THOR COMPOSITES: 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 COMPOSITES
Largest movements
- Receivables within one year +€139,755
up €139,755 (+150%), from €93,170 to €232,925
of which Trade receivables: +€139,755
- Cash -€107,629
down €107,629 (-74.7%), from €144,024 to €36,395
mainly Receivables within one year (-€139,755) and Debts after one year (-€90,450)
- Reserves +€116,145
up €116,145 (+30.0%), from €386,804 to €502,949
of which Tax-exempt reserves: +€58,940
- Debts after one year -€90,450
down €90,450 (-56.8%), from €159,240 to €68,790
- Trade debts +€76,938
up €76,938 (+617%), from €12,462 to €89,400
- Other debts -€50,000
down €50,000 (-38.5%), from €130,000 to €80,000
- Tax, wage and social debts -€12,530
down €12,530 (-42.0%), from €29,848 to €17,318
- Gross operating margin -€130,168
down €130,168 (-35.1%), from €370,361 to €240,193
- Taxes -€18,445
down €18,445 (-32.4%), from €57,006 to €38,561
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 | €752,274 | €782,942 | +€30,668 | +4.1% |
| Fixed assets | 21/28 | €515,080 | €513,622 | -€1,458 | -0.3% |
| Intangible fixed assets | 21 | €15,080 | €13,622 | -€1,458 | -9.7% |
| Financial fixed assets | 28 | €500,000 | €500,000 | = | 0.0% |
| Current assets | 29/58 | €237,194 | €269,320 | +€32,126 | +13.5% |
| Amounts receivable within one year | 40/41 | €93,170 | €232,925 | +€139,755 | +150% |
| Trade receivables | 40 | €93,170 | €232,925 | +€139,755 | +150% |
| Other amounts receivable | 41 | €0 | - | = | |
| Cash at bank and in hand | 54/58 | €144,024 | €36,395 | -€107,629 | -74.7% |
| Total equity and liabilities | 10/49 | €752,274 | €782,942 | +€30,668 | +4.1% |
| Equity | 10/15 | €405,804 | €521,949 | +€116,145 | +28.6% |
| Contributions | 10/11 | €19,000 | €19,000 | = | 0.0% |
| Reserves | 13 | €386,804 | €502,949 | +€116,145 | +30.0% |
| Non-distributable reserves | 130/1 | €0 | - | = | |
| Reserves not available under the articles | 1311 | €0 | - | = | |
| Tax-exempt reserves | 132 | €84,200 | €143,140 | +€58,940 | +70.0% |
| Distributable reserves | 133 | €302,604 | €359,809 | +€57,205 | +18.9% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €346,470 | €260,992 | -€85,478 | -24.7% |
| Amounts payable after more than one year | 17 | €159,240 | €68,790 | -€90,450 | -56.8% |
| Financial debts | 170/4 | €159,240 | €68,790 | -€90,450 | -56.8% |
| Amounts payable within one year | 42/48 | €172,310 | €186,718 | +€14,408 | +8.4% |
| Current portion of amounts payable after more than one year | 42 | €0 | - | = | |
| Trade debts | 44 | €12,462 | €89,400 | +€76,938 | +617% |
| Suppliers | 440/4 | €12,462 | €89,400 | +€76,938 | +617% |
| Advances received on contracts in progress | 46 | €0 | - | = | |
| Taxes, remuneration and social security | 45 | €29,848 | €17,318 | -€12,530 | -42.0% |
| Taxes | 450/3 | €29,848 | €17,318 | -€12,530 | -42.0% |
| Other amounts payable | 47/48 | €130,000 | €80,000 | -€50,000 | -38.5% |
| Accrued charges and deferred income | 492/3 | €14,920 | €5,484 | -€9,436 | -63.2% |
| Non-recurring operating income | 76A | €21,871 | €0 | -€21,871 | -100% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,826 | €1,889 | +€63 | +3.4% |
| Other operating charges | 640/8 | €823 | €619 | -€204 | -24.7% |
| Non-recurring operating charges | 66A | €0 | - | = | |
| Gross operating margin | 9900 | €370,361 | €240,193 | -€130,168 | -35.1% |
| Operating profit (loss) | 9901 | €367,712 | €237,684 | -€130,028 | -35.4% |
| Financial income | 75/76B | €0 | €2,545 | +€2,545 | +25,448,300% |
| Recurring financial income | 75 | €0 | €2,545 | +€2,545 | +25,448,300% |
| Financial charges | 65/66B | €8,771 | €5,523 | -€3,248 | -37.0% |
| Recurring financial charges | 65 | €8,771 | €5,523 | -€3,248 | -37.0% |
| Profit (loss) for the period before taxes | 9903 | €358,941 | €234,706 | -€124,235 | -34.6% |
| Income taxes | 67/77 | €57,006 | €38,561 | -€18,445 | -32.4% |
| Profit (loss) for the period | 9904 | €301,936 | €196,145 | -€105,790 | -35.0% |
| Transfer to tax-exempt reserves | 689 | €84,200 | €58,940 | -€25,260 | -30.0% |
| Profit (loss) for the period to be appropriated | 9905 | €217,736 | €137,205 | -€80,530 | -37.0% |
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 14 October 2026 via checked.be.