TOROS: 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.
TOROS
Largest movements
- Current investments +€260,124
up €260,124 (+58.6%), from €444,196 to €704,320
- Cash -€88,017
down €88,017 (-40.5%), from €217,219 to €129,202
mainly Current investments (-€260,124) and Investment in fixed assets (net) (-€97,951)
- Tangible fixed assets +€71,718
up €71,718 (+286.8%), from €25,006 to €96,724
of which Furniture and vehicles: +€72,475
- Receivables within one year +€23,586
up €23,586 (+146.4%), from €16,113 to €39,698
of which Trade receivables: +€18,333
- Stocks and contracts -€23,064
down €23,064 (-91.1%), from €25,306 to €2,242
- Reserves +€242,226
up €242,226 (+47.9%), from €506,164 to €748,390
of which Distributable reserves: +€242,226
- Gross operating margin +€214,809
up €214,809 (+109.8%), from €195,699 to €410,508
- Taxes +€73,434
up €73,434 (+166.8%), from €44,036 to €117,470
- Depreciation +€19,663
up €19,663 (+299.6%), from €6,563 to €26,225
- Financial income -€11,984
down €11,984 (-54.7%), from €21,891 to €9,907
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 | €731,906 | €977,509 | +€245,603 | +33.6% |
| Fixed assets | 21/28 | €26,167 | €97,893 | +€71,726 | +274.1% |
| Tangible fixed assets | 22/27 | €25,006 | €96,724 | +€71,718 | +286.8% |
| Plant, machinery and equipment | 23 | €3,217 | €2,460 | -€757 | -23.5% |
| Furniture and vehicles | 24 | €21,789 | €94,264 | +€72,475 | +332.6% |
| Financial fixed assets | 28 | €1,161 | €1,169 | +€8 | +0.7% |
| Current assets | 29/58 | €705,738 | €879,616 | +€173,878 | +24.6% |
| Stocks and contracts in progress | 3 | €25,306 | €2,242 | -€23,064 | -91.1% |
| Stocks | 30/36 | €25,306 | €2,242 | -€23,064 | -91.1% |
| Amounts receivable within one year | 40/41 | €16,113 | €39,698 | +€23,586 | +146.4% |
| Trade receivables | 40 | €9,681 | €28,015 | +€18,333 | +189.4% |
| Other amounts receivable | 41 | €6,431 | €11,684 | +€5,252 | +81.7% |
| Current investments | 50/53 | €444,196 | €704,320 | +€260,124 | +58.6% |
| Cash at bank and in hand | 54/58 | €217,219 | €129,202 | -€88,017 | -40.5% |
| Deferred charges and accrued income | 490/1 | €2,905 | €4,153 | +€1,249 | +43.0% |
| Total equity and liabilities | 10/49 | €731,906 | €977,509 | +€245,603 | +33.6% |
| Equity | 10/15 | €524,874 | €767,052 | +€242,178 | +46.1% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €506,164 | €748,390 | +€242,226 | +47.9% |
| Tax-exempt reserves | 132 | €42,100 | €42,100 | = | 0.0% |
| Distributable reserves | 133 | €464,064 | €706,290 | +€242,226 | +52.2% |
| Profit (loss) carried forward | 14 | €110 | €62 | -€48 | -43.7% |
| Amounts payable | 17/49 | €207,032 | €210,457 | +€3,425 | +1.7% |
| Amounts payable within one year | 42/48 | €207,032 | €210,457 | +€3,425 | +1.7% |
| Trade debts | 44 | €10,932 | €9,094 | -€1,837 | -16.8% |
| Suppliers | 440/4 | €10,932 | €9,094 | -€1,837 | -16.8% |
| Taxes, remuneration and social security | 45 | €21,351 | €22,882 | +€1,531 | +7.2% |
| Taxes | 450/3 | €21,351 | €22,882 | +€1,531 | +7.2% |
| Other amounts payable | 47/48 | €174,749 | €178,480 | +€3,731 | +2.1% |
| Non-recurring operating income | 76A | €17,103 | €244,000 | +€226,897 | +1326.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €6,563 | €26,225 | +€19,663 | +299.6% |
| Other operating charges | 640/8 | €1,132 | €410 | -€722 | -63.8% |
| Gross operating margin | 9900 | €195,699 | €410,508 | +€214,809 | +109.8% |
| Operating profit (loss) | 9901 | €188,005 | €383,873 | +€195,868 | +104.2% |
| Financial income | 75/76B | €21,891 | €9,907 | -€11,984 | -54.7% |
| Recurring financial income | 75 | €21,891 | €9,907 | -€11,984 | -54.7% |
| Financial charges | 65/66B | €14,705 | €10,965 | -€3,740 | -25.4% |
| Recurring financial charges | 65 | €14,705 | €10,965 | -€3,740 | -25.4% |
| Profit (loss) for the period before taxes | 9903 | €195,190 | €382,814 | +€187,624 | +96.1% |
| Income taxes | 67/77 | €44,036 | €117,470 | +€73,434 | +166.8% |
| Profit (loss) for the period | 9904 | €151,154 | €265,344 | +€114,190 | +75.5% |
| Transfer to tax-exempt reserves | 689 | €42,100 | - | -€42,100 | |
| Profit (loss) for the period to be appropriated | 9905 | €109,054 | €265,344 | +€156,290 | +143.3% |
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.