TORINVEST: 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.
TORINVEST
Largest movements
- Cash +€38,230
up €38,230 (+50.3%), from €76,015 to €114,244
mainly Net result for the year (+€78,912) and Depreciation (+€30,770)
- Tangible fixed assets -€30,770
down €30,770 (-6.4%), from €483,977 to €453,207
of which Land and buildings: -€23,271
- Reserves +€78,912
up €78,912 (+3.9%), from €2.0m to €2.1m
of which Distributable reserves: +€78,912
- Tax, wage and social debts -€40,073
down €40,073 (-36.6%), from €109,521 to €69,448
- Trade debts -€32,407
down €32,407 (-99.7%), from €32,495 to €88
- Gross operating margin +€37,653
up €37,653 (+33.3%), from €113,079 to €150,732
- Taxes +€30,245
up €30,245 (+160%), from €18,880 to €49,125
- Depreciation -€1,777
down €1,777 (-5.5%), from €32,547 to €30,770
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 | €2,487,878 | €2,497,109 | +€9,231 | +0.4% |
| Fixed assets | 21/28 | €1,347,167 | €1,316,397 | -€30,770 | -2.3% |
| Tangible fixed assets | 22/27 | €483,977 | €453,207 | -€30,770 | -6.4% |
| Land and buildings | 22 | €385,404 | €362,133 | -€23,271 | -6.0% |
| Plant, machinery and equipment | 23 | €98,573 | €91,074 | -€7,499 | -7.6% |
| Financial fixed assets | 28 | €863,190 | €863,190 | = | 0.0% |
| Current assets | 29/58 | €1,140,711 | €1,180,712 | +€40,001 | +3.5% |
| Amounts receivable within one year | 40/41 | €1,064,696 | €1,066,468 | +€1,771 | +0.2% |
| Trade receivables | 40 | €17,075 | €20,183 | +€3,108 | +18.2% |
| Other amounts receivable | 41 | €1,047,622 | €1,046,285 | -€1,337 | -0.1% |
| Cash at bank and in hand | 54/58 | €76,015 | €114,244 | +€38,230 | +50.3% |
| Total equity and liabilities | 10/49 | €2,487,878 | €2,497,109 | +€9,231 | +0.4% |
| Equity | 10/15 | €2,060,027 | €2,138,939 | +€78,912 | +3.8% |
| Contributions | 10/11 | €61,500 | €61,500 | = | 0.0% |
| Capital | 10 | €61,500 | €61,500 | = | 0.0% |
| Issued capital | 100 | €61,500 | €61,500 | = | 0.0% |
| Reserves | 13 | €1,998,527 | €2,077,439 | +€78,912 | +3.9% |
| Non-distributable reserves | 130/1 | €6,150 | €6,150 | = | 0.0% |
| Legal reserve | 130 | €6,150 | €6,150 | = | 0.0% |
| Distributable reserves | 133 | €1,992,377 | €2,071,289 | +€78,912 | +4.0% |
| Amounts payable | 17/49 | €427,851 | €358,169 | -€69,681 | -16.3% |
| Amounts payable within one year | 42/48 | €420,851 | €349,169 | -€71,681 | -17.0% |
| Trade debts | 44 | €32,495 | €88 | -€32,407 | -99.7% |
| Suppliers | 440/4 | €32,495 | €88 | -€32,407 | -99.7% |
| Taxes, remuneration and social security | 45 | €109,521 | €69,448 | -€40,073 | -36.6% |
| Taxes | 450/3 | €109,521 | €69,448 | -€40,073 | -36.6% |
| Other amounts payable | 47/48 | €278,835 | €279,633 | +€798 | +0.3% |
| Accrued charges and deferred income | 492/3 | €7,000 | €9,000 | +€2,000 | +28.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €32,547 | €30,770 | -€1,777 | -5.5% |
| Other operating charges | 640/8 | €12,561 | €12,848 | +€288 | +2.3% |
| Gross operating margin | 9900 | €113,079 | €150,732 | +€37,653 | +33.3% |
| Operating profit (loss) | 9901 | €67,970 | €107,113 | +€39,143 | +57.6% |
| Financial income | 75/76B | €21,216 | €20,966 | -€249 | -1.2% |
| Recurring financial income | 75 | €21,216 | €20,966 | -€249 | -1.2% |
| Financial charges | 65/66B | €140 | €42 | -€98 | -70.0% |
| Recurring financial charges | 65 | €140 | €42 | -€98 | -70.0% |
| Profit (loss) for the period before taxes | 9903 | €89,046 | €128,038 | +€38,992 | +43.8% |
| Income taxes | 67/77 | €18,880 | €49,125 | +€30,245 | +160% |
| Profit (loss) for the period | 9904 | €70,165 | €78,912 | +€8,747 | +12.5% |
| Profit (loss) for the period to be appropriated | 9905 | €70,165 | €78,912 | +€8,747 | +12.5% |
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 27 October 2026 via checked.be.