MO-THOR: 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
MO-THOR
NACE 68.203, Renting and operating of own or leased non-residential real estate, excluding land
financial year 2024 against 2025filed annual accounts (NBB)
Net result for the year
-€1.1m
2024 · -€1.0m-€73,482
Equity
€18.8m
2024 · €19.1m-€302,009
Cash
€1.3m
2024 · €633,975+€620,232
Balance sheet total
€27.2m
2024 · €27.7m-€490,423
Largest movements
Assets
- Receivables within one year -€626,732
down €626,732 (-77.5%), from €809,120 to €182,388
of which Trade receivables: -€594,661
- Cash +€620,232
up €620,232 (+97.8%), from €633,975 to €1.3m
mainly Contributions, distributions and other (+€817,497) and Depreciation (+€816,481)
- Tangible fixed assets -€482,324
down €482,324 (-1.8%), from €26.2m to €25.8m
of which Assets under construction and advance payments: -€1.5m
Equity and liabilities
- Profit (loss) carried forward -€1.1m
down €1.1m (-48.0%), from -€2.3m to -€3.5m
- Contributions +€1.0m
up €1.0m (+6.4%), from €15.6m to €16.6m
- Debts after one year -€420,000
down €420,000 (-7.3%), from €5.8m to €5.4m
Income statement
- Services and other goods -€334,713
down €334,713 (-34.7%), from €965,031 to €630,318
- Turnover -€329,101
down €329,101 (-37.6%), from €875,934 to €546,833
- Other operating income -€166,798
down €166,798 (-83.4%), from €199,995 to €33,197
- Financial charges -€158,051
down €158,051 (-43.4%), from €364,183 to €206,132
- Depreciation +€106,127
up €106,127 (+14.9%), from €710,354 to €816,481
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.
Result 2024
-€1.0m
Turnover
-€329,101
Other operating income
-€166,798
Services and other goods
+€334,713
Staff costs
+€5,432
Depreciation
-€106,127
Write-downs
+€17,414
Other operating charges
-€43,224
Financial income
+€42,130
Financial charges
+€158,051
Taxes
+€108
Deferred taxes and other
+€13,921
Result 2025
-€1.1m
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.
From operations
+€552,482
Investment
-€329,747
Financing
+€397,497
Cash 2024
€633,975
From operations (derived)
+€552,482
Net result for the year
-€1.1m
Depreciation
+€816,481
Receivables within one year
+€626,732
Deferred charges and accrued income
-€2,811
Provisions
-€60,834
Trade debts
+€85,444
Tax, wage and social debts
-€10,524
Other debts
+€150,000
Accrued charges and deferred income
+€67,501
Investment (derived)
-€329,747
Investment in fixed assets (net)
-€329,747
Financing
+€397,497
Debts after one year
-€420,000
Contributions, distributions and other
+€817,497
Cash 2025
€1.3m
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €27,725,787 | €27,235,365 | -€490,423 | -1.8% |
| Fixed assets | 21/28 | €26,247,396 | €25,760,662 | -€486,734 | -1.9% |
| Intangible fixed assets | 21 | €360 | €0 | -€360 | -100.0% |
| Tangible fixed assets | 22/27 | €26,242,986 | €25,760,662 | -€482,324 | -1.8% |
| Land and buildings | 22 | €23,318,588 | €22,844,844 | -€473,744 | -2.0% |
| Plant, machinery and equipment | 23 | €13,965 | €1,491,054 | +€1.5m | +10577.2% |
| Furniture and vehicles | 24 | €29,640 | €42,810 | +€13,170 | +44.4% |
| Assets under construction and advance payments | 27 | €2,880,793 | €1,381,953 | -€1.5m | -52.0% |
| Financial fixed assets | 28 | €4,050 | €0 | -€4,050 | -100.0% |
| Other financial fixed assets | 284/8 | €4,050 | €0 | -€4,050 | -100.0% |
| Amounts receivable and cash guarantees | 285/8 | €4,050 | €0 | -€4,050 | -100.0% |
| Current assets | 29/58 | €1,478,391 | €1,474,702 | -€3,688 | -0.2% |
| Amounts receivable within one year | 40/41 | €809,120 | €182,388 | -€626,732 | -77.5% |
| Trade receivables | 40 | €755,345 | €160,684 | -€594,661 | -78.7% |
| Other amounts receivable | 41 | €53,776 | €21,704 | -€32,072 | -59.6% |
| Cash at bank and in hand | 54/58 | €633,975 | €1,254,208 | +€620,232 | +97.8% |
