ThoLoRo: 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.
ThoLoRo
Largest movements
- Cash +€38,383
up €38,383 (+84.8%), from €45,269 to €83,652
mainly Net result for the year (+€34,025) and Receivables within one year (+€33,118)
- Receivables within one year -€33,118
down €33,118 (-68.5%), from €48,372 to €15,254
of which Trade receivables: -€31,655
- Deferred charges and accrued income -€5,210
down €5,210 (-56.6%), from €9,205 to €3,995
- Other debts +€27,314
up €27,314 (+202%), from €13,508 to €40,822
- Trade debts -€23,350
down €23,350 (-83.0%), from €28,120 to €4,770
- Reserves -€5,975
down €5,975 (-3.8%), from €158,296 to €152,320
of which Distributable reserves: -€5,975
- Tax, wage and social debts +€4,114
up €4,114 (+31.8%), from €12,952 to €17,067
- Gross operating margin +€19,660
up €19,660 (+64.5%), from €30,466 to €50,126
- Taxes +€5,327
up €5,327 (+61.8%), from €8,627 to €13,954
- Financial income +€1,398
up €1,398 (+218%), from €641 to €2,039
- Financial charges +€613
up €613 (+424%), from €144 to €757
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 | €219,075 | €221,295 | +€2,219 | +1.0% |
| Fixed assets | 21/28 | €5,775 | €7,214 | +€1,439 | +24.9% |
| Tangible fixed assets | 22/27 | €4,884 | €6,323 | +€1,439 | +29.5% |
| Plant, machinery and equipment | 23 | €1,132 | €388 | -€743 | -65.7% |
| Furniture and vehicles | 24 | €2,967 | €5,411 | +€2,444 | +82.4% |
| Other tangible fixed assets | 26 | €785 | €523 | -€262 | -33.3% |
| Financial fixed assets | 28 | €891 | €891 | = | 0.0% |
| Current assets | 29/58 | €213,301 | €214,081 | +€780 | +0.4% |
| Amounts receivable within one year | 40/41 | €48,372 | €15,254 | -€33,118 | -68.5% |
| Trade receivables | 40 | €46,909 | €15,254 | -€31,655 | -67.5% |
| Other amounts receivable | 41 | €1,463 | €0 | -€1,463 | -100% |
| Current investments | 50/53 | €110,455 | €111,180 | +€725 | +0.7% |
| Cash at bank and in hand | 54/58 | €45,269 | €83,652 | +€38,383 | +84.8% |
| Deferred charges and accrued income | 490/1 | €9,205 | €3,995 | -€5,210 | -56.6% |
| Total equity and liabilities | 10/49 | €219,075 | €221,295 | +€2,219 | +1.0% |
| Equity | 10/15 | €164,496 | €158,520 | -€5,975 | -3.6% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €158,296 | €152,320 | -€5,975 | -3.8% |
| Non-distributable reserves | 130/1 | €0 | - | = | |
| Reserves not available under the articles | 1311 | €0 | - | = | |
| Distributable reserves | 133 | €158,296 | €152,320 | -€5,975 | -3.8% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €54,580 | €62,774 | +€8,195 | +15.0% |
| Amounts payable within one year | 42/48 | €54,580 | €62,774 | +€8,195 | +15.0% |
| Trade debts | 44 | €28,120 | €4,770 | -€23,350 | -83.0% |
| Suppliers | 440/4 | €28,120 | €4,770 | -€23,350 | -83.0% |
| Advances received on contracts in progress | 46 | - | €116 | +€116 | |
| Taxes, remuneration and social security | 45 | €12,952 | €17,067 | +€4,114 | +31.8% |
| Taxes | 450/3 | €12,952 | €17,067 | +€4,114 | +31.8% |
| Other amounts payable | 47/48 | €13,508 | €40,822 | +€27,314 | +202% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,435 | €2,702 | +€267 | +11.0% |
| Other operating charges | 640/8 | €458 | €727 | +€269 | +58.8% |
| Gross operating margin | 9900 | €30,466 | €50,126 | +€19,660 | +64.5% |
| Operating profit (loss) | 9901 | €27,573 | €46,697 | +€19,124 | +69.4% |
| Financial income | 75/76B | €641 | €2,039 | +€1,398 | +218% |
| Recurring financial income | 75 | €641 | €2,039 | +€1,398 | +218% |
| Financial charges | 65/66B | €144 | €757 | +€613 | +424% |
| Recurring financial charges | 65 | €144 | €757 | +€613 | +424% |
| Profit (loss) for the period before taxes | 9903 | €28,070 | €47,979 | +€19,909 | +70.9% |
| Income taxes | 67/77 | €8,627 | €13,954 | +€5,327 | +61.8% |
| Profit (loss) for the period | 9904 | €19,443 | €34,025 | +€14,582 | +75.0% |
| Profit (loss) for the period to be appropriated | 9905 | €19,443 | €34,025 | +€14,582 | +75.0% |
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 13 October 2026 via checked.be.