TORO: 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.
TORO
Largest movements
- Tangible fixed assets -€9,134
down €9,134 (-18.8%), from €48,471 to €39,337
of which Land and buildings: -€8,198
- Cash +€9,112
up €9,112 (+194%), from €4,687 to €13,799
mainly Depreciation (+€9,134) and Other debts (+€5,233)
- Deferred charges and accrued income -€1,976
down €1,976 (-99.5%), from €1,985 to €9
- Receivables within one year +€663
up €663 (+10.1%), from €6,546 to €7,209
of which Trade receivables: +€2,335
- Profit (loss) carried forward -€13,905
new in 2025: -€13,905
- Other debts +€5,233
up €5,233 (+27.9%), from €18,739 to €23,972
- Current portion of long-term debt +€5,148
up €5,148 (+73.9%), from €6,968 to €12,116
- Debts after one year +€3,465
up €3,465 (+30.4%), from €11,402 to €14,867
- Trade debts -€1,683
down €1,683 (-51.7%), from €3,256 to €1,573
- Gross operating margin -€30,521
down €30,521, from €28,426 to -€2,096
- Taxes -€4,764
down €4,764 (-95.3%), from €5,000 to €236
- Other operating charges +€875
up €875 (+115%), from €763 to €1,639
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 | €61,729 | €60,394 | -€1,334 | -2.2% |
| Fixed assets | 21/28 | €48,511 | €39,377 | -€9,134 | -18.8% |
| Tangible fixed assets | 22/27 | €48,471 | €39,337 | -€9,134 | -18.8% |
| Land and buildings | 22 | €44,321 | €36,123 | -€8,198 | -18.5% |
| Furniture and vehicles | 24 | €4,151 | €3,215 | -€936 | -22.6% |
| Financial fixed assets | 28 | €40 | €40 | = | 0.0% |
| Current assets | 29/58 | €13,217 | €21,017 | +€7,800 | +59.0% |
| Amounts receivable within one year | 40/41 | €6,546 | €7,209 | +€663 | +10.1% |
| Trade receivables | 40 | €4,874 | €7,209 | +€2,335 | +47.9% |
| Other amounts receivable | 41 | €1,672 | - | -€1,672 | |
| Cash at bank and in hand | 54/58 | €4,687 | €13,799 | +€9,112 | +194% |
| Deferred charges and accrued income | 490/1 | €1,985 | €9 | -€1,976 | -99.5% |
| Total equity and liabilities | 10/49 | €61,729 | €60,394 | -€1,334 | -2.2% |
| Equity | 10/15 | €21,364 | €7,459 | -€13,905 | -65.1% |
| Contributions | 10/11 | €19,000 | €19,000 | = | 0.0% |
| Reserves | 13 | €2,364 | €2,364 | = | 0.0% |
| Distributable reserves | 133 | €2,364 | €2,364 | = | 0.0% |
| Profit (loss) carried forward | 14 | - | -€13,905 | -€13,905 | |
| Amounts payable | 17/49 | €40,365 | €52,936 | +€12,571 | +31.1% |
| Amounts payable after more than one year | 17 | €11,402 | €14,867 | +€3,465 | +30.4% |
| Financial debts | 170/4 | €11,402 | €14,867 | +€3,465 | +30.4% |
| Amounts payable within one year | 42/48 | €28,963 | €38,069 | +€9,107 | +31.4% |
| Current portion of amounts payable after more than one year | 42 | €6,968 | €12,116 | +€5,148 | +73.9% |
| Trade debts | 44 | €3,256 | €1,573 | -€1,683 | -51.7% |
| Suppliers | 440/4 | €3,256 | €1,573 | -€1,683 | -51.7% |
| Taxes, remuneration and social security | 45 | - | €408 | +€408 | |
| Taxes | 450/3 | - | €408 | +€408 | |
| Other amounts payable | 47/48 | €18,739 | €23,972 | +€5,233 | +27.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €9,380 | €9,134 | -€246 | -2.6% |
| Other operating charges | 640/8 | €763 | €1,639 | +€875 | +115% |
| Gross operating margin | 9900 | €28,426 | -€2,096 | -€30,521 | |
| Operating profit (loss) | 9901 | €18,283 | -€12,868 | -€31,151 | |
| Financial charges | 65/66B | €926 | €801 | -€125 | -13.5% |
| Recurring financial charges | 65 | €926 | €801 | -€125 | -13.5% |
| Profit (loss) for the period before taxes | 9903 | €17,357 | -€13,669 | -€31,026 | |
| Income taxes | 67/77 | €5,000 | €236 | -€4,764 | -95.3% |
| Profit (loss) for the period | 9904 | €12,357 | -€13,905 | -€26,262 | |
| Profit (loss) for the period to be appropriated | 9905 | €12,357 | -€13,905 | -€26,262 |
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 17 October 2026 via checked.be.