Thomaro: 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
Thomaro
NACE 64.210, Activities of holding companies
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
-€31,078
2024 · €113,989-€145,067
Equity
€15.5m
2024 · €15.5m-€31,078
Cash
€2.1m
2024 · €330,746+€1.7m
Balance sheet total
€21.1m
2024 · €18.3m+€2.8m
Largest movements
Assets
- Cash +€1.7m
up €1.7m (+528%), from €330,746 to €2.1m
mainly Other debts (+€3.0m) and Depreciation (+€58,565)
- Current investments +€1.0m
new in 2025: €1.0m
Equity and liabilities
- Other debts +€3.0m
up €3.0m (+128%), from €2.3m to €5.3m
Income statement
- Financial charges +€138,915
up €138,915 (+106%), from €130,767 to €269,682
- Taxes -€38,786
down €38,786 (-64.8%), from €59,886 to €21,100
- Services and other goods +€24,156
up €24,156 (+6.2%), from €392,417 to €416,573
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
€113,989
Turnover
-€4,948
Other operating income
+€890
Services and other goods
-€24,156
Staff costs
-€37
Depreciation
-€228
Other operating charges
-€802
Other operating items
-€16,256
Financial income
+€599
Financial charges
-€138,915
Taxes
+€38,786
Result 2025
-€31,078
raises the resultlowers the resultnot broken down further in the accounts
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.
From operations
+€2.9m
Investment
-€1.0m
Financing
-€188,807
Cash 2024
€330,746
From operations (derived)
+€2.9m
Net result for the year
-€31,078
Depreciation
+€58,565
Receivables within one year
-€93,789
Smaller working-capital items
-€696
Other debts
+€3.0m
Investment (derived)
-€1.0m
Current investments
-€1.0m
Financing
-€188,807
Debts after one year
-€190,132
Current portion of long-term debt
+€1,325
Cash 2025
€2.1m
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €18,307,770 | €21,089,685 | +€2.8m | +15.2% |
| Fixed assets | 21/28 | €17,681,891 | €17,623,326 | -€58,565 | -0.3% |
| Tangible fixed assets | 22/27 | €864,268 | €805,703 | -€58,565 | -6.8% |
| Land and buildings | 22 | €846,468 | €792,296 | -€54,172 | -6.4% |
| Furniture and vehicles | 24 | €17,800 | €13,407 | -€4,393 | -24.7% |
| Financial fixed assets | 28 | €16,817,623 | €16,817,623 | = | 0.0% |
| Affiliated companies | 280/1 | €16,817,623 | €16,817,623 | = | 0.0% |
| Participating interests | 280 | €16,817,623 | €16,817,623 | = | 0.0% |
| Current assets | 29/58 | €625,879 | €3,466,359 | +€2.8m | +454% |
| Stocks and contracts in progress | 3 | €0 | €0 | = | |
| Amounts receivable within one year | 40/41 | €294,354 | €388,143 | +€93,789 | +31.9% |
| Trade receivables | 40 | €60,000 | €110,000 | +€50,000 | +83.3% |
| Other amounts receivable | 41 | €234,354 | €278,143 | +€43,789 | +18.7% |
| Current investments | 50/53 | - | €1,000,099 | +€1.0m | |
| Other investments | 51/53 | - | €1,000,099 | +€1.0m | |
| Cash at bank and in hand | 54/58 | €330,746 | €2,077,308 | +€1.7m | +528% |
| Deferred charges and accrued income | 490/1 | €779 | €810 | +€31 | +4.0% |
| Total equity and liabilities | 10/49 | €18,307,770 | €21,089,685 | +€2.8m | +15.2% |
| Equity | 10/15 | €15,547,312 | €15,516,233 | -€31,078 | -0.2% |
| Contributions | 10/11 | €2,490,735 | €2,490,735 | = | 0.0% |
| Reserves | 13 | €13,056,577 | €13,025,498 | -€31,078 | -0.2% |
| Tax-exempt reserves | 132 | €143 | €143 | = | 0.0% |
| Distributable reserves | 133 | €13,056,434 | €13,025,356 | -€31,078 | -0.2% |
| Amounts payable | 17/49 | €2,760,458 | €5,573,452 | +€2.8m | +102% |
| Amounts payable after more than one year | 17 | €190,132 | €0 | -€190,132 | -100% |
| Financial debts | 170/4 | €190,132 | €0 | -€190,132 | -100% |
| Credit institutions | 173 | €190,132 | €0 | -€190,132 | -100% |
| Amounts payable within one year | 42/48 | €2,570,326 | €5,573,452 | +€3.0m | +117% |
| Current portion of amounts payable after more than one year | 42 | €188,807 | €190,132 | +€1,325 | +0.7% |
| Trade debts | 44 | €37,508 | €36,842 | -€666 | -1.8% |
| Suppliers | 440/4 | €37,508 | €36,842 | -€666 | -1.8% |
| Taxes, remuneration and social security | 45 | €0 | - | = | |
| Taxes | 450/3 | €0 | - | = | |
| Other amounts payable | 47/48 | €2,344,012 | €5,346,478 | +€3.0m | +128% |
| Operating income | 70/76A | €751,345 | €731,030 | -€20,315 | -2.7% |
| Turnover | 70 | €732,673 | €727,725 | -€4,948 | -0.7% |
| Other operating income | 74 | €1,290 | €2,180 | +€890 | +68.9% |
| Non-recurring operating income | 76A | €17,381 | €1,125 | -€16,256 | -93.5% |
| Operating charges | 60/66A | €453,975 | €479,198 | +€25,223 | +5.6% |
| Services and other goods | 61 | €392,417 | €416,573 | +€24,156 | +6.2% |
| Remuneration, social security and pensions | 62 | -€37 | €0 | +€37 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €58,337 | €58,565 | +€228 | +0.4% |
| Other operating charges | 640/8 | €3,258 | €4,061 | +€802 | +24.6% |
| Operating profit (loss) | 9901 | €297,369 | €251,831 | -€45,538 | -15.3% |
| Financial income | 75/76B | €7,273 | €7,872 | +€599 | +8.2% |
| Recurring financial income | 75 | €7,273 | €7,872 | +€599 | +8.2% |
| Income from current assets | 751 | €7,230 | €7,731 | +€501 | +6.9% |
| Other financial income | 752/9 | €43 | €141 | +€98 | +228% |
| Financial charges | 65/66B | €130,767 | €269,682 | +€138,915 | +106% |
| Recurring financial charges | 65 | €130,767 | €269,682 | +€138,915 | +106% |
| Debt charges | 650 | €129,813 | €268,723 | +€138,910 | +107% |
| Other financial charges | 652/9 | €954 | €959 | +€4 | +0.5% |
| Profit (loss) for the period before taxes | 9903 | €173,875 | -€9,979 | -€183,853 | |
| Transfer to deferred taxes | 680 | €0 | - | = | |
| Income taxes | 67/77 | €59,886 | €21,100 | -€38,786 | -64.8% |
| Taxes | 670/3 | €59,886 | €21,100 | -€38,786 | -64.8% |
| Profit (loss) for the period | 9904 | €113,989 | -€31,078 | -€145,067 | |
| Profit (loss) for the period to be appropriated | 9905 | €113,989 | -€31,078 | -€145,067 |
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 28 October 2026 via checked.be.