THELOU: 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.
THELOU
Largest movements
- Intangible fixed assets -€12,099
down €12,099 (-14.3%), from €84,694 to €72,595
- Tangible fixed assets -€7,639
down €7,639 (-10.6%), from €72,371 to €64,732
of which Land and buildings: -€7,398
- Debts after one year -€9,388
down €9,388 (-34.3%), from €27,361 to €17,973
- Reserves +€9,283
up €9,283 (+11.0%), from €84,047 to €93,330
of which Distributable reserves: +€9,283
- Trade debts -€8,485
down €8,485 (-51.0%), from €16,640 to €8,155
- Tax, wage and social debts -€7,002
down €7,002 (-62.8%), from €11,159 to €4,157
of which Taxes: -€6,963
- Other debts -€4,838
down €4,838 (-18.0%), from €26,940 to €22,102
- Gross operating margin -€12,905
down €12,905 (-20.7%), from €62,258 to €49,353
- Taxes -€4,973
down €4,973 (-38.9%), from €12,798 to €7,826
- Depreciation +€3,745
up €3,745 (+23.4%), from €15,993 to €19,738
- Financial charges -€1,996
down €1,996 (-35.5%), from €5,626 to €3,631
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 | €180,220 | €158,693 | -€21,527 | -11.9% |
| Fixed assets | 21/28 | €162,765 | €143,027 | -€19,738 | -12.1% |
| Intangible fixed assets | 21 | €84,694 | €72,595 | -€12,099 | -14.3% |
| Tangible fixed assets | 22/27 | €72,371 | €64,732 | -€7,639 | -10.6% |
| Land and buildings | 22 | €72,131 | €64,732 | -€7,398 | -10.3% |
| Plant, machinery and equipment | 23 | €241 | €0 | -€241 | -100% |
| Financial fixed assets | 28 | €5,700 | €5,700 | = | 0.0% |
| Current assets | 29/58 | €17,455 | €15,666 | -€1,789 | -10.2% |
| Stocks and contracts in progress | 3 | €8,574 | €8,785 | +€210 | +2.5% |
| Stocks | 30/36 | €8,574 | €8,785 | +€210 | +2.5% |
| Amounts receivable within one year | 40/41 | €3,999 | €3,682 | -€317 | -7.9% |
| Trade receivables | 40 | €3,999 | €3,508 | -€491 | -12.3% |
| Other amounts receivable | 41 | €0 | €174 | +€174 | |
| Cash at bank and in hand | 54/58 | €4,882 | €3,199 | -€1,683 | -34.5% |
| Deferred charges and accrued income | 490/1 | €0 | - | = | |
| Total equity and liabilities | 10/49 | €180,220 | €158,693 | -€21,527 | -11.9% |
| Equity | 10/15 | €85,047 | €94,330 | +€9,283 | +10.9% |
| Contributions | 10/11 | €1,000 | €1,000 | = | 0.0% |
| Reserves | 13 | €84,047 | €93,330 | +€9,283 | +11.0% |
| Non-distributable reserves | 130/1 | €100 | €100 | = | 0.0% |
| Reserves not available under the articles | 1311 | €100 | €100 | = | 0.0% |
| Distributable reserves | 133 | €83,947 | €93,230 | +€9,283 | +11.1% |
| Profit (loss) carried forward | 14 | €0 | - | = | |
| Amounts payable | 17/49 | €95,173 | €64,363 | -€30,810 | -32.4% |
| Amounts payable after more than one year | 17 | €27,361 | €17,973 | -€9,388 | -34.3% |
| Financial debts | 170/4 | €27,361 | €17,973 | -€9,388 | -34.3% |
| Amounts payable within one year | 42/48 | €67,812 | €43,889 | -€23,923 | -35.3% |
| Current portion of amounts payable after more than one year | 42 | €13,073 | €9,388 | -€3,685 | -28.2% |
| Trade debts | 44 | €16,640 | €8,155 | -€8,485 | -51.0% |
| Suppliers | 440/4 | €16,640 | €8,155 | -€8,485 | -51.0% |
| Advances received on contracts in progress | 46 | - | €88 | +€88 | |
| Taxes, remuneration and social security | 45 | €11,159 | €4,157 | -€7,002 | -62.8% |
| Taxes | 450/3 | €11,057 | €4,094 | -€6,963 | -63.0% |
| Remuneration and social security | 454/9 | €102 | €63 | -€39 | -38.3% |
| Other amounts payable | 47/48 | €26,940 | €22,102 | -€4,838 | -18.0% |
| Accrued charges and deferred income | 492/3 | €0 | €2,500 | +€2,500 | |
| Remuneration, social security and pensions | 62 | €5,406 | €5,181 | -€225 | -4.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €15,993 | €19,738 | +€3,745 | +23.4% |
| Other operating charges | 640/8 | €3,458 | €3,382 | -€76 | -2.2% |
| Non-recurring operating charges | 66A | €217 | €402 | +€185 | +85.1% |
| Gross operating margin | 9900 | €62,258 | €49,353 | -€12,905 | -20.7% |
| Operating profit (loss) | 9901 | €37,184 | €20,649 | -€16,534 | -44.5% |
| Financial income | 75/76B | €329 | €90 | -€239 | -72.6% |
| Recurring financial income | 75 | €329 | €90 | -€239 | -72.6% |
| Financial charges | 65/66B | €5,626 | €3,631 | -€1,996 | -35.5% |
| Recurring financial charges | 65 | €5,626 | €3,631 | -€1,996 | -35.5% |
| Profit (loss) for the period before taxes | 9903 | €31,887 | €17,109 | -€14,778 | -46.3% |
| Income taxes | 67/77 | €12,798 | €7,826 | -€4,973 | -38.9% |
| Profit (loss) for the period | 9904 | €19,088 | €9,283 | -€9,805 | -51.4% |
| Profit (loss) for the period to be appropriated | 9905 | €19,088 | €9,283 | -€9,805 | -51.4% |
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 13 October 2026 via checked.be.