THoCC: 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.
THoCC
Largest movements
- Receivables within one year +€131,113
up €131,113 (+24.9%), from €527,244 to €658,357
of which Trade receivables: +€180,778
- Intangible fixed assets +€73,216
up €73,216 (+25.7%), from €284,384 to €357,600
- Formation expenses +€43,892
up €43,892 (+63.1%), from €69,518 to €113,409
- Cash -€27,092
down €27,092 (-81.0%), from €33,431 to €6,339
mainly Investment in fixed assets (net) (-€218,065) and Receivables within one year (-€131,113)
- Tangible fixed assets -€23,097
down €23,097 (-59.1%), from €39,092 to €15,996
of which Furniture and vehicles: -€18,544
- Short-term financial debts +€58,971
up €58,971 (+21.7%), from €272,248 to €331,219
- Reserves +€46,275
up €46,275 (+46.3%), from €99,885 to €146,160
- Tax, wage and social debts +€36,575
up €36,575 (+12.3%), from €298,543 to €335,118
of which Remuneration and social security: +€113,788
- Current portion of long-term debt +€32,084
new in 2025: €32,084
- Debts after one year +€20,803
new in 2025: €20,803
- Gross operating margin +€70,067
up €70,067 (+8.4%), from €836,482 to €906,548
- Staff costs -€29,086
down €29,086 (-4.1%), from €711,387 to €682,301
- Depreciation +€23,315
up €23,315 (+23.1%), from €100,739 to €124,054
- Other operating charges +€18,377
up €18,377 (+97.9%), from €18,773 to €37,150
- Taxes +€13,652
up €13,652 (+65.5%), from €20,846 to €34,498
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 | €995,806 | €1,196,512 | +€200,706 | +20.2% |
| Formation expenses | 20 | €69,518 | €113,409 | +€43,892 | +63.1% |
| Fixed assets | 21/28 | €323,727 | €373,847 | +€50,120 | +15.5% |
| Intangible fixed assets | 21 | €284,384 | €357,600 | +€73,216 | +25.7% |
| Tangible fixed assets | 22/27 | €39,092 | €15,996 | -€23,097 | -59.1% |
| Land and buildings | 22 | €4,815 | €3,855 | -€959 | -19.9% |
| Plant, machinery and equipment | 23 | €6,267 | €3,016 | -€3,251 | -51.9% |
| Furniture and vehicles | 24 | €26,942 | €8,398 | -€18,544 | -68.8% |
| Other tangible fixed assets | 26 | €1,069 | €727 | -€342 | -32.0% |
| Financial fixed assets | 28 | €251 | €251 | = | 0.0% |
| Current assets | 29/58 | €602,561 | €709,256 | +€106,695 | +17.7% |
| Amounts receivable after more than one year | 29 | €6,959 | €7,113 | +€155 | +2.2% |
| Other amounts receivable | 291 | €6,959 | €7,113 | +€155 | +2.2% |
| Amounts receivable within one year | 40/41 | €527,244 | €658,357 | +€131,113 | +24.9% |
| Trade receivables | 40 | €451,827 | €632,605 | +€180,778 | +40.0% |
| Other amounts receivable | 41 | €75,418 | €25,752 | -€49,666 | -65.9% |
| Cash at bank and in hand | 54/58 | €33,431 | €6,339 | -€27,092 | -81.0% |
| Deferred charges and accrued income | 490/1 | €34,927 | €37,447 | +€2,519 | +7.2% |
| Total equity and liabilities | 10/49 | €995,806 | €1,196,512 | +€200,706 | +20.2% |
| Equity | 10/15 | €100,485 | €146,760 | +€46,275 | +46.1% |
| Contributions | 10/11 | €600 | €600 | = | 0.0% |
| Reserves | 13 | €99,885 | €146,160 | +€46,275 | +46.3% |
| Distributable reserves | 133 | €99,885 | €146,160 | +€46,275 | +46.3% |
| Profit (loss) carried forward | 14 | €0 | - | = | |
| Amounts payable | 17/49 | €895,321 | €1,049,752 | +€154,432 | +17.2% |
| Amounts payable after more than one year | 17 | - | €20,803 | +€20,803 | |
| Financial debts | 170/4 | - | €20,803 | +€20,803 | |
| Amounts payable within one year | 42/48 | €893,428 | €1,024,724 | +€131,296 | +14.7% |
| Current portion of amounts payable after more than one year | 42 | - | €32,084 | +€32,084 | |
| Financial debts | 43 | €272,248 | €331,219 | +€58,971 | +21.7% |
| Credit institutions | 430/8 | €272,248 | €331,219 | +€58,971 | +21.7% |
| Trade debts | 44 | €322,638 | €326,304 | +€3,666 | +1.1% |
| Suppliers | 440/4 | €322,638 | €326,304 | +€3,666 | +1.1% |
| Taxes, remuneration and social security | 45 | €298,543 | €335,118 | +€36,575 | +12.3% |
| Taxes | 450/3 | €198,404 | €121,192 | -€77,212 | -38.9% |
| Remuneration and social security | 454/9 | €100,139 | €213,926 | +€113,788 | +113.6% |
| Other amounts payable | 47/48 | €0 | - | = | |
| Accrued charges and deferred income | 492/3 | €1,892 | €4,225 | +€2,333 | +123.3% |
| Non-recurring operating income | 76A | €0 | - | = | |
| Remuneration, social security and pensions | 62 | €711,387 | €682,301 | -€29,086 | -4.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €100,739 | €124,054 | +€23,315 | +23.1% |
| Other operating charges | 640/8 | €18,773 | €37,150 | +€18,377 | +97.9% |
| Operating charges capitalised as restructuring costs | 649 | -€74,000 | -€69,025 | +€4,975 | +6.7% |
| Gross operating margin | 9900 | €836,482 | €906,548 | +€70,067 | +8.4% |
| Operating profit (loss) | 9901 | €79,583 | €132,069 | +€52,486 | +66.0% |
| Financial income | 75/76B | €4,660 | €1,904 | -€2,756 | -59.1% |
| Recurring financial income | 75 | €4,660 | €1,904 | -€2,756 | -59.1% |
| Financial charges | 65/66B | €45,869 | €53,200 | +€7,332 | +16.0% |
| Recurring financial charges | 65 | €45,869 | €53,200 | +€7,332 | +16.0% |
| Profit (loss) for the period before taxes | 9903 | €38,374 | €80,773 | +€42,398 | +110.5% |
| Income taxes | 67/77 | €20,846 | €34,498 | +€13,652 | +65.5% |
| Profit (loss) for the period | 9904 | €17,528 | €46,275 | +€28,747 | +164.0% |
| Profit (loss) for the period to be appropriated | 9905 | €17,528 | €46,275 | +€28,747 | +164.0% |
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 10 October 2026 via checked.be.