Melt the butter in a dutch oven over medium-high heat. Add the onion and mushrooms and cook, stirring occasionally, until most of the liquid from the mushrooms and onions has evaporated, about 15 minutes.
Stir in the flour, garlic, thyme, 1/2 tsp salt, and 1/4 tsp pepper until well combined.
Stir in the water, soy sauce, and bay leaf and bring to a boil.
Reduce heat to medium-low and simmer, stirring occasionally, for 15 minutes.
Stir in the heavy cream and cook, stirring often, until heated through, about 5 minutes.
Taste the soup and season with additional salt & pepper if necessary.