TORFS-VANBAELEN: 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-VANBAELEN
Largest movements
- Tangible fixed assets -€8,928
down €8,928 (-65.1%), from €13,722 to €4,794
of which Furniture and vehicles: -€7,677
- Deferred charges and accrued income -€5,347
down €5,347 (-68.9%), from €7,764 to €2,418
- Cash +€944
up €944 (+17.3%), from €5,444 to €6,388
mainly Short-term financial debts (+€10,439) and Other debts (+€9,591)
- Receivables within one year +€516
up €516 (+61.6%), from €837 to €1,353
of which Trade receivables: +€580
- Profit (loss) carried forward -€22,785
down €22,785 (-51.3%), from -€44,381 to -€67,166
- Short-term financial debts +€10,439
new in 2025: €10,439
- Other debts +€9,591
up €9,591 (+44.3%), from €21,673 to €31,264
- Tax, wage and social debts -€7,536
down €7,536 (-44.5%), from €16,952 to €9,415
of which Remuneration and social security: -€11,850
- Current portion of long-term debt -€4,764
no longer reported in 2025 (was €4,764)
- Depreciation -€16,798
down €16,798 (-65.3%), from €25,726 to €8,928
- Gross operating margin -€14,958
down €14,958 (-18.7%), from €79,878 to €64,920
- Staff costs -€7,320
down €7,320 (-8.9%), from €82,676 to €75,356
- Taxes +€970
up €970 (+1,392%), from €70 to €1,040
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 | €42,268 | €29,452 | -€12,815 | -30.3% |
| Fixed assets | 21/28 | €13,722 | €4,794 | -€8,928 | -65.1% |
| Tangible fixed assets | 22/27 | €13,722 | €4,794 | -€8,928 | -65.1% |
| Land and buildings | 22 | €3,968 | €3,300 | -€668 | -16.8% |
| Plant, machinery and equipment | 23 | €584 | - | -€584 | |
| Furniture and vehicles | 24 | €9,171 | €1,494 | -€7,677 | -83.7% |
| Current assets | 29/58 | €28,546 | €24,659 | -€3,887 | -13.6% |
| Stocks and contracts in progress | 3 | €14,500 | €14,500 | = | 0.0% |
| Stocks | 30/36 | €14,500 | €14,500 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €837 | €1,353 | +€516 | +61.6% |
| Trade receivables | 40 | €773 | €1,353 | +€580 | +75.0% |
| Other amounts receivable | 41 | €64 | - | -€64 | |
| Cash at bank and in hand | 54/58 | €5,444 | €6,388 | +€944 | +17.3% |
| Deferred charges and accrued income | 490/1 | €7,764 | €2,418 | -€5,347 | -68.9% |
| Total equity and liabilities | 10/49 | €42,268 | €29,452 | -€12,815 | -30.3% |
| Equity | 10/15 | -€18,843 | -€41,628 | -€22,785 | -121% |
| Contributions | 10/11 | €18,750 | €18,750 | = | 0.0% |
| Reserves | 13 | €6,788 | €6,788 | = | 0.0% |
| Distributable reserves | 133 | €6,788 | €6,788 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€44,381 | -€67,166 | -€22,785 | -51.3% |
| Amounts payable | 17/49 | €61,110 | €71,080 | +€9,970 | +16.3% |
| Amounts payable within one year | 42/48 | €61,110 | €71,080 | +€9,970 | +16.3% |
| Current portion of amounts payable after more than one year | 42 | €4,764 | - | -€4,764 | |
| Financial debts | 43 | - | €10,439 | +€10,439 | |
| Credit institutions | 430/8 | - | €10,439 | +€10,439 | |
| Trade debts | 44 | €17,721 | €19,962 | +€2,241 | +12.6% |
| Suppliers | 440/4 | €17,721 | €19,962 | +€2,241 | +12.6% |
| Taxes, remuneration and social security | 45 | €16,952 | €9,415 | -€7,536 | -44.5% |
| Taxes | 450/3 | - | €4,314 | +€4,314 | |
| Remuneration and social security | 454/9 | €16,952 | €5,101 | -€11,850 | -69.9% |
| Other amounts payable | 47/48 | €21,673 | €31,264 | +€9,591 | +44.3% |
| Remuneration, social security and pensions | 62 | €82,676 | €75,356 | -€7,320 | -8.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €25,726 | €8,928 | -€16,798 | -65.3% |
| Other operating charges | 640/8 | €1,876 | €1,808 | -€67 | -3.6% |
| Gross operating margin | 9900 | €79,878 | €64,920 | -€14,958 | -18.7% |
| Operating profit (loss) | 9901 | -€30,400 | -€21,172 | +€9,228 | +30.4% |
| Financial income | 75/76B | €25 | €2 | -€24 | -93.6% |
| Recurring financial income | 75 | €25 | €2 | -€24 | -93.6% |
| Financial charges | 65/66B | €1,110 | €575 | -€535 | -48.2% |
| Recurring financial charges | 65 | €1,110 | €575 | -€535 | -48.2% |
| Profit (loss) for the period before taxes | 9903 | -€31,484 | -€21,745 | +€9,739 | +30.9% |
| Income taxes | 67/77 | €70 | €1,040 | +€970 | +1,392% |
| Profit (loss) for the period | 9904 | -€31,554 | -€22,785 | +€8,768 | +27.8% |
| Profit (loss) for the period to be appropriated | 9905 | -€31,554 | -€22,785 | +€8,768 | +27.8% |
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 25 October 2026 via checked.be.