THECO: 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.
THECO
Largest movements
- Cash -€412,344
down €412,344 (-49.2%), from €838,691 to €426,347
mainly Short-term financial debts (-€300,000) and Other debts (-€297,235)
- Stocks and contracts -€255,317
down €255,317 (-44.0%), from €579,968 to €324,651
- Receivables within one year +€146,810
up €146,810 (+71.6%), from €204,930 to €351,740
of which Trade receivables: +€146,801
- Tangible fixed assets -€27,423
down €27,423 (-20.3%), from €135,370 to €107,948
of which Furniture and vehicles: -€16,664
- Short-term financial debts -€300,000
no longer reported in 2025 (was €300,000)
- Other debts -€297,235
down €297,235 (-53.9%), from €551,962 to €254,726
- Reserves +€58,021
up €58,021 (+7.1%), from €822,979 to €881,000
- Trade debts -€25,170
down €25,170 (-100%), from €25,170 to €0
- Gross operating margin +€51,714
up €51,714 (+57.9%), from €89,323 to €141,037
- Taxes +€19,099
up €19,099 (+184%), from €10,379 to €29,479
- Financial income +€12,875
up €12,875 (+2,397%), from €537 to €13,412
- Financial charges +€8,389
up €8,389 (+74.0%), from €11,341 to €19,731
- Other operating charges -€1,725
down €1,725 (-37.6%), from €4,585 to €2,859
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 | €1,763,948 | €1,216,028 | -€547,919 | -31.1% |
| Fixed assets | 21/28 | €135,370 | €107,948 | -€27,423 | -20.3% |
| Intangible fixed assets | 21 | €0 | - | = | |
| Tangible fixed assets | 22/27 | €135,370 | €107,948 | -€27,423 | -20.3% |
| Plant, machinery and equipment | 23 | €15,910 | €11,464 | -€4,446 | -27.9% |
| Furniture and vehicles | 24 | €91,992 | €75,328 | -€16,664 | -18.1% |
| Other tangible fixed assets | 26 | €27,467 | €21,155 | -€6,312 | -23.0% |
| Current assets | 29/58 | €1,628,578 | €1,108,081 | -€520,497 | -32.0% |
| Stocks and contracts in progress | 3 | €579,968 | €324,651 | -€255,317 | -44.0% |
| Stocks | 30/36 | €579,968 | €324,651 | -€255,317 | -44.0% |
| Amounts receivable within one year | 40/41 | €204,930 | €351,740 | +€146,810 | +71.6% |
| Trade receivables | 40 | €204,782 | €351,583 | +€146,801 | +71.7% |
| Other amounts receivable | 41 | €148 | €157 | +€9 | +6.3% |
| Cash at bank and in hand | 54/58 | €838,691 | €426,347 | -€412,344 | -49.2% |
| Deferred charges and accrued income | 490/1 | €4,988 | €5,343 | +€354 | +7.1% |
| Total equity and liabilities | 10/49 | €1,763,948 | €1,216,028 | -€547,919 | -31.1% |
| Equity | 10/15 | €829,179 | €887,200 | +€58,021 | +7.0% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €822,979 | €881,000 | +€58,021 | +7.1% |
| Distributable reserves | 133 | €822,979 | €881,000 | +€58,021 | +7.1% |
| Amounts payable | 17/49 | €934,769 | €328,829 | -€605,940 | -64.8% |
| Amounts payable within one year | 42/48 | €934,769 | €328,829 | -€605,940 | -64.8% |
| Financial debts | 43 | €300,000 | - | -€300,000 | |
| Other loans | 439 | €300,000 | - | -€300,000 | |
| Trade debts | 44 | €25,170 | €0 | -€25,170 | -100% |
| Suppliers | 440/4 | €25,170 | €0 | -€25,170 | -100% |
| Taxes, remuneration and social security | 45 | €57,638 | €74,103 | +€16,465 | +28.6% |
| Taxes | 450/3 | €57,638 | €74,103 | +€16,465 | +28.6% |
| Other amounts payable | 47/48 | €551,962 | €254,726 | -€297,235 | -53.9% |
| Non-recurring operating income | 76A | - | €1,719 | +€1,719 | |
| Remuneration, social security and pensions | 62 | €0 | €8 | +€8 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €43,688 | €43,957 | +€269 | +0.6% |
| Other operating charges | 640/8 | €4,585 | €2,859 | -€1,725 | -37.6% |
| Non-recurring operating charges | 66A | - | €394 | +€394 | |
| Gross operating margin | 9900 | €89,323 | €141,037 | +€51,714 | +57.9% |
| Operating profit (loss) | 9901 | €41,050 | €93,818 | +€52,768 | +129% |
| Financial income | 75/76B | €537 | €13,412 | +€12,875 | +2,397% |
| Recurring financial income | 75 | €537 | €13,412 | +€12,875 | +2,397% |
| Financial charges | 65/66B | €11,341 | €19,731 | +€8,389 | +74.0% |
| Recurring financial charges | 65 | €11,341 | €19,731 | +€8,389 | +74.0% |
| Profit (loss) for the period before taxes | 9903 | €30,246 | €87,500 | +€57,254 | +189% |
| Income taxes | 67/77 | €10,379 | €29,479 | +€19,099 | +184% |
| Profit (loss) for the period | 9904 | €19,867 | €58,021 | +€38,154 | +192% |
| Profit (loss) for the period to be appropriated | 9905 | €19,867 | €58,021 | +€38,154 | +192% |
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 15 October 2026 via checked.be.