THEWO: 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.
THEWO
Largest movements
- Receivables within one year -€34,719
down €34,719 (-58.5%), from €59,380 to €24,661
of which Other amounts receivable: -€33,968
- Tangible fixed assets -€23,550
down €23,550 (-27.1%), from €86,882 to €63,332
of which Furniture and vehicles: -€20,712
- Cash -€7,981
down €7,981 (-10.6%), from €75,124 to €67,143
mainly Contributions, distributions and other (-€205,000) and Trade debts (-€3,293)
- Reserves -€63,876
down €63,876 (-31.1%), from €205,474 to €141,598
- Trade debts -€3,293
no longer reported in 2025 (was €3,293)
- Gross operating margin +€26,322
up €26,322 (+14.5%), from €181,864 to €208,186
- Taxes +€6,304
up €6,304 (+17.5%), from €35,932 to €42,236
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 | €221,386 | €155,137 | -€66,250 | -29.9% |
| Fixed assets | 21/28 | €86,882 | €63,332 | -€23,550 | -27.1% |
| Tangible fixed assets | 22/27 | €86,882 | €63,332 | -€23,550 | -27.1% |
| Plant, machinery and equipment | 23 | €6,789 | €4,814 | -€1,974 | -29.1% |
| Furniture and vehicles | 24 | €75,699 | €54,987 | -€20,712 | -27.4% |
| Other tangible fixed assets | 26 | €4,394 | €3,531 | -€863 | -19.6% |
| Current assets | 29/58 | €134,504 | €91,804 | -€42,700 | -31.7% |
| Amounts receivable within one year | 40/41 | €59,380 | €24,661 | -€34,719 | -58.5% |
| Trade receivables | 40 | €25,312 | €24,562 | -€750 | -3.0% |
| Other amounts receivable | 41 | €34,068 | €99 | -€33,968 | -99.7% |
| Cash at bank and in hand | 54/58 | €75,124 | €67,143 | -€7,981 | -10.6% |
| Total equity and liabilities | 10/49 | €221,386 | €155,137 | -€66,250 | -29.9% |
| Equity | 10/15 | €206,974 | €143,098 | -€63,876 | -30.9% |
| Contributions | 10/11 | €1,500 | €1,500 | = | 0.0% |
| Reserves | 13 | €205,474 | €141,598 | -€63,876 | -31.1% |
| Distributable reserves | 133 | €205,474 | €141,598 | -€63,876 | -31.1% |
| Amounts payable | 17/49 | €14,412 | €12,038 | -€2,374 | -16.5% |
| Amounts payable within one year | 42/48 | €14,412 | €12,038 | -€2,374 | -16.5% |
| Trade debts | 44 | €3,293 | - | -€3,293 | |
| Suppliers | 440/4 | €3,293 | - | -€3,293 | |
| Taxes, remuneration and social security | 45 | €5,814 | €7,049 | +€1,236 | +21.3% |
| Taxes | 450/3 | €5,814 | €7,049 | +€1,236 | +21.3% |
| Other amounts payable | 47/48 | €5,305 | €4,989 | -€316 | -6.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €23,550 | €23,550 | = | 0.0% |
| Other operating charges | 640/8 | €658 | €2,288 | +€1,630 | +247.8% |
| Gross operating margin | 9900 | €181,864 | €208,186 | +€26,322 | +14.5% |
| Operating profit (loss) | 9901 | €157,656 | €182,349 | +€24,692 | +15.7% |
| Financial income | 75/76B | €386 | €1,092 | +€707 | +183.3% |
| Recurring financial income | 75 | €386 | €1,092 | +€707 | +183.3% |
| Financial charges | 65/66B | €45 | €81 | +€36 | +78.9% |
| Recurring financial charges | 65 | €45 | €81 | +€36 | +78.9% |
| Profit (loss) for the period before taxes | 9903 | €157,997 | €183,360 | +€25,363 | +16.1% |
| Income taxes | 67/77 | €35,932 | €42,236 | +€6,304 | +17.5% |
| Profit (loss) for the period | 9904 | €122,065 | €141,124 | +€19,059 | +15.6% |
| Profit (loss) for the period to be appropriated | 9905 | €122,065 | €141,124 | +€19,059 | +15.6% |
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 2 October 2026 via checked.be.