THEOCO
InactiveFinancials · financial year 2025, micro format
Annual accounts 2025 filed on 23-06-2026 at the NBB all 5 filings
Turnover
≈ €190,000
Estimated: probably between €130,000 and €330,000
Total assets
€338,763▲ 4.6%
2024 · €323,983
Net result
€42,861▼ 19.8%
2024 · €53,434
Working capital
€327,353▲ 15.1%
2024 · €284,329
Multi-year overview
2021 to 2025, 5 financial yearsOperating result
€62,311
▼ 17.0%
2025
20212025
Net result
€42,861
▼ 19.8%
2025
20212025
Equity
€327,353
▲ 15.1%
2025
20212025
Total assets
€338,763
▲ 4.6%
2025
20212025
Debt
€11,410
▼ 71.1%
2025
20212025
Working capital
€327,353
▲ 15.1%
2025
20212025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20212022202320242025
Operating result€134,948-€87,833▼ 34.9%€102,200▲ 16.4%€75,049▼ 26.6%€62,311▼ 17.0%
Net result€92,741-€61,486▼ 33.7%€71,832▲ 16.8%€53,434▼ 25.6%€42,861▼ 19.8%
Equity€97,741-€159,227▲ 62.9%€231,059▲ 45.1%€284,492▲ 23.1%€327,353▲ 15.1%
Total assets€145,490-€232,025▲ 59.5%€293,316▲ 26.4%€323,983▲ 10.5%€338,763▲ 4.6%
Debt€47,748-€72,798▲ 52.5%€62,258▼ 14.5%€39,491▼ 36.6%€11,410▼ 71.1%
Working capital€96,809-€158,123▲ 63.3%€230,642▲ 45.9%€284,329▲ 23.3%€327,353▲ 15.1%
The operating result for 2025 is 17% lower than in 2024 and the lowest since 2021. It is the second fall in a row.
Turnover and EBIT margin are not published. The micro format does not require them. The turnover shown is an estimate from the gross margin.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Equity and liabilities €338,763
Equity
€327,353 ▲ 15.1%
Debt
€11,410 ▼ 71.1%
Debt's share of the balance-sheet total falls from 12.2% to 3.4%. Equity is higher and debt is lower.
Key figures and ratios
EBITDA
€62,311▼
2024 · €75,302
Cash flow
€42,861▼
2024 · €53,687
Current ratio
29.69▲
2024 · 8.20
Debt to equity
0.03▼
2024 · 0.14
ROE
13.1%▼
2024 · 18.8%
ROA
12.7%▼
2024 · 16.5%
Interest coverage
over 100▲
2024 · 78.37
Debt ≤ 1 year
€11,410▼
2024 · €39,491
Income taxes
€21,446▼
2024 · €22,488
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Investments
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | €1,367 | €695 | - | - | €25,768 |
| Intangible fixed assets | €1,759 | - | - | - | - |
| Financial fixed assets | €0 | - | - | - | - |
| Depreciation and write-downs of the year | €2,193 | €524 | €687 | €253 | €0 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Annual accounts
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €2,193 | €524 | €687 | €253 | €0 | ▼ 100% |
| Other operating charges640/8 | €2,988 | €1,019 | €1,183 | €1,403 | €1,417 | ▲ 1.0% |
| Gross operating margin9900 | €140,129 | €89,376 | €104,071 | €76,705 | €63,728 | ▼ 16.9% |
| Operating profit (loss)9901 | €134,948 | €87,833 | €102,200 | €75,049 | €62,311 | ▼ 17.0% |
| Financial income75/76B | - | €593 | €1,019 | €1,833 | €2,184 | ▲ 19.1% |
| Recurring financial income75 | - | €593 | €1,019 | €1,833 | €2,184 | ▲ 19.1% |
| Financial charges65/66B | €1,443 | €1,426 | €1,284 | €961 | €188 | ▼ 80.4% |
| Recurring financial charges65 | €1,443 | €1,426 | €1,284 | €961 | €188 | ▼ 80.4% |
| Profit (loss) for the period before taxes9903 | €133,504 | €87,000 | €101,936 | €75,921 | €64,307 | ▼ 15.3% |
