TORFS PROJECTS: 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 PROJECTS
Largest movements
- Receivables after one year -€15,000
no longer reported in 2025 (was €15,000)
- Receivables within one year -€9,034
down €9,034 (-67.5%), from €13,385 to €4,351
of which Trade receivables: -€8,298
- Cash -€7,359
down €7,359 (-99.0%), from €7,430 to €71
mainly Net result for the year (-€27,037) and Other debts (-€10,562)
- Deferred charges and accrued income -€1,173
down €1,173 (-44.2%), from €2,652 to €1,479
- Tangible fixed assets -€911
down €911 (-39.3%), from €2,319 to €1,408
of which Plant, machinery and equipment: -€478
- Profit (loss) carried forward -€27,037
down €27,037, from €14,085 to -€12,952
- Other debts -€10,562
no longer reported in 2025 (was €10,562)
- Tax, wage and social debts +€7,894
up €7,894 (+222.3%), from €3,551 to €11,446
- Accrued charges and deferred income -€3,360
no longer reported in 2025 (was €3,360)
- Trade debts -€413
down €413 (-6.1%), from €6,727 to €6,314
- Gross operating margin -€64,816
down €64,816, from €41,639 to -€23,177
- Taxes -€3,551
no longer reported in 2025 (was €3,551)
- Other operating charges +€1,315
up €1,315 (+113.8%), from €1,155 to €2,470
- Financial charges -€469
down €469 (-76.7%), from €612 to €143
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 | €40,785 | €7,308 | -€33,477 | -82.1% |
| Fixed assets | 21/28 | €2,319 | €1,408 | -€911 | -39.3% |
| Tangible fixed assets | 22/27 | €2,319 | €1,408 | -€911 | -39.3% |
| Plant, machinery and equipment | 23 | €1,267 | €789 | -€478 | -37.7% |
| Furniture and vehicles | 24 | €1,052 | €619 | -€433 | -41.2% |
| Current assets | 29/58 | €38,466 | €5,900 | -€32,566 | -84.7% |
| Amounts receivable after more than one year | 29 | €15,000 | - | -€15,000 | |
| Trade receivables | 290 | €15,000 | - | -€15,000 | |
| Amounts receivable within one year | 40/41 | €13,385 | €4,351 | -€9,034 | -67.5% |
| Trade receivables | 40 | €10,878 | €2,580 | -€8,298 | -76.3% |
| Other amounts receivable | 41 | €2,507 | €1,771 | -€736 | -29.4% |
| Cash at bank and in hand | 54/58 | €7,430 | €71 | -€7,359 | -99.0% |
| Deferred charges and accrued income | 490/1 | €2,652 | €1,479 | -€1,173 | -44.2% |
| Total equity and liabilities | 10/49 | €40,785 | €7,308 | -€33,477 | -82.1% |
| Equity | 10/15 | €16,585 | -€10,452 | -€27,037 | |
| Contributions | 10/11 | €2,500 | €2,500 | = | 0.0% |
| Outside capital | 11 | €2,500 | €2,500 | = | 0.0% |
| Other | 1109/19 | €2,500 | €2,500 | = | 0.0% |
| Profit (loss) carried forward | 14 | €14,085 | -€12,952 | -€27,037 | |
| Amounts payable | 17/49 | €24,200 | €17,760 | -€6,440 | -26.6% |
| Amounts payable within one year | 42/48 | €20,840 | €17,760 | -€3,080 | -14.8% |
| Trade debts | 44 | €6,727 | €6,314 | -€413 | -6.1% |
| Suppliers | 440/4 | €6,727 | €6,314 | -€413 | -6.1% |
| Taxes, remuneration and social security | 45 | €3,551 | €11,446 | +€7,894 | +222.3% |
| Taxes | 450/3 | €3,551 | €11,446 | +€7,894 | +222.3% |
| Other amounts payable | 47/48 | €10,562 | - | -€10,562 | |
| Accrued charges and deferred income | 492/3 | €3,360 | - | -€3,360 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,129 | €1,457 | +€328 | +29.1% |
| Other operating charges | 640/8 | €1,155 | €2,470 | +€1,315 | +113.8% |
| Gross operating margin | 9900 | €41,639 | -€23,177 | -€64,816 | |
| Operating profit (loss) | 9901 | €39,354 | -€27,104 | -€66,459 | |
| Financial income | 75/76B | €229 | €210 | -€19 | -8.2% |
| Recurring financial income | 75 | €229 | €210 | -€19 | -8.2% |
| Financial charges | 65/66B | €612 | €143 | -€469 | -76.7% |
| Recurring financial charges | 65 | €612 | €143 | -€469 | -76.7% |
| Profit (loss) for the period before taxes | 9903 | €38,971 | -€27,037 | -€66,008 | |
| Income taxes | 67/77 | €3,551 | - | -€3,551 | |
| Profit (loss) for the period | 9904 | €35,420 | -€27,037 | -€62,457 | |
| Profit (loss) for the period to be appropriated | 9905 | €35,420 | -€27,037 | -€62,457 |
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 4 October 2026 via checked.be.