THORSEC: 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.
THORSEC
Largest movements
- Receivables within one year -€26,190
down €26,190 (-56.9%), from €46,057 to €19,866
of which Trade receivables: -€28,520
- Cash -€12,270
down €12,270 (-30.2%), from €40,589 to €28,319
mainly Debts after one year (-€178,127) and Trade debts (-€10,039)
- Stocks and contracts +€7,528
up €7,528 (+102.6%), from €7,336 to €14,864
- Tangible fixed assets -€2,769
down €2,769 (-47.3%), from €5,852 to €3,083
- Debts after one year -€178,127
down €178,127 (-100.0%), from €178,127 to €0
- Other debts +€166,336
new in 2025: €166,336
- Trade debts -€10,039
down €10,039 (-56.0%), from €17,941 to €7,901
- Profit (loss) carried forward -€8,203
down €8,203 (-6.9%), from -€118,502 to -€126,705
- Tax, wage and social debts -€3,668
down €3,668 (-100.0%), from €3,668 to €0
- Gross operating margin -€47,212
down €47,212, from €42,115 to -€5,097
- Other operating charges -€6,926
down €6,926 (-88.4%), from €7,836 to €909
- Taxes -€2,468
new in 2025: -€2,468
- Depreciation +€540
up €540 (+15.1%), from €3,578 to €4,118
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 | €99,833 | €66,133 | -€33,701 | -33.8% |
| Fixed assets | 21/28 | €5,852 | €3,083 | -€2,769 | -47.3% |
| Tangible fixed assets | 22/27 | €5,852 | €3,083 | -€2,769 | -47.3% |
| Furniture and vehicles | 24 | €5,852 | €3,083 | -€2,769 | -47.3% |
| Current assets | 29/58 | €93,982 | €63,050 | -€30,932 | -32.9% |
| Stocks and contracts in progress | 3 | €7,336 | €14,864 | +€7,528 | +102.6% |
| Stocks | 30/36 | €7,336 | €14,864 | +€7,528 | +102.6% |
| Amounts receivable within one year | 40/41 | €46,057 | €19,866 | -€26,190 | -56.9% |
| Trade receivables | 40 | €46,057 | €17,536 | -€28,520 | -61.9% |
| Other amounts receivable | 41 | - | €2,330 | +€2,330 | |
| Cash at bank and in hand | 54/58 | €40,589 | €28,319 | -€12,270 | -30.2% |
| Total equity and liabilities | 10/49 | €99,833 | €66,133 | -€33,701 | -33.8% |
| Equity | 10/15 | -€99,902 | -€108,105 | -€8,203 | -8.2% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Outside capital | 11 | €18,600 | - | -€18,600 | |
| Other | 1109/19 | €18,600 | - | -€18,600 | |
| Profit (loss) carried forward | 14 | -€118,502 | -€126,705 | -€8,203 | -6.9% |
| Amounts payable | 17/49 | €199,735 | €174,238 | -€25,497 | -12.8% |
| Amounts payable after more than one year | 17 | €178,127 | €0 | -€178,127 | -100.0% |
| Financial debts | 170/4 | €178,127 | €0 | -€178,127 | -100.0% |
| Amounts payable within one year | 42/48 | €21,608 | €174,238 | +€152,630 | +706.4% |
| Trade debts | 44 | €17,941 | €7,901 | -€10,039 | -56.0% |
| Suppliers | 440/4 | €17,941 | €7,901 | -€10,039 | -56.0% |
| Taxes, remuneration and social security | 45 | €3,668 | €0 | -€3,668 | -100.0% |
| Taxes | 450/3 | €3,668 | €0 | -€3,668 | -100.0% |
| Other amounts payable | 47/48 | - | €166,336 | +€166,336 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €3,578 | €4,118 | +€540 | +15.1% |
| Other operating charges | 640/8 | €7,836 | €909 | -€6,926 | -88.4% |
| Gross operating margin | 9900 | €42,115 | -€5,097 | -€47,212 | |
| Operating profit (loss) | 9901 | €30,702 | -€10,124 | -€40,826 | |
| Financial income | 75/76B | €432 | €26 | -€406 | -94.0% |
| Recurring financial income | 75 | €432 | €26 | -€406 | -94.0% |
| Financial charges | 65/66B | €697 | €573 | -€124 | -17.8% |
| Recurring financial charges | 65 | €697 | €573 | -€124 | -17.8% |
| Profit (loss) for the period before taxes | 9903 | €30,437 | -€10,671 | -€41,108 | |
| Income taxes | 67/77 | - | -€2,468 | -€2,468 | |
| Profit (loss) for the period | 9904 | €30,437 | -€8,203 | -€38,640 | |
| Profit (loss) for the period to be appropriated | 9905 | €30,437 | -€8,203 | -€38,640 |
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.