THORAK: 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.
THORAK
Largest movements
- Cash +€121,016
up €121,016 (+84.3%), from €143,544 to €264,560
mainly Current investments (+€110,000) and Net result for the year (+€31,614)
- Current investments -€110,000
no longer reported in 2025 (was €110,000)
- Receivables within one year +€29,035
up €29,035 (+122.8%), from €23,642 to €52,677
of which Other amounts receivable: +€46,193
- Tangible fixed assets -€8,643
down €8,643 (-90.4%), from €9,565 to €921
- Reserves +€31,614
up €31,614 (+8.0%), from €394,259 to €425,873
of which Distributable reserves: +€32,472
- Financial income +€21,432
up €21,432 (+377.0%), from €5,685 to €27,117
- Gross operating margin -€6,684
down €6,684 (-27.5%), from €24,267 to €17,583
- Taxes -€3,272
down €3,272 (-60.0%), from €5,455 to €2,183
- Depreciation -€1,451
down €1,451 (-13.1%), from €11,048 to €9,597
- Other operating charges +€328
up €328 (+26.8%), from €1,224 to €1,552
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 | €804,451 | €834,032 | +€29,581 | +3.7% |
| Fixed assets | 21/28 | €525,059 | €516,416 | -€8,643 | -1.6% |
| Tangible fixed assets | 22/27 | €9,565 | €921 | -€8,643 | -90.4% |
| Furniture and vehicles | 24 | €9,565 | €921 | -€8,643 | -90.4% |
| Financial fixed assets | 28 | €515,495 | €515,495 | = | 0.0% |
| Current assets | 29/58 | €279,391 | €317,616 | +€38,224 | +13.7% |
| Amounts receivable within one year | 40/41 | €23,642 | €52,677 | +€29,035 | +122.8% |
| Trade receivables | 40 | €22,756 | €5,597 | -€17,159 | -75.4% |
| Other amounts receivable | 41 | €886 | €47,079 | +€46,193 | +5212.6% |
| Current investments | 50/53 | €110,000 | - | -€110,000 | |
| Cash at bank and in hand | 54/58 | €143,544 | €264,560 | +€121,016 | +84.3% |
| Deferred charges and accrued income | 490/1 | €2,206 | €379 | -€1,827 | -82.8% |
| Total equity and liabilities | 10/49 | €804,451 | €834,032 | +€29,581 | +3.7% |
| Equity | 10/15 | €794,259 | €825,873 | +€31,614 | +4.0% |
| Contributions | 10/11 | €400,000 | €400,000 | = | 0.0% |
| Capital | 10 | €400,000 | €400,000 | = | 0.0% |
| Issued capital | 100 | €400,000 | €400,000 | = | 0.0% |
| Reserves | 13 | €394,259 | €425,873 | +€31,614 | +8.0% |
| Non-distributable reserves | 130/1 | €40,000 | €40,000 | = | 0.0% |
| Legal reserve | 130 | €40,000 | €40,000 | = | 0.0% |
| Tax-exempt reserves | 132 | €858 | - | -€858 | |
| Distributable reserves | 133 | €353,401 | €385,873 | +€32,472 | +9.2% |
| Provisions and deferred taxes | 16 | €286 | - | -€286 | |
| Deferred taxes | 168 | €286 | - | -€286 | |
| Amounts payable | 17/49 | €9,906 | €8,159 | -€1,748 | -17.6% |
| Amounts payable within one year | 42/48 | €9,906 | €8,159 | -€1,748 | -17.6% |
| Trade debts | 44 | €810 | €562 | -€248 | -30.6% |
| Suppliers | 440/4 | €810 | €562 | -€248 | -30.6% |
| Taxes, remuneration and social security | 45 | €9,097 | €7,597 | -€1,499 | -16.5% |
| Taxes | 450/3 | €6,157 | €4,514 | -€1,642 | -26.7% |
| Remuneration and social security | 454/9 | €2,940 | €3,083 | +€143 | +4.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €11,048 | €9,597 | -€1,451 | -13.1% |
| Other operating charges | 640/8 | €1,224 | €1,552 | +€328 | +26.8% |
| Gross operating margin | 9900 | €24,267 | €17,583 | -€6,684 | -27.5% |
| Operating profit (loss) | 9901 | €11,995 | €6,435 | -€5,561 | -46.4% |
| Financial income | 75/76B | €5,685 | €27,117 | +€21,432 | +377.0% |
| Recurring financial income | 75 | €5,685 | €27,117 | +€21,432 | +377.0% |
| Financial charges | 65/66B | €39 | €40 | +€1 | +3.5% |
| Recurring financial charges | 65 | €39 | €40 | +€1 | +3.5% |
| Profit (loss) for the period before taxes | 9903 | €17,642 | €33,512 | +€15,870 | +90.0% |
| Transfer from deferred taxes | 780 | €330 | €286 | -€44 | -13.4% |
| Income taxes | 67/77 | €5,455 | €2,183 | -€3,272 | -60.0% |
| Profit (loss) for the period | 9904 | €12,517 | €31,614 | +€19,097 | +152.6% |
| Transfer from tax-exempt reserves | 789 | €991 | €858 | -€133 | -13.4% |
| Profit (loss) for the period to be appropriated | 9905 | €13,508 | €32,472 | +€18,964 | +140.4% |
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.