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
- Tangible fixed assets -€232,682
down €232,682 (-11.4%), from €2.0m to €1.8m
of which Furniture and vehicles: -€155,000
- Cash +€64,615
up €64,615 (+17.2%), from €375,390 to €440,005
mainly Depreciation (+€232,682) and Investment in fixed assets (net) (+€12,218)
- Reserves -€53,338
down €53,338 (-3.0%), from €1.8m to €1.7m
of which Tax-exempt reserves: -€101,279
- Provisions -€42,223
down €42,223 (-11.5%), from €365,937 to €323,715
- Other debts -€30,000
no longer reported in 2025 (was €30,000)
- Gross operating margin -€210,950
down €210,950 (-28.3%), from €744,957 to €534,007
- Staff costs -€19,178
down €19,178 (-4.6%), from €417,591 to €398,413
- Taxes -€14,121
down €14,121 (-55.4%), from €25,477 to €11,356
- Financial charges -€7,775
down €7,775 (-75.4%), from €10,318 to €2,543
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 | €2,562,553 | €2,395,226 | -€167,326 | -6.5% |
| Fixed assets | 21/28 | €2,058,273 | €1,813,373 | -€244,900 | -11.9% |
| Tangible fixed assets | 22/27 | €2,039,202 | €1,806,520 | -€232,682 | -11.4% |
| Land and buildings | 22 | €71,500 | €67,650 | -€3,850 | -5.4% |
| Plant, machinery and equipment | 23 | €642,346 | €568,514 | -€73,832 | -11.5% |
| Furniture and vehicles | 24 | €1,325,356 | €1,170,356 | -€155,000 | -11.7% |
| Financial fixed assets | 28 | €19,071 | €6,853 | -€12,218 | -64.1% |
| Current assets | 29/58 | €504,280 | €581,853 | +€77,573 | +15.4% |
| Amounts receivable within one year | 40/41 | €121,836 | €133,255 | +€11,419 | +9.4% |
| Trade receivables | 40 | €261 | €2,477 | +€2,216 | +850.6% |
| Other amounts receivable | 41 | €121,575 | €130,778 | +€9,203 | +7.6% |
| Cash at bank and in hand | 54/58 | €375,390 | €440,005 | +€64,615 | +17.2% |
| Deferred charges and accrued income | 490/1 | €7,054 | €8,594 | +€1,540 | +21.8% |
| Total equity and liabilities | 10/49 | €2,562,553 | €2,395,226 | -€167,326 | -6.5% |
| Equity | 10/15 | €2,075,766 | €1,997,034 | -€78,732 | -3.8% |
| Contributions | 10/11 | €61,973 | €61,973 | = | 0.0% |
| Capital | 10 | €61,973 | €61,973 | = | 0.0% |
| Issued capital | 100 | €61,973 | €61,973 | = | 0.0% |
| Reserves | 13 | €1,785,248 | €1,731,910 | -€53,338 | -3.0% |
| Non-distributable reserves | 130/1 | €6,197 | €6,197 | = | 0.0% |
| Legal reserve | 130 | €6,197 | €6,197 | = | 0.0% |
| Tax-exempt reserves | 132 | €869,311 | €768,032 | -€101,279 | -11.7% |
| Distributable reserves | 133 | €909,739 | €957,680 | +€47,941 | +5.3% |
| Investment grants | 15 | €228,545 | €203,151 | -€25,394 | -11.1% |
| Provisions and deferred taxes | 16 | €365,937 | €323,715 | -€42,223 | -11.5% |
| Deferred taxes | 168 | €365,937 | €323,715 | -€42,223 | -11.5% |
| Amounts payable | 17/49 | €120,850 | €74,478 | -€46,372 | -38.4% |
| Amounts payable within one year | 42/48 | €120,850 | €74,478 | -€46,372 | -38.4% |
| Trade debts | 44 | €36,292 | €28,114 | -€8,179 | -22.5% |
| Suppliers | 440/4 | €36,292 | €28,114 | -€8,179 | -22.5% |
| Taxes, remuneration and social security | 45 | €54,558 | €46,364 | -€8,193 | -15.0% |
| Taxes | 450/3 | €26,683 | €35,083 | +€8,400 | +31.5% |
| Remuneration and social security | 454/9 | €27,875 | €11,281 | -€16,594 | -59.5% |
| Other amounts payable | 47/48 | €30,000 | - | -€30,000 | |
| Remuneration, social security and pensions | 62 | €417,591 | €398,413 | -€19,178 | -4.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €232,710 | €232,682 | -€28 | 0.0% |
| Other operating charges | 640/8 | €14,649 | €12,391 | -€2,258 | -15.4% |
| Gross operating margin | 9900 | €744,957 | €534,007 | -€210,950 | -28.3% |
| Operating profit (loss) | 9901 | €80,006 | -€109,479 | -€189,485 | |
| Financial income | 75/76B | €27,155 | €27,818 | +€663 | +2.4% |
| Recurring financial income | 75 | €27,155 | €27,818 | +€663 | +2.4% |
| Financial charges | 65/66B | €10,318 | €2,543 | -€7,775 | -75.4% |
| Recurring financial charges | 65 | €10,318 | €2,543 | -€7,775 | -75.4% |
| Profit (loss) for the period before taxes | 9903 | €96,844 | -€84,204 | -€181,048 | |
| Transfer from deferred taxes | 780 | €42,223 | €42,223 | = | 0.0% |
| Income taxes | 67/77 | €25,477 | €11,356 | -€14,121 | -55.4% |
| Profit (loss) for the period | 9904 | €113,590 | -€53,338 | -€166,927 | |
| Transfer from tax-exempt reserves | 789 | €101,279 | €101,279 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €214,869 | €47,941 | -€166,927 | -77.7% |
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.