Thorntree Holding: what changed
What changed
Thorntree Holding
NACE 64.210, Activities of holding companies
filed annual accounts (NBB)
Net result for the year
€65,357
2024 · €35,307+€30,051
Equity
-€57,948
2024 · -€123,306+€65,357
Cash
€2,699
2024 · €173+€2,526
Balance sheet total
€544,214
2024 · €173,584+€370,630
Largest movements
Assets
- Financial fixed assets +€447,005
up €447,005 (+14,614%), from €3,059 to €450,063
- Receivables within one year -€77,428
down €77,428 (-50.8%), from €152,359 to €74,931
of which Other amounts receivable: -€77,428
Equity and liabilities
- Debts after one year +€299,950
up €299,950 (+186%), from €161,550 to €461,500
- Profit (loss) carried forward +€65,357
up €65,357 (+50.5%), from -€129,506 to -€64,148
- Other debts +€19,034
up €19,034 (+29.7%), from €63,983 to €83,017
- Trade debts -€16,789
down €16,789 (-37.4%), from €44,853 to €28,064
Income statement
- Financial income +€150,377
up €150,377, from €0 to €150,377
- Other operating charges +€149,676
up €149,676 (+10,171%), from €1,472 to €151,147
- Gross operating margin +€31,769
up €31,769 (+45.5%), from €69,876 to €101,645
- Financial charges +€7,487
up €7,487 (+46.3%), from €16,155 to €23,642
- Taxes -€5,068
down €5,068 (-33.1%), from €15,317 to €10,248
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Result 2024
€35,307
Gross operating margin
+€31,769
Depreciation
-€0
Other operating charges
-€149,676
Financial income
+€150,377
Financial charges
-€7,487
Taxes
+€5,068
Result 2025
€65,357
raises the resultlowers the result
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
From operations
+€149,581
Investment
-€447,005
Financing
+€299,950
Cash 2024
€173
From operations (derived)
+€149,581
Net result for the year
+€65,357
Depreciation
+€1,626
Receivables within one year
+€77,428
Deferred charges and accrued income
-€154
Trade debts
-€16,789
Tax, wage and social debts
+€3,078
Other debts
+€19,034
Investment (derived)
-€447,005
Investment in fixed assets (net)
-€447,005
Financing
+€299,950
Debts after one year
+€299,950
Cash 2025
€2,699
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €173,584 | €544,214 | +€370,630 | +214% |
| Fixed assets | 21/28 | €19,517 | €464,895 | +€445,378 | +2,282% |
| Tangible fixed assets | 22/27 | €16,458 | €14,832 | -€1,626 | -9.9% |
| Plant, machinery and equipment | 23 | €16,458 | €14,832 | -€1,626 | -9.9% |
| Financial fixed assets | 28 | €3,059 | €450,063 | +€447,005 | +14,614% |
| Current assets | 29/58 | €154,067 | €79,319 | -€74,748 | -48.5% |
| Amounts receivable within one year | 40/41 | €152,359 | €74,931 | -€77,428 | -50.8% |
| Trade receivables | 40 | €0 | - | = | |
| Other amounts receivable | 41 | €152,359 | €74,931 | -€77,428 | -50.8% |
| Cash at bank and in hand | 54/58 | €173 | €2,699 | +€2,526 | +1,463% |
| Deferred charges and accrued income | 490/1 | €1,536 | €1,690 | +€154 | +10.1% |
| Total equity and liabilities | 10/49 | €173,584 | €544,214 | +€370,630 | +214% |
| Equity | 10/15 | -€123,306 | -€57,948 | +€65,357 | +53.0% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€129,506 | -€64,148 | +€65,357 | +50.5% |
| Amounts payable | 17/49 | €296,890 | €602,163 | +€305,273 | +103% |
| Amounts payable after more than one year | 17 | €161,550 | €461,500 | +€299,950 | +186% |
| Financial debts | 170/4 | €161,550 | €461,500 | +€299,950 | +186% |
| Amounts payable within one year | 42/48 | €135,340 | €140,663 | +€5,323 | +3.9% |
| Current portion of amounts payable after more than one year | 42 | €0 | - | = | |
| Trade debts | 44 | €44,853 | €28,064 | -€16,789 | -37.4% |
| Suppliers | 440/4 | €44,853 | €28,064 | -€16,789 | -37.4% |
| Taxes, remuneration and social security | 45 | €26,504 | €29,582 | +€3,078 | +11.6% |
| Taxes | 450/3 | €26,504 | €28,282 | +€1,778 | +6.7% |
| Remuneration and social security | 454/9 | €0 | €1,300 | +€1,300 | |
| Other amounts payable | 47/48 | €63,983 | €83,017 | +€19,034 | +29.7% |
| Non-recurring operating income | 76A | €39,669 | €0 | -€39,669 | -100% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,626 | €1,626 | +€0 | 0.0% |
| Other operating charges | 640/8 | €1,472 | €151,147 | +€149,676 | +10,171% |
| Gross operating margin | 9900 | €69,876 | €101,645 | +€31,769 | +45.5% |
| Operating profit (loss) | 9901 | €66,778 | -€51,129 | -€117,907 | |
| Financial income | 75/76B | €0 | €150,377 | +€150,377 | |
| Recurring financial income | 75 | €0 | €150,377 | +€150,377 | |
| Financial charges | 65/66B | €16,155 | €23,642 | +€7,487 | +46.3% |
| Recurring financial charges | 65 | €16,155 | €23,642 | +€7,487 | +46.3% |
| Profit (loss) for the period before taxes | 9903 | €50,623 | €75,606 | +€24,983 | +49.4% |
| Income taxes | 67/77 | €15,317 | €10,248 | -€5,068 | -33.1% |
| Profit (loss) for the period | 9904 | €35,307 | €65,357 | +€30,051 | +85.1% |
| Profit (loss) for the period to be appropriated | 9905 | €35,307 | €65,357 | +€30,051 | +85.1% |
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Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 3 November 2026 via checked.be.