THO-BE: 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
THO-BE
NACE 63.920, Other information service activities
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€570,037
2024 · €197,548+€372,488
Equity
€2.1m
2024 · €1.5m+€570,037
Cash
€9.6m
2024 · €62,316+€9.6m
Balance sheet total
€21.8m
2024 · €34.3m-€12.5m
Largest movements
Assets
- Tangible fixed assets -€24.9m
down €24.9m (-73.3%), from €34.0m to €9.1m
of which Assets under construction and advance payments: -€24.1m
- Cash +€9.6m
up €9.6m (+15,384%), from €62,316 to €9.6m
mainly Investment in fixed assets (net) (+€24.1m) and Tax, wage and social debts (+€10.0m)
- Receivables after one year +€1.5m
new in 2025: €1.5m
- Receivables within one year +€1.3m
up €1.3m (+670%), from €197,421 to €1.5m
of which Other amounts receivable: +€1.1m
Equity and liabilities
- Short-term financial debts -€21.1m
down €21.1m (-99.5%), from €21.2m to €113,667
- Tax, wage and social debts +€10.0m
up €10.0m (+27,470%), from €36,337 to €10.0m
of which Taxes: +€10.0m
- Debts after one year -€917,368
down €917,368 (-11.9%), from €7.7m to €6.8m
- Reserves +€570,037
up €570,037 (+37.9%), from €1.5m to €2.1m
of which Distributable reserves: +€317,437
- Other debts -€559,981
down €559,981 (-75.9%), from €737,986 to €178,005
Income statement
- Turnover +€47.6m
up €47.6m (+2,674%), from €1.8m to €49.4m
- Goods and materials +€47.1m
new in 2025: €47.1m
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
€197,548
Turnover
+€47.6m
Other operating income
-€50,851
Goods and materials
-€47.1m
Services and other goods
-€7,424
Staff costs
+€115,120
Depreciation
-€8,522
Other operating charges
-€23,593
Other operating items
+€2,847
Financial income
+€4,753
Financial charges
+€19,807
Taxes
-€185,011
Result 2025
€570,037
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
+€7.5m
Investment
+€24.1m
Financing
-€22.0m
Cash 2024
€62,316
From operations (derived)
+€7.5m
Net result for the year
+€570,037
Depreciation
+€870,021
Receivables after one year
-€1.5m
Receivables within one year
-€1.3m
Smaller working-capital items
-€184
Trade debts
-€539,090
Tax, wage and social debts
+€10.0m
Other debts
-€559,981
Investment (derived)
+€24.1m
Investment in fixed assets (net)
+€24.1m
Financing
-€22.0m
Debts after one year
-€917,368
Current portion of long-term debt
+€2,135
Short-term financial debts
-€21.1m
Cash 2025
€9.6m
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €34,313,544 | €21,790,791 | -€12.5m | -36.5% |
| Fixed assets | 21/28 | €34,041,545 | €9,114,459 | -€24.9m | -73.2% |
| Intangible fixed assets | 21 | €19,592 | €17,239 | -€2,353 | -12.0% |
| Tangible fixed assets | 22/27 | €34,021,952 | €9,097,220 | -€24.9m | -73.3% |
| Land and buildings | 22 | €8,228,446 | €7,566,257 | -€662,189 | -8.0% |
| Plant, machinery and equipment | 23 | €1,485,883 | €1,353,308 | -€132,575 | -8.9% |
| Furniture and vehicles | 24 | €32,793 | €22,070 | -€10,723 | -32.7% |
| Leasing and similar rights | 25 | €214,766 | €155,586 | -€59,180 | -27.6% |
| Assets under construction and advance payments | 27 | €24,060,064 | €0 | -€24.1m | -100% |
| Current assets | 29/58 | €271,999 | €12,676,331 | +€12.4m | +4,560% |
| Amounts receivable after more than one year | 29 | - | €1,500,000 | +€1.5m | |
| Other amounts receivable | 291 | - | €1,500,000 | +€1.5m | |
| Stocks and contracts in progress | 3 | €0 | €0 | = | |
| Amounts receivable within one year | 40/41 | €197,421 | €1,520,736 | +€1.3m | +670% |
| Trade receivables | 40 | €154,646 | €389,362 | +€234,716 | +152% |
| Other amounts receivable | 41 | €42,775 | €1,131,375 | +€1.1m | +2,545% |
| Cash at bank and in hand | 54/58 | €62,316 | €9,648,915 | +€9.6m | +15,384% |
| Deferred charges and accrued income | 490/1 | €12,262 | €6,680 | -€5,582 | -45.5% |
| Total equity and liabilities | 10/49 | €34,313,544 | €21,790,791 | -€12.5m | -36.5% |
