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 +€5,708
up €5,708 (+5.2%), from €109,630 to €115,337
of which Other amounts receivable: +€17,626
- Cash +€2,694
up €2,694 (+105%), from €2,577 to €5,271
mainly Net result for the year (+€12,567) and Other debts (+€5,615)
- Deferred charges and accrued income +€2,180
new in 2025: €2,180
- Reserves +€12,567
new in 2025: €12,567
- Tax, wage and social debts -€5,978
down €5,978 (-24.9%), from €24,031 to €18,053
of which Taxes: -€3,296
- Other debts +€5,615
up €5,615 (+9.7%), from €58,052 to €63,667
- Trade debts -€3,110
down €3,110 (-26.0%), from €11,948 to €8,838
- Accrued charges and deferred income +€1,487
up €1,487 (+15.1%), from €9,843 to €11,330
- Gross operating margin +€9,657
up €9,657 (+104%), from €9,241 to €18,898
- Taxes +€3,109
up €3,109 (+139%), from €2,244 to €5,353
- Financial charges -€226
down €226 (-9.6%), from €2,346 to €2,120
- Other operating charges -€225
down €225 (-17.8%), from €1,263 to €1,038
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 | €112,207 | €122,788 | +€10,581 | +9.4% |
| Current assets | 29/58 | €112,207 | €122,788 | +€10,581 | +9.4% |
| Amounts receivable within one year | 40/41 | €109,630 | €115,337 | +€5,708 | +5.2% |
| Trade receivables | 40 | €68,863 | €56,945 | -€11,919 | -17.3% |
| Other amounts receivable | 41 | €40,766 | €58,392 | +€17,626 | +43.2% |
| Cash at bank and in hand | 54/58 | €2,577 | €5,271 | +€2,694 | +105% |
| Deferred charges and accrued income | 490/1 | - | €2,180 | +€2,180 | |
| Total equity and liabilities | 10/49 | €112,207 | €122,788 | +€10,581 | +9.4% |
| Equity | 10/15 | €8,334 | €20,901 | +€12,567 | +151% |
| Contributions | 10/11 | €1,500 | €1,500 | = | 0.0% |
| Reserves | 13 | - | €12,567 | +€12,567 | |
| Distributable reserves | 133 | - | €12,567 | +€12,567 | |
| Profit (loss) carried forward | 14 | €6,834 | €6,834 | = | 0.0% |
| Amounts payable | 17/49 | €103,874 | €101,887 | -€1,986 | -1.9% |
| Amounts payable within one year | 42/48 | €94,031 | €90,557 | -€3,474 | -3.7% |
| Trade debts | 44 | €11,948 | €8,838 | -€3,110 | -26.0% |
| Suppliers | 440/4 | €11,948 | €8,838 | -€3,110 | -26.0% |
| Taxes, remuneration and social security | 45 | €24,031 | €18,053 | -€5,978 | -24.9% |
| Taxes | 450/3 | €21,349 | €18,053 | -€3,296 | -15.4% |
| Remuneration and social security | 454/9 | €2,682 | - | -€2,682 | |
| Other amounts payable | 47/48 | €58,052 | €63,667 | +€5,615 | +9.7% |
| Accrued charges and deferred income | 492/3 | €9,843 | €11,330 | +€1,487 | +15.1% |
| Other operating charges | 640/8 | €1,263 | €1,038 | -€225 | -17.8% |
| Gross operating margin | 9900 | €9,241 | €18,898 | +€9,657 | +104% |
| Operating profit (loss) | 9901 | €7,978 | €17,860 | +€9,882 | +124% |
| Financial income | 75/76B | €2,149 | €2,180 | +€31 | +1.4% |
| Recurring financial income | 75 | €2,149 | €2,180 | +€31 | +1.4% |
| Financial charges | 65/66B | €2,346 | €2,120 | -€226 | -9.6% |
| Recurring financial charges | 65 | €2,346 | €2,120 | -€226 | -9.6% |
| Profit (loss) for the period before taxes | 9903 | €7,781 | €17,920 | +€10,139 | +130% |
| Income taxes | 67/77 | €2,244 | €5,353 | +€3,109 | +139% |
| Profit (loss) for the period | 9904 | €5,537 | €12,567 | +€7,030 | +127% |
| Profit (loss) for the period to be appropriated | 9905 | €5,537 | €12,567 | +€7,030 | +127% |
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.