THONARD: 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.
THONARD
Largest movements
- Receivables within one year +€40,765
up €40,765 (+34.2%), from €119,196 to €159,961
of which Trade receivables: +€32,373
- Tangible fixed assets -€7,399
down €7,399 (-25.0%), from €29,560 to €22,161
of which Furniture and vehicles: -€8,050
- Current investments +€7,327
up €7,327 (+4.0%), from €181,816 to €189,143
- Debts after one year +€26,035
up €26,035 (+282.1%), from €9,231 to €35,266
- Current portion of long-term debt +€7,617
up €7,617 (+291.8%), from €2,611 to €10,227
- Reserves +€6,561
up €6,561 (+3.0%), from €218,787 to €225,348
of which Distributable reserves: +€12,761
- Trade debts +€4,523
up €4,523 (+35.4%), from €12,768 to €17,290
- Gross operating margin -€7,178
down €7,178 (-4.8%), from €149,617 to €142,439
- Taxes +€5,635
up €5,635 (+41.1%), from €13,720 to €19,354
- Staff costs +€5,254
up €5,254 (+5.6%), from €93,489 to €98,743
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 | €350,605 | €391,202 | +€40,598 | +11.6% |
| Fixed assets | 21/28 | €30,177 | €22,778 | -€7,399 | -24.5% |
| Tangible fixed assets | 22/27 | €29,560 | €22,161 | -€7,399 | -25.0% |
| Plant, machinery and equipment | 23 | €1,822 | €1,910 | +€88 | +4.9% |
| Furniture and vehicles | 24 | €13,546 | €5,496 | -€8,050 | -59.4% |
| Other tangible fixed assets | 26 | €14,193 | €14,756 | +€563 | +4.0% |
| Financial fixed assets | 28 | €617 | €617 | = | 0.0% |
| Current assets | 29/58 | €320,428 | €368,424 | +€47,997 | +15.0% |
| Amounts receivable within one year | 40/41 | €119,196 | €159,961 | +€40,765 | +34.2% |
| Trade receivables | 40 | €119,196 | €151,569 | +€32,373 | +27.2% |
| Other amounts receivable | 41 | - | €8,392 | +€8,392 | |
| Current investments | 50/53 | €181,816 | €189,143 | +€7,327 | +4.0% |
| Cash at bank and in hand | 54/58 | €19,416 | €19,320 | -€96 | -0.5% |
| Total equity and liabilities | 10/49 | €350,605 | €391,202 | +€40,598 | +11.6% |
| Equity | 10/15 | €303,576 | €310,137 | +€6,561 | +2.2% |
| Contributions | 10/11 | €62,000 | €62,000 | = | 0.0% |
| Reserves | 13 | €218,787 | €225,348 | +€6,561 | +3.0% |
| Non-distributable reserves | 130/1 | €6,200 | - | -€6,200 | |
| Reserves not available under the articles | 1311 | €6,200 | - | -€6,200 | |
| Tax-exempt reserves | 132 | €3,426 | €3,426 | = | 0.0% |
| Distributable reserves | 133 | €209,161 | €221,922 | +€12,761 | +6.1% |
| Profit (loss) carried forward | 14 | €22,788 | €22,788 | = | 0.0% |
| Amounts payable | 17/49 | €47,029 | €81,065 | +€34,036 | +72.4% |
| Amounts payable after more than one year | 17 | €9,231 | €35,266 | +€26,035 | +282.1% |
| Financial debts | 170/4 | €9,231 | €35,266 | +€26,035 | +282.1% |
| Amounts payable within one year | 42/48 | €37,798 | €45,107 | +€7,309 | +19.3% |
| Current portion of amounts payable after more than one year | 42 | €2,611 | €10,227 | +€7,617 | +291.8% |
| Trade debts | 44 | €12,768 | €17,290 | +€4,523 | +35.4% |
| Suppliers | 440/4 | €12,768 | €17,290 | +€4,523 | +35.4% |
| Taxes, remuneration and social security | 45 | €21,368 | €17,590 | -€3,778 | -17.7% |
| Taxes | 450/3 | €9,397 | €5,555 | -€3,842 | -40.9% |
| Remuneration and social security | 454/9 | €11,971 | €12,035 | +€64 | +0.5% |
| Other amounts payable | 47/48 | €1,053 | - | -€1,053 | |
| Accrued charges and deferred income | 492/3 | - | €693 | +€693 | |
| Remuneration, social security and pensions | 62 | €93,489 | €98,743 | +€5,254 | +5.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €13,629 | €14,923 | +€1,294 | +9.5% |
| Other operating charges | 640/8 | €1,037 | €521 | -€516 | -49.7% |
| Gross operating margin | 9900 | €149,617 | €142,439 | -€7,178 | -4.8% |
| Operating profit (loss) | 9901 | €41,463 | €28,252 | -€13,211 | -31.9% |
| Financial income | 75/76B | €155 | €181 | +€26 | +16.4% |
| Recurring financial income | 75 | €155 | €181 | +€26 | +16.4% |
| Financial charges | 65/66B | €2,576 | €2,518 | -€58 | -2.3% |
| Recurring financial charges | 65 | €2,576 | €2,518 | -€58 | -2.3% |
| Profit (loss) for the period before taxes | 9903 | €39,042 | €25,915 | -€13,127 | -33.6% |
| Income taxes | 67/77 | €13,720 | €19,354 | +€5,635 | +41.1% |
| Profit (loss) for the period | 9904 | €25,323 | €6,561 | -€18,762 | -74.1% |
| Profit (loss) for the period to be appropriated | 9905 | €25,323 | €6,561 | -€18,762 | -74.1% |
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 11 October 2026 via checked.be.