Thorez Consulting: 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.
Thorez Consulting
Largest movements
- Financial fixed assets +€200,000
up €200,000 (+4,032%), from €4,960 to €204,960
- Cash -€128,224
down €128,224 (-64.2%), from €199,638 to €71,414
mainly Investment in fixed assets (net) (-€201,765) and Contributions, distributions and other (-€192,303)
- Current investments +€112,126
up €112,126 (+56.7%), from €197,806 to €309,932
- Receivables within one year -€18,740
down €18,740 (-24.3%), from €77,061 to €58,321
of which Other amounts receivable: -€39,142
- Debts after one year +€167,252
new in 2025: €167,252
- Reserves -€81,571
down €81,571 (-19.7%), from €414,249 to €332,678
of which Distributable reserves: -€81,571
- Accrued charges and deferred income +€29,471
up €29,471 (+86.5%), from €34,070 to €63,542
- Current portion of long-term debt +€26,103
new in 2025: €26,103
- Tax, wage and social debts +€14,877
up €14,877 (+65.2%), from €22,831 to €37,708
of which Taxes: +€15,233
- Gross operating margin +€45,329
up €45,329 (+44.8%), from €101,120 to €146,449
- Taxes +€20,300
up €20,300 (+67.8%), from €29,952 to €50,252
- Financial income +€9,291
up €9,291 (+53.7%), from €17,292 to €26,583
- Financial charges +€3,539
up €3,539 (+104%), from €3,399 to €6,939
of which Non-recurring financial charges: +€2,503
- Other operating charges -€3,149
down €3,149 (-70.2%), from €4,484 to €1,335
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 | €516,653 | €673,762 | +€157,110 | +30.4% |
| Fixed assets | 21/28 | €29,883 | €227,873 | +€197,990 | +663% |
| Tangible fixed assets | 22/27 | €24,923 | €22,913 | -€2,010 | -8.1% |
| Plant, machinery and equipment | 23 | €13,070 | €11,254 | -€1,816 | -13.9% |
| Furniture and vehicles | 24 | €4,809 | €3,729 | -€1,081 | -22.5% |
| Other tangible fixed assets | 26 | €7,044 | €7,931 | +€887 | +12.6% |
| Financial fixed assets | 28 | €4,960 | €204,960 | +€200,000 | +4,032% |
| Current assets | 29/58 | €486,769 | €445,889 | -€40,880 | -8.4% |
| Amounts receivable within one year | 40/41 | €77,061 | €58,321 | -€18,740 | -24.3% |
| Trade receivables | 40 | €28,173 | €48,575 | +€20,402 | +72.4% |
| Other amounts receivable | 41 | €48,888 | €9,746 | -€39,142 | -80.1% |
| Current investments | 50/53 | €197,806 | €309,932 | +€112,126 | +56.7% |
| Cash at bank and in hand | 54/58 | €199,638 | €71,414 | -€128,224 | -64.2% |
| Deferred charges and accrued income | 490/1 | €12,264 | €6,222 | -€6,042 | -49.3% |
| Total equity and liabilities | 10/49 | €516,653 | €673,762 | +€157,110 | +30.4% |
| Equity | 10/15 | €455,956 | €374,385 | -€81,571 | -17.9% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €414,249 | €332,678 | -€81,571 | -19.7% |
| Non-distributable reserves | 130/1 | - | €0 | = | |
| Reserves not available under the articles | 1311 | - | €0 | = | |
| Distributable reserves | 133 | €414,249 | €332,678 | -€81,571 | -19.7% |
| Profit (loss) carried forward | 14 | €35,507 | €35,507 | = | 0.0% |
| Amounts payable | 17/49 | €60,696 | €299,377 | +€238,681 | +393% |
| Amounts payable after more than one year | 17 | - | €167,252 | +€167,252 | |
| Financial debts | 170/4 | - | €167,252 | +€167,252 | |
| Amounts payable within one year | 42/48 | €26,626 | €68,584 | +€41,958 | +158% |
| Current portion of amounts payable after more than one year | 42 | - | €26,103 | +€26,103 | |
| Trade debts | 44 | €3,795 | €4,773 | +€977 | +25.8% |
| Suppliers | 440/4 | €3,795 | €4,773 | +€977 | +25.8% |
| Taxes, remuneration and social security | 45 | €22,831 | €37,708 | +€14,877 | +65.2% |
| Taxes | 450/3 | €22,475 | €37,708 | +€15,233 | +67.8% |
| Remuneration and social security | 454/9 | €356 | €0 | -€356 | -100% |
| Accrued charges and deferred income | 492/3 | €34,070 | €63,542 | +€29,471 | +86.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €3,683 | €3,775 | +€92 | +2.5% |
| Other operating charges | 640/8 | €4,484 | €1,335 | -€3,149 | -70.2% |
| Gross operating margin | 9900 | €101,120 | €146,449 | +€45,329 | +44.8% |
| Operating profit (loss) | 9901 | €92,953 | €141,339 | +€48,386 | +52.1% |
| Financial income | 75/76B | €17,292 | €26,583 | +€9,291 | +53.7% |
| Recurring financial income | 75 | €17,292 | €26,583 | +€9,291 | +53.7% |
| Financial charges | 65/66B | €3,399 | €6,939 | +€3,539 | +104% |
| Recurring financial charges | 65 | €3,399 | €4,436 | +€1,036 | +30.5% |
| Non-recurring financial charges | 66B | - | €2,503 | +€2,503 | |
| Profit (loss) for the period before taxes | 9903 | €106,845 | €160,984 | +€54,139 | +50.7% |
| Income taxes | 67/77 | €29,952 | €50,252 | +€20,300 | +67.8% |
| Profit (loss) for the period | 9904 | €76,893 | €110,732 | +€33,839 | +44.0% |
| Profit (loss) for the period to be appropriated | 9905 | €76,893 | €110,732 | +€33,839 | +44.0% |
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 17 October 2026 via checked.be.