TORO BUILD: 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 BUILD
Largest movements
- Stocks and contracts +€246,614
up €246,614 (+3152.8%), from €7,822 to €254,436
- Cash -€142,588
down €142,588 (-88.7%), from €160,679 to €18,091
mainly Stocks and contracts (-€246,614) and Receivables after one year (-€50,000)
- Receivables after one year +€50,000
up €50,000 (+16.1%), from €310,400 to €360,400
- Receivables within one year -€21,972
down €21,972 (-87.8%), from €25,019 to €3,047
of which Trade receivables: -€22,500
- Short-term financial debts +€178,000
new in 2025: €178,000
- Debts after one year -€40,000
down €40,000 (-10.8%), from €371,162 to €331,162
- Gross operating margin -€39,456
down €39,456 (-88.7%), from €44,494 to €5,038
- Taxes -€12,010
down €12,010 (-98.9%), from €12,140 to €130
- Financial charges +€3,123
up €3,123 (+265.6%), from €1,176 to €4,299
- Financial income -€1,364
no longer reported in 2025 (was €1,364)
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 | €523,920 | €662,483 | +€138,563 | +26.4% |
| Fixed assets | 21/28 | €20,000 | €20,000 | = | 0.0% |
| Financial fixed assets | 28 | €20,000 | €20,000 | = | 0.0% |
| Current assets | 29/58 | €503,920 | €642,483 | +€138,563 | +27.5% |
| Amounts receivable after more than one year | 29 | €310,400 | €360,400 | +€50,000 | +16.1% |
| Other amounts receivable | 291 | €310,400 | €360,400 | +€50,000 | +16.1% |
| Stocks and contracts in progress | 3 | €7,822 | €254,436 | +€246,614 | +3152.8% |
| Stocks | 30/36 | €7,822 | €254,436 | +€246,614 | +3152.8% |
| Amounts receivable within one year | 40/41 | €25,019 | €3,047 | -€21,972 | -87.8% |
| Trade receivables | 40 | €22,500 | - | -€22,500 | |
| Other amounts receivable | 41 | €2,519 | €3,047 | +€528 | +20.9% |
| Cash at bank and in hand | 54/58 | €160,679 | €18,091 | -€142,588 | -88.7% |
| Deferred charges and accrued income | 490/1 | - | €6,510 | +€6,510 | |
| Total equity and liabilities | 10/49 | €523,920 | €662,483 | +€138,563 | +26.4% |
| Equity | 10/15 | €140,879 | €141,236 | +€357 | +0.3% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €122,279 | €122,636 | +€357 | +0.3% |
| Distributable reserves | 133 | €122,279 | €122,636 | +€357 | +0.3% |
| Amounts payable | 17/49 | €383,041 | €521,247 | +€138,206 | +36.1% |
| Amounts payable after more than one year | 17 | €371,162 | €331,162 | -€40,000 | -10.8% |
| Other amounts payable | 178/9 | €371,162 | €331,162 | -€40,000 | -10.8% |
| Amounts payable within one year | 42/48 | €11,878 | €190,085 | +€178,206 | +1500.3% |
| Financial debts | 43 | - | €178,000 | +€178,000 | |
| Credit institutions | 430/8 | - | €178,000 | +€178,000 | |
| Trade debts | 44 | €141 | €218 | +€77 | +54.1% |
| Suppliers | 440/4 | €141 | €218 | +€77 | +54.1% |
| Taxes, remuneration and social security | 45 | €11,737 | €11,867 | +€130 | +1.1% |
| Taxes | 450/3 | €11,737 | €11,867 | +€130 | +1.1% |
| Other operating charges | 640/8 | - | €253 | +€253 | |
| Gross operating margin | 9900 | €44,494 | €5,038 | -€39,456 | -88.7% |
| Operating profit (loss) | 9901 | €44,494 | €4,785 | -€39,709 | -89.2% |
| Financial income | 75/76B | €1,364 | - | -€1,364 | |
| Recurring financial income | 75 | €1,364 | - | -€1,364 | |
| Financial charges | 65/66B | €1,176 | €4,299 | +€3,123 | +265.6% |
| Recurring financial charges | 65 | €1,176 | €4,299 | +€3,123 | +265.6% |
| Profit (loss) for the period before taxes | 9903 | €44,683 | €487 | -€44,197 | -98.9% |
| Income taxes | 67/77 | €12,140 | €130 | -€12,010 | -98.9% |
| Profit (loss) for the period | 9904 | €32,543 | €357 | -€32,187 | -98.9% |
| Profit (loss) for the period to be appropriated | 9905 | €32,543 | €357 | -€32,187 | -98.9% |
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 11 October 2026 via checked.be.