TOROS: 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.
TOROS
Largest movements
- Tangible fixed assets +€232,726
up €232,726 (+71.9%), from €323,739 to €556,465
of which Land and buildings: +€178,077
- Cash +€40,588
up €40,588 (+11.5%), from €351,880 to €392,468
mainly Debts after one year (+€206,921) and Depreciation (+€79,215)
- Deferred charges and accrued income -€13,031
no longer reported in 2025 (was €13,031)
- Debts after one year +€206,921
up €206,921 (+139.9%), from €147,954 to €354,875
- Reserves +€73,791
up €73,791 (+37.5%), from €196,734 to €270,525
- Tax, wage and social debts -€38,264
down €38,264 (-26.2%), from €146,245 to €107,981
of which Taxes: -€35,743
- Trade debts +€35,956
up €35,956 (+39.7%), from €90,465 to €126,420
- Other debts -€20,464
down €20,464 (-71.6%), from €28,595 to €8,132
- Staff costs +€89,798
up €89,798 (+39.5%), from €227,350 to €317,147
- Gross operating margin +€76,472
up €76,472 (+16.5%), from €462,703 to €539,175
- Depreciation +€36,618
up €36,618 (+86.0%), from €42,597 to €79,215
- Taxes -€9,504
down €9,504 (-20.9%), from €45,495 to €35,992
- Financial charges +€8,286
up €8,286 (+50.2%), from €16,522 to €24,808
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 | €738,680 | €1,005,528 | +€266,848 | +36.1% |
| Formation expenses | 20 | €0 | €0 | = | |
| Fixed assets | 21/28 | €323,739 | €556,465 | +€232,726 | +71.9% |
| Tangible fixed assets | 22/27 | €323,739 | €556,465 | +€232,726 | +71.9% |
| Land and buildings | 22 | €231,056 | €409,133 | +€178,077 | +77.1% |
| Plant, machinery and equipment | 23 | €61,214 | €55,218 | -€5,995 | -9.8% |
| Furniture and vehicles | 24 | €2,117 | €1,089 | -€1,028 | -48.6% |
| Leasing and similar rights | 25 | €29,351 | €22,187 | -€7,164 | -24.4% |
| Other tangible fixed assets | 26 | - | €68,837 | +€68,837 | |
| Current assets | 29/58 | €414,942 | €449,063 | +€34,122 | +8.2% |
| Stocks and contracts in progress | 3 | €27,340 | €32,870 | +€5,530 | +20.2% |
| Stocks | 30/36 | €27,340 | €32,870 | +€5,530 | +20.2% |
| Amounts receivable within one year | 40/41 | €22,691 | €23,725 | +€1,034 | +4.6% |
| Trade receivables | 40 | €22,553 | €23,587 | +€1,034 | +4.6% |
| Other amounts receivable | 41 | €138 | €138 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €351,880 | €392,468 | +€40,588 | +11.5% |
| Deferred charges and accrued income | 490/1 | €13,031 | - | -€13,031 | |
| Total equity and liabilities | 10/49 | €738,680 | €1,005,528 | +€266,848 | +36.1% |
| Equity | 10/15 | €282,101 | €355,892 | +€73,791 | +26.2% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €196,734 | €270,525 | +€73,791 | +37.5% |
| Distributable reserves | 133 | €196,734 | €270,525 | +€73,791 | +37.5% |
| Profit (loss) carried forward | 14 | €66,767 | €66,767 | = | 0.0% |
| Amounts payable | 17/49 | €456,580 | €649,636 | +€193,056 | +42.3% |
| Amounts payable after more than one year | 17 | €147,954 | €354,875 | +€206,921 | +139.9% |
| Financial debts | 170/4 | €147,954 | €354,875 | +€206,921 | +139.9% |
| Amounts payable within one year | 42/48 | €308,626 | €294,430 | -€14,196 | -4.6% |
| Current portion of amounts payable after more than one year | 42 | €43,320 | €51,897 | +€8,576 | +19.8% |
| Trade debts | 44 | €90,465 | €126,420 | +€35,956 | +39.7% |
| Suppliers | 440/4 | €90,465 | €126,420 | +€35,956 | +39.7% |
| Taxes, remuneration and social security | 45 | €146,245 | €107,981 | -€38,264 | -26.2% |
| Taxes | 450/3 | €81,481 | €45,739 | -€35,743 | -43.9% |
| Remuneration and social security | 454/9 | €64,764 | €62,242 | -€2,522 | -3.9% |
| Other amounts payable | 47/48 | €28,595 | €8,132 | -€20,464 | -71.6% |
| Accrued charges and deferred income | 492/3 | - | €331 | +€331 | |
| Remuneration, social security and pensions | 62 | €227,350 | €317,147 | +€89,798 | +39.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €42,597 | €79,215 | +€36,618 | +86.0% |
| Other operating charges | 640/8 | €6,319 | €7,998 | +€1,679 | +26.6% |
| Non-recurring operating charges | 66A | - | €223 | +€223 | |
| Gross operating margin | 9900 | €462,703 | €539,175 | +€76,472 | +16.5% |
| Operating profit (loss) | 9901 | €186,437 | €134,591 | -€51,846 | -27.8% |
| Financial income | 75/76B | €235 | - | -€235 | |
| Recurring financial income | 75 | €235 | - | -€235 | |
| Financial charges | 65/66B | €16,522 | €24,808 | +€8,286 | +50.2% |
| Recurring financial charges | 65 | €16,522 | €24,808 | +€8,286 | +50.2% |
| Profit (loss) for the period before taxes | 9903 | €170,150 | €109,783 | -€60,367 | -35.5% |
| Income taxes | 67/77 | €45,495 | €35,992 | -€9,504 | -20.9% |
| Profit (loss) for the period | 9904 | €124,655 | €73,791 | -€50,863 | -40.8% |
| Profit (loss) for the period to be appropriated | 9905 | €124,655 | €73,791 | -€50,863 | -40.8% |
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.