TORFSCONSTRUCT: 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.
TORFSCONSTRUCT
Largest movements
- Tangible fixed assets -€160,942
down €160,942 (-14.5%), from €1.1m to €947,065
of which Plant, machinery and equipment: -€173,959
- Cash -€36,354
down €36,354 (-7.1%), from €508,858 to €472,504
mainly Net result for the year (-€109,278) and Investment in fixed assets (net) (-€35,540)
- Receivables within one year +€32,516
up €32,516 (+16.0%), from €203,728 to €236,244
of which Trade receivables: +€32,516
- Reserves -€109,278
down €109,278 (-17.8%), from €614,434 to €505,156
- Debts after one year -€32,395
down €32,395 (-74.8%), from €43,330 to €10,934
- Depreciation +€89,210
up €89,210 (+82.5%), from €108,150 to €197,360
- Staff costs -€12,673
down €12,673 (-3.8%), from €337,341 to €324,668
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 | €2,167,744 | €2,009,820 | -€157,924 | -7.3% |
| Fixed assets | 21/28 | €1,111,448 | €949,627 | -€161,820 | -14.6% |
| Intangible fixed assets | 21 | €3,440 | €2,562 | -€878 | -25.5% |
| Tangible fixed assets | 22/27 | €1,108,007 | €947,065 | -€160,942 | -14.5% |
| Land and buildings | 22 | €34,705 | €34,705 | = | 0.0% |
| Plant, machinery and equipment | 23 | €998,535 | €824,576 | -€173,959 | -17.4% |
| Furniture and vehicles | 24 | €74,767 | €87,785 | +€13,017 | +17.4% |
| Current assets | 29/58 | €1,056,296 | €1,060,193 | +€3,897 | +0.4% |
| Stocks and contracts in progress | 3 | €343,710 | €351,445 | +€7,735 | +2.3% |
| Stocks | 30/36 | €343,710 | €351,445 | +€7,735 | +2.3% |
| Amounts receivable within one year | 40/41 | €203,728 | €236,244 | +€32,516 | +16.0% |
| Trade receivables | 40 | €203,278 | €235,794 | +€32,516 | +16.0% |
| Other amounts receivable | 41 | €450 | €450 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €508,858 | €472,504 | -€36,354 | -7.1% |
| Total equity and liabilities | 10/49 | €2,167,744 | €2,009,820 | -€157,924 | -7.3% |
| Equity | 10/15 | €814,434 | €705,156 | -€109,278 | -13.4% |
| Contributions | 10/11 | €200,000 | €200,000 | = | 0.0% |
| Reserves | 13 | €614,434 | €505,156 | -€109,278 | -17.8% |
| Distributable reserves | 133 | €614,434 | €505,156 | -€109,278 | -17.8% |
| Amounts payable | 17/49 | €1,353,310 | €1,304,664 | -€48,646 | -3.6% |
| Amounts payable after more than one year | 17 | €43,330 | €10,934 | -€32,395 | -74.8% |
| Financial debts | 170/4 | €43,330 | €10,934 | -€32,395 | -74.8% |
| Amounts payable within one year | 42/48 | €1,289,980 | €1,283,730 | -€6,250 | -0.5% |
| Current portion of amounts payable after more than one year | 42 | €31,792 | €32,395 | +€603 | +1.9% |
| Trade debts | 44 | €122,040 | €134,624 | +€12,584 | +10.3% |
| Suppliers | 440/4 | €122,040 | €134,624 | +€12,584 | +10.3% |
| Taxes, remuneration and social security | 45 | €46,053 | €33,716 | -€12,337 | -26.8% |
| Taxes | 450/3 | €8,835 | €11,997 | +€3,162 | +35.8% |
| Remuneration and social security | 454/9 | €37,218 | €21,719 | -€15,499 | -41.6% |
| Other amounts payable | 47/48 | €1,090,095 | €1,082,995 | -€7,100 | -0.7% |
| Accrued charges and deferred income | 492/3 | €20,000 | €10,000 | -€10,000 | -50.0% |
| Non-recurring operating income | 76A | - | €7,069 | +€7,069 | |
| Remuneration, social security and pensions | 62 | €337,341 | €324,668 | -€12,673 | -3.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €108,150 | €197,360 | +€89,210 | +82.5% |
| Other operating charges | 640/8 | €1,755 | €1,609 | -€146 | -8.3% |
| Gross operating margin | 9900 | €437,662 | €439,495 | +€1,834 | +0.4% |
| Operating profit (loss) | 9901 | -€9,584 | -€84,143 | -€74,558 | -778% |
| Financial income | 75/76B | €449 | €621 | +€172 | +38.3% |
| Recurring financial income | 75 | €449 | €621 | +€172 | +38.3% |
| Financial charges | 65/66B | €27,159 | €25,248 | -€1,912 | -7.0% |
| Recurring financial charges | 65 | €27,159 | €25,248 | -€1,912 | -7.0% |
| Profit (loss) for the period before taxes | 9903 | -€36,295 | -€108,769 | -€72,475 | -200% |
| Income taxes | 67/77 | €582 | €509 | -€73 | -12.6% |
| Profit (loss) for the period | 9904 | -€36,877 | -€109,278 | -€72,401 | -196% |
| Profit (loss) for the period to be appropriated | 9905 | -€36,877 | -€109,278 | -€72,401 | -196% |
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.