THORMES: 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.
THORMES
Largest movements
- Stocks and contracts +€308,238
up €308,238 (+112%), from €274,819 to €583,057
- Tangible fixed assets -€85,149
down €85,149 (-63.4%), from €134,310 to €49,161
of which Furniture and vehicles: -€76,963
- Cash -€70,088
down €70,088 (-72.5%), from €96,656 to €26,569
mainly Contributions, distributions and other (-€519,822) and Stocks and contracts (-€308,238)
- Receivables after one year -€62,000
down €62,000 (-57.4%), from €108,000 to €46,000
- Receivables within one year +€23,344
up €23,344 (+95.5%), from €24,444 to €47,788
of which Trade receivables: +€32,036
- Reserves -€452,705
down €452,705 (-86.8%), from €521,682 to €68,977
of which Distributable reserves: -€452,705
- Other debts +€439,800
up €439,800 (+219,900%), from €200 to €440,000
- Debts after one year +€73,516
new in 2025: €73,516
- Advances received +€42,592
up €42,592 (+230%), from €18,528 to €61,120
- Trade debts -€33,900
down €33,900 (-48.4%), from €70,041 to €36,142
- Taxes +€9,602
up €9,602 (+50.6%), from €18,988 to €28,589
- Gross operating margin +€7,693
up €7,693 (+4.2%), from €181,435 to €189,128
- Other operating charges +€2,340
up €2,340 (+65.5%), from €3,574 to €5,914
- Staff costs +€2,101
up €2,101 (+3.1%), from €67,917 to €70,018
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 | €641,795 | €754,380 | +€112,585 | +17.5% |
| Fixed assets | 21/28 | €135,030 | €49,881 | -€85,149 | -63.1% |
| Tangible fixed assets | 22/27 | €134,310 | €49,161 | -€85,149 | -63.4% |
| Plant, machinery and equipment | 23 | €17,002 | €15,282 | -€1,720 | -10.1% |
| Furniture and vehicles | 24 | €79,846 | €2,883 | -€76,963 | -96.4% |
| Other tangible fixed assets | 26 | €37,462 | €30,996 | -€6,466 | -17.3% |
| Financial fixed assets | 28 | €720 | €720 | = | 0.0% |
| Current assets | 29/58 | €506,765 | €704,499 | +€197,734 | +39.0% |
| Amounts receivable after more than one year | 29 | €108,000 | €46,000 | -€62,000 | -57.4% |
| Other amounts receivable | 291 | €108,000 | €46,000 | -€62,000 | -57.4% |
| Stocks and contracts in progress | 3 | €274,819 | €583,057 | +€308,238 | +112% |
| Stocks | 30/36 | €274,819 | €583,057 | +€308,238 | +112% |
| Amounts receivable within one year | 40/41 | €24,444 | €47,788 | +€23,344 | +95.5% |
| Trade receivables | 40 | - | €32,036 | +€32,036 | |
| Other amounts receivable | 41 | €24,444 | €15,752 | -€8,693 | -35.6% |
| Cash at bank and in hand | 54/58 | €96,656 | €26,569 | -€70,088 | -72.5% |
| Deferred charges and accrued income | 490/1 | €2,845 | €1,086 | -€1,759 | -61.8% |
| Total equity and liabilities | 10/49 | €641,795 | €754,380 | +€112,585 | +17.5% |
| Equity | 10/15 | €540,282 | €87,577 | -€452,705 | -83.8% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €521,682 | €68,977 | -€452,705 | -86.8% |
| 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 | €519,822 | €67,117 | -€452,705 | -87.1% |
| Amounts payable | 17/49 | €101,512 | €666,803 | +€565,290 | +557% |
| Amounts payable after more than one year | 17 | - | €73,516 | +€73,516 | |
| Financial debts | 170/4 | - | €73,516 | +€73,516 | |
| Amounts payable within one year | 42/48 | €101,512 | €589,998 | +€488,486 | +481% |
| Current portion of amounts payable after more than one year | 42 | - | €20,087 | +€20,087 | |
| Trade debts | 44 | €70,041 | €36,142 | -€33,900 | -48.4% |
| Suppliers | 440/4 | €70,041 | €36,142 | -€33,900 | -48.4% |
| Advances received on contracts in progress | 46 | €18,528 | €61,120 | +€42,592 | +230% |
| Taxes, remuneration and social security | 45 | €12,743 | €32,649 | +€19,906 | +156% |
| Taxes | 450/3 | €4,940 | €24,595 | +€19,654 | +398% |
| Remuneration and social security | 454/9 | €7,803 | €8,055 | +€252 | +3.2% |
| Other amounts payable | 47/48 | €200 | €440,000 | +€439,800 | +219,900% |
| Accrued charges and deferred income | 492/3 | - | €3,289 | +€3,289 | |
| Remuneration, social security and pensions | 62 | €67,917 | €70,018 | +€2,101 | +3.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €18,533 | €19,017 | +€485 | +2.6% |
| Other operating charges | 640/8 | €3,574 | €5,914 | +€2,340 | +65.5% |
| Gross operating margin | 9900 | €181,435 | €189,128 | +€7,693 | +4.2% |
| Operating profit (loss) | 9901 | €91,412 | €94,179 | +€2,767 | +3.0% |
| Financial income | 75/76B | €2,703 | €2,006 | -€697 | -25.8% |
| Recurring financial income | 75 | €2,703 | €2,006 | -€697 | -25.8% |
| Financial charges | 65/66B | €543 | €478 | -€65 | -11.9% |
| Recurring financial charges | 65 | €543 | €478 | -€65 | -11.9% |
| Profit (loss) for the period before taxes | 9903 | €93,572 | €95,706 | +€2,134 | +2.3% |
| Income taxes | 67/77 | €18,988 | €28,589 | +€9,602 | +50.6% |
| Profit (loss) for the period | 9904 | €74,584 | €67,117 | -€7,467 | -10.0% |
| Profit (loss) for the period to be appropriated | 9905 | €74,584 | €67,117 | -€7,467 | -10.0% |
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 15 October 2026 via checked.be.