THORSON: 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.
THORSON
Largest movements
- Receivables within one year -€20,314
down €20,314 (-66.0%), from €30,798 to €10,484
of which Trade receivables: -€20,350
- Cash +€3,094
up €3,094 (+24480.9%), from €13 to €3,107
mainly Receivables within one year (+€20,314) and Net result for the year (+€4,638)
- Tangible fixed assets -€715
down €715 (-30.0%), from €2,383 to €1,669
of which Furniture and vehicles: -€390
- Other debts -€16,838
down €16,838 (-72.4%), from €23,258 to €6,421
- Profit (loss) carried forward +€4,638
up €4,638 (+6.9%), from -€67,015 to -€62,378
- Tax, wage and social debts -€4,379
no longer reported in 2025 (was €4,379)
- Trade debts -€3,705
down €3,705 (-31.2%), from €11,872 to €8,166
- Short-term financial debts +€2,161
up €2,161 (+18.1%), from €11,931 to €14,092
- Other operating charges -€4,697
down €4,697 (-97.7%), from €4,808 to €111
- Gross operating margin -€3,068
down €3,068 (-28.2%), from €10,895 to €7,827
- Depreciation -€1,651
down €1,651 (-69.8%), from €2,365 to €715
- Financial charges +€1,292
up €1,292 (+125.9%), from €1,026 to €2,318
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 | €33,274 | €15,260 | -€18,014 | -54.1% |
| Fixed assets | 21/28 | €2,463 | €1,669 | -€795 | -32.3% |
| Tangible fixed assets | 22/27 | €2,383 | €1,669 | -€715 | -30.0% |
| Plant, machinery and equipment | 23 | €1,994 | €1,669 | -€325 | -16.3% |
| Furniture and vehicles | 24 | €390 | - | -€390 | |
| Financial fixed assets | 28 | €80 | - | -€80 | |
| Current assets | 29/58 | €30,811 | €13,591 | -€17,219 | -55.9% |
| Amounts receivable within one year | 40/41 | €30,798 | €10,484 | -€20,314 | -66.0% |
| Trade receivables | 40 | €30,695 | €10,345 | -€20,350 | -66.3% |
| Other amounts receivable | 41 | €103 | €140 | +€37 | +35.4% |
| Cash at bank and in hand | 54/58 | €13 | €3,107 | +€3,094 | +24480.9% |
| Total equity and liabilities | 10/49 | €33,274 | €15,260 | -€18,014 | -54.1% |
| Equity | 10/15 | -€35,165 | -€30,528 | +€4,638 | +13.2% |
| Contributions | 10/11 | €6,500 | €6,500 | = | 0.0% |
| Outside capital | 11 | €6,500 | €6,500 | = | 0.0% |
| Other | 1109/19 | €6,500 | €6,500 | = | 0.0% |
| Reserves | 13 | €25,350 | €25,350 | = | 0.0% |
| Non-distributable reserves | 130/1 | €350 | €350 | = | 0.0% |
| Reserves not available under the articles | 1311 | €350 | €350 | = | 0.0% |
| Distributable reserves | 133 | €25,000 | €25,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€67,015 | -€62,378 | +€4,638 | +6.9% |
| Amounts payable | 17/49 | €68,439 | €45,788 | -€22,651 | -33.1% |
| Amounts payable after more than one year | 17 | €17,000 | €17,000 | = | 0.0% |
| Financial debts | 170/4 | €17,000 | €17,000 | = | 0.0% |
| Amounts payable within one year | 42/48 | €51,439 | €28,788 | -€22,651 | -44.0% |
| Financial debts | 43 | €11,931 | €14,092 | +€2,161 | +18.1% |
| Credit institutions | 430/8 | €11,931 | €14,092 | +€2,161 | +18.1% |
| Trade debts | 44 | €11,872 | €8,166 | -€3,705 | -31.2% |
| Suppliers | 440/4 | €11,872 | €8,166 | -€3,705 | -31.2% |
| Advances received on contracts in progress | 46 | - | €109 | +€109 | |
| Taxes, remuneration and social security | 45 | €4,379 | - | -€4,379 | |
| Remuneration and social security | 454/9 | €4,379 | - | -€4,379 | |
| Other amounts payable | 47/48 | €23,258 | €6,421 | -€16,838 | -72.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,365 | €715 | -€1,651 | -69.8% |
| Other operating charges | 640/8 | €4,808 | €111 | -€4,697 | -97.7% |
| Gross operating margin | 9900 | €10,895 | €7,827 | -€3,068 | -28.2% |
| Operating profit (loss) | 9901 | €3,721 | €7,002 | +€3,280 | +88.1% |
| Financial income | 75/76B | - | €16 | +€16 | |
| Recurring financial income | 75 | - | €16 | +€16 | |
| Financial charges | 65/66B | €1,026 | €2,318 | +€1,292 | +125.9% |
| Recurring financial charges | 65 | €1,026 | €2,318 | +€1,292 | +125.9% |
| Profit (loss) for the period before taxes | 9903 | €2,695 | €4,700 | +€2,004 | +74.4% |
| Income taxes | 67/77 | - | €62 | +€62 | |
| Profit (loss) for the period | 9904 | €2,695 | €4,638 | +€1,942 | +72.1% |
| Profit (loss) for the period to be appropriated | 9905 | €2,695 | €4,638 | +€1,942 | +72.1% |
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 1 October 2026 via checked.be.