THOPARO: what changed
Two fiscal 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.
THOPARO
Largest movements
- Tangible fixed assets -€51,181
down €51,181 (-5.8%), from €876,080 to €824,899
- Other debts -€143,815
down €143,815 (-28.3%), from €507,514 to €363,699
- Debts after one year +€92,653
up €92,653 (+43.9%), from €211,197 to €303,850
of which Financial debts: +€92,653
- Profit (loss) carried forward -€12,782
down €12,782 (-7.3%), from -€174,999 to -€187,782
- Current portion of long-term debt +€11,001
up €11,001 (+30.0%), from €36,706 to €47,707
- Gross operating margin +€17,717
up €17,717 (+47.5%), from €37,280 to €54,997
- Financial charges +€3,758
up €3,758 (+82.1%), from €4,576 to €8,334
- Depreciation +€3,462
up €3,462 (+7.3%), from €47,719 to €51,181
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 | €881,976 | €827,700 | -€54,276 | -6.2% |
| Fixed assets | 21/28 | €876,080 | €824,899 | -€51,181 | -5.8% |
| Tangible fixed assets | 22/27 | €876,080 | €824,899 | -€51,181 | -5.8% |
| Land and buildings | 22 | €876,080 | €824,899 | -€51,181 | -5.8% |
| Current assets | 29/58 | €5,897 | €2,801 | -€3,095 | -52.5% |
| Amounts receivable within one year | 40/41 | €1,049 | - | -€1,049 | |
| Other amounts receivable | 41 | €1,049 | - | -€1,049 | |
| Cash at bank and in hand | 54/58 | €3,854 | €1,800 | -€2,055 | -53.3% |
| Deferred charges and accrued income | 490/1 | €993 | €1,002 | +€8 | +0.8% |
| Total equity and liabilities | 10/49 | €881,976 | €827,700 | -€54,276 | -6.2% |
| Equity | 10/15 | €125,001 | €112,218 | -€12,782 | -10.2% |
| Contributions | 10/11 | €300,000 | €300,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€174,999 | -€187,782 | -€12,782 | -7.3% |
| Amounts payable | 17/49 | €756,976 | €715,481 | -€41,494 | -5.5% |
| Amounts payable after more than one year | 17 | €211,197 | €303,850 | +€92,653 | +43.9% |
| Financial debts | 170/4 | €209,617 | €302,270 | +€92,653 | +44.2% |
| Other amounts payable | 178/9 | €1,580 | €1,580 | = | 0.0% |
| Amounts payable within one year | 42/48 | €544,220 | €411,407 | -€132,814 | -24.4% |
| Current portion of amounts payable after more than one year | 42 | €36,706 | €47,707 | +€11,001 | +30.0% |
| Other amounts payable | 47/48 | €507,514 | €363,699 | -€143,815 | -28.3% |
| Accrued charges and deferred income | 492/3 | €1,558 | €225 | -€1,333 | -85.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €47,719 | €51,181 | +€3,462 | +7.3% |
| Other operating charges | 640/8 | €8,082 | €8,264 | +€182 | +2.3% |
| Gross operating margin | 9900 | €37,280 | €54,997 | +€17,717 | +47.5% |
| Operating profit (loss) | 9901 | -€18,522 | -€4,448 | +€14,073 | +76.0% |
| Financial charges | 65/66B | €4,576 | €8,334 | +€3,758 | +82.1% |
| Recurring financial charges | 65 | €4,576 | €8,334 | +€3,758 | +82.1% |
| Profit (loss) for the period before taxes | 9903 | -€23,098 | -€12,782 | +€10,315 | +44.7% |
| Profit (loss) for the period | 9904 | -€23,098 | -€12,782 | +€10,315 | +44.7% |
| Profit (loss) for the period to be appropriated | 9905 | -€23,098 | -€12,782 | +€10,315 | +44.7% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 6 October 2026 via checked.be.