Thorbouw: 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.
Thorbouw
Largest movements
- Cash -€92,250
down €92,250 (-76.1%), from €121,240 to €28,989
mainly Receivables within one year (-€55,840) and Other debts (-€24,605)
- Receivables within one year +€55,840
up €55,840 (+614.4%), from €9,089 to €64,928
of which Trade receivables: +€55,783
- Deferred charges and accrued income -€1,763
down €1,763 (-100.0%), from €1,763 to €0
- Other debts -€24,605
down €24,605 (-91.4%), from €26,914 to €2,309
- Trade debts -€9,915
down €9,915 (-17.9%), from €55,389 to €45,474
- Current portion of long-term debt -€2,672
down €2,672 (-100.0%), from €2,672 to €0
- Tax, wage and social debts -€1,894
down €1,894 (-43.2%), from €4,385 to €2,491
- Gross operating margin -€18,998
down €18,998 (-79.7%), from €23,822 to €4,825
- Depreciation -€5,259
down €5,259 (-56.5%), from €9,303 to €4,044
- Other operating charges -€446
down €446 (-41.4%), from €1,075 to €630
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 | €148,903 | €110,005 | -€38,898 | -26.1% |
| Fixed assets | 21/28 | €16,811 | €16,087 | -€724 | -4.3% |
| Tangible fixed assets | 22/27 | €16,811 | €16,087 | -€724 | -4.3% |
| Plant, machinery and equipment | 23 | €458 | €323 | -€135 | -29.5% |
| Furniture and vehicles | 24 | €7,470 | €8,458 | +€988 | +13.2% |
| Other tangible fixed assets | 26 | €8,883 | €7,306 | -€1,577 | -17.8% |
| Current assets | 29/58 | €132,092 | €93,918 | -€38,174 | -28.9% |
| Amounts receivable within one year | 40/41 | €9,089 | €64,928 | +€55,840 | +614.4% |
| Trade receivables | 40 | €9,089 | €64,872 | +€55,783 | +613.8% |
| Other amounts receivable | 41 | €0 | €57 | +€57 | |
| Cash at bank and in hand | 54/58 | €121,240 | €28,989 | -€92,250 | -76.1% |
| Deferred charges and accrued income | 490/1 | €1,763 | €0 | -€1,763 | -100.0% |
| Total equity and liabilities | 10/49 | €148,903 | €110,005 | -€38,898 | -26.1% |
| Equity | 10/15 | €59,543 | €59,731 | +€188 | +0.3% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €109,687 | €109,687 | = | 0.0% |
| Distributable reserves | 133 | €109,687 | €109,687 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€56,344 | -€56,156 | +€188 | +0.3% |
| Amounts payable | 17/49 | €89,360 | €50,274 | -€39,086 | -43.7% |
| Amounts payable after more than one year | 17 | €0 | - | = | |
| Financial debts | 170/4 | €0 | - | = | |
| Amounts payable within one year | 42/48 | €89,360 | €50,274 | -€39,086 | -43.7% |
| Current portion of amounts payable after more than one year | 42 | €2,672 | €0 | -€2,672 | -100.0% |
| Trade debts | 44 | €55,389 | €45,474 | -€9,915 | -17.9% |
| Suppliers | 440/4 | €55,389 | €45,474 | -€9,915 | -17.9% |
| Advances received on contracts in progress | 46 | €0 | - | = | |
| Taxes, remuneration and social security | 45 | €4,385 | €2,491 | -€1,894 | -43.2% |
| Taxes | 450/3 | €4,385 | €2,491 | -€1,894 | -43.2% |
| Other amounts payable | 47/48 | €26,914 | €2,309 | -€24,605 | -91.4% |
| Accrued charges and deferred income | 492/3 | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €9,303 | €4,044 | -€5,259 | -56.5% |
| Other operating charges | 640/8 | €1,075 | €630 | -€446 | -41.4% |
| Gross operating margin | 9900 | €23,822 | €4,825 | -€18,998 | -79.7% |
| Operating profit (loss) | 9901 | €13,444 | €151 | -€13,293 | -98.9% |
| Financial income | 75/76B | €5 | €189 | +€183 | +3603.9% |
| Recurring financial income | 75 | €5 | €189 | +€183 | +3603.9% |
| Financial charges | 65/66B | €148 | €152 | +€4 | +2.7% |
| Recurring financial charges | 65 | €148 | €152 | +€4 | +2.7% |
| Profit (loss) for the period before taxes | 9903 | €13,301 | €188 | -€13,113 | -98.6% |
| Profit (loss) for the period | 9904 | €13,301 | €188 | -€13,113 | -98.6% |
| Profit (loss) for the period to be appropriated | 9905 | €13,301 | €188 | -€13,113 | -98.6% |
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.