THORACROO & BEYOND: 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.
THORACROO & BEYOND
Largest movements
- Cash +€133,270
up €133,270 (+218%), from €61,264 to €194,534
mainly Net result for the year (+€162,202) and Depreciation (+€11,207)
- Receivables within one year +€22,518
up €22,518 (+124%), from €18,089 to €40,607
- Profit (loss) carried forward +€162,202
new in 2025: €162,202
- Debts after one year -€7,116
down €7,116 (-10.3%), from €68,828 to €61,712
- Other debts +€6,290
up €6,290 (+32.4%), from €19,402 to €25,692
- Current portion of long-term debt -€5,831
down €5,831 (-45.0%), from €12,946 to €7,116
- Gross operating margin +€98,774
up €98,774 (+74.2%), from €133,106 to €231,880
- Taxes +€29,671
up €29,671 (+151%), from €19,611 to €49,282
- Depreciation +€6,635
up €6,635 (+145%), from €4,572 to €11,207
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 | €187,867 | €344,615 | +€156,749 | +83.4% |
| Fixed assets | 21/28 | €87,302 | €88,896 | +€1,594 | +1.8% |
| Tangible fixed assets | 22/27 | €87,302 | €88,896 | +€1,594 | +1.8% |
| Plant, machinery and equipment | 23 | €11,712 | €11,587 | -€126 | -1.1% |
| Furniture and vehicles | 24 | €641 | €10,136 | +€9,495 | +1,482% |
| Other tangible fixed assets | 26 | €74,949 | €67,174 | -€7,775 | -10.4% |
| Current assets | 29/58 | €100,564 | €255,719 | +€155,155 | +154% |
| Amounts receivable within one year | 40/41 | €18,089 | €40,607 | +€22,518 | +124% |
| Other amounts receivable | 41 | €18,089 | €40,607 | +€22,518 | +124% |
| Cash at bank and in hand | 54/58 | €61,264 | €194,534 | +€133,270 | +218% |
| Deferred charges and accrued income | 490/1 | €21,212 | €20,579 | -€633 | -3.0% |
| Total equity and liabilities | 10/49 | €187,867 | €344,615 | +€156,749 | +83.4% |
| Equity | 10/15 | €78,901 | €241,103 | +€162,202 | +206% |
| Contributions | 10/11 | €2,000 | €2,000 | = | 0.0% |
| Reserves | 13 | €76,901 | €76,901 | = | 0.0% |
| Distributable reserves | 133 | €76,901 | €76,901 | = | 0.0% |
| Profit (loss) carried forward | 14 | - | €162,202 | +€162,202 | |
| Amounts payable | 17/49 | €108,965 | €103,512 | -€5,453 | -5.0% |
| Amounts payable after more than one year | 17 | €68,828 | €61,712 | -€7,116 | -10.3% |
| Financial debts | 170/4 | €68,828 | €61,712 | -€7,116 | -10.3% |
| Amounts payable within one year | 42/48 | €40,137 | €40,154 | +€17 | 0.0% |
| Current portion of amounts payable after more than one year | 42 | €12,946 | €7,116 | -€5,831 | -45.0% |
| Trade debts | 44 | €2,289 | €1,846 | -€443 | -19.3% |
| Suppliers | 440/4 | €2,289 | €1,846 | -€443 | -19.3% |
| Taxes, remuneration and social security | 45 | €5,500 | €5,500 | = | 0.0% |
| Taxes | 450/3 | €5,500 | €5,500 | = | 0.0% |
| Other amounts payable | 47/48 | €19,402 | €25,692 | +€6,290 | +32.4% |
| Accrued charges and deferred income | 492/3 | - | €1,646 | +€1,646 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €4,572 | €11,207 | +€6,635 | +145% |
| Other operating charges | 640/8 | €1,008 | €1,123 | +€115 | +11.5% |
| Gross operating margin | 9900 | €133,106 | €231,880 | +€98,774 | +74.2% |
| Operating profit (loss) | 9901 | €127,526 | €219,550 | +€92,024 | +72.2% |
| Financial income | 75/76B | €364 | €80 | -€284 | -78.0% |
| Recurring financial income | 75 | €364 | €80 | -€284 | -78.0% |
| Financial charges | 65/66B | €5,832 | €8,146 | +€2,314 | +39.7% |
| Recurring financial charges | 65 | €5,832 | €8,146 | +€2,314 | +39.7% |
| Profit (loss) for the period before taxes | 9903 | €122,059 | €211,484 | +€89,426 | +73.3% |
| Income taxes | 67/77 | €19,611 | €49,282 | +€29,671 | +151% |
| Profit (loss) for the period | 9904 | €102,448 | €162,202 | +€59,754 | +58.3% |
| Profit (loss) for the period to be appropriated | 9905 | €102,448 | €162,202 | +€59,754 | +58.3% |
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 14 October 2026 via checked.be.