THODERY: 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.
THODERY
Largest movements
- Receivables within one year +€160,115
up €160,115 (+2,200%), from €7,279 to €167,395
of which Trade receivables: +€107,440
- Tangible fixed assets -€144,577
down €144,577 (-16.2%), from €890,416 to €745,838
of which Land and buildings: -€115,154
- Formation expenses -€11,906
no longer reported in 2025 (was €11,906)
- Debts after one year -€92,858
down €92,858 (-14.0%), from €662,907 to €570,049
- Other debts +€61,971
up €61,971 (+120%), from €51,827 to €113,798
- Current portion of long-term debt +€21,450
up €21,450 (+25.4%), from €84,307 to €105,757
- Trade debts -€11,467
down €11,467 (-4.6%), from €251,033 to €239,566
- Financial income +€38,626
up €38,626 (+9,872%), from €391 to €39,017
of which Non-recurring financial income: +€37,476
- Gross operating margin +€35,860
up €35,860 (+29.6%), from €121,000 to €156,861
- Financial charges +€9,296
up €9,296 (+19.0%), from €48,825 to €58,121
- Depreciation -€8,170
down €8,170 (-10.1%), from €80,721 to €72,552
- Staff costs +€5,105
up €5,105 (+9.2%), from €55,519 to €60,624
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.
Derived cash bridge
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 | €961,404 | €955,504 | -€5,900 | -0.6% |
| Formation expenses | 20 | €11,906 | - | -€11,906 | |
| Fixed assets | 21/28 | €917,320 | €776,850 | -€140,471 | -15.3% |
| Intangible fixed assets | 21 | €26,542 | €30,648 | +€4,107 | +15.5% |
| Tangible fixed assets | 22/27 | €890,416 | €745,838 | -€144,577 | -16.2% |
| Land and buildings | 22 | €599,522 | €484,369 | -€115,154 | -19.2% |
| Plant, machinery and equipment | 23 | €253,621 | €234,757 | -€18,864 | -7.4% |
| Furniture and vehicles | 24 | €25,663 | €19,862 | -€5,801 | -22.6% |
| Leasing and similar rights | 25 | €8,104 | €3,817 | -€4,287 | -52.9% |
| Other tangible fixed assets | 26 | €3,506 | €3,034 | -€472 | -13.5% |
| Financial fixed assets | 28 | €363 | €363 | = | 0.0% |
| Current assets | 29/58 | €32,177 | €178,654 | +€146,477 | +455% |
| Stocks and contracts in progress | 3 | €16,988 | €10,753 | -€6,236 | -36.7% |
| Stocks | 30/36 | €16,988 | €10,753 | -€6,236 | -36.7% |
| Amounts receivable within one year | 40/41 | €7,279 | €167,395 | +€160,115 | +2,200% |
| Trade receivables | 40 | €3,337 | €110,777 | +€107,440 | +3,219% |
| Other amounts receivable | 41 | €3,942 | €56,618 | +€52,676 | +1,336% |
| Cash at bank and in hand | 54/58 | €1,931 | €388 | -€1,542 | -79.9% |
| Deferred charges and accrued income | 490/1 | €5,978 | €118 | -€5,861 | -98.0% |
| Total equity and liabilities | 10/49 | €961,404 | €955,504 | -€5,900 | -0.6% |
| Equity | 10/15 | -€114,202 | -€112,677 | +€1,525 | +1.3% |
| Contributions | 10/11 | €18,550 | €18,550 | = | 0.0% |
| Reserves | 13 | €8,128 | €4,300 | -€3,828 | -47.1% |
| Distributable reserves | 133 | €8,128 | €4,300 | -€3,828 | -47.1% |
| Profit (loss) carried forward | 14 | -€140,880 | -€135,527 | +€5,353 | +3.8% |
| Amounts payable | 17/49 | €1,075,606 | €1,068,181 | -€7,425 | -0.7% |
| Amounts payable after more than one year | 17 | €662,907 | €570,049 | -€92,858 | -14.0% |
| Financial debts | 170/4 | €662,907 | €570,049 | -€92,858 | -14.0% |
| Amounts payable within one year | 42/48 | €406,096 | €484,815 | +€78,718 | +19.4% |
| Current portion of amounts payable after more than one year | 42 | €84,307 | €105,757 | +€21,450 | +25.4% |
| Financial debts | 43 | €7,021 | €11,878 | +€4,857 | +69.2% |
| Credit institutions | 430/8 | €7,021 | €1,797 | -€5,224 | -74.4% |
| Other loans | 439 | - | €10,081 | +€10,081 | |
| Trade debts | 44 | €251,033 | €239,566 | -€11,467 | -4.6% |
| Suppliers | 440/4 | €251,033 | €239,566 | -€11,467 | -4.6% |
| Taxes, remuneration and social security | 45 | €11,909 | €13,816 | +€1,907 | +16.0% |
| Taxes | 450/3 | €1,832 | €5,194 | +€3,362 | +183% |
| Remuneration and social security | 454/9 | €10,077 | €8,622 | -€1,455 | -14.4% |
| Other amounts payable | 47/48 | €51,827 | €113,798 | +€61,971 | +120% |
| Accrued charges and deferred income | 492/3 | €6,603 | €13,317 | +€6,715 | +102% |
| Non-recurring operating income | 76A | €620 | €9,861 | +€9,241 | +1,491% |
| Remuneration, social security and pensions | 62 | €55,519 | €60,624 | +€5,105 | +9.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €80,721 | €72,552 | -€8,170 | -10.1% |
| Other operating charges | 640/8 | €2,627 | €3,057 | +€430 | +16.4% |
| Non-recurring operating charges | 66A | €0 | - | = | |
| Gross operating margin | 9900 | €121,000 | €156,861 | +€35,860 | +29.6% |
| Operating profit (loss) | 9901 | -€17,866 | €20,628 | +€38,495 | |
| Financial income | 75/76B | €391 | €39,017 | +€38,626 | +9,872% |
| Recurring financial income | 75 | €391 | €1,541 | +€1,150 | +294% |
| Non-recurring financial income | 76B | - | €37,476 | +€37,476 | |
| Financial charges | 65/66B | €48,825 | €58,121 | +€9,296 | +19.0% |
| Recurring financial charges | 65 | €48,825 | €58,121 | +€9,296 | +19.0% |
| Profit (loss) for the period before taxes | 9903 | -€66,300 | €1,525 | +€67,825 | |
| Profit (loss) for the period | 9904 | -€66,300 | €1,525 | +€67,825 | |
| Profit (loss) for the period to be appropriated | 9905 | -€66,300 | €1,525 | +€67,825 |
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 21 October 2026 via checked.be.