FC THB: 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.
What changed
FC THB
NACE 64.210, Activities of holding companies
fiscal year 2024 against 2025filed annual accounts (NBB)
Net result for the year
-€6.0m
2024 · €7.0m-€12.9m
Equity
€25.5m
2024 · €31.5m-€6.0m
Cash
€1.0m
2024 · €1.1m-€67,602
Balance sheet total
€44.7m
2024 · €49.2m-€4.5m
Largest movements
Assets
- Financial fixed assets -€5.9m
down €5.9m (-14.4%), from €41.4m to €35.5m
- Receivables within one year +€1.5m
up €1.5m (+22.1%), from €6.7m to €8.2m
of which Other amounts receivable: +€1.8m
Equity and liabilities
- Reserves -€5.9m
no longer reported in 2025 (was €5.9m)
- Other debts +€980,000
new in 2025: €980,000
- Current portion of long-term debt +€700,000
up €700,000 (+50.0%), from €1.4m to €2.1m
Income statement
- Financial income -€6.7m
down €6.7m (-93.0%), from €7.2m to €503,112
- Financial charges +€5.6m
up €5.6m (+561.9%), from €992,765 to €6.6m
of which Non-recurring financial charges: +€5.9m
- Turnover -€967,090
down €967,090 (-71.6%), from €1.4m to €384,517
- Services and other goods -€318,060
down €318,060 (-54.4%), from €585,122 to €267,062
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.
Result 2024
€7.0m
Turnover
-€967,090
Services and other goods
+€318,060
Other operating charges
+€148
Financial income
-€6.7m
Financial charges
-€5.6m
Result 2025
-€6.0m
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.
From operations
-€6.3m
Investment
+€5.9m
Financing
+€300,000
Cash 2024
€1.1m
From operations (derived)
-€6.3m
Net result for the year
-€6.0m
Receivables within one year
-€1.5m
Deferred charges and accrued income
-€1,331
Trade debts
+€17,578
Tax, wage and social debts
-€76,187
Other debts
+€980,000
Accrued charges and deferred income
+€202,133
Investment (derived)
+€5.9m
Investment in fixed assets (net)
+€5.9m
Financing
+€300,000
Debts after one year
-€400,000
Current portion of long-term debt
+€700,000
Cash 2025
€1.0m
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €49,232,267 | €44,703,318 | -€4.5m | -9.2% |
| Fixed assets | 21/28 | €41,397,343 | €35,452,628 | -€5.9m | -14.4% |
| Financial fixed assets | 28 | €41,397,343 | €35,452,628 | -€5.9m | -14.4% |
| Affiliated companies | 280/1 | €41,397,343 | €35,452,628 | -€5.9m | -14.4% |
| Participating interests | 280 | €41,397,343 | €35,452,628 | -€5.9m | -14.4% |
| Current assets | 29/58 | €7,834,924 | €9,250,690 | +€1.4m | +18.1% |
| Amounts receivable within one year | 40/41 | €6,718,694 | €8,200,731 | +€1.5m | +22.1% |
| Trade receivables | 40 | €408,694 | €79,497 | -€329,197 | -80.5% |
| Other amounts receivable | 41 | €6,310,000 | €8,121,234 | +€1.8m | +28.7% |
| Cash at bank and in hand | 54/58 | €1,114,181 | €1,046,579 | -€67,602 | -6.1% |
| Deferred charges and accrued income | 490/1 | €2,048 | €3,380 | +€1,331 | +65.0% |
| Total equity and liabilities | 10/49 | €49,232,267 | €44,703,318 | -€4.5m | -9.2% |
| Equity | 10/15 | €31,455,014 | €25,502,540 | -€6.0m | -18.9% |
| Contributions | 10/11 | €25,541,691 | €25,541,691 | = | 0.0% |
| Reserves | 13 | €5,913,323 | - | -€5.9m | |
| Distributable reserves | 133 | €5,913,323 | - | -€5.9m | |
| Profit (loss) carried forward | 14 | - | -€39,151 | -€39,151 | |
| Amounts payable | 17/49 | €17,777,253 | €19,200,778 | +€1.4m | +8.0% |
| Amounts payable after more than one year | 17 | €15,370,628 | €14,970,628 | -€400,000 | -2.6% |
| Financial debts | 170/4 | €15,370,628 | €14,970,628 | -€400,000 | -2.6% |
| Subordinated loans | 170 | €4,970,628 | €3,170,628 | -€1.8m | -36.2% |
| Credit institutions | 173 | €10,400,000 | €9,000,000 | -€1.4m | -13.5% |
| Other loans | 174 | - | €2,800,000 | +€2.8m | |
| Amounts payable within one year | 42/48 | €2,325,527 | €3,946,918 | +€1.6m | +69.7% |
| Current portion of amounts payable after more than one year | 42 | €1,400,000 | €2,100,000 | +€700,000 | +50.0% |
| Financial debts | 43 | €700,000 | €700,000 | = | 0.0% |
| Credit institutions | 430/8 | €700,000 | €700,000 | = | 0.0% |
| Trade debts | 44 | €149,340 | €166,918 | +€17,578 | +11.8% |
| Suppliers | 440/4 | €149,340 | €166,918 | +€17,578 | +11.8% |
| Taxes, remuneration and social security | 45 | €76,187 | - | -€76,187 | |
| Taxes | 450/3 | €76,187 | - | -€76,187 | |
| Other amounts payable | 47/48 | - | €980,000 | +€980,000 | |
| Accrued charges and deferred income | 492/3 | €81,099 | €283,232 | +€202,133 | +249.2% |
| Operating income | 70/76A | €1,351,607 | €384,517 | -€967,090 | -71.6% |
| Turnover | 70 | €1,351,607 | €384,517 | -€967,090 | -71.6% |
| Operating charges | 60/66A | €586,880 | €268,671 | -€318,208 | -54.2% |
| Services and other goods | 61 | €585,122 | €267,062 | -€318,060 | -54.4% |
| Other operating charges | 640/8 | €1,757 | €1,609 | -€148 | -8.4% |
| Operating profit (loss) | 9901 | €764,727 | €115,846 | -€648,881 | -84.9% |
| Financial income | 75/76B | €7,191,799 | €503,112 | -€6.7m | -93.0% |
| Recurring financial income | 75 | €7,191,799 | €503,112 | -€6.7m | -93.0% |
| Income from financial fixed assets | 750 | €7,000,000 | - | -€7.0m | |
| Income from current assets | 751 | €191,799 | €503,112 | +€311,312 | +162.3% |
| Financial charges | 65/66B | €992,765 | €6,571,432 | +€5.6m | +561.9% |
| Recurring financial charges | 65 | €992,765 | €626,716 | -€366,050 | -36.9% |
| Debt charges | 650 | €990,508 | €625,185 | -€365,322 | -36.9% |
| Other financial charges | 652/9 | €2,258 | €1,530 | -€727 | -32.2% |
| Non-recurring financial charges | 66B | - | €5,944,716 | +€5.9m | |
| Profit (loss) for the period before taxes | 9903 | €6,963,761 | -€5,952,474 | -€12.9m | |
| Profit (loss) for the period | 9904 | €6,963,761 | -€5,952,474 | -€12.9m | |
| Profit (loss) for the period to be appropriated | 9905 | €6,963,761 | -€5,952,474 | -€12.9m |
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.