Thosar: 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.
Thosar
Largest movements
- Receivables within one year +€37,640
up €37,640 (+44.2%), from €85,086 to €122,727
of which Other amounts receivable: +€38,010
- Tangible fixed assets -€10,643
down €10,643 (-22.4%), from €47,431 to €36,788
- Cash +€3,810
up €3,810 (+12.9%), from €29,556 to €33,366
mainly Net result for the year (+€48,707) and Depreciation (+€11,638)
- Reserves +€48,707
up €48,707 (+45.8%), from €106,376 to €155,083
of which Distributable reserves: +€48,707
- Tax, wage and social debts +€11,245
up €11,245 (+44.4%), from €25,337 to €36,582
- Debts after one year -€10,743
down €10,743 (-45.0%), from €23,889 to €13,145
- Current portion of long-term debt -€10,020
down €10,020 (-48.3%), from €20,763 to €10,743
- Trade debts -€8,121
down €8,121 (-61.9%), from €13,119 to €4,998
- Gross operating margin -€24,413
down €24,413 (-21.5%), from €113,368 to €88,954
- Taxes -€3,808
down €3,808 (-11.8%), from €32,292 to €28,484
- Financial income +€1,704
up €1,704 (+33.7%), from €5,052 to €6,757
- Depreciation +€1,561
up €1,561 (+15.5%), from €10,077 to €11,638
- Financial charges -€1,225
down €1,225 (-34.2%), from €3,583 to €2,358
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 | €291,694 | €322,761 | +€31,067 | +10.7% |
| Fixed assets | 21/28 | €47,431 | €36,788 | -€10,643 | -22.4% |
| Tangible fixed assets | 22/27 | €47,431 | €36,788 | -€10,643 | -22.4% |
| Furniture and vehicles | 24 | €47,431 | €36,788 | -€10,643 | -22.4% |
| Current assets | 29/58 | €244,263 | €285,973 | +€41,711 | +17.1% |
| Amounts receivable after more than one year | 29 | €125,000 | €125,000 | = | 0.0% |
| Other amounts receivable | 291 | €125,000 | €125,000 | = | 0.0% |
| Stocks and contracts in progress | 3 | €2,620 | €2,620 | = | 0.0% |
| Stocks | 30/36 | €2,620 | €2,620 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €85,086 | €122,727 | +€37,640 | +44.2% |
| Trade receivables | 40 | €46,666 | €46,296 | -€369 | -0.8% |
| Other amounts receivable | 41 | €38,421 | €76,430 | +€38,010 | +98.9% |
| Cash at bank and in hand | 54/58 | €29,556 | €33,366 | +€3,810 | +12.9% |
| Deferred charges and accrued income | 490/1 | €2,000 | €2,260 | +€260 | +13.0% |
| Total equity and liabilities | 10/49 | €291,694 | €322,761 | +€31,067 | +10.7% |
| Equity | 10/15 | €208,586 | €257,293 | +€48,707 | +23.4% |
| Contributions | 10/11 | €21,250 | €21,250 | = | 0.0% |
| Reserves | 13 | €106,376 | €155,083 | +€48,707 | +45.8% |
| Non-distributable reserves | 130/1 | €125 | €125 | = | 0.0% |
| Reserves not available under the articles | 1311 | €125 | €125 | = | 0.0% |
| Tax-exempt reserves | 132 | €2,500 | €2,500 | = | 0.0% |
| Distributable reserves | 133 | €103,751 | €152,458 | +€48,707 | +46.9% |
| Profit (loss) carried forward | 14 | €80,960 | €80,960 | = | 0.0% |
| Amounts payable | 17/49 | €83,108 | €65,469 | -€17,640 | -21.2% |
| Amounts payable after more than one year | 17 | €23,889 | €13,145 | -€10,743 | -45.0% |
| Financial debts | 170/4 | €23,889 | €13,145 | -€10,743 | -45.0% |
| Amounts payable within one year | 42/48 | €59,220 | €52,323 | -€6,896 | -11.6% |
| Current portion of amounts payable after more than one year | 42 | €20,763 | €10,743 | -€10,020 | -48.3% |
| Trade debts | 44 | €13,119 | €4,998 | -€8,121 | -61.9% |
| Suppliers | 440/4 | €13,119 | €4,998 | -€8,121 | -61.9% |
| Taxes, remuneration and social security | 45 | €25,337 | €36,582 | +€11,245 | +44.4% |
| Taxes | 450/3 | €25,337 | €36,582 | +€11,245 | +44.4% |
| Non-recurring operating income | 76A | €7,796 | €0 | -€7,796 | -100.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €10,077 | €11,638 | +€1,561 | +15.5% |
| Other operating charges | 640/8 | €3,561 | €4,524 | +€962 | +27.0% |
| Non-recurring operating charges | 66A | €12,378 | €0 | -€12,378 | -100.0% |
| Gross operating margin | 9900 | €113,368 | €88,954 | -€24,413 | -21.5% |
| Operating profit (loss) | 9901 | €87,352 | €72,793 | -€14,559 | -16.7% |
| Financial income | 75/76B | €5,052 | €6,757 | +€1,704 | +33.7% |
| Recurring financial income | 75 | €5,052 | €6,757 | +€1,704 | +33.7% |
| Financial charges | 65/66B | €3,583 | €2,358 | -€1,225 | -34.2% |
| Recurring financial charges | 65 | €3,583 | €2,358 | -€1,225 | -34.2% |
| Profit (loss) for the period before taxes | 9903 | €88,821 | €77,191 | -€11,630 | -13.1% |
| Income taxes | 67/77 | €32,292 | €28,484 | -€3,808 | -11.8% |
| Profit (loss) for the period | 9904 | €56,529 | €48,707 | -€7,822 | -13.8% |
| Profit (loss) for the period to be appropriated | 9905 | €56,529 | €48,707 | -€7,822 | -13.8% |
Source: filed annual accounts (NBB), financial years ended 31 March 2024 and 31 March 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 10 October 2026 via checked.be.