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TORO: 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.

What changed

TORO

BE 0472.969.822
NACE 43.990, Other specialised construction activities
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
-€13,905
2024 · €12,357-€26,262
Equity
€7,459
2024 · €21,364-€13,905
Cash
€13,799
2024 · €4,687+€9,112
Balance sheet total
€60,394
2024 · €61,729-€1,334

Largest movements

2024 to 2025
Assets
  • Tangible fixed assets -€9,134

    down €9,134 (-18.8%), from €48,471 to €39,337

    of which Land and buildings: -€8,198

  • Cash +€9,112

    up €9,112 (+194%), from €4,687 to €13,799

    mainly Depreciation (+€9,134) and Other debts (+€5,233)

  • Deferred charges and accrued income -€1,976

    down €1,976 (-99.5%), from €1,985 to €9

  • Receivables within one year +€663

    up €663 (+10.1%), from €6,546 to €7,209

    of which Trade receivables: +€2,335

Equity and liabilities
  • Profit (loss) carried forward -€13,905

    new in 2025: -€13,905

  • Other debts +€5,233

    up €5,233 (+27.9%), from €18,739 to €23,972

  • Current portion of long-term debt +€5,148

    up €5,148 (+73.9%), from €6,968 to €12,116

  • Debts after one year +€3,465

    up €3,465 (+30.4%), from €11,402 to €14,867

  • Trade debts -€1,683

    down €1,683 (-51.7%), from €3,256 to €1,573

Income statement
  • Gross operating margin -€30,521

    down €30,521, from €28,426 to -€2,096

  • Taxes -€4,764

    down €4,764 (-95.3%), from €5,000 to €236

  • Other operating charges +€875

    up €875 (+115%), from €763 to €1,639

From the 2024 result to the 2025 result

effect on the 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.

Result 2024 €12,357
Gross operating margin -€30,521
Depreciation +€246
Other operating charges -€875
Financial charges +€125
Taxes +€4,764
Result 2025 -€13,905
raises the resultlowers the result

Derived cash bridge

cash 2024 to 2025

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.

From operations +€500
Investment €0
Financing +€8,613
Cash 2024 €4,687
Net result for the year -€13,905
Depreciation +€9,134
Receivables within one year -€663
Deferred charges and accrued income +€1,976
Trade debts -€1,683
Tax, wage and social debts +€408
Other debts +€5,233
Debts after one year +€3,465
Current portion of long-term debt +€5,148
Cash 2025 €13,799
brings cash intakes cash out
Every line side by side 38 lines
Line Code 2024 2025 Change %
Total assets 20/58 €61,729 €60,394 -€1,334 -2.2%
Fixed assets 21/28 €48,511 €39,377 -€9,134 -18.8%
Tangible fixed assets 22/27 €48,471 €39,337 -€9,134 -18.8%
Land and buildings 22 €44,321 €36,123 -€8,198 -18.5%
Furniture and vehicles 24 €4,151 €3,215 -€936 -22.6%
Financial fixed assets 28 €40 €40 = 0.0%
Current assets 29/58 €13,217 €21,017 +€7,800 +59.0%
Amounts receivable within one year 40/41 €6,546 €7,209 +€663 +10.1%
Trade receivables 40 €4,874 €7,209 +€2,335 +47.9%
Other amounts receivable 41 €1,672 - -€1,672
Cash at bank and in hand 54/58 €4,687 €13,799 +€9,112 +194%
Deferred charges and accrued income 490/1 €1,985 €9 -€1,976 -99.5%
Total equity and liabilities 10/49 €61,729 €60,394 -€1,334 -2.2%
Equity 10/15 €21,364 €7,459 -€13,905 -65.1%
Contributions 10/11 €19,000 €19,000 = 0.0%
Reserves 13 €2,364 €2,364 = 0.0%
Distributable reserves 133 €2,364 €2,364 = 0.0%
Profit (loss) carried forward 14 - -€13,905 -€13,905
Amounts payable 17/49 €40,365 €52,936 +€12,571 +31.1%
Amounts payable after more than one year 17 €11,402 €14,867 +€3,465 +30.4%
Financial debts 170/4 €11,402 €14,867 +€3,465 +30.4%
Amounts payable within one year 42/48 €28,963 €38,069 +€9,107 +31.4%
Current portion of amounts payable after more than one year 42 €6,968 €12,116 +€5,148 +73.9%
Trade debts 44 €3,256 €1,573 -€1,683 -51.7%
Suppliers 440/4 €3,256 €1,573 -€1,683 -51.7%
Taxes, remuneration and social security 45 - €408 +€408
Taxes 450/3 - €408 +€408
Other amounts payable 47/48 €18,739 €23,972 +€5,233 +27.9%
Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets 630 €9,380 €9,134 -€246 -2.6%
Other operating charges 640/8 €763 €1,639 +€875 +115%
Gross operating margin 9900 €28,426 -€2,096 -€30,521
Operating profit (loss) 9901 €18,283 -€12,868 -€31,151
Financial charges 65/66B €926 €801 -€125 -13.5%
Recurring financial charges 65 €926 €801 -€125 -13.5%
Profit (loss) for the period before taxes 9903 €17,357 -€13,669 -€31,026
Income taxes 67/77 €5,000 €236 -€4,764 -95.3%
Profit (loss) for the period 9904 €12,357 -€13,905 -€26,262
Profit (loss) for the period to be appropriated 9905 €12,357 -€13,905 -€26,262

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 17 October 2026 via checked.be.