THEGO: 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.
THEGO
Largest movements
- Receivables within one year +€19,455
up €19,455 (+708.9%), from €2,744 to €22,199
of which Trade receivables: +€18,318
- Tangible fixed assets -€5,794
down €5,794 (-67.4%), from €8,595 to €2,801
of which Furniture and vehicles: -€5,294
- Intangible fixed assets -€5,000
down €5,000 (-17.3%), from €28,901 to €23,901
- Cash -€2,247
down €2,247 (-76.4%), from €2,942 to €695
mainly Receivables within one year (-€19,455) and Debts after one year (-€9,795)
- Stocks and contracts -€1,592
down €1,592 (-45.0%), from €3,538 to €1,946
- Debts after one year -€9,795
down €9,795 (-52.6%), from €18,620 to €8,825
- Trade debts +€8,557
up €8,557 (+103.9%), from €8,238 to €16,795
- Accrued charges and deferred income +€2,600
up €2,600 (+101.0%), from €2,575 to €5,175
- Tax, wage and social debts +€1,766
up €1,766 (+82.4%), from €2,142 to €3,908
of which Remuneration and social security: +€1,766
- Other debts +€1,711
up €1,711 (+13.7%), from €12,481 to €14,192
- Gross operating margin -€2,558
down €2,558 (-9.4%), from €27,230 to €24,673
- Staff costs +€1,123
up €1,123 (+11.0%), from €10,249 to €11,372
- Depreciation -€913
down €913 (-7.8%), from €11,706 to €10,794
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 | €47,095 | €52,401 | +€5,306 | +11.3% |
| Fixed assets | 21/28 | €37,621 | €26,827 | -€10,794 | -28.7% |
| Intangible fixed assets | 21 | €28,901 | €23,901 | -€5,000 | -17.3% |
| Tangible fixed assets | 22/27 | €8,595 | €2,801 | -€5,794 | -67.4% |
| Plant, machinery and equipment | 23 | €2,480 | €1,980 | -€499 | -20.1% |
| Furniture and vehicles | 24 | €6,115 | €821 | -€5,294 | -86.6% |
| Financial fixed assets | 28 | €125 | €125 | = | 0.0% |
| Current assets | 29/58 | €9,474 | €25,574 | +€16,100 | +169.9% |
| Stocks and contracts in progress | 3 | €3,538 | €1,946 | -€1,592 | -45.0% |
| Stocks | 30/36 | €3,538 | €1,946 | -€1,592 | -45.0% |
| Amounts receivable within one year | 40/41 | €2,744 | €22,199 | +€19,455 | +708.9% |
| Trade receivables | 40 | €802 | €19,120 | +€18,318 | +2283.3% |
| Other amounts receivable | 41 | €1,942 | €3,079 | +€1,137 | +58.6% |
| Cash at bank and in hand | 54/58 | €2,942 | €695 | -€2,247 | -76.4% |
| Deferred charges and accrued income | 490/1 | €250 | €734 | +€484 | +193.3% |
| Total equity and liabilities | 10/49 | €47,095 | €52,401 | +€5,306 | +11.3% |
| Equity | 10/15 | -€6,580 | -€6,289 | +€292 | +4.4% |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€26,580 | -€26,289 | +€292 | +1.1% |
| Amounts payable | 17/49 | €53,675 | €58,690 | +€5,015 | +9.3% |
| Amounts payable after more than one year | 17 | €18,620 | €8,825 | -€9,795 | -52.6% |
| Financial debts | 170/4 | €18,620 | €8,825 | -€9,795 | -52.6% |
| Amounts payable within one year | 42/48 | €32,480 | €44,690 | +€12,210 | +37.6% |
| Current portion of amounts payable after more than one year | 42 | €9,619 | €9,795 | +€176 | +1.8% |
| Trade debts | 44 | €8,238 | €16,795 | +€8,557 | +103.9% |
| Suppliers | 440/4 | €8,238 | €16,795 | +€8,557 | +103.9% |
| Taxes, remuneration and social security | 45 | €2,142 | €3,908 | +€1,766 | +82.4% |
| Taxes | 450/3 | - | €0 | = | |
| Remuneration and social security | 454/9 | €2,142 | €3,908 | +€1,766 | +82.4% |
| Other amounts payable | 47/48 | €12,481 | €14,192 | +€1,711 | +13.7% |
| Accrued charges and deferred income | 492/3 | €2,575 | €5,175 | +€2,600 | +101.0% |
| Remuneration, social security and pensions | 62 | €10,249 | €11,372 | +€1,123 | +11.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €11,706 | €10,794 | -€913 | -7.8% |
| Other operating charges | 640/8 | €450 | €400 | -€50 | -11.1% |
| Gross operating margin | 9900 | €27,230 | €24,673 | -€2,558 | -9.4% |
| Operating profit (loss) | 9901 | €4,826 | €2,108 | -€2,718 | -56.3% |
| Financial income | 75/76B | €0 | €50 | +€50 | +45463.6% |
| Recurring financial income | 75 | €0 | €50 | +€50 | +45463.6% |
| Financial charges | 65/66B | €1,661 | €1,847 | +€186 | +11.2% |
| Recurring financial charges | 65 | €1,661 | €347 | -€1,314 | -79.1% |
| Non-recurring financial charges | 66B | - | €1,500 | +€1,500 | |
| Profit (loss) for the period before taxes | 9903 | €3,165 | €311 | -€2,854 | -90.2% |
| Income taxes | 67/77 | - | €125 | +€125 | |
| Profit (loss) for the period | 9904 | €3,165 | €186 | -€2,979 | -94.1% |
| Profit (loss) for the period to be appropriated | 9905 | €3,165 | €186 | -€2,979 | -94.1% |
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.