TORVES: 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.
TORVES
Largest movements
- Receivables within one year +€61,136
up €61,136 (+631.6%), from €9,680 to €70,816
of which Trade receivables: +€61,130
- Cash -€27,015
down €27,015 (-30.2%), from €89,305 to €62,291
mainly Contributions, distributions and other (-€61,993) and Receivables within one year (-€61,136)
- Tangible fixed assets -€13,329
down €13,329 (-24.8%), from €53,846 to €40,517
of which Furniture and vehicles: -€12,637
- Deferred charges and accrued income +€3,935
up €3,935 (+282.0%), from €1,396 to €5,331
- Other debts +€44,731
up €44,731 (+70.5%), from €63,468 to €108,199
- Profit (loss) carried forward -€17,862
no longer reported in 2025 (was €17,862)
- Debts after one year -€10,808
down €10,808 (-30.1%), from €35,936 to €25,128
- Tax, wage and social debts +€8,045
up €8,045 (+140.8%), from €5,716 to €13,760
of which Taxes: +€9,995
- Gross operating margin +€35,011
up €35,011 (+93.6%), from €37,418 to €72,428
- Taxes +€6,868
up €6,868 (+120.0%), from €5,725 to €12,594
- Depreciation +€1,939
up €1,939 (+17.0%), from €11,389 to €13,329
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 | €154,227 | €178,955 | +€24,728 | +16.0% |
| Fixed assets | 21/28 | €53,846 | €40,517 | -€13,329 | -24.8% |
| Tangible fixed assets | 22/27 | €53,846 | €40,517 | -€13,329 | -24.8% |
| Plant, machinery and equipment | 23 | €2,709 | €2,017 | -€692 | -25.5% |
| Furniture and vehicles | 24 | €51,137 | €38,500 | -€12,637 | -24.7% |
| Current assets | 29/58 | €100,381 | €138,438 | +€38,057 | +37.9% |
| Amounts receivable within one year | 40/41 | €9,680 | €70,816 | +€61,136 | +631.6% |
| Trade receivables | 40 | €9,680 | €70,810 | +€61,130 | +631.5% |
| Other amounts receivable | 41 | - | €6 | +€6 | |
| Cash at bank and in hand | 54/58 | €89,305 | €62,291 | -€27,015 | -30.2% |
| Deferred charges and accrued income | 490/1 | €1,396 | €5,331 | +€3,935 | +282.0% |
| Total equity and liabilities | 10/49 | €154,227 | €178,955 | +€24,728 | +16.0% |
| Equity | 10/15 | €38,322 | €20,460 | -€17,862 | -46.6% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €1,860 | €1,860 | = | 0.0% |
| Profit (loss) carried forward | 14 | €17,862 | - | -€17,862 | |
| Amounts payable | 17/49 | €115,905 | €158,495 | +€42,591 | +36.7% |
| Amounts payable after more than one year | 17 | €35,936 | €25,128 | -€10,808 | -30.1% |
| Financial debts | 170/4 | €35,936 | €25,128 | -€10,808 | -30.1% |
| Amounts payable within one year | 42/48 | €79,678 | €133,068 | +€53,390 | +67.0% |
| Current portion of amounts payable after more than one year | 42 | €10,339 | €10,808 | +€469 | +4.5% |
| Trade debts | 44 | €156 | €300 | +€145 | +92.8% |
| Suppliers | 440/4 | €156 | €300 | +€145 | +92.8% |
| Taxes, remuneration and social security | 45 | €5,716 | €13,760 | +€8,045 | +140.8% |
| Taxes | 450/3 | €3,766 | €13,760 | +€9,995 | +265.4% |
| Remuneration and social security | 454/9 | €1,950 | - | -€1,950 | |
| Other amounts payable | 47/48 | €63,468 | €108,199 | +€44,731 | +70.5% |
| Accrued charges and deferred income | 492/3 | €291 | €300 | +€9 | +3.2% |
| Non-recurring operating income | 76A | €6,000 | - | -€6,000 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €11,389 | €13,329 | +€1,939 | +17.0% |
| Other operating charges | 640/8 | €179 | €243 | +€64 | +35.8% |
| Gross operating margin | 9900 | €37,418 | €72,428 | +€35,011 | +93.6% |
| Operating profit (loss) | 9901 | €25,850 | €58,857 | +€33,007 | +127.7% |
| Financial charges | 65/66B | €2,262 | €2,133 | -€129 | -5.7% |
| Recurring financial charges | 65 | €2,262 | €2,133 | -€129 | -5.7% |
| Profit (loss) for the period before taxes | 9903 | €23,588 | €56,724 | +€33,136 | +140.5% |
| Income taxes | 67/77 | €5,725 | €12,594 | +€6,868 | +120.0% |
| Profit (loss) for the period | 9904 | €17,862 | €44,130 | +€26,268 | +147.1% |
| Profit (loss) for the period to be appropriated | 9905 | €17,862 | €44,130 | +€26,268 | +147.1% |
Source: filed annual accounts (NBB), fiscal years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 29 September 2026 via checked.be.