THOCED: 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.
THOCED
Largest movements
- Current investments -€300,000
down €300,000 (-95.9%), from €312,894 to €12,894
- Tangible fixed assets -€153,428
down €153,428 (-3.6%), from €4.3m to €4.1m
of which Land and buildings: -€153,428
- Cash +€72,883
up €72,883 (+10.4%), from €703,442 to €776,326
mainly Current investments (+€300,000) and Depreciation (+€153,428)
- Debts after one year -€437,065
down €437,065 (-18.2%), from €2.4m to €2.0m
- Other debts +€63,517
up €63,517 (+41.7%), from €152,382 to €215,899
- Financial charges +€63,412
up €63,412 (+41.5%), from €152,872 to €216,284
- Gross operating margin +€26,339
up €26,339 (+6.7%), from €393,141 to €419,480
- Taxes -€23,793
down €23,793, from €20,644 to -€3,150
- Financial income +€7,224
up €7,224 (+84.3%), from €8,573 to €15,797
- Other operating charges +€4,470
up €4,470 (+8.0%), from €56,134 to €60,604
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 | €5,277,189 | €4,895,348 | -€381,841 | -7.2% |
| Fixed assets | 21/28 | €4,258,174 | €4,104,746 | -€153,428 | -3.6% |
| Tangible fixed assets | 22/27 | €4,257,430 | €4,104,002 | -€153,428 | -3.6% |
| Land and buildings | 22 | €4,257,430 | €4,104,002 | -€153,428 | -3.6% |
| Plant, machinery and equipment | 23 | - | €0 | = | |
| Furniture and vehicles | 24 | - | €0 | = | |
| Financial fixed assets | 28 | €744 | €744 | = | 0.0% |
| Current assets | 29/58 | €1,019,015 | €790,603 | -€228,413 | -22.4% |
| Current investments | 50/53 | €312,894 | €12,894 | -€300,000 | -95.9% |
| Cash at bank and in hand | 54/58 | €703,442 | €776,326 | +€72,883 | +10.4% |
| Deferred charges and accrued income | 490/1 | €2,678 | €1,383 | -€1,296 | -48.4% |
| Total equity and liabilities | 10/49 | €5,277,189 | €4,895,348 | -€381,841 | -7.2% |
| Equity | 10/15 | €2,692,002 | €2,700,112 | +€8,110 | +0.3% |
| Contributions | 10/11 | €2,340,000 | €2,340,000 | = | 0.0% |
| Contributions outside capital | 11 | €2,340,000 | - | -€2.3m | |
| Other | 1109/19 | €2,340,000 | - | -€2.3m | |
| Reserves | 13 | €320,590 | €328,700 | +€8,110 | +2.5% |
| Non-distributable reserves | 130/1 | €234,000 | €234,000 | = | 0.0% |
| Legal reserve | 130 | €234,000 | - | -€234,000 | |
| Reserves not available under the articles | 1311 | - | €234,000 | +€234,000 | |
| Distributable reserves | 133 | €86,590 | €94,700 | +€8,110 | +9.4% |
| Profit (loss) carried forward | 14 | €31,412 | €31,412 | = | 0.0% |
| Amounts payable | 17/49 | €2,585,188 | €2,195,236 | -€389,951 | -15.1% |
| Amounts payable after more than one year | 17 | €2,405,910 | €1,968,845 | -€437,065 | -18.2% |
| Other amounts payable | 178/9 | €2,405,910 | €1,968,845 | -€437,065 | -18.2% |
| Amounts payable within one year | 42/48 | €172,596 | €219,710 | +€47,114 | +27.3% |
| Taxes, remuneration and social security | 45 | €20,214 | €3,811 | -€16,403 | -81.1% |
| Taxes | 450/3 | €20,214 | €3,811 | -€16,403 | -81.1% |
| Other amounts payable | 47/48 | €152,382 | €215,899 | +€63,517 | +41.7% |
| Accrued charges and deferred income | 492/3 | €6,682 | €6,682 | = | 0.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €153,428 | €153,428 | = | 0.0% |
| Other operating charges | 640/8 | €56,134 | €60,604 | +€4,470 | +8.0% |
| Gross operating margin | 9900 | €393,141 | €419,480 | +€26,339 | +6.7% |
| Operating profit (loss) | 9901 | €183,579 | €205,447 | +€21,869 | +11.9% |
| Financial income | 75/76B | €8,573 | €15,797 | +€7,224 | +84.3% |
| Recurring financial income | 75 | €8,573 | €15,797 | +€7,224 | +84.3% |
| Financial charges | 65/66B | €152,872 | €216,284 | +€63,412 | +41.5% |
| Recurring financial charges | 65 | €152,872 | €216,284 | +€63,412 | +41.5% |
| Profit (loss) for the period before taxes | 9903 | €39,280 | €4,961 | -€34,319 | -87.4% |
| Income taxes | 67/77 | €20,644 | -€3,150 | -€23,793 | |
| Profit (loss) for the period | 9904 | €18,636 | €8,110 | -€10,526 | -56.5% |
| Profit (loss) for the period to be appropriated | 9905 | €18,636 | €8,110 | -€10,526 | -56.5% |
Source: filed annual accounts (NBB), financial years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 12 October 2026 via checked.be.