Thorosec: 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.
Thorosec
Largest movements
- Current investments +€14,155
up €14,155 (+64.3%), from €22,006 to €36,161
- Tangible fixed assets -€12,799
down €12,799 (-60.7%), from €21,083 to €8,284
of which Furniture and vehicles: -€14,075
- Cash -€11,402
down €11,402 (-46.7%), from €24,428 to €13,027
mainly Contributions, distributions and other (-€31,765) and Current investments (-€14,155)
- Receivables within one year +€3,562
up €3,562 (+23.9%), from €14,882 to €18,444
of which Other amounts receivable: +€2,377
- Reserves -€26,718
down €26,718 (-38.8%), from €68,822 to €42,105
- Other debts +€17,065
up €17,065 (+8078.6%), from €211 to €17,276
- Current portion of long-term debt -€6,558
down €6,558 (-100.0%), from €6,558 to €0
- Trade debts +€6,343
up €6,343 (+1178.5%), from €538 to €6,882
- Tax, wage and social debts +€3,602
up €3,602 (+73.5%), from €4,903 to €8,505
- Depreciation +€3,483
up €3,483 (+27.9%), from €12,480 to €15,963
- Gross operating margin +€813
up €813 (+3.4%), from €23,754 to €24,567
- Financial charges -€428
down €428 (-75.9%), from €564 to €136
- Financial income -€359
down €359 (-69.7%), from €514 to €156
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 | €83,572 | €77,542 | -€6,031 | -7.2% |
| Fixed assets | 21/28 | €21,158 | €8,359 | -€12,799 | -60.5% |
| Tangible fixed assets | 22/27 | €21,083 | €8,284 | -€12,799 | -60.7% |
| Plant, machinery and equipment | 23 | €386 | €1,662 | +€1,276 | +330.7% |
| Furniture and vehicles | 24 | €20,697 | €6,622 | -€14,075 | -68.0% |
| Financial fixed assets | 28 | €75 | €75 | = | 0.0% |
| Current assets | 29/58 | €62,415 | €69,183 | +€6,768 | +10.8% |
| Amounts receivable after more than one year | 29 | €0 | - | = | |
| Trade receivables | 290 | €0 | - | = | |
| Amounts receivable within one year | 40/41 | €14,882 | €18,444 | +€3,562 | +23.9% |
| Trade receivables | 40 | €14,812 | €15,997 | +€1,185 | +8.0% |
| Other amounts receivable | 41 | €69 | €2,446 | +€2,377 | +3434.5% |
| Current investments | 50/53 | €22,006 | €36,161 | +€14,155 | +64.3% |
| Cash at bank and in hand | 54/58 | €24,428 | €13,027 | -€11,402 | -46.7% |
| Deferred charges and accrued income | 490/1 | €1,099 | €1,552 | +€453 | +41.2% |
| Total equity and liabilities | 10/49 | €83,572 | €77,542 | -€6,031 | -7.2% |
| Equity | 10/15 | €71,322 | €44,605 | -€26,718 | -37.5% |
| Contributions | 10/11 | €2,500 | €2,500 | = | 0.0% |
| Reserves | 13 | €68,822 | €42,105 | -€26,718 | -38.8% |
| Distributable reserves | 133 | €68,822 | €42,105 | -€26,718 | -38.8% |
| Profit (loss) carried forward | 14 | - | €0 | = | |
| Amounts payable | 17/49 | €12,250 | €32,937 | +€20,687 | +168.9% |
| Amounts payable after more than one year | 17 | €0 | - | = | |
| Financial debts | 170/4 | €0 | - | = | |
| Amounts payable within one year | 42/48 | €12,250 | €32,937 | +€20,687 | +168.9% |
| Current portion of amounts payable after more than one year | 42 | €6,558 | €0 | -€6,558 | -100.0% |
| Financial debts | 43 | €40 | €274 | +€234 | +589.6% |
| Credit institutions | 430/8 | €40 | €114 | +€74 | +186.9% |
| Other loans | 439 | - | €160 | +€160 | |
| Trade debts | 44 | €538 | €6,882 | +€6,343 | +1178.5% |
| Suppliers | 440/4 | €538 | €6,882 | +€6,343 | +1178.5% |
| Taxes, remuneration and social security | 45 | €4,903 | €8,505 | +€3,602 | +73.5% |
| Taxes | 450/3 | €4,903 | €8,505 | +€3,602 | +73.5% |
| Other amounts payable | 47/48 | €211 | €17,276 | +€17,065 | +8078.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €12,480 | €15,963 | +€3,483 | +27.9% |
| Other operating charges | 640/8 | €1,108 | €935 | -€173 | -15.6% |
| Gross operating margin | 9900 | €23,754 | €24,567 | +€813 | +3.4% |
| Operating profit (loss) | 9901 | €10,165 | €7,669 | -€2,497 | -24.6% |
| Financial income | 75/76B | €514 | €156 | -€359 | -69.7% |
| Recurring financial income | 75 | €514 | €156 | -€359 | -69.7% |
| Financial charges | 65/66B | €564 | €136 | -€428 | -75.9% |
| Recurring financial charges | 65 | €564 | €136 | -€428 | -75.9% |
| Profit (loss) for the period before taxes | 9903 | €10,116 | €7,688 | -€2,428 | -24.0% |
| Income taxes | 67/77 | €2,810 | €2,641 | -€168 | -6.0% |
| Profit (loss) for the period | 9904 | €7,306 | €5,047 | -€2,259 | -30.9% |
| Profit (loss) for the period to be appropriated | 9905 | €7,306 | €5,047 | -€2,259 | -30.9% |
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 9 October 2026 via checked.be.