ThorbiQ: 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.
ThorbiQ
Largest movements
- Intangible fixed assets -€208,637
down €208,637 (-19.0%), from €1.1m to €888,890
- Receivables within one year +€28,564
up €28,564 (+18.9%), from €151,426 to €179,989
of which Trade receivables: +€28,564
- Cash +€26,387
up €26,387 (+233.7%), from €11,290 to €37,677
mainly Contributions, distributions and other (+€556,420) and Depreciation (+€390,617)
- Contributions +€556,420
up €556,420 (+41.9%), from €1.3m to €1.9m
of which Capital: +€556,420
- Profit (loss) carried forward -€305,377
down €305,377 (-20.4%), from -€1.5m to -€1.8m
- Debts after one year -€152,679
down €152,679 (-20.5%), from €743,013 to €590,334
- Trade debts -€124,781
down €124,781 (-51.1%), from €244,423 to €119,642
- Short-term financial debts -€96,305
down €96,305 (-88.9%), from €108,387 to €12,082
of which Other loans: -€95,000
- Gross operating margin -€143,577
down €143,577 (-27.9%), from €514,849 to €371,272
- Depreciation +€29,646
up €29,646 (+8.2%), from €360,971 to €390,617
- Financial charges -€24,952
down €24,952 (-43.3%), from €57,565 to €32,613
- Staff costs -€24,528
down €24,528 (-9.0%), from €273,931 to €249,403
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 | €1,281,173 | €1,122,935 | -€158,237 | -12.4% |
| Fixed assets | 21/28 | €1,098,818 | €889,220 | -€209,598 | -19.1% |
| Intangible fixed assets | 21 | €1,097,527 | €888,890 | -€208,637 | -19.0% |
| Tangible fixed assets | 22/27 | €1,292 | €330 | -€961 | -74.4% |
| Furniture and vehicles | 24 | €1,292 | €330 | -€961 | -74.4% |
| Current assets | 29/58 | €182,354 | €233,715 | +€51,361 | +28.2% |
| Stocks and contracts in progress | 3 | €17,856 | €13,667 | -€4,188 | -23.5% |
| Contracts in progress | 37 | €17,856 | €13,667 | -€4,188 | -23.5% |
| Amounts receivable within one year | 40/41 | €151,426 | €179,989 | +€28,564 | +18.9% |
| Trade receivables | 40 | €151,014 | €179,577 | +€28,564 | +18.9% |
| Other amounts receivable | 41 | €412 | €412 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €11,290 | €37,677 | +€26,387 | +233.7% |
| Deferred charges and accrued income | 490/1 | €1,783 | €2,381 | +€598 | +33.6% |
| Total equity and liabilities | 10/49 | €1,281,173 | €1,122,935 | -€158,237 | -12.4% |
| Equity | 10/15 | -€169,623 | €81,419 | +€251,043 | |
| Contributions | 10/11 | €1,327,788 | €1,884,207 | +€556,420 | +41.9% |
| Capital | 10 | €657,044 | €1,213,464 | +€556,420 | +84.7% |
| Issued capital | 100 | €657,044 | €1,213,464 | +€556,420 | +84.7% |
| Contributions outside capital | 11 | €670,743 | €670,743 | = | 0.0% |
| Share premium | 1100/10 | €670,743 | €670,743 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€1,497,411 | -€1,802,788 | -€305,377 | -20.4% |
| Amounts payable | 17/49 | €1,450,796 | €1,041,516 | -€409,280 | -28.2% |
| Amounts payable after more than one year | 17 | €743,013 | €590,334 | -€152,679 | -20.5% |
| Financial debts | 170/4 | €743,013 | €590,334 | -€152,679 | -20.5% |
| Amounts payable within one year | 42/48 | €537,869 | €294,503 | -€243,366 | -45.2% |
| Current portion of amounts payable after more than one year | 42 | €79,097 | €61,597 | -€17,500 | -22.1% |
| Financial debts | 43 | €108,387 | €12,082 | -€96,305 | -88.9% |
| Credit institutions | 430/8 | €13,387 | €12,082 | -€1,305 | -9.8% |
| Other loans | 439 | €95,000 | €0 | -€95,000 | -100.0% |
| Trade debts | 44 | €244,423 | €119,642 | -€124,781 | -51.1% |
| Suppliers | 440/4 | €244,423 | €119,642 | -€124,781 | -51.1% |
| Advances received on contracts in progress | 46 | €0 | €600 | +€600 | |
| Taxes, remuneration and social security | 45 | €76,522 | €81,035 | +€4,514 | +5.9% |
| Taxes | 450/3 | €53,864 | €50,578 | -€3,286 | -6.1% |
| Remuneration and social security | 454/9 | €22,658 | €30,458 | +€7,800 | +34.4% |
| Other amounts payable | 47/48 | €29,439 | €19,546 | -€9,893 | -33.6% |
| Accrued charges and deferred income | 492/3 | €169,914 | €156,679 | -€13,235 | -7.8% |
| Remuneration, social security and pensions | 62 | €273,931 | €249,403 | -€24,528 | -9.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €360,971 | €390,617 | +€29,646 | +8.2% |
| Other operating charges | 640/8 | €6,861 | €3,739 | -€3,122 | -45.5% |
| Gross operating margin | 9900 | €514,849 | €371,272 | -€143,577 | -27.9% |
| Operating profit (loss) | 9901 | -€126,914 | -€272,487 | -€145,573 | -114.7% |
| Financial income | 75/76B | €392 | €23 | -€369 | -94.1% |
| Recurring financial income | 75 | €392 | €23 | -€369 | -94.1% |
| Financial charges | 65/66B | €57,565 | €32,613 | -€24,952 | -43.3% |
| Recurring financial charges | 65 | €57,565 | €32,613 | -€24,952 | -43.3% |
| Profit (loss) for the period before taxes | 9903 | -€184,086 | -€305,077 | -€120,990 | -65.7% |
| Income taxes | 67/77 | €402 | €300 | -€102 | -25.3% |
| Profit (loss) for the period | 9904 | -€184,489 | -€305,377 | -€120,889 | -65.5% |
| Profit (loss) for the period to be appropriated | 9905 | -€184,489 | -€305,377 | -€120,889 | -65.5% |
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 11 October 2026 via checked.be.