| Deferred charges and accrued income | 490/1 | €35,295 | €38,106 | +€2,811 | +8.0% |
| Total equity and liabilities | 10/49 | €27,725,787 | €27,235,365 | -€490,423 | -1.8% |
| Equity | 10/15 | €19,135,855 | €18,833,846 | -€302,009 | -1.6% |
| Contributions | 10/11 | €15,607,067 | €16,607,067 | +€1.0m | +6.4% |
| Capital | 10 | €15,607,067 | €16,607,067 | +€1.0m | +6.4% |
| Issued capital | 100 | €15,607,067 | €17,807,067 | +€2.2m | +14.1% |
| Uncalled capital | 101 | - | €1,200,000 | +€1.2m | |
| Profit (loss) carried forward | 14 | -€2,334,672 | -€3,454,178 | -€1.1m | -48.0% |
| Investment grants | 15 | €5,863,460 | €5,680,957 | -€182,503 | -3.1% |
| Provisions and deferred taxes | 16 | €1,954,487 | €1,893,652 | -€60,834 | -3.1% |
| Deferred taxes | 168 | €1,954,487 | €1,893,652 | -€60,834 | -3.1% |
| Amounts payable | 17/49 | €6,635,446 | €6,507,866 | -€127,580 | -1.9% |
| Amounts payable after more than one year | 17 | €5,775,000 | €5,355,000 | -€420,000 | -7.3% |
| Financial debts | 170/4 | €5,775,000 | €5,355,000 | -€420,000 | -7.3% |
| Subordinated loans | 170 | €0 | - | = | |
| Credit institutions | 173 | €5,775,000 | €5,355,000 | -€420,000 | -7.3% |
| Amounts payable within one year | 42/48 | €764,758 | €989,678 | +€224,919 | +29.4% |
| Current portion of amounts payable after more than one year | 42 | €420,000 | €420,000 | = | 0.0% |
| Trade debts | 44 | €317,302 | €402,746 | +€85,444 | +26.9% |
| Suppliers | 440/4 | €317,302 | €402,746 | +€85,444 | +26.9% |
| Taxes, remuneration and social security | 45 | €20,070 | €9,546 | -€10,524 | -52.4% |
| Taxes | 450/3 | €913 | €535 | -€378 | -41.4% |
| Remuneration and social security | 454/9 | €19,157 | €9,011 | -€10,146 | -53.0% |
| Other amounts payable | 47/48 | €7,386 | €157,386 | +€150,000 | +2030.9% |
| Accrued charges and deferred income | 492/3 | €95,687 | €163,188 | +€67,501 | +70.5% |
| Operating income | 70/76A | €1,075,929 | €580,030 | -€495,900 | -46.1% |
| Turnover | 70 | €875,934 | €546,833 | -€329,101 | -37.6% |
| Other operating income | 74 | €199,995 | €33,197 | -€166,798 | -83.4% |
| Operating charges | 60/66A | €1,945,047 | €1,736,839 | -€208,208 | -10.7% |
| Services and other goods | 61 | €965,031 | €630,318 | -€334,713 | -34.7% |
| Remuneration, social security and pensions | 62 | €242,998 | €237,566 | -€5,432 | -2.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €710,354 | €816,481 | +€106,127 | +14.9% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €22,364 | €4,950 | -€17,414 | -77.9% |
| Other operating charges | 640/8 | €4,301 | €47,525 | +€43,224 | +1005.1% |
| Operating profit (loss) | 9901 | -€869,118 | -€1,156,810 | -€287,692 | -33.1% |
| Financial income | 75/76B | €140,741 | €182,871 | +€42,130 | +29.9% |
| Recurring financial income | 75 | €140,741 | €182,871 | +€42,130 | +29.9% |
| Income from current assets | 751 | - | €368 | +€368 | |
| Other financial income | 752/9 | €140,741 | €182,503 | +€41,762 | +29.7% |
| Financial charges | 65/66B | €364,183 | €206,132 | -€158,051 | -43.4% |
| Recurring financial charges | 65 | €364,183 | €206,132 | -€158,051 | -43.4% |
| Debt charges | 650 | €363,312 | €204,870 | -€158,442 | -43.6% |
| Other financial charges | 652/9 | €871 | €1,262 | +€391 | +44.9% |
| Profit (loss) for the period before taxes | 9903 | -€1,092,560 | -€1,180,071 | -€87,511 | -8.0% |
| Transfer from deferred taxes | 780 | €46,913 | €60,834 | +€13,921 | +29.7% |
| Income taxes | 67/77 | €377 | €269 | -€108 | -28.6% |
| Taxes | 670/3 | €377 | €269 | -€108 | -28.6% |
| Profit (loss) for the period | 9904 | -€1,046,024 | -€1,119,506 | -€73,482 | -7.0% |
| Profit (loss) for the period to be appropriated | 9905 | -€1,046,024 | -€1,119,506 | -€73,482 | -7.0% |
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 10 October 2026 via checked.be.