THOCON: 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.
THOCON
Largest movements
- Receivables within one year -€10,837
down €10,837 (-33.0%), from €32,808 to €21,971
of which Trade receivables: -€7,630
- Reserves +€50,685
up €50,685 (+30.9%), from €164,188 to €214,873
- Other debts -€39,085
down €39,085 (-88.8%), from €44,034 to €4,949
- Debts after one year -€26,745
down €26,745 (-16.0%), from €167,319 to €140,574
- Gross operating margin +€36,316
up €36,316 (+50.0%), from €72,602 to €108,918
- Depreciation +€11,848
up €11,848 (+101%), from €11,708 to €23,556
- Taxes +€10,545
up €10,545 (+98.2%), from €10,743 to €21,288
- Other operating charges +€3,466
up €3,466 (+129%), from €2,682 to €6,148
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.
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.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €429,383 | €413,101 | -€16,282 | -3.8% |
| Fixed assets | 21/28 | €309,117 | €307,506 | -€1,611 | -0.5% |
| Tangible fixed assets | 22/27 | €309,117 | €307,506 | -€1,611 | -0.5% |
| Land and buildings | 22 | €242,012 | €248,766 | +€6,754 | +2.8% |
| Plant, machinery and equipment | 23 | €1,920 | €1,532 | -€388 | -20.2% |
| Furniture and vehicles | 24 | €2,249 | €6,708 | +€4,459 | +198% |
| Leasing and similar rights | 25 | €55,838 | €44,276 | -€11,562 | -20.7% |
| Other tangible fixed assets | 26 | €7,098 | €6,224 | -€874 | -12.3% |
| Current assets | 29/58 | €120,266 | €105,595 | -€14,671 | -12.2% |
| Amounts receivable within one year | 40/41 | €32,808 | €21,971 | -€10,837 | -33.0% |
| Trade receivables | 40 | €25,485 | €17,855 | -€7,630 | -29.9% |
| Other amounts receivable | 41 | €7,323 | €4,116 | -€3,207 | -43.8% |
| Cash at bank and in hand | 54/58 | €85,335 | €81,472 | -€3,863 | -4.5% |
| Deferred charges and accrued income | 490/1 | €2,123 | €2,152 | +€29 | +1.4% |
| Total equity and liabilities | 10/49 | €429,383 | €413,101 | -€16,282 | -3.8% |
| Equity | 10/15 | €182,788 | €233,473 | +€50,685 | +27.7% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €164,188 | €214,873 | +€50,685 | +30.9% |
| Distributable reserves | 133 | €164,188 | €214,873 | +€50,685 | +30.9% |
| Amounts payable | 17/49 | €246,595 | €179,628 | -€66,967 | -27.2% |
| Amounts payable after more than one year | 17 | €167,319 | €140,574 | -€26,745 | -16.0% |
| Financial debts | 170/4 | €167,319 | €140,574 | -€26,745 | -16.0% |
| Amounts payable within one year | 42/48 | €79,276 | €39,054 | -€40,222 | -50.7% |
| Current portion of amounts payable after more than one year | 42 | €25,851 | €26,746 | +€895 | +3.5% |
| Trade debts | 44 | €3,653 | €2,464 | -€1,189 | -32.5% |
| Suppliers | 440/4 | €3,653 | €2,464 | -€1,189 | -32.5% |
| Taxes, remuneration and social security | 45 | €5,738 | €4,895 | -€843 | -14.7% |
| Taxes | 450/3 | €2,738 | €1,895 | -€843 | -30.8% |
| Remuneration and social security | 454/9 | €3,000 | €3,000 | = | 0.0% |
| Other amounts payable | 47/48 | €44,034 | €4,949 | -€39,085 | -88.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €11,708 | €23,556 | +€11,848 | +101% |
| Other operating charges | 640/8 | €2,682 | €6,148 | +€3,466 | +129% |
| Gross operating margin | 9900 | €72,602 | €108,918 | +€36,316 | +50.0% |
| Operating profit (loss) | 9901 | €58,212 | €79,214 | +€21,002 | +36.1% |
| Financial income | 75/76B | €236 | €286 | +€50 | +21.2% |
| Recurring financial income | 75 | €236 | €286 | +€50 | +21.2% |
| Financial charges | 65/66B | €6,874 | €7,527 | +€653 | +9.5% |
| Recurring financial charges | 65 | €6,874 | €7,527 | +€653 | +9.5% |
| Profit (loss) for the period before taxes | 9903 | €51,574 | €71,973 | +€20,399 | +39.6% |
| Income taxes | 67/77 | €10,743 | €21,288 | +€10,545 | +98.2% |
| Profit (loss) for the period | 9904 | €40,831 | €50,685 | +€9,854 | +24.1% |
| Profit (loss) for the period to be appropriated | 9905 | €40,831 | €50,685 | +€9,854 | +24.1% |
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 15 October 2026 via checked.be.