THELCO: 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.
THELCO
Largest movements
- Receivables within one year -€65,293
down €65,293 (-80.1%), from €81,477 to €16,184
of which Trade receivables: -€60,055
- Tangible fixed assets +€31,252
up €31,252 (+27.6%), from €113,311 to €144,562
of which Leasing and similar rights: +€31,113
- Profit (loss) carried forward -€54,212
down €54,212 (-105%), from -€51,803 to -€106,015
- Debts after one year +€22,858
new in 2025: €22,858
- Current portion of long-term debt +€3,896
new in 2025: €3,896
- Tax, wage and social debts -€3,641
down €3,641 (-91.5%), from €3,978 to €337
- Short-term financial debts -€3,045
down €3,045 (-21.2%), from €14,366 to €11,321
- Gross operating margin -€79,153
down €79,153, from €36,785 to -€42,367
- Taxes -€3,609
down €3,609 (-99.0%), from €3,647 to €38
- Depreciation +€1,731
up €1,731 (+40.1%), from €4,313 to €6,044
- Other operating charges -€1,110
down €1,110 (-30.6%), from €3,627 to €2,517
- Financial charges -€1,052
down €1,052 (-24.5%), from €4,298 to €3,246
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 | €194,808 | €162,990 | -€31,818 | -16.3% |
| Fixed assets | 21/28 | €113,311 | €144,562 | +€31,252 | +27.6% |
| Intangible fixed assets | 21 | €0 | - | = | |
| Tangible fixed assets | 22/27 | €113,311 | €144,562 | +€31,252 | +27.6% |
| Land and buildings | 22 | €113,229 | €113,449 | +€220 | +0.2% |
| Plant, machinery and equipment | 23 | €82 | €0 | -€82 | -100% |
| Furniture and vehicles | 24 | €0 | €0 | = | |
| Leasing and similar rights | 25 | - | €31,113 | +€31,113 | |
| Current assets | 29/58 | €81,497 | €18,427 | -€63,070 | -77.4% |
| Amounts receivable within one year | 40/41 | €81,477 | €16,184 | -€65,293 | -80.1% |
| Trade receivables | 40 | €72,473 | €12,419 | -€60,055 | -82.9% |
| Other amounts receivable | 41 | €9,003 | €3,765 | -€5,238 | -58.2% |
| Cash at bank and in hand | 54/58 | €21 | €853 | +€832 | +3,999% |
| Deferred charges and accrued income | 490/1 | - | €1,390 | +€1,390 | |
| Total equity and liabilities | 10/49 | €194,808 | €162,990 | -€31,818 | -16.3% |
| Equity | 10/15 | €138,603 | €84,391 | -€54,212 | -39.1% |
| Contributions | 10/11 | €162,000 | €162,000 | = | 0.0% |
| Reserves | 13 | €28,406 | €28,406 | = | 0.0% |
| Non-distributable reserves | 130/1 | €16,200 | €16,200 | = | 0.0% |
| Reserves not available under the articles | 1311 | €16,200 | €16,200 | = | 0.0% |
| Tax-exempt reserves | 132 | €992 | €992 | = | 0.0% |
| Distributable reserves | 133 | €11,215 | €11,215 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€51,803 | -€106,015 | -€54,212 | -105% |
| Provisions and deferred taxes | 16 | €10,000 | €10,000 | = | 0.0% |
| Provisions for liabilities and charges | 160/5 | €10,000 | €10,000 | = | 0.0% |
| Pensions and similar obligations | 160 | €10,000 | €10,000 | = | 0.0% |
| Amounts payable | 17/49 | €46,205 | €68,599 | +€22,394 | +48.5% |
| Amounts payable after more than one year | 17 | - | €22,858 | +€22,858 | |
| Financial debts | 170/4 | - | €22,858 | +€22,858 | |
| Amounts payable within one year | 42/48 | €46,205 | €45,741 | -€464 | -1.0% |
| Current portion of amounts payable after more than one year | 42 | - | €3,896 | +€3,896 | |
| Financial debts | 43 | €14,366 | €11,321 | -€3,045 | -21.2% |
| Credit institutions | 430/8 | €14,366 | €11,321 | -€3,045 | -21.2% |
| Trade debts | 44 | €27,860 | €30,187 | +€2,327 | +8.4% |
| Suppliers | 440/4 | €27,860 | €30,187 | +€2,327 | +8.4% |
| Taxes, remuneration and social security | 45 | €3,978 | €337 | -€3,641 | -91.5% |
| Taxes | 450/3 | €3,978 | €337 | -€3,641 | -91.5% |
| Non-recurring operating income | 76A | - | €166 | +€166 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €4,313 | €6,044 | +€1,731 | +40.1% |
| Other operating charges | 640/8 | €3,627 | €2,517 | -€1,110 | -30.6% |
| Gross operating margin | 9900 | €36,785 | -€42,367 | -€79,153 | |
| Operating profit (loss) | 9901 | €28,845 | -€50,928 | -€79,774 | |
| Financial income | 75/76B | €129 | - | -€129 | |
| Recurring financial income | 75 | €129 | - | -€129 | |
| Financial charges | 65/66B | €4,298 | €3,246 | -€1,052 | -24.5% |
| Recurring financial charges | 65 | €4,298 | €3,246 | -€1,052 | -24.5% |
| Profit (loss) for the period before taxes | 9903 | €24,677 | -€54,174 | -€78,851 | |
| Income taxes | 67/77 | €3,647 | €38 | -€3,609 | -99.0% |
| Profit (loss) for the period | 9904 | €21,030 | -€54,212 | -€75,242 | |
| Profit (loss) for the period to be appropriated | 9905 | €21,030 | -€54,212 | -€75,242 |
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.