THOR Management & Sales: what changed
THOR Management & Sales
Largest movements
- Tangible fixed assets +€41,186
up €41,186 (+44.6%), from €92,343 to €133,529
of which Furniture and vehicles: +€37,994
- Receivables within one year +€25,009
up €25,009 (+115%), from €21,690 to €46,700
of which Trade receivables: +€25,009
- Cash +€9,660
up €9,660 (+27.2%), from €35,496 to €45,156
mainly Net result for the year (+€35,120) and Debts after one year (+€34,485)
- Reserves +€35,120
up €35,120 (+57.1%), from €61,495 to €96,615
of which Distributable reserves: +€35,120
- Debts after one year +€34,485
up €34,485 (+238%), from €14,506 to €48,991
- Trade debts +€10,603
up €10,603 (+180%), from €5,895 to €16,498
- Tax, wage and social debts -€6,462
down €6,462 (-18.6%), from €34,705 to €28,243
of which Taxes: -€7,141
- Current portion of long-term debt +€2,639
up €2,639 (+11.0%), from €23,993 to €26,632
- Gross operating margin +€41,967
up €41,967 (+49.6%), from €84,678 to €126,644
- Other operating charges +€10,655
up €10,655 (+626%), from €1,701 to €12,356
- Depreciation -€9,176
down €9,176 (-27.0%), from €33,955 to €24,778
- Taxes +€8,556
up €8,556 (+237%), from €3,609 to €12,164
- Staff costs -€2,690
down €2,690 (-6.2%), from €43,503 to €40,812
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €150,362 | €225,970 | +€75,608 | +50.3% |
| Fixed assets | 21/28 | €92,343 | €133,529 | +€41,186 | +44.6% |
| Tangible fixed assets | 22/27 | €92,343 | €133,529 | +€41,186 | +44.6% |
| Land and buildings | 22 | €14,387 | €10,710 | -€3,677 | -25.6% |
| Plant, machinery and equipment | 23 | €1,904 | €8,773 | +€6,869 | +361% |
| Furniture and vehicles | 24 | €76,053 | €114,047 | +€37,994 | +50.0% |
| Current assets | 29/58 | €58,019 | €92,441 | +€34,423 | +59.3% |
| Stocks and contracts in progress | 3 | €625 | €585 | -€40 | -6.4% |
| Stocks | 30/36 | €625 | €585 | -€40 | -6.4% |
| Amounts receivable within one year | 40/41 | €21,690 | €46,700 | +€25,009 | +115% |
| Trade receivables | 40 | €18,299 | €43,309 | +€25,009 | +137% |
| Other amounts receivable | 41 | €3,391 | €3,391 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €35,496 | €45,156 | +€9,660 | +27.2% |
| Deferred charges and accrued income | 490/1 | €207 | - | -€207 | |
| Total equity and liabilities | 10/49 | €150,362 | €225,970 | +€75,608 | +50.3% |
| Equity | 10/15 | €70,488 | €105,607 | +€35,120 | +49.8% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €61,495 | €96,615 | +€35,120 | +57.1% |
| Non-distributable reserves | 130/1 | €600 | €600 | = | 0.0% |
| Reserves not available under the articles | 1311 | €600 | €600 | = | 0.0% |
| Distributable reserves | 133 | €60,895 | €96,015 | +€35,120 | +57.7% |
| Profit (loss) carried forward | 14 | €2,793 | €2,793 | = | 0.0% |
| Amounts payable | 17/49 | €79,874 | €120,363 | +€40,489 | +50.7% |
| Amounts payable after more than one year | 17 | €14,506 | €48,991 | +€34,485 | +238% |
| Financial debts | 170/4 | €14,506 | €48,991 | +€34,485 | +238% |
| Amounts payable within one year | 42/48 | €65,138 | €71,372 | +€6,234 | +9.6% |
| Current portion of amounts payable after more than one year | 42 | €23,993 | €26,632 | +€2,639 | +11.0% |
| Trade debts | 44 | €5,895 | €16,498 | +€10,603 | +180% |
| Suppliers | 440/4 | €5,895 | €16,498 | +€10,603 | +180% |
| Taxes, remuneration and social security | 45 | €34,705 | €28,243 | -€6,462 | -18.6% |
| Taxes | 450/3 | €22,176 | €15,034 | -€7,141 | -32.2% |
| Remuneration and social security | 454/9 | €12,529 | €13,208 | +€679 | +5.4% |
| Other amounts payable | 47/48 | €546 | - | -€546 | |
| Accrued charges and deferred income | 492/3 | €230 | - | -€230 | |
| Remuneration, social security and pensions | 62 | €43,503 | €40,812 | -€2,690 | -6.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €33,955 | €24,778 | -€9,176 | -27.0% |
| Other operating charges | 640/8 | €1,701 | €12,356 | +€10,655 | +626% |
| Gross operating margin | 9900 | €84,678 | €126,644 | +€41,967 | +49.6% |
| Operating profit (loss) | 9901 | €5,520 | €48,697 | +€43,177 | +782% |
| Financial income | 75/76B | €4 | €445 | +€440 | +10,030% |
| Recurring financial income | 75 | €4 | €445 | +€440 | +10,030% |
| Financial charges | 65/66B | €1,607 | €1,858 | +€250 | +15.6% |
| Recurring financial charges | 65 | €1,607 | €1,858 | +€250 | +15.6% |
| Profit (loss) for the period before taxes | 9903 | €3,917 | €47,284 | +€43,367 | +1,107% |
| Income taxes | 67/77 | €3,609 | €12,164 | +€8,556 | +237% |
| Profit (loss) for the period | 9904 | €308 | €35,120 | +€34,812 | +11,310% |
| Profit (loss) for the period to be appropriated | 9905 | €308 | €35,120 | +€34,812 | +11,310% |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 8 November 2026 via checked.be.