Thornton: 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.
Thornton
Largest movements
- Receivables within one year -€327,099
down €327,099 (-25.8%), from €1.3m to €941,736
of which Trade receivables: -€339,406
- Stocks and contracts -€269,925
down €269,925 (-12.2%), from €2.2m to €1.9m
- Tangible fixed assets +€166,548
up €166,548 (+48.5%), from €343,688 to €510,236
of which Other tangible fixed assets: +€155,439
- Trade debts -€385,673
down €385,673 (-33.2%), from €1.2m to €774,354
- Debts after one year -€163,885
no longer reported in 2025 (was €163,885)
- Reserves +€99,336
up €99,336 (+4.3%), from €2.3m to €2.4m
of which Distributable reserves: +€99,336
- Tax, wage and social debts +€47,276
up €47,276 (+26.4%), from €178,950 to €226,226
of which Remuneration and social security: +€47,128
- Staff costs +€94,148
up €94,148 (+10.0%), from €940,299 to €1.0m
- Financial income +€60,853
up €60,853 (+107.7%), from €56,481 to €117,333
- Gross operating margin +€34,722
up €34,722 (+2.5%), from €1.4m to €1.4m
- Depreciation +€28,703
up €28,703 (+34.3%), from €83,745 to €112,448
- Taxes +€28,578
up €28,578 (+37.5%), from €76,197 to €104,775
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 | €4,228,374 | €3,836,394 | -€391,980 | -9.3% |
| Fixed assets | 21/28 | €344,007 | €510,554 | +€166,548 | +48.4% |
| Tangible fixed assets | 22/27 | €343,688 | €510,236 | +€166,548 | +48.5% |
| Plant, machinery and equipment | 23 | €27,211 | €20,363 | -€6,848 | -25.2% |
| Furniture and vehicles | 24 | €188,247 | €206,203 | +€17,956 | +9.5% |
| Other tangible fixed assets | 26 | €128,230 | €283,670 | +€155,439 | +121.2% |
| Financial fixed assets | 28 | €318 | €318 | = | 0.0% |
| Current assets | 29/58 | €3,884,368 | €3,325,840 | -€558,528 | -14.4% |
| Stocks and contracts in progress | 3 | €2,217,777 | €1,947,852 | -€269,925 | -12.2% |
| Stocks | 30/36 | €2,217,777 | €1,947,852 | -€269,925 | -12.2% |
| Amounts receivable within one year | 40/41 | €1,268,836 | €941,736 | -€327,099 | -25.8% |
| Trade receivables | 40 | €1,099,230 | €759,824 | -€339,406 | -30.9% |
| Other amounts receivable | 41 | €169,606 | €181,912 | +€12,306 | +7.3% |
| Cash at bank and in hand | 54/58 | €370,910 | €405,862 | +€34,952 | +9.4% |
| Deferred charges and accrued income | 490/1 | €26,845 | €30,390 | +€3,545 | +13.2% |
| Total equity and liabilities | 10/49 | €4,228,374 | €3,836,394 | -€391,980 | -9.3% |
| Equity | 10/15 | €2,381,376 | €2,480,712 | +€99,336 | +4.2% |
| Contributions | 10/11 | €62,000 | €62,000 | = | 0.0% |
| Capital | 10 | €62,000 | €62,000 | = | 0.0% |
| Issued capital | 100 | €62,000 | €62,000 | = | 0.0% |
| Reserves | 13 | €2,319,376 | €2,418,712 | +€99,336 | +4.3% |
| Non-distributable reserves | 130/1 | €11,356 | €11,356 | = | 0.0% |
| Legal reserve | 130 | €6,200 | €6,200 | = | 0.0% |
| Other | 1319 | €5,156 | €5,156 | = | 0.0% |
| Tax-exempt reserves | 132 | €21,196 | €21,196 | = | 0.0% |
| Distributable reserves | 133 | €2,286,824 | €2,386,160 | +€99,336 | +4.3% |
| Amounts payable | 17/49 | €1,846,998 | €1,355,682 | -€491,316 | -26.6% |
| Amounts payable after more than one year | 17 | €163,885 | - | -€163,885 | |
| Financial debts | 170/4 | €163,885 | - | -€163,885 | |
| Amounts payable within one year | 42/48 | €1,673,354 | €1,346,380 | -€326,974 | -19.5% |
| Current portion of amounts payable after more than one year | 42 | €176,191 | €185,758 | +€9,567 | +5.4% |
| Trade debts | 44 | €1,160,027 | €774,354 | -€385,673 | -33.2% |
| Suppliers | 440/4 | €1,160,027 | €774,354 | -€385,673 | -33.2% |
| Advances received on contracts in progress | 46 | €8,186 | €10,041 | +€1,856 | +22.7% |
| Taxes, remuneration and social security | 45 | €178,950 | €226,226 | +€47,276 | +26.4% |
| Taxes | 450/3 | €10,223 | €10,371 | +€148 | +1.4% |
| Remuneration and social security | 454/9 | €168,727 | €215,855 | +€47,128 | +27.9% |
| Other amounts payable | 47/48 | €150,000 | €150,000 | = | 0.0% |
| Accrued charges and deferred income | 492/3 | €9,759 | €9,303 | -€457 | -4.7% |
| Non-recurring operating income | 76A | €36,742 | €17,209 | -€19,533 | -53.2% |
| Remuneration, social security and pensions | 62 | €940,299 | €1,034,447 | +€94,148 | +10.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €83,745 | €112,448 | +€28,703 | +34.3% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €5,242 | €2,208 | -€3,034 | -57.9% |
| Other operating charges | 640/8 | €19,880 | €15,736 | -€4,145 | -20.8% |
| Non-recurring operating charges | 66A | - | €2,482 | +€2,482 | |
| Gross operating margin | 9900 | €1,412,661 | €1,447,383 | +€34,722 | +2.5% |
| Operating profit (loss) | 9901 | €363,495 | €280,063 | -€83,432 | -23.0% |
| Financial income | 75/76B | €56,481 | €117,333 | +€60,853 | +107.7% |
| Recurring financial income | 75 | €56,481 | €117,333 | +€60,853 | +107.7% |
| Financial charges | 65/66B | €63,292 | €43,285 | -€20,007 | -31.6% |
| Recurring financial charges | 65 | €63,292 | €43,285 | -€20,007 | -31.6% |
| Profit (loss) for the period before taxes | 9903 | €356,684 | €354,111 | -€2,573 | -0.7% |
| Income taxes | 67/77 | €76,197 | €104,775 | +€28,578 | +37.5% |
| Profit (loss) for the period | 9904 | €280,486 | €249,336 | -€31,150 | -11.1% |
| Profit (loss) for the period to be appropriated | 9905 | €280,486 | €249,336 | -€31,150 | -11.1% |
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.