TH3O: 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.
TH3O
Largest movements
- Tangible fixed assets +€424,670
up €424,670 (+13,304%), from €3,192 to €427,862
of which Land and buildings: +€425,365
- Cash -€107,179
down €107,179 (-76.2%), from €140,683 to €33,504
mainly Investment in fixed assets (net) (-€428,592) and Receivables within one year (-€32,304)
- Receivables within one year +€32,304
up €32,304 (+413%), from €7,813 to €40,117
of which Trade receivables: +€32,304
- Debts after one year +€196,227
new in 2025: €196,227
- Reserves +€108,951
up €108,951 (+75.7%), from €144,009 to €252,959
- Other debts +€21,802
up €21,802 (+2,281%), from €956 to €22,758
- Current portion of long-term debt +€11,060
new in 2025: €11,060
- Tax, wage and social debts +€9,768
up €9,768 (+171%), from €5,724 to €15,491
- Gross operating margin +€111,966
up €111,966 (+180%), from €62,343 to €174,309
- Taxes +€28,095
up €28,095 (+167%), from €16,819 to €44,914
- Financial charges +€4,850
up €4,850 (+1,189%), from €408 to €5,258
- Other operating charges +€3,779
up €3,779 (+542%), from €697 to €4,475
- Depreciation +€3,639
up €3,639 (+1,286%), from €283 to €3,922
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.
Derived cash bridge
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 | €151,688 | €501,483 | +€349,795 | +231% |
| Fixed assets | 21/28 | €3,192 | €427,862 | +€424,670 | +13,304% |
| Tangible fixed assets | 22/27 | €3,192 | €427,862 | +€424,670 | +13,304% |
| Land and buildings | 22 | - | €425,365 | +€425,365 | |
| Furniture and vehicles | 24 | €3,192 | €2,497 | -€695 | -21.8% |
| Current assets | 29/58 | €148,496 | €73,621 | -€74,875 | -50.4% |
| Amounts receivable within one year | 40/41 | €7,813 | €40,117 | +€32,304 | +413% |
| Trade receivables | 40 | €632 | €32,936 | +€32,304 | +5,107% |
| Other amounts receivable | 41 | €7,181 | €7,181 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €140,683 | €33,504 | -€107,179 | -76.2% |
| Total equity and liabilities | 10/49 | €151,688 | €501,483 | +€349,795 | +231% |
| Equity | 10/15 | €145,009 | €253,959 | +€108,951 | +75.1% |
| Contributions | 10/11 | €1,000 | €1,000 | = | 0.0% |
| Reserves | 13 | €144,009 | €252,959 | +€108,951 | +75.7% |
| Distributable reserves | 133 | €144,009 | €252,959 | +€108,951 | +75.7% |
| Amounts payable | 17/49 | €6,679 | €247,524 | +€240,844 | +3,606% |
| Amounts payable after more than one year | 17 | - | €196,227 | +€196,227 | |
| Financial debts | 170/4 | - | €196,227 | +€196,227 | |
| Amounts payable within one year | 42/48 | €6,679 | €50,346 | +€43,667 | +654% |
| Current portion of amounts payable after more than one year | 42 | - | €11,060 | +€11,060 | |
| Trade debts | 44 | €0 | €1,037 | +€1,037 | |
| Suppliers | 440/4 | €0 | €1,037 | +€1,037 | |
| Taxes, remuneration and social security | 45 | €5,724 | €15,491 | +€9,768 | +171% |
| Taxes | 450/3 | €5,724 | €15,491 | +€9,768 | +171% |
| Other amounts payable | 47/48 | €956 | €22,758 | +€21,802 | +2,281% |
| Accrued charges and deferred income | 492/3 | - | €950 | +€950 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €283 | €3,922 | +€3,639 | +1,286% |
| Other operating charges | 640/8 | €697 | €4,475 | +€3,779 | +542% |
| Non-recurring operating charges | 66A | - | €6,789 | +€6,789 | |
| Gross operating margin | 9900 | €62,343 | €174,309 | +€111,966 | +180% |
| Operating profit (loss) | 9901 | €61,364 | €159,123 | +€97,759 | +159% |
| Financial charges | 65/66B | €408 | €5,258 | +€4,850 | +1,189% |
| Recurring financial charges | 65 | €408 | €5,258 | +€4,850 | +1,189% |
| Profit (loss) for the period before taxes | 9903 | €60,956 | €153,865 | +€92,909 | +152% |
| Income taxes | 67/77 | €16,819 | €44,914 | +€28,095 | +167% |
| Profit (loss) for the period | 9904 | €44,137 | €108,951 | +€64,814 | +147% |
| Profit (loss) for the period to be appropriated | 9905 | €44,137 | €108,951 | +€64,814 | +147% |
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 20 October 2026 via checked.be.