THOREM: 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.
THOREM
Largest movements
- Stocks and contracts +€127,827
up €127,827 (+41.9%), from €305,394 to €433,221
- Cash +€67,314
up €67,314 (+20.3%), from €332,094 to €399,408
mainly Other debts (+€348,610) and Net result for the year (+€301,427)
- Tangible fixed assets +€47,356
up €47,356 (+7.7%), from €618,154 to €665,509
of which Plant, machinery and equipment: +€50,321
- Receivables within one year +€22,104
up €22,104 (+15.5%), from €142,362 to €164,465
of which Trade receivables: +€18,563
- Other debts +€348,610
up €348,610 (+24072.5%), from €1,448 to €350,058
- Debts after one year -€84,439
down €84,439 (-50.4%), from €167,623 to €83,184
of which Financial debts: -€56,130
- Trade debts +€68,391
up €68,391 (+62.2%), from €109,932 to €178,323
- Reserves -€48,573
down €48,573 (-5.5%), from €882,209 to €833,636
- Tax, wage and social debts -€17,498
down €17,498 (-53.3%), from €32,821 to €15,324
of which Taxes: -€13,985
- Gross operating margin -€57,165
down €57,165 (-7.5%), from €766,361 to €709,195
- Depreciation +€45,609
up €45,609 (+29.3%), from €155,469 to €201,079
- Taxes -€26,473
down €26,473 (-22.0%), from €120,364 to €93,891
- Staff costs +€26,070
up €26,070 (+40.1%), from €65,055 to €91,125
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 | €1,402,633 | €1,667,000 | +€264,367 | +18.8% |
| Fixed assets | 21/28 | €618,154 | €665,509 | +€47,356 | +7.7% |
| Tangible fixed assets | 22/27 | €618,154 | €665,509 | +€47,356 | +7.7% |
| Plant, machinery and equipment | 23 | €546,225 | €596,545 | +€50,321 | +9.2% |
| Furniture and vehicles | 24 | €13,434 | €3,772 | -€9,661 | -71.9% |
| Other tangible fixed assets | 26 | €58,495 | €65,191 | +€6,696 | +11.4% |
| Current assets | 29/58 | €784,480 | €1,001,491 | +€217,012 | +27.7% |
| Stocks and contracts in progress | 3 | €305,394 | €433,221 | +€127,827 | +41.9% |
| Stocks | 30/36 | €305,394 | €433,221 | +€127,827 | +41.9% |
| Amounts receivable within one year | 40/41 | €142,362 | €164,465 | +€22,104 | +15.5% |
| Trade receivables | 40 | €122,616 | €141,179 | +€18,563 | +15.1% |
| Other amounts receivable | 41 | €19,745 | €23,286 | +€3,541 | +17.9% |
| Cash at bank and in hand | 54/58 | €332,094 | €399,408 | +€67,314 | +20.3% |
| Deferred charges and accrued income | 490/1 | €4,631 | €4,397 | -€234 | -5.0% |
| Total equity and liabilities | 10/49 | €1,402,633 | €1,667,000 | +€264,367 | +18.8% |
| Equity | 10/15 | €1,032,209 | €983,636 | -€48,573 | -4.7% |
| Contributions | 10/11 | €150,000 | €150,000 | = | 0.0% |
| Reserves | 13 | €882,209 | €833,636 | -€48,573 | -5.5% |
| Distributable reserves | 133 | €882,209 | €833,636 | -€48,573 | -5.5% |
| Profit (loss) carried forward | 14 | - | €0 | = | |
| Amounts payable | 17/49 | €370,425 | €683,364 | +€312,940 | +84.5% |
| Amounts payable after more than one year | 17 | €167,623 | €83,184 | -€84,439 | -50.4% |
| Financial debts | 170/4 | €139,314 | €83,184 | -€56,130 | -40.3% |
| Other amounts payable | 178/9 | €28,309 | €0 | -€28,309 | -100.0% |
| Amounts payable within one year | 42/48 | €198,279 | €599,835 | +€401,556 | +202.5% |
| Current portion of amounts payable after more than one year | 42 | €54,078 | €56,130 | +€2,052 | +3.8% |
| Trade debts | 44 | €109,932 | €178,323 | +€68,391 | +62.2% |
| Suppliers | 440/4 | €109,932 | €178,323 | +€68,391 | +62.2% |
| Taxes, remuneration and social security | 45 | €32,821 | €15,324 | -€17,498 | -53.3% |
| Taxes | 450/3 | €15,462 | €1,477 | -€13,985 | -90.4% |
| Remuneration and social security | 454/9 | €17,359 | €13,846 | -€3,513 | -20.2% |
| Other amounts payable | 47/48 | €1,448 | €350,058 | +€348,610 | +24072.5% |
| Accrued charges and deferred income | 492/3 | €4,523 | €346 | -€4,177 | -92.4% |
| Non-recurring operating income | 76A | - | €7,621 | +€7,621 | |
| Remuneration, social security and pensions | 62 | €65,055 | €91,125 | +€26,070 | +40.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €155,469 | €201,079 | +€45,609 | +29.3% |
| Other operating charges | 640/8 | €4,658 | €5,432 | +€774 | +16.6% |
| Non-recurring operating charges | 66A | - | €4,593 | +€4,593 | |
| Gross operating margin | 9900 | €766,361 | €709,195 | -€57,165 | -7.5% |
| Operating profit (loss) | 9901 | €541,178 | €406,967 | -€134,212 | -24.8% |
| Financial income | 75/76B | €2 | €1,965 | +€1,963 | +104982.4% |
| Recurring financial income | 75 | €2 | €1,965 | +€1,963 | +104982.4% |
| Financial charges | 65/66B | €19,730 | €13,613 | -€6,116 | -31.0% |
| Recurring financial charges | 65 | €19,730 | €13,613 | -€6,116 | -31.0% |
| Profit (loss) for the period before taxes | 9903 | €521,451 | €395,318 | -€126,132 | -24.2% |
| Income taxes | 67/77 | €120,364 | €93,891 | -€26,473 | -22.0% |
| Profit (loss) for the period | 9904 | €401,086 | €301,427 | -€99,659 | -24.8% |
| Profit (loss) for the period to be appropriated | 9905 | €401,086 | €301,427 | -€99,659 | -24.8% |
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.