ThorCo: what changed
Two fiscal 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.
ThorCo
Largest movements
- Receivables after one year +€118,985
new in 2025: €118,985
- Financial fixed assets -€107,000
down €107,000 (-99.9%), from €107,150 to €150
- Receivables within one year -€29,104
down €29,104 (-98.9%), from €29,417 to €313
of which Trade receivables: -€29,104
- Deferred charges and accrued income -€7,676
down €7,676 (-100.0%), from €7,676 to €0
- Tax, wage and social debts -€16,044
down €16,044 (-37.2%), from €43,186 to €27,142
of which Taxes: -€12,544
- Trade debts -€14,419
down €14,419 (-96.7%), from €14,918 to €499
- Other debts +€13,479
up €13,479, from €0 to €13,479
- Profit (loss) carried forward -€3,849
down €3,849 (-33.1%), from €11,614 to €7,766
- Short-term financial debts -€3,478
down €3,478 (-100.0%), from €3,478 to €0
- Gross operating margin -€67,062
down €67,062 (-95.6%), from €70,170 to €3,108
- Taxes -€17,742
down €17,742 (-83.9%), from €21,156 to €3,414
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 | €145,387 | €121,076 | -€24,311 | -16.7% |
| Fixed assets | 21/28 | €108,277 | €1,704 | -€106,573 | -98.4% |
| Tangible fixed assets | 22/27 | €1,127 | €1,554 | +€428 | +37.9% |
| Plant, machinery and equipment | 23 | €721 | €1,222 | +€502 | +69.6% |
| Furniture and vehicles | 24 | €406 | €332 | -€74 | -18.3% |
| Financial fixed assets | 28 | €107,150 | €150 | -€107,000 | -99.9% |
| Current assets | 29/58 | €37,110 | €119,372 | +€82,261 | +221.7% |
| Amounts receivable after more than one year | 29 | - | €118,985 | +€118,985 | |
| Other amounts receivable | 291 | - | €118,985 | +€118,985 | |
| Amounts receivable within one year | 40/41 | €29,417 | €313 | -€29,104 | -98.9% |
| Trade receivables | 40 | €29,104 | €0 | -€29,104 | -100.0% |
| Other amounts receivable | 41 | €313 | €313 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €18 | €73 | +€55 | +315.5% |
| Deferred charges and accrued income | 490/1 | €7,676 | €0 | -€7,676 | -100.0% |
| Total equity and liabilities | 10/49 | €145,387 | €121,076 | -€24,311 | -16.7% |
| Equity | 10/15 | €83,805 | €79,956 | -€3,849 | -4.6% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €59,791 | €59,791 | = | 0.0% |
| Distributable reserves | 133 | €59,791 | €59,791 | = | 0.0% |
| Profit (loss) carried forward | 14 | €11,614 | €7,766 | -€3,849 | -33.1% |
| Amounts payable | 17/49 | €61,582 | €41,120 | -€20,462 | -33.2% |
| Amounts payable within one year | 42/48 | €61,582 | €41,120 | -€20,462 | -33.2% |
| Financial debts | 43 | €3,478 | €0 | -€3,478 | -100.0% |
| Credit institutions | 430/8 | €3,478 | €0 | -€3,478 | -100.0% |
| Trade debts | 44 | €14,918 | €499 | -€14,419 | -96.7% |
| Suppliers | 440/4 | €14,918 | €499 | -€14,419 | -96.7% |
| Taxes, remuneration and social security | 45 | €43,186 | €27,142 | -€16,044 | -37.2% |
| Taxes | 450/3 | €39,686 | €27,142 | -€12,544 | -31.6% |
| Remuneration and social security | 454/9 | €3,500 | €0 | -€3,500 | -100.0% |
| Other amounts payable | 47/48 | €0 | €13,479 | +€13,479 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €502 | €770 | +€268 | +53.4% |
| Other operating charges | 640/8 | €2,475 | €2,138 | -€337 | -13.6% |
| Gross operating margin | 9900 | €70,170 | €3,108 | -€67,062 | -95.6% |
| Operating profit (loss) | 9901 | €67,192 | €200 | -€66,993 | -99.7% |
| Financial income | 75/76B | €510 | €179 | -€332 | -65.0% |
| Recurring financial income | 75 | €510 | €179 | -€332 | -65.0% |
| Financial charges | 65/66B | €1,090 | €813 | -€277 | -25.4% |
| Recurring financial charges | 65 | €1,090 | €813 | -€277 | -25.4% |
| Profit (loss) for the period before taxes | 9903 | €66,613 | -€435 | -€67,048 | |
| Income taxes | 67/77 | €21,156 | €3,414 | -€17,742 | -83.9% |
| Profit (loss) for the period | 9904 | €45,457 | -€3,849 | -€49,305 | |
| Profit (loss) for the period to be appropriated | 9905 | €45,457 | -€3,849 | -€49,305 |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 3 October 2026 via checked.be.