THORÉ GEERT: 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.
THORÉ GEERT
Largest movements
- Current investments -€47,244
down €47,244 (-32.0%), from €147,575 to €100,331
- Receivables within one year -€46,749
down €46,749 (-50.9%), from €91,814 to €45,065
of which Other amounts receivable: -€47,145
- Financial fixed assets +€25,728
up €25,728 (+1,979%), from €1,300 to €27,028
- Cash +€22,165
up €22,165 (+233%), from €9,521 to €31,686
mainly Current investments (+€47,244) and Receivables within one year (+€46,749)
- Debts after one year -€33,672
down €33,672 (-16.9%), from €199,325 to €165,653
- Reserves -€15,002
down €15,002 (-4.3%), from €346,417 to €331,415
of which Distributable reserves: -€15,002
- Other debts +€10,685
up €10,685 (+1,283%), from €833 to €11,518
- Tax, wage and social debts +€9,617
up €9,617 (+248%), from €3,877 to €13,494
of which Taxes: +€5,573
- Current portion of long-term debt -€8,700
down €8,700 (-20.5%), from €42,372 to €33,672
- Gross operating margin -€27,274
down €27,274 (-25.3%), from €107,903 to €80,629
- Taxes -€8,371
down €8,371 (-35.8%), from €23,408 to €15,038
- Other operating charges +€3,080
up €3,080 (+284%), from €1,084 to €4,165
- Financial income -€1,323
down €1,323 (-21.0%), from €6,292 to €4,969
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.
Derived cash bridge
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 | €649,632 | €608,857 | -€40,775 | -6.3% |
| Fixed assets | 21/28 | €394,455 | €425,508 | +€31,053 | +7.9% |
| Tangible fixed assets | 22/27 | €393,155 | €398,479 | +€5,325 | +1.4% |
| Land and buildings | 22 | €338,753 | €358,672 | +€19,919 | +5.9% |
| Plant, machinery and equipment | 23 | €479 | €0 | -€479 | -100% |
| Furniture and vehicles | 24 | €53,922 | €39,807 | -€14,115 | -26.2% |
| Financial fixed assets | 28 | €1,300 | €27,028 | +€25,728 | +1,979% |
| Current assets | 29/58 | €255,177 | €183,349 | -€71,828 | -28.1% |
| Amounts receivable after more than one year | 29 | €1,000 | €1,000 | = | 0.0% |
| Other amounts receivable | 291 | €1,000 | €1,000 | = | 0.0% |
| Stocks and contracts in progress | 3 | €5,267 | €5,267 | = | 0.0% |
| Stocks | 30/36 | €5,267 | €5,267 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €91,814 | €45,065 | -€46,749 | -50.9% |
| Trade receivables | 40 | - | €395 | +€395 | |
| Other amounts receivable | 41 | €91,814 | €44,669 | -€47,145 | -51.3% |
| Current investments | 50/53 | €147,575 | €100,331 | -€47,244 | -32.0% |
| Cash at bank and in hand | 54/58 | €9,521 | €31,686 | +€22,165 | +233% |
| Total equity and liabilities | 10/49 | €649,632 | €608,857 | -€40,775 | -6.3% |
| Equity | 10/15 | €395,140 | €379,305 | -€15,835 | -4.0% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €346,417 | €331,415 | -€15,002 | -4.3% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €344,557 | €329,555 | -€15,002 | -4.4% |
| Profit (loss) carried forward | 14 | €36,323 | €35,490 | -€833 | -2.3% |
| Amounts payable | 17/49 | €254,491 | €229,552 | -€24,940 | -9.8% |
| Amounts payable after more than one year | 17 | €199,325 | €165,653 | -€33,672 | -16.9% |
| Financial debts | 170/4 | €199,325 | €165,653 | -€33,672 | -16.9% |
| Amounts payable within one year | 42/48 | €52,047 | €59,131 | +€7,085 | +13.6% |
| Current portion of amounts payable after more than one year | 42 | €42,372 | €33,672 | -€8,700 | -20.5% |
| Trade debts | 44 | €4,964 | €448 | -€4,517 | -91.0% |
| Suppliers | 440/4 | €4,964 | €448 | -€4,517 | -91.0% |
| Taxes, remuneration and social security | 45 | €3,877 | €13,494 | +€9,617 | +248% |
| Taxes | 450/3 | €3,877 | €9,451 | +€5,573 | +144% |
| Remuneration and social security | 454/9 | - | €4,043 | +€4,043 | |
| Other amounts payable | 47/48 | €833 | €11,518 | +€10,685 | +1,283% |
| Accrued charges and deferred income | 492/3 | €3,120 | €4,768 | +€1,648 | +52.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €21,272 | €21,408 | +€136 | +0.6% |
| Other operating charges | 640/8 | €1,084 | €4,165 | +€3,080 | +284% |
| Gross operating margin | 9900 | €107,903 | €80,629 | -€27,274 | -25.3% |
| Operating profit (loss) | 9901 | €85,546 | €55,057 | -€30,490 | -35.6% |
| Financial income | 75/76B | €6,292 | €4,969 | -€1,323 | -21.0% |
| Recurring financial income | 75 | €6,292 | €4,969 | -€1,323 | -21.0% |
| Financial charges | 65/66B | €9,862 | €9,093 | -€769 | -7.8% |
| Recurring financial charges | 65 | €9,862 | €9,093 | -€769 | -7.8% |
| Profit (loss) for the period before taxes | 9903 | €81,976 | €50,933 | -€31,043 | -37.9% |
| Income taxes | 67/77 | €23,408 | €15,038 | -€8,371 | -35.8% |
| Profit (loss) for the period | 9904 | €58,568 | €35,895 | -€22,673 | -38.7% |
| Profit (loss) for the period to be appropriated | 9905 | €58,568 | €35,895 | -€22,673 | -38.7% |
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 19 October 2026 via checked.be.