THIRYORTHO: 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
THIRYORTHO
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
€171,534
2024 · €158,521+€13,012
Equity
€1.0m
2024 · €834,112+€171,534
Cash
€31,190
2024 · €23,552+€7,638
Balance sheet total
€1.8m
2024 · €1.8m+€50,678
Largest movements
Assets
- Receivables within one year +€29,175
up €29,175 (+5.7%), from €509,758 to €538,933
of which Other amounts receivable: +€49,238
- Deferred charges and accrued income +€22,833
up €22,833 (+221.8%), from €10,294 to €33,127
Equity and liabilities
- Reserves +€171,534
up €171,534 (+20.9%), from €820,503 to €992,036
of which Distributable reserves: +€173,394
- Other debts -€62,897
down €62,897 (-100.0%), from €62,897 to €0
- Debts after one year -€52,455
down €52,455 (-6.7%), from €779,922 to €727,467
Income statement
- Gross operating margin +€18,350
up €18,350 (+6.0%), from €304,592 to €322,941
- Depreciation +€10,386
up €10,386 (+28.5%), from €36,492 to €46,878
- Financial income +€7,481
up €7,481 (+5964.6%), from €125 to €7,606
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
€158,521
Gross operating margin
+€18,350
Depreciation
-€10,386
Other operating charges
-€790
Financial income
+€7,481
Financial charges
+€288
Taxes
-€1,930
Result 2025
€171,534
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
+€98,885
Investment
-€37,909
Financing
-€53,337
Cash 2024
€23,552
From operations (derived)
+€98,885
Net result for the year
+€171,534
Depreciation
+€46,878
Receivables within one year
-€29,175
Deferred charges and accrued income
-€22,833
Trade debts
-€8,166
Tax, wage and social debts
+€3,568
Other debts
-€62,897
Accrued charges and deferred income
-€24
Investment (derived)
-€37,909
Investment in fixed assets (net)
-€32,810
Current investments
-€5,099
Financing
-€53,337
Debts after one year
-€52,455
Current portion of long-term debt
+€2,843
Short-term financial debts
-€3,725
Cash 2025
€31,190
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €1,796,305 | €1,846,983 | +€50,678 | +2.8% |
| Fixed assets | 21/28 | €1,252,702 | €1,238,634 | -€14,068 | -1.1% |
| Tangible fixed assets | 22/27 | €862,702 | €848,634 | -€14,068 | -1.6% |
| Land and buildings | 22 | €796,938 | €808,458 | +€11,519 | +1.4% |
| Plant, machinery and equipment | 23 | €6,699 | €4,584 | -€2,115 | -31.6% |
| Furniture and vehicles | 24 | €56,391 | €32,058 | -€24,334 | -43.2% |
| Other tangible fixed assets | 26 | €2,673 | €3,534 | +€862 | +32.2% |
| Financial fixed assets | 28 | €390,000 | €390,000 | = | 0.0% |
| Current assets | 29/58 | €543,603 | €608,349 | +€64,746 | +11.9% |
| Amounts receivable within one year | 40/41 | €509,758 | €538,933 | +€29,175 | +5.7% |
| Trade receivables | 40 | €23,035 | €2,972 | -€20,063 | -87.1% |
| Other amounts receivable | 41 | €486,723 | €535,961 | +€49,238 | +10.1% |
| Current investments | 50/53 | - | €5,099 | +€5,099 | |
| Cash at bank and in hand | 54/58 | €23,552 | €31,190 | +€7,638 | +32.4% |
| Deferred charges and accrued income | 490/1 | €10,294 | €33,127 | +€22,833 | +221.8% |
| Total equity and liabilities | 10/49 | €1,796,305 | €1,846,983 | +€50,678 | +2.8% |
| Equity | 10/15 | €834,112 | €1,005,645 | +€171,534 | +20.6% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €820,503 | €992,036 | +€171,534 | +20.9% |
| Non-distributable reserves | 130/1 | €1,860 | €0 | -€1,860 | -100.0% |
| Reserves not available under the articles | 1311 | €1,860 | €0 | -€1,860 | -100.0% |
| Tax-exempt reserves | 132 | €11,843 | €11,843 | = | 0.0% |
| Distributable reserves | 133 | €806,800 | €980,194 | +€173,394 | +21.5% |
| Profit (loss) carried forward | 14 | €1,209 | €1,209 | = | 0.0% |
| Amounts payable | 17/49 | €962,193 | €841,337 | -€120,856 | -12.6% |
| Amounts payable after more than one year | 17 | €779,922 | €727,467 | -€52,455 | -6.7% |
| Financial debts | 170/4 | €779,922 | €727,467 | -€52,455 | -6.7% |
| Amounts payable within one year | 42/48 | €182,247 | €113,870 | -€68,377 | -37.5% |
| Current portion of amounts payable after more than one year | 42 | €99,612 | €102,455 | +€2,843 | +2.9% |
| Financial debts | 43 | €3,725 | €0 | -€3,725 | -100.0% |
| Credit institutions | 430/8 | €3,725 | €0 | -€3,725 | -100.0% |
| Trade debts | 44 | €9,157 | €991 | -€8,166 | -89.2% |
| Suppliers | 440/4 | €9,157 | €991 | -€8,166 | -89.2% |
| Taxes, remuneration and social security | 45 | €6,856 | €10,424 | +€3,568 | +52.0% |
| Taxes | 450/3 | €4,656 | €10,424 | +€5,768 | +123.9% |
| Remuneration and social security | 454/9 | €2,200 | €0 | -€2,200 | -100.0% |
| Other amounts payable | 47/48 | €62,897 | €0 | -€62,897 | -100.0% |
| Accrued charges and deferred income | 492/3 | €24 | €0 | -€24 | -100.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €36,492 | €46,878 | +€10,386 | +28.5% |
| Other operating charges | 640/8 | €2,626 | €3,416 | +€790 | +30.1% |
| Gross operating margin | 9900 | €304,592 | €322,941 | +€18,350 | +6.0% |
| Operating profit (loss) | 9901 | €265,473 | €272,647 | +€7,174 | +2.7% |
| Financial income | 75/76B | €125 | €7,606 | +€7,481 | +5964.6% |
| Recurring financial income | 75 | €125 | €7,606 | +€7,481 | +5964.6% |
| Financial charges | 65/66B | €28,213 | €27,925 | -€288 | -1.0% |
| Recurring financial charges | 65 | €28,213 | €27,925 | -€288 | -1.0% |
| Profit (loss) for the period before taxes | 9903 | €237,386 | €252,328 | +€14,943 | +6.3% |
| Income taxes | 67/77 | €78,865 | €80,795 | +€1,930 | +2.4% |
| Profit (loss) for the period | 9904 | €158,521 | €171,534 | +€13,012 | +8.2% |
| Profit (loss) for the period to be appropriated | 9905 | €158,521 | €171,534 | +€13,012 | +8.2% |
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 12 October 2026 via checked.be.