THORECALE: 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.
THORECALE
Largest movements
- Receivables within one year -€11,095
down €11,095 (-33.2%), from €33,407 to €22,312
of which Trade receivables: -€14,016
- Deferred charges and accrued income -€1,773
down €1,773 (-23.9%), from €7,411 to €5,638
- Cash -€717
down €717 (-18.8%), from €3,810 to €3,093
mainly Contributions, distributions and other (-€5,000) and Trade debts (-€4,482)
- Reserves -€8,853
down €8,853 (-37.3%), from €23,756 to €14,903
- Trade debts -€4,482
down €4,482 (-54.7%), from €8,199 to €3,717
- Tax, wage and social debts -€2,762
down €2,762 (-27.1%), from €10,191 to €7,429
of which Taxes: -€2,762
- Other debts +€2,290
new in 2025: €2,290
- Gross operating margin -€11,573
down €11,573 (-89.6%), from €12,910 to €1,337
- Taxes -€1,286
down €1,286 (-69.9%), from €1,841 to €555
- Financial charges -€175
down €175 (-4.7%), from €3,699 to €3,523
- Other operating charges +€157
up €157 (+19.3%), from €815 to €972
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 | €45,147 | €31,339 | -€13,807 | -30.6% |
| Fixed assets | 21/28 | €520 | €297 | -€223 | -42.9% |
| Tangible fixed assets | 22/27 | €520 | €297 | -€223 | -42.9% |
| Plant, machinery and equipment | 23 | €520 | €297 | -€223 | -42.9% |
| Furniture and vehicles | 24 | €0 | - | = | |
| Current assets | 29/58 | €44,627 | €31,043 | -€13,584 | -30.4% |
| Amounts receivable within one year | 40/41 | €33,407 | €22,312 | -€11,095 | -33.2% |
| Trade receivables | 40 | €32,376 | €18,360 | -€14,016 | -43.3% |
| Other amounts receivable | 41 | €1,031 | €3,952 | +€2,921 | +283.3% |
| Cash at bank and in hand | 54/58 | €3,810 | €3,093 | -€717 | -18.8% |
| Deferred charges and accrued income | 490/1 | €7,411 | €5,638 | -€1,773 | -23.9% |
| Total equity and liabilities | 10/49 | €45,147 | €31,339 | -€13,807 | -30.6% |
| Equity | 10/15 | €26,756 | €17,903 | -€8,853 | -33.1% |
| Contributions | 10/11 | €3,000 | €3,000 | = | 0.0% |
| Reserves | 13 | €23,756 | €14,903 | -€8,853 | -37.3% |
| Distributable reserves | 133 | €23,756 | €14,903 | -€8,853 | -37.3% |
| Profit (loss) carried forward | 14 | - | €0 | = | |
| Amounts payable | 17/49 | €18,390 | €13,436 | -€4,954 | -26.9% |
| Amounts payable within one year | 42/48 | €18,390 | €13,436 | -€4,954 | -26.9% |
| Trade debts | 44 | €8,199 | €3,717 | -€4,482 | -54.7% |
| Suppliers | 440/4 | €8,199 | €3,717 | -€4,482 | -54.7% |
| Taxes, remuneration and social security | 45 | €10,191 | €7,429 | -€2,762 | -27.1% |
| Taxes | 450/3 | €8,069 | €5,306 | -€2,762 | -34.2% |
| Remuneration and social security | 454/9 | €2,123 | €2,123 | = | 0.0% |
| Other amounts payable | 47/48 | - | €2,290 | +€2,290 | |
| Non-recurring operating income | 76A | €5,312 | €0 | -€5,312 | -100.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €223 | €223 | = | 0.0% |
| Other operating charges | 640/8 | €815 | €972 | +€157 | +19.3% |
| Gross operating margin | 9900 | €12,910 | €1,337 | -€11,573 | -89.6% |
| Operating profit (loss) | 9901 | €11,873 | €142 | -€11,731 | -98.8% |
| Financial income | 75/76B | €31 | €83 | +€52 | +164.9% |
| Recurring financial income | 75 | €31 | €83 | +€52 | +164.9% |
| Financial charges | 65/66B | €3,699 | €3,523 | -€175 | -4.7% |
| Recurring financial charges | 65 | €3,699 | €3,523 | -€175 | -4.7% |
| Profit (loss) for the period before taxes | 9903 | €8,205 | -€3,298 | -€11,504 | |
| Income taxes | 67/77 | €1,841 | €555 | -€1,286 | -69.9% |
| Profit (loss) for the period | 9904 | €6,364 | -€3,853 | -€10,217 | |
| Profit (loss) for the period to be appropriated | 9905 | €6,364 | -€3,853 | -€10,217 |
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 8 October 2026 via checked.be.