| Income taxes67/77 | €40,763 | €25,514 | €30,104 | €22,488 | €21,446 | ▼ 4.6% |
| Profit (loss) for the period9904 | €92,741 | €61,486 | €71,832 | €53,434 | €42,861 | ▼ 19.8% |
| Profit (loss) for the period to be appropriated9905 | €92,741 | €61,486 | €71,832 | €53,434 | €42,861 | ▼ 19.8% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €145,490 | €232,025 | €293,316 | €323,983 | €338,763 | ▲ 4.6% |
| Fixed assets21/28 | €932 | €1,104 | €416 | €163 | €0 | ▼ 100% |
| Tangible fixed assets22/27 | €932 | €1,104 | €416 | €163 | €0 | ▼ 100% |
| Plant, machinery and equipment23 | €932 | €1,104 | €416 | €163 | €0 | ▼ 100% |
| Current assets29/58 | €144,557 | €230,922 | €292,900 | €323,820 | €338,763 | ▲ 4.6% |
| Amounts receivable within one year40/41 | €17,055 | €28,924 | €41,260 | €53,562 | €100,119 | ▲ 86.9% |
| Trade receivables40 | €13,613 | €12,100 | €12,705 | €7,623 | €46,186 | ▲ 506% |
| Other amounts receivable41 | €3,442 | €16,824 | €28,555 | €45,939 | €53,933 | ▲ 17.4% |
| Cash at bank and in hand54/58 | €127,270 | €201,948 | €251,587 | €270,258 | €238,180 | ▼ 11.9% |
| Deferred charges and accrued income490/1 | €232 | €49 | €53 | €0 | €464 | - |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €145,490 | €232,025 | €293,316 | €323,983 | €338,763 | ▲ 4.6% |
| Equity10/15 | €97,741 | €159,227 | €231,059 | €284,492 | €327,353 | ▲ 15.1% |
| Contributions10/11 | €5,000 | €5,000 | €5,000 | €5,000 | €5,000 | = |
| Reserves13 | €92,741 | €154,227 | €226,059 | €279,492 | €322,353 | ▲ 15.3% |
| Distributable reserves133 | €92,741 | €154,227 | €226,059 | €279,492 | €322,353 | ▲ 15.3% |
| Amounts payable17/49 | €47,748 | €72,798 | €62,258 | €39,491 | €11,410 | ▼ 71.1% |
| Amounts payable within one year42/48 | €47,748 | €72,798 | €62,258 | €39,491 | €11,410 | ▼ 71.1% |
| Trade debts44 | €271 | €582 | €424 | €225 | €682 | ▲ 204% |
| Suppliers440/4 | €271 | €582 | €424 | €225 | €682 | ▲ 204% |
| Taxes, remuneration and social security45 | €47,478 | €72,216 | €61,833 | €39,266 | €10,727 | ▼ 72.7% |
| Taxes450/3 | €47,478 | €72,216 | €61,833 | €39,266 | €10,727 | ▼ 72.7% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €92,741 | €61,486 | €71,832 | €53,434 | €42,861 | ▼ 19.8% |
| + Depreciation and write-downs630 | €2,193 | €524 | €687 | €253 | €0 | ▼ 100% |
| Operating cash flow (approximation) | €94,934 | €62,010 | €72,519 | €53,687 | €42,861 | ▼ 20.2% |
| Investment in fixed assets (approximation) | - | -€695 | €0 | €0 | €163 | - |
| Change in cash | - | €74,678 | €49,638 | €18,671 | -€32,078 | - |
A Belgian filing has no cash-flow statement. These rows are therefore an approximation, derived from the income statement and the balance-sheet moves.
Filings with the National Bank (5)
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | micro format | 23-06-2026 | 2026-00188277 | |
| 31-12-2024 | micro format | 27-06-2025 | 2025-00188776 | |
| 31-12-2023 | micro format | 24-06-2024 | 2024-00163708 | |
| 31-12-2022 | micro format | 20-06-2023 | 2023-00148627 | |
| 31-12-2021 | micro format | 27-06-2022 | 2022-20141011 |