TORVALE: 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.
TORVALE
Largest movements
- Cash +€126,083
up €126,083 (+237.7%), from €53,048 to €179,131
mainly Net result for the year (+€94,263) and Debts after one year (+€89,320)
- Tangible fixed assets +€39,261
up €39,261 (+3.6%), from €1.1m to €1.1m
of which Land and buildings: +€61,221
- Receivables within one year +€20,592
up €20,592 (+207.0%), from €9,950 to €30,542
of which Trade receivables: +€27,442
- Profit (loss) carried forward +€94,263
up €94,263 (+27.7%), from €339,800 to €434,063
- Debts after one year +€89,320
up €89,320 (+12.5%), from €716,644 to €805,964
of which Financial debts: +€90,773
- Gross operating margin +€61,520
up €61,520 (+37.0%), from €166,180 to €227,700
- Other operating charges +€23,703
up €23,703 (+2032.8%), from €1,166 to €24,869
- Taxes +€9,082
up €9,082 (+49.0%), from €18,520 to €27,602
- Financial charges -€3,200
down €3,200 (-14.7%), from €21,728 to €18,528
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 | €1,169,085 | €1,352,918 | +€183,833 | +15.7% |
| Fixed assets | 21/28 | €1,102,671 | €1,142,527 | +€39,856 | +3.6% |
| Tangible fixed assets | 22/27 | €1,099,917 | €1,139,178 | +€39,261 | +3.6% |
| Land and buildings | 22 | €1,011,019 | €1,072,240 | +€61,221 | +6.1% |
| Plant, machinery and equipment | 23 | €1,500 | €1,140 | -€360 | -24.0% |
| Furniture and vehicles | 24 | €87,398 | €65,798 | -€21,600 | -24.7% |
| Financial fixed assets | 28 | €2,754 | €3,349 | +€595 | +21.6% |
| Current assets | 29/58 | €66,414 | €210,391 | +€143,977 | +216.8% |
| Amounts receivable within one year | 40/41 | €9,950 | €30,542 | +€20,592 | +207.0% |
| Trade receivables | 40 | €1,043 | €28,485 | +€27,442 | +2631.1% |
| Other amounts receivable | 41 | €8,907 | €2,057 | -€6,850 | -76.9% |
| Cash at bank and in hand | 54/58 | €53,048 | €179,131 | +€126,083 | +237.7% |
| Deferred charges and accrued income | 490/1 | €3,416 | €718 | -€2,698 | -79.0% |
| Total equity and liabilities | 10/49 | €1,169,085 | €1,352,918 | +€183,833 | +15.7% |
| Equity | 10/15 | €347,860 | €442,123 | +€94,263 | +27.1% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €1,860 | €1,860 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Profit (loss) carried forward | 14 | €339,800 | €434,063 | +€94,263 | +27.7% |
| Amounts payable | 17/49 | €821,225 | €910,795 | +€89,570 | +10.9% |
| Amounts payable after more than one year | 17 | €716,644 | €805,964 | +€89,320 | +12.5% |
| Financial debts | 170/4 | €445,355 | €536,128 | +€90,773 | +20.4% |
| Other amounts payable | 178/9 | €271,289 | €269,836 | -€1,453 | -0.5% |
| Amounts payable within one year | 42/48 | €104,581 | €104,831 | +€250 | +0.2% |
| Current portion of amounts payable after more than one year | 42 | €60,756 | €62,973 | +€2,217 | +3.6% |
| Trade debts | 44 | €13,822 | €18,915 | +€5,093 | +36.8% |
| Suppliers | 440/4 | €13,822 | €18,915 | +€5,093 | +36.8% |
| Taxes, remuneration and social security | 45 | €19,400 | €14,822 | -€4,578 | -23.6% |
| Taxes | 450/3 | €19,400 | €14,822 | -€4,578 | -23.6% |
| Other amounts payable | 47/48 | €10,603 | €8,121 | -€2,482 | -23.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €62,203 | €62,438 | +€235 | +0.4% |
| Other operating charges | 640/8 | €1,166 | €24,869 | +€23,703 | +2032.8% |
| Gross operating margin | 9900 | €166,180 | €227,700 | +€61,520 | +37.0% |
| Operating profit (loss) | 9901 | €102,811 | €140,393 | +€37,582 | +36.6% |
| Financial charges | 65/66B | €21,728 | €18,528 | -€3,200 | -14.7% |
| Recurring financial charges | 65 | €21,728 | €18,528 | -€3,200 | -14.7% |
| Profit (loss) for the period before taxes | 9903 | €81,083 | €121,865 | +€40,782 | +50.3% |
| Income taxes | 67/77 | €18,520 | €27,602 | +€9,082 | +49.0% |
| Profit (loss) for the period | 9904 | €62,563 | €94,263 | +€31,700 | +50.7% |
| Profit (loss) for the period to be appropriated | 9905 | €62,563 | €94,263 | +€31,700 | +50.7% |
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 3 October 2026 via checked.be.