THECON: 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.
THECON
Largest movements
- Tangible fixed assets -€146,824
down €146,824 (-28.2%), from €521,112 to €374,288
of which Land and buildings: -€155,167
- Receivables within one year +€130,454
up €130,454 (+65.0%), from €200,820 to €331,274
of which Trade receivables: +€206,409
- Cash -€25,140
down €25,140 (-82.7%), from €30,383 to €5,243
mainly Receivables within one year (-€130,454) and Other debts (-€72,242)
- Other debts -€72,242
down €72,242 (-8.3%), from €868,584 to €796,341
- Profit (loss) carried forward +€45,210
up €45,210 (+24.3%), from -€185,685 to -€140,475
- Trade debts -€43,128
down €43,128 (-100.0%), from €43,128 to €0
- Accrued charges and deferred income +€23,902
up €23,902 (+192.2%), from €12,436 to €36,339
- Other operating charges +€72,146
up €72,146 (+378.4%), from €19,065 to €91,210
- Depreciation -€28,216
down €28,216 (-43.8%), from €64,427 to €36,211
- Gross operating margin +€3,331
up €3,331 (+1.9%), from €179,806 to €183,138
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.
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.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €757,063 | €710,805 | -€46,258 | -6.1% |
| Fixed assets | 21/28 | €521,112 | €374,288 | -€146,824 | -28.2% |
| Tangible fixed assets | 22/27 | €521,112 | €374,288 | -€146,824 | -28.2% |
| Land and buildings | 22 | €521,112 | €365,945 | -€155,167 | -29.8% |
| Furniture and vehicles | 24 | - | €8,343 | +€8,343 | |
| Current assets | 29/58 | €235,950 | €336,517 | +€100,567 | +42.6% |
| Amounts receivable within one year | 40/41 | €200,820 | €331,274 | +€130,454 | +65.0% |
| Trade receivables | 40 | €30,537 | €236,947 | +€206,409 | +675.9% |
| Other amounts receivable | 41 | €170,283 | €94,328 | -€75,955 | -44.6% |
| Cash at bank and in hand | 54/58 | €30,383 | €5,243 | -€25,140 | -82.7% |
| Deferred charges and accrued income | 490/1 | €4,748 | €0 | -€4,748 | -100.0% |
| Total equity and liabilities | 10/49 | €757,063 | €710,805 | -€46,258 | -6.1% |
| Equity | 10/15 | -€167,085 | -€121,875 | +€45,210 | +27.1% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€185,685 | -€140,475 | +€45,210 | +24.3% |
| Amounts payable | 17/49 | €924,147 | €832,680 | -€91,468 | -9.9% |
| Amounts payable within one year | 42/48 | €911,711 | €796,341 | -€115,370 | -12.7% |
| Trade debts | 44 | €43,128 | €0 | -€43,128 | -100.0% |
| Suppliers | 440/4 | €43,128 | €0 | -€43,128 | -100.0% |
| Other amounts payable | 47/48 | €868,584 | €796,341 | -€72,242 | -8.3% |
| Accrued charges and deferred income | 492/3 | €12,436 | €36,339 | +€23,902 | +192.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €64,427 | €36,211 | -€28,216 | -43.8% |
| Other operating charges | 640/8 | €19,065 | €91,210 | +€72,146 | +378.4% |
| Gross operating margin | 9900 | €179,806 | €183,138 | +€3,331 | +1.9% |
| Operating profit (loss) | 9901 | €96,315 | €55,716 | -€40,598 | -42.2% |
| Financial income | 75/76B | €1,668 | €2,075 | +€407 | +24.4% |
| Recurring financial income | 75 | €1,668 | €2,075 | +€407 | +24.4% |
| Financial charges | 65/66B | €12,179 | €12,582 | +€403 | +3.3% |
| Recurring financial charges | 65 | €12,179 | €12,582 | +€403 | +3.3% |
| Profit (loss) for the period before taxes | 9903 | €85,804 | €45,210 | -€40,594 | -47.3% |
| Profit (loss) for the period | 9904 | €85,804 | €45,210 | -€40,594 | -47.3% |
| Profit (loss) for the period to be appropriated | 9905 | €85,804 | €45,210 | -€40,594 | -47.3% |
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 29 September 2026 via checked.be.