Thorgal Management: 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.
Thorgal Management
Largest movements
- Current investments -€18,000
down €18,000 (-100%), from €18,000 to €0
- Receivables within one year +€10,914
new in 2025: €10,914
of which Trade receivables: +€5,914
- Tangible fixed assets +€2,899
up €2,899 (+56.5%), from €5,133 to €8,031
- Cash +€1,727
up €1,727 (+14.5%), from €11,893 to €13,621
mainly Current investments (+€18,000) and Depreciation (+€2,055)
- Profit (loss) carried forward -€1,696
down €1,696 (-14.7%), from €11,543 to €9,847
- Tax, wage and social debts -€1,038
down €1,038 (-8.8%), from €11,768 to €10,730
of which Remuneration and social security: -€2,000
- Other debts +€859
new in 2025: €859
- Gross operating margin -€14,817
down €14,817 (-80.2%), from €18,484 to €3,667
- Taxes -€4,145
down €4,145 (-93.6%), from €4,427 to €282
- Financial charges +€1,364
up €1,364 (+70.1%), from €1,947 to €3,311
- Depreciation +€963
up €963 (+88.2%), from €1,092 to €2,055
- Financial income +€700
up €700 (+133%), from €525 to €1,225
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 | €85,633 | €83,856 | -€1,777 | -2.1% |
| Fixed assets | 21/28 | €55,133 | €58,031 | +€2,899 | +5.3% |
| Tangible fixed assets | 22/27 | €5,133 | €8,031 | +€2,899 | +56.5% |
| Furniture and vehicles | 24 | €5,133 | €8,031 | +€2,899 | +56.5% |
| Financial fixed assets | 28 | €50,000 | €50,000 | = | 0.0% |
| Current assets | 29/58 | €30,501 | €25,825 | -€4,676 | -15.3% |
| Amounts receivable within one year | 40/41 | - | €10,914 | +€10,914 | |
| Trade receivables | 40 | - | €5,914 | +€5,914 | |
| Other amounts receivable | 41 | - | €5,000 | +€5,000 | |
| Current investments | 50/53 | €18,000 | €0 | -€18,000 | -100% |
| Cash at bank and in hand | 54/58 | €11,893 | €13,621 | +€1,727 | +14.5% |
| Deferred charges and accrued income | 490/1 | €607 | €1,291 | +€684 | +113% |
| Total equity and liabilities | 10/49 | €85,633 | €83,856 | -€1,777 | -2.1% |
| Equity | 10/15 | €16,543 | €14,847 | -€1,696 | -10.3% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €11,543 | €9,847 | -€1,696 | -14.7% |
| Amounts payable | 17/49 | €69,090 | €69,009 | -€81 | -0.1% |
| Amounts payable after more than one year | 17 | €55,000 | €55,000 | = | 0.0% |
| Financial debts | 170/4 | €55,000 | €55,000 | = | 0.0% |
| Amounts payable within one year | 42/48 | €12,166 | €12,086 | -€81 | -0.7% |
| Trade debts | 44 | €399 | €497 | +€98 | +24.5% |
| Suppliers | 440/4 | €399 | €497 | +€98 | +24.5% |
| Taxes, remuneration and social security | 45 | €11,768 | €10,730 | -€1,038 | -8.8% |
| Taxes | 450/3 | €9,768 | €10,730 | +€963 | +9.9% |
| Remuneration and social security | 454/9 | €2,000 | €0 | -€2,000 | -100% |
| Other amounts payable | 47/48 | - | €859 | +€859 | |
| Accrued charges and deferred income | 492/3 | €1,923 | €1,923 | = | 0.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,092 | €2,055 | +€963 | +88.2% |
| Other operating charges | 640/8 | - | €82 | +€82 | |
| Gross operating margin | 9900 | €18,484 | €3,667 | -€14,817 | -80.2% |
| Operating profit (loss) | 9901 | €17,392 | €1,530 | -€15,862 | -91.2% |
| Financial income | 75/76B | €525 | €1,225 | +€700 | +133% |
| Recurring financial income | 75 | €525 | €1,225 | +€700 | +133% |
| Financial charges | 65/66B | €1,947 | €3,311 | +€1,364 | +70.1% |
| Recurring financial charges | 65 | €1,947 | €3,311 | +€1,364 | +70.1% |
| Profit (loss) for the period before taxes | 9903 | €15,970 | -€556 | -€16,526 | |
| Income taxes | 67/77 | €4,427 | €282 | -€4,145 | -93.6% |
| Profit (loss) for the period | 9904 | €11,543 | -€837 | -€12,381 | |
| Profit (loss) for the period to be appropriated | 9905 | €11,543 | -€837 | -€12,381 |
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 31 October 2026 via checked.be.