Torgo: 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.
Torgo
Largest movements
- Cash +€72,297
up €72,297 (+84.2%), from €85,832 to €158,129
mainly Net result for the year (+€90,522) and Receivables within one year (+€67,002)
- Receivables within one year -€67,002
down €67,002 (-52.4%), from €127,905 to €60,903
of which Trade receivables: -€98,061
- Profit (loss) carried forward +€90,522
up €90,522 (+117.9%), from €76,810 to €167,332
- Trade debts -€69,376
down €69,376 (-96.7%), from €71,771 to €2,395
- Debts after one year -€45,000
no longer reported in 2025 (was €45,000)
- Tax, wage and social debts +€27,841
up €27,841 (+108.8%), from €25,580 to €53,422
of which Remuneration and social security: +€17,889
- Gross operating margin +€105,692
up €105,692 (+73.9%), from €142,969 to €248,661
- Taxes +€20,382
up €20,382 (+461.2%), from €4,420 to €24,801
- Financial charges +€7,363
up €7,363 (+659.7%), from €1,116 to €8,479
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 | €224,630 | €228,549 | +€3,918 | +1.7% |
| Fixed assets | 21/28 | €10,894 | €8,615 | -€2,279 | -20.9% |
| Tangible fixed assets | 22/27 | €7,704 | €7,265 | -€439 | -5.7% |
| Furniture and vehicles | 24 | €7,704 | €7,265 | -€439 | -5.7% |
| Financial fixed assets | 28 | €3,190 | €1,350 | -€1,840 | -57.7% |
| Current assets | 29/58 | €213,736 | €219,934 | +€6,197 | +2.9% |
| Amounts receivable within one year | 40/41 | €127,905 | €60,903 | -€67,002 | -52.4% |
| Trade receivables | 40 | €118,964 | €20,903 | -€98,061 | -82.4% |
| Other amounts receivable | 41 | €8,941 | €40,000 | +€31,059 | +347.4% |
| Cash at bank and in hand | 54/58 | €85,832 | €158,129 | +€72,297 | +84.2% |
| Deferred charges and accrued income | 490/1 | - | €902 | +€902 | |
| Total equity and liabilities | 10/49 | €224,630 | €228,549 | +€3,918 | +1.7% |
| Equity | 10/15 | €81,810 | €172,332 | +€90,522 | +110.6% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €76,810 | €167,332 | +€90,522 | +117.9% |
| Amounts payable | 17/49 | €142,820 | €56,216 | -€86,603 | -60.6% |
| Amounts payable after more than one year | 17 | €45,000 | - | -€45,000 | |
| Financial debts | 170/4 | €45,000 | - | -€45,000 | |
| Amounts payable within one year | 42/48 | €97,351 | €55,817 | -€41,535 | -42.7% |
| Trade debts | 44 | €71,771 | €2,395 | -€69,376 | -96.7% |
| Suppliers | 440/4 | €71,771 | €2,395 | -€69,376 | -96.7% |
| Taxes, remuneration and social security | 45 | €25,580 | €53,422 | +€27,841 | +108.8% |
| Taxes | 450/3 | €25,580 | €35,532 | +€9,952 | +38.9% |
| Remuneration and social security | 454/9 | - | €17,889 | +€17,889 | |
| Accrued charges and deferred income | 492/3 | €468 | €400 | -€69 | -14.6% |
| Remuneration, social security and pensions | 62 | €120,253 | €120,077 | -€176 | -0.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,419 | €3,388 | +€970 | +40.1% |
| Other operating charges | 640/8 | €949 | €1,395 | +€445 | +46.9% |
| Gross operating margin | 9900 | €142,969 | €248,661 | +€105,692 | +73.9% |
| Operating profit (loss) | 9901 | €19,348 | €123,801 | +€104,453 | +539.9% |
| Financial income | 75/76B | - | €1 | +€1 | |
| Recurring financial income | 75 | - | €1 | +€1 | |
| Financial charges | 65/66B | €1,116 | €8,479 | +€7,363 | +659.7% |
| Recurring financial charges | 65 | €1,116 | €8,479 | +€7,363 | +659.7% |
| Profit (loss) for the period before taxes | 9903 | €18,232 | €115,323 | +€97,092 | +532.5% |
| Income taxes | 67/77 | €4,420 | €24,801 | +€20,382 | +461.2% |
| Profit (loss) for the period | 9904 | €13,812 | €90,522 | +€76,710 | +555.4% |
| Profit (loss) for the period to be appropriated | 9905 | €13,812 | €90,522 | +€76,710 | +555.4% |
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 8 October 2026 via checked.be.