916,000 | = | 0.0% |
| Legal reserve | 130 | €916,000 | €916,000 | = | 0.0% |
| Tax-exempt reserves | 132 | €146,492 | €109,283 | -€37,209 | -25.4% |
| Distributable reserves | 133 | €12,175,599 | €12,175,599 | = | 0.0% |
| Profit (loss) carried forward | 14 | €13,782,391 | €14,373,819 | +€591,428 | +4.3% |
| Provisions and deferred taxes | 16 | €1,783,404 | €1,668,707 | -€114,697 | -6.4% |
| Provisions for liabilities and charges | 160/5 | €1,753,649 | €1,651,355 | -€102,294 | -5.8% |
| Major repairs and maintenance | 162 | €494,000 | €494,000 | = | 0.0% |
| Other liabilities and charges | 164/5 | €1,259,649 | €1,157,355 | -€102,294 | -8.1% |
| Deferred taxes | 168 | €29,755 | €17,352 | -€12,403 | -41.7% |
| Amounts payable | 17/49 | €27,586,976 | €29,571,252 | +€2.0m | +7.2% |
| Amounts payable after more than one year | 17 | €1,212,286 | €0 | -€1.2m | -100% |
| Financial debts | 170/4 | €1,212,286 | €0 | -€1.2m | -100% |
| Subordinated loans | 170 | €468,605 | €0 | -€468,605 | -100% |
| Unsubordinated bonds | 171 | €743,681 | €0 | -€743,681 | -100% |
| Amounts payable within one year | 42/48 | €26,284,635 | €29,113,572 | +€2.8m | +10.8% |
| Current portion of amounts payable after more than one year | 42 | €0 | €0 | -€0 | -100% |
| Trade debts | 44 | €6,946,325 | €6,822,083 | -€124,242 | -1.8% |
| Suppliers | 440/4 | €6,946,325 | €6,822,083 | -€124,242 | -1.8% |
| Advances received on contracts in progress | 46 | €3,995,190 | €3,999,970 | +€4,780 | +0.1% |
| Taxes, remuneration and social security | 45 | €8,882,305 | €8,911,454 | +€29,149 | +0.3% |
| Taxes | 450/3 | €2,381,238 | €2,405,151 | +€23,913 | +1.0% |
| Remuneration and social security | 454/9 | €6,501,067 | €6,506,303 | +€5,236 | +0.1% |
| Other amounts payable | 47/48 | €6,460,815 | €9,380,066 | +€2.9m | +45.2% |
| Accrued charges and deferred income | 492/3 | €90,056 | €457,679 | +€367,623 | +408% |
| Operating income | 70/76A | €172,780,945 | €174,348,713 | +€1.6m | +0.9% |
| Turnover | 70 | €170,557,703 | €172,480,550 | +€1.9m | +1.1% |
| Other operating income | 74 | €1,676,188 | €1,363,138 | -€313,050 | -18.7% |
| Non-recurring operating income | 76A | €547,053 | €505,024 | -€42,029 | -7.7% |
| Operating charges | 60/66A | €166,159,441 | €163,454,659 | -€2.7m | -1.6% |
| Goods for resale, raw materials and consumables | 60 | €83,153,261 | €82,790,011 | -€363,250 | -0.4% |
| Purchases | 600/8 | €82,669,549 | €85,235,257 | +€2.6m | +3.1% |
| Change in stocks: decrease (increase) | 609 | €483,712 | -€2,445,246 | -€2.9m | |
| Services and other goods | 61 | €43,263,094 | €41,794,261 | -€1.5m | -3.4% |
| Remuneration, social security and pensions | 62 | €32,277,973 | €33,524,159 | +€1.2m | +3.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €6,899,393 | €5,276,989 | -€1.6m | -23.5% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | -€24,126 | €0 | +€24,126 | |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | €187,642 | -€102,294 | -€289,936 | |
| Other operating charges | 640/8 | €101,630 | €58,801 | -€42,829 | -42.1% |
| Non-recurring operating charges | 66A | €300,574 | €112,731 | -€187,843 | -62.5% |
| Operating profit (loss) | 9901 | €6,621,504 | €10,894,054 | +€4.3m | +64.5% |
| Financial income | 75/76B | €2,749,138 | €2,949,831 | +€200,693 | +7.3% |
| Recurring financial income | 75 | €2,749,138 | €2,949,831 | +€200,693 | +7.3% |
| Income from current assets | 751 | €79,925 | €182,609 | +€102,684 | +128% |
| Other financial income | 752/9 | €2,669,213 | €2,767,222 | +€98,009 | +3.7% |
| Financial charges | 65/66B | €892,342 | €801,856 | -€90,486 | -10.1% |
| Recurring financial charges | 65 | €829,878 | €801,856 | -€28,023 | -3.4% |
| Debt charges | 650 | €85,742 | €40,189 | -€45,553 | -53.1% |
| Other financial charges | 652/9 | €744,136 | €761,666 | +€17,530 | +2.4% |
| Non-recurring financial charges | 66B | €62,463 | €0 | -€62,463 | -100% |
| Profit (loss) for the period before taxes | 9903 | €8,478,300 | €13,042,029 | +€4.6m | +53.8% |
| Transfer from deferred taxes | 780 | €12,403 | €12,403 | = | 0.0% |
| Income taxes | 67/77 | €1,875,557 | €3,120,147 | +€1.2m | +66.4% |
| Taxes | 670/3 | €2,055,000 | €3,179,998 | +€1.1m | +54.7% |
| Tax adjustments and reversals of tax provisions | 77 | €179,443 | €59,850 | -€119,592 | -66.6% |
| Profit (loss) for the period | 9904 | €6,615,146 | €9,934,285 | +€3.3m | +50.2% |
| Transfer from tax-exempt reserves | 789 | €37,209 | €37,209 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €6,652,355 | €9,971,494 | +€3.3m | +49.9% |
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 14 October 2026 via checked.be.