THOR: 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.
THOR
Largest movements
- Receivables within one year -€7,774
down €7,774 (-92.7%), from €8,384 to €610
of which Trade receivables: -€5,105
- Cash +€4,266
up €4,266 (+19.1%), from €22,354 to €26,620
mainly Net result for the year (+€23,931) and Receivables within one year (+€7,774)
- Tangible fixed assets -€3,403
down €3,403 (-2.9%), from €116,081 to €112,678
- Profit (loss) carried forward -€11,069
down €11,069 (-14.4%), from €76,971 to €65,902
- Other debts +€4,850
up €4,850 (+16.7%), from €29,100 to €33,950
- Current portion of long-term debt -€4,262
no longer reported in 2025 (was €4,262)
- Tax, wage and social debts +€2,881
up €2,881 (+112%), from €2,565 to €5,446
- Gross operating margin +€16,911
up €16,911 (+65.7%), from €25,722 to €42,632
- Taxes +€3,669
new in 2025: €3,669
- Other operating charges +€1,616
up €1,616 (+16.3%), from €9,901 to €11,517
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 | €146,998 | €140,096 | -€6,903 | -4.7% |
| Fixed assets | 21/28 | €116,081 | €112,678 | -€3,403 | -2.9% |
| Tangible fixed assets | 22/27 | €116,081 | €112,678 | -€3,403 | -2.9% |
| Land and buildings | 22 | €116,081 | €112,678 | -€3,403 | -2.9% |
| Current assets | 29/58 | €30,917 | €27,417 | -€3,500 | -11.3% |
| Amounts receivable within one year | 40/41 | €8,384 | €610 | -€7,774 | -92.7% |
| Trade receivables | 40 | €5,384 | €279 | -€5,105 | -94.8% |
| Other amounts receivable | 41 | €3,000 | €331 | -€2,669 | -89.0% |
| Cash at bank and in hand | 54/58 | €22,354 | €26,620 | +€4,266 | +19.1% |
| Deferred charges and accrued income | 490/1 | €179 | €187 | +€8 | +4.6% |
| Total equity and liabilities | 10/49 | €146,998 | €140,096 | -€6,903 | -4.7% |
| Equity | 10/15 | €111,071 | €100,002 | -€11,069 | -10.0% |
| Contributions | 10/11 | €31,000 | €31,000 | = | 0.0% |
| Reserves | 13 | €3,100 | €3,100 | = | 0.0% |
| Distributable reserves | 133 | €3,100 | €3,100 | = | 0.0% |
| Profit (loss) carried forward | 14 | €76,971 | €65,902 | -€11,069 | -14.4% |
| Amounts payable | 17/49 | €35,927 | €40,093 | +€4,166 | +11.6% |
| Amounts payable within one year | 42/48 | €35,927 | €40,093 | +€4,166 | +11.6% |
| Current portion of amounts payable after more than one year | 42 | €4,262 | - | -€4,262 | |
| Trade debts | 44 | - | €698 | +€698 | |
| Suppliers | 440/4 | - | €698 | +€698 | |
| Taxes, remuneration and social security | 45 | €2,565 | €5,446 | +€2,881 | +112% |
| Taxes | 450/3 | €2,565 | €5,446 | +€2,881 | +112% |
| Other amounts payable | 47/48 | €29,100 | €33,950 | +€4,850 | +16.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €3,403 | €3,403 | +€0 | 0.0% |
| Other operating charges | 640/8 | €9,901 | €11,517 | +€1,616 | +16.3% |
| Gross operating margin | 9900 | €25,722 | €42,632 | +€16,911 | +65.7% |
| Operating profit (loss) | 9901 | €12,418 | €27,713 | +€15,294 | +123% |
| Financial charges | 65/66B | €303 | €113 | -€190 | -62.8% |
| Recurring financial charges | 65 | €303 | €113 | -€190 | -62.8% |
| Profit (loss) for the period before taxes | 9903 | €12,115 | €27,600 | +€15,485 | +128% |
| Income taxes | 67/77 | - | €3,669 | +€3,669 | |
| Profit (loss) for the period | 9904 | €12,115 | €23,931 | +€11,816 | +97.5% |
| Profit (loss) for the period to be appropriated | 9905 | €12,115 | €23,931 | +€11,816 | +97.5% |
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 15 October 2026 via checked.be.