THARROS: 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.
THARROS
Largest movements
- Current investments +€93,926
up €93,926 (+49.0%), from €191,724 to €285,650
- Receivables after one year -€72,000
down €72,000 (-15.2%), from €474,000 to €402,000
- Tangible fixed assets -€58,280
down €58,280 (-6.5%), from €891,970 to €833,689
of which Land and buildings: -€34,869
- Debts after one year -€60,971
down €60,971 (-11.5%), from €530,104 to €469,133
- Reserves +€47,750
up €47,750 (+20.7%), from €230,877 to €278,626
- Gross operating margin -€135,947
down €135,947 (-49.4%), from €275,006 to €139,059
- Taxes -€14,216
down €14,216 (-40.3%), from €35,316 to €21,101
- Depreciation +€3,066
up €3,066 (+5.5%), from €55,533 to €58,598
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 | €1,678,668 | €1,652,500 | -€26,168 | -1.6% |
| Fixed assets | 21/28 | €891,970 | €833,689 | -€58,280 | -6.5% |
| Tangible fixed assets | 22/27 | €891,970 | €833,689 | -€58,280 | -6.5% |
| Land and buildings | 22 | €820,514 | €785,645 | -€34,869 | -4.2% |
| Plant, machinery and equipment | 23 | €326 | €313 | -€13 | -4.1% |
| Furniture and vehicles | 24 | €71,129 | €47,731 | -€23,398 | -32.9% |
| Current assets | 29/58 | €786,698 | €818,810 | +€32,112 | +4.1% |
| Amounts receivable after more than one year | 29 | €474,000 | €402,000 | -€72,000 | -15.2% |
| Other amounts receivable | 291 | €474,000 | €402,000 | -€72,000 | -15.2% |
| Amounts receivable within one year | 40/41 | €94,457 | €97,735 | +€3,278 | +3.5% |
| Trade receivables | 40 | €22,457 | €19,405 | -€3,052 | -13.6% |
| Other amounts receivable | 41 | €72,000 | €78,330 | +€6,330 | +8.8% |
| Current investments | 50/53 | €191,724 | €285,650 | +€93,926 | +49.0% |
| Cash at bank and in hand | 54/58 | €26,517 | €33,425 | +€6,908 | +26.1% |
| Total equity and liabilities | 10/49 | €1,678,668 | €1,652,500 | -€26,168 | -1.6% |
| Equity | 10/15 | €1,045,851 | €1,093,601 | +€47,750 | +4.6% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €230,877 | €278,626 | +€47,750 | +20.7% |
| Distributable reserves | 133 | €230,877 | €278,626 | +€47,750 | +20.7% |
| Profit (loss) carried forward | 14 | €802,574 | €802,574 | = | 0.0% |
| Amounts payable | 17/49 | €632,817 | €558,899 | -€73,918 | -11.7% |
| Amounts payable after more than one year | 17 | €530,104 | €469,133 | -€60,971 | -11.5% |
| Financial debts | 170/4 | €530,104 | €469,133 | -€60,971 | -11.5% |
| Amounts payable within one year | 42/48 | €102,713 | €89,766 | -€12,947 | -12.6% |
| Current portion of amounts payable after more than one year | 42 | €60,180 | €60,971 | +€791 | +1.3% |
| Trade debts | 44 | €19,720 | €21,643 | +€1,923 | +9.7% |
| Suppliers | 440/4 | €19,720 | €21,643 | +€1,923 | +9.7% |
| Taxes, remuneration and social security | 45 | €19,352 | €7,152 | -€12,200 | -63.0% |
| Taxes | 450/3 | €19,352 | €4,209 | -€15,142 | -78.2% |
| Remuneration and social security | 454/9 | - | €2,942 | +€2,942 | |
| Other amounts payable | 47/48 | €3,461 | - | -€3,461 | |
| Non-recurring operating income | 76A | €104,872 | - | -€104,872 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €55,533 | €58,598 | +€3,066 | +5.5% |
| Other operating charges | 640/8 | €6,338 | €4,832 | -€1,506 | -23.8% |
| Gross operating margin | 9900 | €275,006 | €139,059 | -€135,947 | -49.4% |
| Operating profit (loss) | 9901 | €213,136 | €75,629 | -€137,507 | -64.5% |
| Financial income | 75/76B | €1,377 | €621 | -€756 | -54.9% |
| Recurring financial income | 75 | €1,377 | €621 | -€756 | -54.9% |
| Financial charges | 65/66B | €8,034 | €7,400 | -€634 | -7.9% |
| Recurring financial charges | 65 | €8,034 | €7,400 | -€634 | -7.9% |
| Profit (loss) for the period before taxes | 9903 | €206,479 | €68,850 | -€137,629 | -66.7% |
| Income taxes | 67/77 | €35,316 | €21,101 | -€14,216 | -40.3% |
| Profit (loss) for the period | 9904 | €171,163 | €47,750 | -€123,413 | -72.1% |
| Profit (loss) for the period to be appropriated | 9905 | €171,163 | €47,750 | -€123,413 | -72.1% |
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 6 October 2026 via checked.be.