Thorbar: 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.
Thorbar
Largest movements
- Tangible fixed assets -€18,772
down €18,772 (-13.4%), from €139,978 to €121,206
of which Leasing and similar rights: -€10,979
- Receivables within one year -€4,221
down €4,221 (-46.4%), from €9,101 to €4,880
of which Trade receivables: -€4,739
- Cash +€3,189
up €3,189 (+74.8%), from €4,264 to €7,453
mainly Other debts (+€20,017) and Depreciation (+€18,772)
- Profit (loss) carried forward -€26,784
down €26,784 (-28.9%), from -€92,809 to -€119,593
- Other debts +€20,017
up €20,017 (+18.1%), from €110,793 to €130,811
- Debts after one year -€12,637
down €12,637 (-24.4%), from €51,866 to €39,230
- Gross operating margin +€2,483
up €2,483 (+30.1%), from -€8,242 to -€5,759
- Financial charges -€199
down €199 (-14.1%), from €1,417 to €1,218
- Other operating charges +€115
up €115 (+12.5%), from €920 to €1,035
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 | €163,318 | €143,635 | -€19,683 | -12.1% |
| Fixed assets | 21/28 | €139,978 | €121,206 | -€18,772 | -13.4% |
| Tangible fixed assets | 22/27 | €139,978 | €121,206 | -€18,772 | -13.4% |
| Plant, machinery and equipment | 23 | €50,428 | €42,850 | -€7,578 | -15.0% |
| Leasing and similar rights | 25 | €88,162 | €77,183 | -€10,979 | -12.5% |
| Other tangible fixed assets | 26 | €1,387 | €1,173 | -€215 | -15.5% |
| Current assets | 29/58 | €23,341 | €22,429 | -€912 | -3.9% |
| Stocks and contracts in progress | 3 | €9,976 | €8,976 | -€1,000 | -10.0% |
| Stocks | 30/36 | €9,976 | €8,976 | -€1,000 | -10.0% |
| Amounts receivable within one year | 40/41 | €9,101 | €4,880 | -€4,221 | -46.4% |
| Trade receivables | 40 | €8,786 | €4,046 | -€4,739 | -53.9% |
| Other amounts receivable | 41 | €316 | €834 | +€518 | +164.2% |
| Cash at bank and in hand | 54/58 | €4,264 | €7,453 | +€3,189 | +74.8% |
| Deferred charges and accrued income | 490/1 | €0 | €1,120 | +€1,120 | |
| Total equity and liabilities | 10/49 | €163,318 | €143,635 | -€19,683 | -12.1% |
| Equity | 10/15 | -€31,309 | -€58,093 | -€26,784 | -85.5% |
| Contributions | 10/11 | €61,500 | €61,500 | = | 0.0% |
| Capital | 10 | €61,500 | €61,500 | = | 0.0% |
| Issued capital | 100 | €61,500 | €61,500 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€92,809 | -€119,593 | -€26,784 | -28.9% |
| Amounts payable | 17/49 | €194,628 | €201,728 | +€7,101 | +3.6% |
| Amounts payable after more than one year | 17 | €51,866 | €39,230 | -€12,637 | -24.4% |
| Financial debts | 170/4 | €51,866 | €39,230 | -€12,637 | -24.4% |
| Amounts payable within one year | 42/48 | €142,761 | €162,499 | +€19,738 | +13.8% |
| Current portion of amounts payable after more than one year | 42 | €12,423 | €12,637 | +€214 | +1.7% |
| Trade debts | 44 | €19,545 | €19,051 | -€494 | -2.5% |
| Suppliers | 440/4 | €19,545 | €19,051 | -€494 | -2.5% |
| Other amounts payable | 47/48 | €110,793 | €130,811 | +€20,017 | +18.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €18,772 | €18,772 | = | 0.0% |
| Other operating charges | 640/8 | €920 | €1,035 | +€115 | +12.5% |
| Gross operating margin | 9900 | -€8,242 | -€5,759 | +€2,483 | +30.1% |
| Operating profit (loss) | 9901 | -€27,933 | -€25,566 | +€2,367 | +8.5% |
| Financial income | 75/76B | €0 | - | = | |
| Recurring financial income | 75 | €0 | - | = | |
| Financial charges | 65/66B | €1,417 | €1,218 | -€199 | -14.1% |
| Recurring financial charges | 65 | €1,417 | €1,218 | -€199 | -14.1% |
| Profit (loss) for the period before taxes | 9903 | -€29,350 | -€26,784 | +€2,567 | +8.7% |
| Profit (loss) for the period | 9904 | -€29,350 | -€26,784 | +€2,567 | +8.7% |
| Profit (loss) for the period to be appropriated | 9905 | -€29,350 | -€26,784 | +€2,567 | +8.7% |
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 12 October 2026 via checked.be.