THELLO: 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.
THELLO
Largest movements
- Cash -€17,474
down €17,474 (-9.3%), from €187,222 to €169,748
mainly Tax, wage and social debts (-€25,712) and Investment in fixed assets (net) (-€11,088)
- Tangible fixed assets +€7,333
up €7,333 (+160.0%), from €4,584 to €11,917
of which Furniture and vehicles: +€8,424
- Receivables within one year +€5,362
up €5,362 (+58.6%), from €9,143 to €14,505
of which Trade receivables: +€2,767
- Reserves +€45,000
up €45,000 (+30.0%), from €150,000 to €195,000
- Tax, wage and social debts -€25,712
down €25,712 (-72.2%), from €35,626 to €9,914
of which Taxes: -€25,712
- Profit (loss) carried forward -€21,180
down €21,180 (-90.3%), from €23,466 to €2,286
- Gross operating margin -€64,965
down €64,965 (-61.4%), from €105,839 to €40,874
- Taxes -€19,076
down €19,076 (-58.9%), from €32,379 to €13,304
- Depreciation +€2,177
up €2,177 (+138.0%), from €1,578 to €3,755
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 | €250,386 | €247,109 | -€3,277 | -1.3% |
| Fixed assets | 21/28 | €4,584 | €11,917 | +€7,333 | +160.0% |
| Tangible fixed assets | 22/27 | €4,584 | €11,917 | +€7,333 | +160.0% |
| Plant, machinery and equipment | 23 | €2,735 | €1,644 | -€1,091 | -39.9% |
| Furniture and vehicles | 24 | €1,849 | €10,273 | +€8,424 | +455.6% |
| Current assets | 29/58 | €245,802 | €235,191 | -€10,611 | -4.3% |
| Stocks and contracts in progress | 3 | €48,363 | €49,897 | +€1,534 | +3.2% |
| Contracts in progress | 37 | €48,363 | €49,897 | +€1,534 | +3.2% |
| Amounts receivable within one year | 40/41 | €9,143 | €14,505 | +€5,362 | +58.6% |
| Trade receivables | 40 | €9,143 | €11,910 | +€2,767 | +30.3% |
| Other amounts receivable | 41 | - | €2,595 | +€2,595 | |
| Cash at bank and in hand | 54/58 | €187,222 | €169,748 | -€17,474 | -9.3% |
| Deferred charges and accrued income | 490/1 | €1,074 | €1,041 | -€33 | -3.1% |
| Total equity and liabilities | 10/49 | €250,386 | €247,109 | -€3,277 | -1.3% |
| Equity | 10/15 | €178,466 | €202,286 | +€23,820 | +13.3% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Reserves | 13 | €150,000 | €195,000 | +€45,000 | +30.0% |
| Distributable reserves | 133 | €150,000 | €195,000 | +€45,000 | +30.0% |
| Profit (loss) carried forward | 14 | €23,466 | €2,286 | -€21,180 | -90.3% |
| Amounts payable | 17/49 | €71,920 | €44,822 | -€27,098 | -37.7% |
| Amounts payable within one year | 42/48 | €70,775 | €44,822 | -€25,953 | -36.7% |
| Trade debts | 44 | €35,150 | €34,789 | -€361 | -1.0% |
| Suppliers | 440/4 | €35,150 | €34,789 | -€361 | -1.0% |
| Taxes, remuneration and social security | 45 | €35,626 | €9,914 | -€25,712 | -72.2% |
| Taxes | 450/3 | €35,626 | €9,914 | -€25,712 | -72.2% |
| Remuneration and social security | 454/9 | €0 | - | = | |
| Other amounts payable | 47/48 | €0 | €120 | +€120 | |
| Accrued charges and deferred income | 492/3 | €1,145 | €0 | -€1,145 | -100.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,578 | €3,755 | +€2,177 | +138.0% |
| Other operating charges | 640/8 | €1,265 | €1,215 | -€50 | -4.0% |
| Gross operating margin | 9900 | €105,839 | €40,874 | -€64,965 | -61.4% |
| Operating profit (loss) | 9901 | €102,996 | €35,905 | -€67,091 | -65.1% |
| Financial income | 75/76B | €1,280 | €1,330 | +€51 | +4.0% |
| Recurring financial income | 75 | €1,280 | €1,330 | +€51 | +4.0% |
| Financial charges | 65/66B | €116 | €111 | -€6 | -4.8% |
| Recurring financial charges | 65 | €116 | €111 | -€6 | -4.8% |
| Profit (loss) for the period before taxes | 9903 | €104,159 | €37,124 | -€67,035 | -64.4% |
| Income taxes | 67/77 | €32,379 | €13,304 | -€19,076 | -58.9% |
| Profit (loss) for the period | 9904 | €71,780 | €23,820 | -€47,960 | -66.8% |
| Profit (loss) for the period to be appropriated | 9905 | €71,780 | €23,820 | -€47,960 | -66.8% |
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.