THOR - CONTROL: what changed
Two fiscal 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 - CONTROL
Largest movements
- Cash +€138,851
up €138,851 (+55.2%), from €251,663 to €390,514
mainly Net result for the year (+€214,128) and Debts after one year (+€81,534)
- Tangible fixed assets +€95,493
up €95,493 (+368.1%), from €25,945 to €121,438
- Receivables within one year +€87,325
up €87,325 (+13.5%), from €647,033 to €734,358
of which Trade receivables: +€87,153
- Profit (loss) carried forward +€214,128
up €214,128 (+33.8%), from €633,127 to €847,255
- Debts after one year +€81,534
up €81,534 (+3295.4%), from €2,474 to €84,008
- Tax, wage and social debts +€43,095
up €43,095 (+29.0%), from €148,842 to €191,938
of which Remuneration and social security: +€25,565
- Trade debts -€24,648
down €24,648 (-22.5%), from €109,466 to €84,817
- Current portion of long-term debt +€16,579
up €16,579 (+199.6%), from €8,307 to €24,886
- Gross operating margin +€161,982
up €161,982 (+17.6%), from €920,320 to €1.1m
- Staff costs +€113,357
up €113,357 (+17.5%), from €648,026 to €761,382
- Depreciation +€11,474
up €11,474 (+95.4%), from €12,031 to €23,505
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 | €926,471 | €1,254,207 | +€327,736 | +35.4% |
| Fixed assets | 21/28 | €27,775 | €122,768 | +€94,993 | +342.0% |
| Intangible fixed assets | 21 | €1,830 | €1,330 | -€500 | -27.3% |
| Tangible fixed assets | 22/27 | €25,945 | €121,438 | +€95,493 | +368.1% |
| Furniture and vehicles | 24 | €25,945 | €121,438 | +€95,493 | +368.1% |
| Financial fixed assets | 28 | €0 | - | = | |
| Current assets | 29/58 | €898,696 | €1,131,439 | +€232,743 | +25.9% |
| Amounts receivable within one year | 40/41 | €647,033 | €734,358 | +€87,325 | +13.5% |
| Trade receivables | 40 | €647,033 | €734,186 | +€87,153 | +13.5% |
| Other amounts receivable | 41 | - | €173 | +€173 | |
| Cash at bank and in hand | 54/58 | €251,663 | €390,514 | +€138,851 | +55.2% |
| Deferred charges and accrued income | 490/1 | €0 | €6,567 | +€6,567 | |
| Total equity and liabilities | 10/49 | €926,471 | €1,254,207 | +€327,736 | +35.4% |
| Equity | 10/15 | €654,430 | €868,559 | +€214,128 | +32.7% |
| Contributions | 10/11 | €19,100 | €19,100 | = | 0.0% |
| Reserves | 13 | €2,204 | €2,204 | = | 0.0% |
| Distributable reserves | 133 | €2,204 | €2,204 | = | 0.0% |
| Profit (loss) carried forward | 14 | €633,127 | €847,255 | +€214,128 | +33.8% |
| Amounts payable | 17/49 | €272,041 | €385,649 | +€113,608 | +41.8% |
| Amounts payable after more than one year | 17 | €2,474 | €84,008 | +€81,534 | +3295.4% |
| Financial debts | 170/4 | €2,474 | €84,008 | +€81,534 | +3295.4% |
| Amounts payable within one year | 42/48 | €269,567 | €301,641 | +€32,074 | +11.9% |
| Current portion of amounts payable after more than one year | 42 | €8,307 | €24,886 | +€16,579 | +199.6% |
| Trade debts | 44 | €109,466 | €84,817 | -€24,648 | -22.5% |
| Suppliers | 440/4 | €109,466 | €84,817 | -€24,648 | -22.5% |
| Taxes, remuneration and social security | 45 | €148,842 | €191,938 | +€43,095 | +29.0% |
| Taxes | 450/3 | €59,363 | €76,894 | +€17,531 | +29.5% |
| Remuneration and social security | 454/9 | €89,479 | €115,044 | +€25,565 | +28.6% |
| Other amounts payable | 47/48 | €2,952 | €0 | -€2,952 | -100.0% |
| Accrued charges and deferred income | 492/3 | €0 | - | = | |
| Remuneration, social security and pensions | 62 | €648,026 | €761,382 | +€113,357 | +17.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €12,031 | €23,505 | +€11,474 | +95.4% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €9,372 | €1,293 | -€8,079 | -86.2% |
| Other operating charges | 640/8 | €2,411 | €1,853 | -€558 | -23.2% |
| Gross operating margin | 9900 | €920,320 | €1,082,301 | +€161,982 | +17.6% |
| Operating profit (loss) | 9901 | €248,480 | €294,268 | +€45,788 | +18.4% |
| Financial income | 75/76B | €2,037 | €6 | -€2,030 | -99.7% |
| Recurring financial income | 75 | €53 | €6 | -€46 | -87.9% |
| Non-recurring financial income | 76B | €1,984 | €0 | -€1,984 | -100.0% |
| Financial charges | 65/66B | €552 | €2,688 | +€2,135 | +386.5% |
| Recurring financial charges | 65 | €552 | €2,688 | +€2,135 | +386.5% |
| Profit (loss) for the period before taxes | 9903 | €249,964 | €291,587 | +€41,622 | +16.7% |
| Income taxes | 67/77 | €68,237 | €77,458 | +€9,221 | +13.5% |
| Profit (loss) for the period | 9904 | €181,727 | €214,128 | +€32,401 | +17.8% |
| Profit (loss) for the period to be appropriated | 9905 | €181,727 | €214,128 | +€32,401 | +17.8% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 4 October 2026 via checked.be.