Thor Vastgoed: 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 Vastgoed
Largest movements
- Stocks and contracts +€76,249
up €76,249 (+8.9%), from €858,837 to €935,086
- Cash -€65,372
down €65,372 (-30.3%), from €215,554 to €150,182
mainly Stocks and contracts (-€76,249) and Current portion of long-term debt (-€11,259)
- Reserves +€13,373
up €13,373 (+30.6%), from €43,717 to €57,090
- Gross operating margin -€18,557
down €18,557 (-34.2%), from €54,322 to €35,765
- Financial charges +€9,454
up €9,454 (+253%), from €3,744 to €13,198
- Taxes -€8,642
down €8,642 (-64.0%), from €13,510 to €4,868
- Other operating charges +€3,296
up €3,296 (+320%), from €1,030 to €4,326
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 | €1,199,362 | €1,216,061 | +€16,699 | +1.4% |
| Current assets | 29/58 | €1,199,362 | €1,216,061 | +€16,699 | +1.4% |
| Stocks and contracts in progress | 3 | €858,837 | €935,086 | +€76,249 | +8.9% |
| Stocks | 30/36 | €858,837 | €935,086 | +€76,249 | +8.9% |
| Amounts receivable within one year | 40/41 | €124,971 | €130,793 | +€5,822 | +4.7% |
| Trade receivables | 40 | €1,250 | €2,310 | +€1,060 | +84.8% |
| Other amounts receivable | 41 | €123,721 | €128,483 | +€4,762 | +3.8% |
| Cash at bank and in hand | 54/58 | €215,554 | €150,182 | -€65,372 | -30.3% |
| Total equity and liabilities | 10/49 | €1,199,362 | €1,216,061 | +€16,699 | +1.4% |
| Equity | 10/15 | €71,373 | €84,746 | +€13,373 | +18.7% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €43,717 | €57,090 | +€13,373 | +30.6% |
| Distributable reserves | 133 | €43,717 | €57,090 | +€13,373 | +30.6% |
| Profit (loss) carried forward | 14 | €9,057 | €9,057 | = | 0.0% |
| Amounts payable | 17/49 | €1,127,989 | €1,131,314 | +€3,326 | +0.3% |
| Amounts payable within one year | 42/48 | €1,127,989 | €1,131,314 | +€3,326 | +0.3% |
| Current portion of amounts payable after more than one year | 42 | €370,319 | €359,060 | -€11,259 | -3.0% |
| Trade debts | 44 | €743,301 | €753,018 | +€9,716 | +1.3% |
| Suppliers | 440/4 | €743,301 | €753,018 | +€9,716 | +1.3% |
| Taxes, remuneration and social security | 45 | €13,510 | €18,378 | +€4,868 | +36.0% |
| Taxes | 450/3 | €13,510 | €18,378 | +€4,868 | +36.0% |
| Other amounts payable | 47/48 | €858 | €858 | = | 0.0% |
| Other operating charges | 640/8 | €1,030 | €4,326 | +€3,296 | +320% |
| Gross operating margin | 9900 | €54,322 | €35,765 | -€18,557 | -34.2% |
| Operating profit (loss) | 9901 | €53,292 | €31,439 | -€21,854 | -41.0% |
| Financial income | 75/76B | €30 | - | -€30 | |
| Recurring financial income | 75 | €30 | - | -€30 | |
| Financial charges | 65/66B | €3,744 | €13,198 | +€9,454 | +253% |
| Recurring financial charges | 65 | €3,744 | €13,198 | +€9,454 | +253% |
| Profit (loss) for the period before taxes | 9903 | €49,579 | €18,241 | -€31,338 | -63.2% |
| Income taxes | 67/77 | €13,510 | €4,868 | -€8,642 | -64.0% |
| Profit (loss) for the period | 9904 | €36,069 | €13,373 | -€22,696 | -62.9% |
| Profit (loss) for the period to be appropriated | 9905 | €36,069 | €13,373 | -€22,696 | -62.9% |
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 19 October 2026 via checked.be.