THERCON: 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.
What changed
THERCON
NACE 46.842, Wholesale trade
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€609,179
2024 · €267,591+€341,587
Equity
€7.9m
2024 · €7.2m+€651,051
Cash
€80
2024 · €712-€632
Balance sheet total
€11.6m
2024 · €12.8m-€1.1m
Largest movements
Assets
- Receivables within one year -€2.1m
down €2.1m (-30.7%), from €6.9m to €4.8m
of which Other amounts receivable: -€2.8m
- Stocks and contracts +€1.2m
up €1.2m (+31.2%), from €3.8m to €5.0m
- Tangible fixed assets -€188,568
down €188,568 (-9.7%), from €1.9m to €1.8m
of which Other tangible fixed assets: -€152,919
Equity and liabilities
- Other debts -€3.0m
down €3.0m (-100%), from €3.0m to €0
- Profit (loss) carried forward +€649,444
up €649,444 (+17.1%), from €3.8m to €4.4m
- Trade debts +€630,785
up €630,785 (+44.4%), from €1.4m to €2.1m
- Provisions +€430,494
up €430,494 (+108%), from €396,829 to €827,322
Income statement
- Turnover +€7.7m
up €7.7m (+33.2%), from €23.3m to €31.1m
- Goods and materials +€4.8m
up €4.8m (+35.4%), from €13.6m to €18.4m
of which Purchases: +€9.3m
- Services and other goods +€1.0m
up €1.0m (+22.6%), from €4.6m to €5.7m
- Staff costs +€1.0m
up €1.0m (+20.8%), from €4.9m to €5.9m
- Provisions +€345,035
up €345,035, from -€25,900 to €319,135
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.
Result 2024
€267,591
Turnover
+€7.7m
Other operating income
+€50,176
Goods and materials
-€4.8m
Services and other goods
-€1.0m
Staff costs
-€1.0m
Depreciation
+€21,081
Write-downs
-€167,825
Provisions
-€345,035
Other operating charges
+€23,466
Other operating items
-€7,500
Financial income
-€4,861
Financial charges
-€27,231
Taxes
-€80,057
Result 2025
€609,179
raises the resultlowers the resultnot broken down further in the accounts
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.
From operations
-€27,688
Investment
-€14,816
Financing
+€41,872
Cash 2024
€712
From operations (derived)
-€27,688
Net result for the year
+€609,179
Depreciation
+€203,384
Stocks and contracts
-€1.2m
Receivables within one year
+€2.1m
Deferred charges and accrued income
+€7,734
Provisions
+€430,494
Trade debts
+€630,785
Tax, wage and social debts
+€79,227
Other debts
-€3.0m
Accrued charges and deferred income
+€87,453
Investment (derived)
-€14,816
Investment in fixed assets (net)
-€14,816
Financing
+€41,872
Contributions, distributions and other
+€41,872
Cash 2025
€80
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €12,755,582 | €11,634,591 | -€1.1m | -8.8% |
| Fixed assets | 21/28 | €1,941,864 | €1,753,296 | -€188,568 | -9.7% |
| Intangible fixed assets | 21 | €0 | - | = | |
| Tangible fixed assets | 22/27 | €1,941,864 | €1,753,296 | -€188,568 | -9.7% |
| Plant, machinery and equipment | 23 | €6,354 | €3,357 | -€2,997 | -47.2% |
| Furniture and vehicles | 24 | €186,360 | €153,708 | -€32,652 | -17.5% |
| Other tangible fixed assets | 26 | €1,749,151 | €1,596,232 | -€152,919 | -8.7% |
| Current assets | 29/58 | €10,813,718 | €9,881,295 | -€932,424 | -8.6% |
| Stocks and contracts in progress | 3 | €3,800,287 | €4,984,441 | +€1.2m | +31.2% |
| Stocks | 30/36 | €3,800,287 | €4,984,441 | +€1.2m | +31.2% |
| Raw materials and consumables | 30/31 | €307 | €251 | -€57 | -18.4% |
| Goods purchased for resale | 34 | €3,799,979 | €4,984,190 | +€1.2m | +31.2% |
| Amounts receivable within one year | 40/41 | €6,875,521 | €4,767,309 | -€2.1m | -30.7% |
| Trade receivables | 40 | €3,358,874 | €4,056,077 | +€697,204 | +20.8% |
| Other amounts receivable | 41 | €3,516,647 | €711,232 | -€2.8m | -79.8% |
| Cash at bank and in hand | 54/58 | €712 | €80 | -€632 | -88.8% |
| Deferred charges and accrued income | 490/1 | €137,199 | €129,465 | -€7,734 | -5.6% |
| Total equity and liabilities | 10/49 | €12,755,582 | €11,634,591 | -€1.1m | -8.8% |
| Equity | 10/15 | €7,249,682 | €7,900,733 | +€651,051 | +9.0% |
| Contributions | 10/11 | €680,613 | €682,073 | +€1,461 | +0.2% |
