THOR IMMO: 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 IMMO
Largest movements
- Cash -€100,390
down €100,390 (-69.6%), from €144,248 to €43,858
mainly Tax, wage and social debts (-€77,773) and Other debts (-€53,469)
- Tangible fixed assets -€11,218
down €11,218 (-24.5%), from €45,851 to €34,633
of which Furniture and vehicles: -€10,722
- Receivables within one year -€8,675
down €8,675 (-11.3%), from €76,843 to €68,167
of which Trade receivables: -€14,959
- Tax, wage and social debts -€77,773
down €77,773 (-96.3%), from €80,756 to €2,983
- Other debts -€53,469
no longer reported in 2025 (was €53,469)
- Profit (loss) carried forward +€10,664
up €10,664 (+8.3%), from €127,834 to €138,498
- Gross operating margin -€161,632
down €161,632 (-86.8%), from €186,227 to €24,595
- Taxes -€40,455
down €40,455 (-93.2%), from €43,396 to €2,941
- Financial income +€3,994
up €3,994 (+147.4%), from €2,710 to €6,704
of which Non-recurring financial income: +€3,933
- Depreciation +€3,391
up €3,391 (+25.2%), from €13,463 to €16,853
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 | €268,327 | €147,638 | -€120,689 | -45.0% |
| Fixed assets | 21/28 | €45,851 | €34,633 | -€11,218 | -24.5% |
| Tangible fixed assets | 22/27 | €45,851 | €34,633 | -€11,218 | -24.5% |
| Plant, machinery and equipment | 23 | €2,046 | €1,550 | -€496 | -24.2% |
| Furniture and vehicles | 24 | €43,805 | €33,083 | -€10,722 | -24.5% |
| Current assets | 29/58 | €222,476 | €113,005 | -€109,471 | -49.2% |
| Amounts receivable within one year | 40/41 | €76,843 | €68,167 | -€8,675 | -11.3% |
| Trade receivables | 40 | €76,843 | €61,883 | -€14,959 | -19.5% |
| Other amounts receivable | 41 | - | €6,284 | +€6,284 | |
| Cash at bank and in hand | 54/58 | €144,248 | €43,858 | -€100,390 | -69.6% |
| Deferred charges and accrued income | 490/1 | €1,386 | €980 | -€406 | -29.3% |
| Total equity and liabilities | 10/49 | €268,327 | €147,638 | -€120,689 | -45.0% |
| Equity | 10/15 | €131,834 | €142,498 | +€10,664 | +8.1% |
| Contributions | 10/11 | €4,000 | €4,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €127,834 | €138,498 | +€10,664 | +8.3% |
| Amounts payable | 17/49 | €136,493 | €5,140 | -€131,353 | -96.2% |
| Amounts payable within one year | 42/48 | €136,493 | €5,140 | -€131,353 | -96.2% |
| Trade debts | 44 | €2,268 | €2,157 | -€111 | -4.9% |
| Suppliers | 440/4 | €2,268 | €2,157 | -€111 | -4.9% |
| Taxes, remuneration and social security | 45 | €80,756 | €2,983 | -€77,773 | -96.3% |
| Taxes | 450/3 | €80,756 | €2,983 | -€77,773 | -96.3% |
| Other amounts payable | 47/48 | €53,469 | - | -€53,469 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €13,463 | €16,853 | +€3,391 | +25.2% |
| Other operating charges | 640/8 | €627 | €599 | -€28 | -4.5% |
| Gross operating margin | 9900 | €186,227 | €24,595 | -€161,632 | -86.8% |
| Operating profit (loss) | 9901 | €172,138 | €7,143 | -€164,995 | -95.9% |
| Financial income | 75/76B | €2,710 | €6,704 | +€3,994 | +147.4% |
| Recurring financial income | 75 | €2,710 | €61 | -€2,649 | -97.7% |
| Non-recurring financial income | 76B | €2,710 | €6,643 | +€3,933 | +145.1% |
| Financial charges | 65/66B | €253 | €242 | -€10 | -4.2% |
| Recurring financial charges | 65 | €39 | €45 | +€6 | +14.2% |
| Non-recurring financial charges | 66B | €213 | €197 | -€16 | -7.5% |
| Profit (loss) for the period before taxes | 9903 | €174,595 | €13,605 | -€160,991 | -92.2% |
| Income taxes | 67/77 | €43,396 | €2,941 | -€40,455 | -93.2% |
| Profit (loss) for the period | 9904 | €131,199 | €10,664 | -€120,536 | -91.9% |
| Profit (loss) for the period to be appropriated | 9905 | €131,199 | €10,664 | -€120,536 | -91.9% |
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 10 October 2026 via checked.be.