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 -€90,106
down €90,106 (-7.1%), from €1.3m to €1.2m
- Receivables within one year +€75,269
up €75,269 (+64.3%), from €117,026 to €192,294
of which Trade receivables: +€69,598
- Receivables after one year -€27,454
down €27,454 (-9.6%), from €286,658 to €259,204
- Debts after one year -€81,973
down €81,973 (-12.3%), from €666,415 to €584,442
- Profit (loss) carried forward +€49,680
up €49,680 (+20.8%), from -€239,103 to -€189,423
- Revaluation surpluses -€40,355
down €40,355 (-5.9%), from €683,858 to €643,503
- Reserves +€40,355
up €40,355 (+11.1%), from €363,192 to €403,547
- Other operating charges -€23,083
down €23,083 (-93.2%), from €24,771 to €1,688
- Gross operating margin +€17,323
up €17,323 (+10.9%), from €159,586 to €176,909
- Taxes +€13,585
up €13,585 (+77.4%), from €17,543 to €31,128
- Financial income +€10,546
up €10,546 (+309.8%), from €3,404 to €13,950
- Financial charges -€2,066
down €2,066 (-12.0%), from €17,194 to €15,128
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 | €1,713,820 | €1,668,517 | -€45,303 | -2.6% |
| Formation expenses | 20 | €3,129 | - | -€3,129 | |
| Fixed assets | 21/28 | €1,276,334 | €1,186,228 | -€90,106 | -7.1% |
| Tangible fixed assets | 22/27 | €1,276,334 | €1,186,228 | -€90,106 | -7.1% |
| Land and buildings | 22 | €1,276,334 | €1,186,228 | -€90,106 | -7.1% |
| Current assets | 29/58 | €434,357 | €482,290 | +€47,933 | +11.0% |
| Amounts receivable after more than one year | 29 | €286,658 | €259,204 | -€27,454 | -9.6% |
| Other amounts receivable | 291 | €286,658 | €259,204 | -€27,454 | -9.6% |
| Amounts receivable within one year | 40/41 | €117,026 | €192,294 | +€75,269 | +64.3% |
| Trade receivables | 40 | €60,348 | €129,945 | +€69,598 | +115.3% |
| Other amounts receivable | 41 | €56,678 | €62,349 | +€5,671 | +10.0% |
| Cash at bank and in hand | 54/58 | €28,703 | €25,111 | -€3,592 | -12.5% |
| Deferred charges and accrued income | 490/1 | €1,969 | €5,680 | +€3,711 | +188.4% |
| Total equity and liabilities | 10/49 | €1,713,820 | €1,668,517 | -€45,303 | -2.6% |
| Equity | 10/15 | €870,946 | €920,626 | +€49,680 | +5.7% |
| Contributions | 10/11 | €63,000 | €63,000 | = | 0.0% |
| Capital | 10 | €63,000 | €63,000 | = | 0.0% |
| Issued capital | 100 | €63,000 | €63,000 | = | 0.0% |
| Revaluation surpluses | 12 | €683,858 | €643,503 | -€40,355 | -5.9% |
| Reserves | 13 | €363,192 | €403,547 | +€40,355 | +11.1% |
| Distributable reserves | 133 | €363,192 | €403,547 | +€40,355 | +11.1% |
| Profit (loss) carried forward | 14 | -€239,103 | -€189,423 | +€49,680 | +20.8% |
| Amounts payable | 17/49 | €842,874 | €747,891 | -€94,983 | -11.3% |
| Amounts payable after more than one year | 17 | €666,415 | €584,442 | -€81,973 | -12.3% |
| Financial debts | 170/4 | €666,415 | €584,442 | -€81,973 | -12.3% |
| Amounts payable within one year | 42/48 | €176,459 | €163,449 | -€13,010 | -7.4% |
| Current portion of amounts payable after more than one year | 42 | €80,555 | €81,973 | +€1,418 | +1.8% |
| Financial debts | 43 | €2,319 | - | -€2,319 | |
| Credit institutions | 430/8 | €2,319 | - | -€2,319 | |
| Trade debts | 44 | €5,038 | €528 | -€4,510 | -89.5% |
| Suppliers | 440/4 | €5,038 | €528 | -€4,510 | -89.5% |
| Taxes, remuneration and social security | 45 | €8,248 | €10,340 | +€2,092 | +25.4% |
| Taxes | 450/3 | €8,248 | €10,340 | +€2,092 | +25.4% |
| Other amounts payable | 47/48 | €80,299 | €70,608 | -€9,692 | -12.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €93,085 | €93,235 | +€150 | +0.2% |
| Other operating charges | 640/8 | €24,771 | €1,688 | -€23,083 | -93.2% |
| Gross operating margin | 9900 | €159,586 | €176,909 | +€17,323 | +10.9% |
| Operating profit (loss) | 9901 | €41,731 | €81,986 | +€40,255 | +96.5% |
| Financial income | 75/76B | €3,404 | €13,950 | +€10,546 | +309.8% |
| Recurring financial income | 75 | €3,404 | €13,950 | +€10,546 | +309.8% |
| Financial charges | 65/66B | €17,194 | €15,128 | -€2,066 | -12.0% |
| Recurring financial charges | 65 | €17,194 | €15,128 | -€2,066 | -12.0% |
| Profit (loss) for the period before taxes | 9903 | €27,941 | €80,808 | +€52,867 | +189.2% |
| Income taxes | 67/77 | €17,543 | €31,128 | +€13,585 | +77.4% |
| Profit (loss) for the period | 9904 | €10,398 | €49,680 | +€39,282 | +377.8% |
| Profit (loss) for the period to be appropriated | 9905 | €10,398 | €49,680 | +€39,282 | +377.8% |
Source: filed annual accounts (NBB), financial years ended 31 March 2024 and 31 March 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 10 October 2026 via checked.be.