| Capital | 10 | €680,613 | €682,073 | +€1,461 | +0.2% |
| Issued capital | 100 | €680,613 | €682,073 | +€1,461 | +0.2% |
| Reserves | 13 | €2,773,523 | €2,773,669 | +€146 | 0.0% |
| Non-distributable reserves | 130/1 | €68,061 | €68,207 | +€146 | +0.2% |
| Legal reserve | 130 | €68,061 | €68,207 | +€146 | +0.2% |
| Tax-exempt reserves | 132 | €49,273 | €49,273 | = | 0.0% |
| Distributable reserves | 133 | €2,656,189 | €2,656,189 | = | 0.0% |
| Profit (loss) carried forward | 14 | €3,795,547 | €4,444,990 | +€649,444 | +17.1% |
| Provisions and deferred taxes | 16 | €396,829 | €827,322 | +€430,494 | +108% |
| Provisions for liabilities and charges | 160/5 | €396,829 | €827,322 | +€430,494 | +108% |
| Other liabilities and charges | 164/5 | €396,829 | €827,322 | +€430,494 | +108% |
| Amounts payable | 17/49 | €5,109,072 | €2,906,536 | -€2.2m | -43.1% |
| Amounts payable after more than one year | 17 | €1,000 | €1,000 | = | 0.0% |
| Other amounts payable | 178/9 | €1,000 | €1,000 | = | 0.0% |
| Amounts payable within one year | 42/48 | €5,084,033 | €2,794,044 | -€2.3m | -45.0% |
| Trade debts | 44 | €1,421,391 | €2,052,175 | +€630,785 | +44.4% |
| Suppliers | 440/4 | €1,421,391 | €2,052,175 | +€630,785 | +44.4% |
| Taxes, remuneration and social security | 45 | €662,643 | €741,869 | +€79,227 | +12.0% |
| Taxes | 450/3 | €165,230 | €2,178 | -€163,052 | -98.7% |
| Remuneration and social security | 454/9 | €497,413 | €739,692 | +€242,279 | +48.7% |
| Other amounts payable | 47/48 | €3,000,000 | €0 | -€3.0m | -100% |
| Accrued charges and deferred income | 492/3 | €24,038 | €111,492 | +€87,453 | +364% |
| Operating income | 70/76A | €23,677,963 | €31,470,110 | +€7.8m | +32.9% |
| Turnover | 70 | €23,325,490 | €31,074,961 | +€7.7m | +33.2% |
| Other operating income | 74 | €337,473 | €387,649 | +€50,176 | +14.9% |
| Non-recurring operating income | 76A | €15,000 | €7,500 | -€7,500 | -50.0% |
| Operating charges | 60/66A | €23,255,316 | €30,593,726 | +€7.3m | +31.6% |
| Goods for resale, raw materials and consumables | 60 | €13,584,770 | €18,396,226 | +€4.8m | +35.4% |
| Purchases | 600/8 | €10,235,833 | €19,569,420 | +€9.3m | +91.2% |
| Change in stocks: decrease (increase) | 609 | €3,348,937 | -€1,173,194 | -€4.5m | |
| Services and other goods | 61 | €4,630,942 | €5,678,068 | +€1.0m | +22.6% |
| Remuneration, social security and pensions | 62 | €4,861,883 | €5,873,398 | +€1.0m | +20.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €224,465 | €203,384 | -€21,081 | -9.4% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | -€90,609 | €77,216 | +€167,825 | |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | -€25,900 | €319,135 | +€345,035 | |
| Other operating charges | 640/8 | €69,766 | €46,300 | -€23,466 | -33.6% |
| Operating profit (loss) | 9901 | €422,646 | €876,383 | +€453,737 | +107% |
| Financial income | 75/76B | €68,626 | €63,765 | -€4,861 | -7.1% |
| Recurring financial income | 75 | €68,626 | €63,765 | -€4,861 | -7.1% |
| Income from current assets | 751 | €68,360 | €56,774 | -€11,587 | -16.9% |
| Other financial income | 752/9 | €266 | €6,991 | +€6,725 | +2,530% |
| Financial charges | 65/66B | €58,451 | €85,683 | +€27,231 | +46.6% |
| Recurring financial charges | 65 | €58,451 | €85,683 | +€27,231 | +46.6% |
| Debt charges | 650 | €34,072 | €46,334 | +€12,262 | +36.0% |
| Other financial charges | 652/9 | €24,379 | €39,349 | +€14,970 | +61.4% |
| Profit (loss) for the period before taxes | 9903 | €432,821 | €854,465 | +€421,644 | +97.4% |
| Income taxes | 67/77 | €165,230 | €245,287 | +€80,057 | +48.5% |
| Taxes | 670/3 | €165,230 | €264,708 | +€99,478 | +60.2% |
| Tax adjustments and reversals of tax provisions | 77 | €0 | €19,422 | +€19,422 | |
| Profit (loss) for the period | 9904 | €267,591 | €609,179 | +€341,587 | +128% |
| Profit (loss) for the period to be appropriated | 9905 | €267,591 | €609,179 | +€341,587 | +128% |
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 20 October 2026 via checked.be.