THCO: 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.
THCO
Largest movements
- Tangible fixed assets +€33,451
up €33,451 (+10.0%), from €335,795 to €369,246
of which Land and buildings: +€37,703
- Cash -€25,793
down €25,793 (-57.9%), from €44,542 to €18,749
mainly Investment in fixed assets (net) (-€58,087) and Net result for the year (-€30,056)
- Receivables within one year -€7,651
down €7,651 (-31.1%), from €24,585 to €16,934
of which Other amounts receivable: -€4,009
- Debts after one year +€36,787
up €36,787 (+13.3%), from €276,322 to €313,109
- Profit (loss) carried forward -€24,512
down €24,512, from €0 to -€24,512
- Trade debts -€15,198
down €15,198 (-85.1%), from €17,868 to €2,670
- Other debts +€8,015
up €8,015 (+962%), from €833 to €8,848
- Current portion of long-term debt +€7,049
up €7,049 (+40.0%), from €17,642 to €24,692
- Gross operating margin -€48,312
down €48,312 (-83.2%), from €58,095 to €9,782
- Taxes -€7,176
down €7,176 (-95.3%), from €7,530 to €354
- Depreciation +€5,578
up €5,578 (+29.3%), from €19,058 to €24,636
- Other operating charges +€3,787
up €3,787 (+104%), from €3,634 to €7,421
- Financial charges +€1,065
up €1,065 (+16.1%), from €6,611 to €7,676
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 | €407,456 | €407,203 | -€253 | -0.1% |
| Fixed assets | 21/28 | €335,795 | €369,246 | +€33,451 | +10.0% |
| Tangible fixed assets | 22/27 | €335,795 | €369,246 | +€33,451 | +10.0% |
| Land and buildings | 22 | €297,220 | €334,922 | +€37,703 | +12.7% |
| Plant, machinery and equipment | 23 | €1,112 | €818 | -€294 | -26.4% |
| Furniture and vehicles | 24 | €36,780 | €33,370 | -€3,410 | -9.3% |
| Other tangible fixed assets | 26 | €684 | €136 | -€547 | -80.0% |
| Current assets | 29/58 | €71,660 | €37,956 | -€33,704 | -47.0% |
| Amounts receivable within one year | 40/41 | €24,585 | €16,934 | -€7,651 | -31.1% |
| Trade receivables | 40 | €19,150 | €15,508 | -€3,642 | -19.0% |
| Other amounts receivable | 41 | €5,435 | €1,426 | -€4,009 | -73.8% |
| Cash at bank and in hand | 54/58 | €44,542 | €18,749 | -€25,793 | -57.9% |
| Deferred charges and accrued income | 490/1 | €2,533 | €2,273 | -€260 | -10.2% |
| Total equity and liabilities | 10/49 | €407,456 | €407,203 | -€253 | -0.1% |
| Equity | 10/15 | €77,428 | €47,372 | -€30,056 | -38.8% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €58,828 | €53,285 | -€5,544 | -9.4% |
| Non-distributable reserves | 130/1 | €1,860 | €0 | -€1,860 | -100% |
| Reserves not available under the articles | 1311 | €1,860 | €0 | -€1,860 | -100% |
| Distributable reserves | 133 | €56,968 | €53,285 | -€3,684 | -6.5% |
| Profit (loss) carried forward | 14 | €0 | -€24,512 | -€24,512 | |
| Amounts payable | 17/49 | €330,027 | €359,830 | +€29,803 | +9.0% |
| Amounts payable after more than one year | 17 | €276,322 | €313,109 | +€36,787 | +13.3% |
| Financial debts | 170/4 | €276,322 | €313,109 | +€36,787 | +13.3% |
| Amounts payable within one year | 42/48 | €53,705 | €46,721 | -€6,984 | -13.0% |
| Current portion of amounts payable after more than one year | 42 | €17,642 | €24,692 | +€7,049 | +40.0% |
| Financial debts | 43 | €314 | €99 | -€215 | -68.5% |
| Credit institutions | 430/8 | €314 | €99 | -€215 | -68.5% |
| Trade debts | 44 | €17,868 | €2,670 | -€15,198 | -85.1% |
| Suppliers | 440/4 | €17,868 | €2,670 | -€15,198 | -85.1% |
| Taxes, remuneration and social security | 45 | €17,047 | €10,412 | -€6,635 | -38.9% |
| Taxes | 450/3 | €17,047 | €10,412 | -€6,635 | -38.9% |
| Other amounts payable | 47/48 | €833 | €8,848 | +€8,015 | +962% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €19,058 | €24,636 | +€5,578 | +29.3% |
| Other operating charges | 640/8 | €3,634 | €7,421 | +€3,787 | +104% |
| Non-recurring operating charges | 66A | €12,791 | €0 | -€12,791 | -100% |
| Gross operating margin | 9900 | €58,095 | €9,782 | -€48,312 | -83.2% |
| Operating profit (loss) | 9901 | €22,612 | -€22,275 | -€44,887 | |
| Financial income | 75/76B | €24 | €249 | +€225 | +953% |
| Recurring financial income | 75 | €24 | €249 | +€225 | +953% |
| Financial charges | 65/66B | €6,611 | €7,676 | +€1,065 | +16.1% |
| Recurring financial charges | 65 | €6,611 | €7,676 | +€1,065 | +16.1% |
| Profit (loss) for the period before taxes | 9903 | €16,025 | -€29,702 | -€45,726 | |
| Income taxes | 67/77 | €7,530 | €354 | -€7,176 | -95.3% |
| Profit (loss) for the period | 9904 | €8,495 | -€30,056 | -€38,551 | |
| Profit (loss) for the period to be appropriated | 9905 | €8,495 | -€30,056 | -€38,551 |
Source: filed annual accounts (NBB), financial years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 25 October 2026 via checked.be.