| Equity | 10/15 | €1,520,957 | €2,090,994 | +€570,037 | +37.5% |
| Contributions | 10/11 | €18,550 | €18,550 | = | 0.0% |
| Reserves | 13 | €1,502,407 | €2,072,444 | +€570,037 | +37.9% |
| Tax-exempt reserves | 132 | €3,509 | €256,109 | +€252,600 | +7,198% |
| Distributable reserves | 133 | €1,498,898 | €1,816,335 | +€317,437 | +21.2% |
| Amounts payable | 17/49 | €32,792,586 | €19,699,797 | -€13.1m | -39.9% |
| Amounts payable after more than one year | 17 | €7,736,829 | €6,819,461 | -€917,368 | -11.9% |
| Financial debts | 170/4 | €7,736,829 | €6,819,461 | -€917,368 | -11.9% |
| Leasing and similar obligations | 172 | €161,064 | €100,794 | -€60,271 | -37.4% |
| Credit institutions | 173 | €6,575,765 | €5,718,667 | -€857,098 | -13.0% |
| Other loans | 174 | €1,000,000 | €1,000,000 | = | 0.0% |
| Amounts payable within one year | 42/48 | €25,049,991 | €12,880,336 | -€12.2m | -48.6% |
| Current portion of amounts payable after more than one year | 42 | €915,233 | €917,368 | +€2,135 | +0.2% |
| Financial debts | 43 | €21,167,924 | €113,667 | -€21.1m | -99.5% |
| Credit institutions | 430/8 | €21,167,924 | €113,667 | -€21.1m | -99.5% |
| Trade debts | 44 | €2,192,511 | €1,653,421 | -€539,090 | -24.6% |
| Suppliers | 440/4 | €2,192,511 | €1,653,421 | -€539,090 | -24.6% |
| Taxes, remuneration and social security | 45 | €36,337 | €10,017,875 | +€10.0m | +27,470% |
| Taxes | 450/3 | €11,569 | €9,983,031 | +€10.0m | +86,192% |
| Remuneration and social security | 454/9 | €24,768 | €34,844 | +€10,077 | +40.7% |
| Other amounts payable | 47/48 | €737,986 | €178,005 | -€559,981 | -75.9% |
| Accrued charges and deferred income | 492/3 | €5,766 | €0 | -€5,766 | -100% |
| Operating income | 70/76A | €2,345,565 | €49,922,325 | +€47.6m | +2,028% |
| Turnover | 70 | €1,781,213 | €49,408,824 | +€47.6m | +2,674% |
| Other operating income | 74 | €564,352 | €513,501 | -€50,851 | -9.0% |
| Operating charges | 60/66A | €1,941,833 | €48,985,654 | +€47.0m | +2,423% |
| Goods for resale, raw materials and consumables | 60 | - | €47,122,249 | +€47.1m | |
| Purchases | 600/8 | - | €47,122,249 | +€47.1m | |
| Services and other goods | 61 | €652,151 | €659,574 | +€7,424 | +1.1% |
| Remuneration, social security and pensions | 62 | €340,522 | €225,402 | -€115,120 | -33.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €861,498 | €870,021 | +€8,522 | +1.0% |
| Other operating charges | 640/8 | €70,702 | €94,294 | +€23,593 | +33.4% |
| Non-recurring operating charges | 66A | €16,960 | €14,113 | -€2,847 | -16.8% |
| Operating profit (loss) | 9901 | €403,732 | €936,671 | +€532,939 | +132% |
| Financial income | 75/76B | €90 | €4,843 | +€4,753 | +5,292% |
| Recurring financial income | 75 | €90 | €4,843 | +€4,753 | +5,292% |
| Income from current assets | 751 | - | €3,591 | +€3,591 | |
| Other financial income | 752/9 | €90 | €1,252 | +€1,162 | +1,294% |
| Financial charges | 65/66B | €199,489 | €179,682 | -€19,807 | -9.9% |
| Recurring financial charges | 65 | €199,489 | €179,682 | -€19,807 | -9.9% |
| Debt charges | 650 | €189,822 | €172,780 | -€17,042 | -9.0% |
| Other financial charges | 652/9 | €9,667 | €6,901 | -€2,766 | -28.6% |
| Profit (loss) for the period before taxes | 9903 | €204,333 | €761,832 | +€557,499 | +273% |
| Income taxes | 67/77 | €6,784 | €191,795 | +€185,011 | +2,727% |
| Taxes | 670/3 | €6,784 | €191,800 | +€185,016 | +2,727% |
| Tax adjustments and reversals of tax provisions | 77 | - | €5 | +€5 | |
| Profit (loss) for the period | 9904 | €197,548 | €570,037 | +€372,488 | +189% |
| Transfer to tax-exempt reserves | 689 | - | €252,600 | +€252,600 | |
| Profit (loss) for the period to be appropriated | 9905 | €197,548 | €317,437 | +€119,888 | +60.7% |
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 18 October 2026 via checked.be.