THOEN: 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.
What changed
THOEN
NACE 47.811, Retail sale of cars and light vans (up to 3.5 tonnes)
fiscal year 2024 against 2025filed annual accounts (NBB)
Net result for the year
€292,055
2024 · -€101,454+€393,509
Equity
€7.4m
2024 · €7.1m+€292,055
Cash
€209,380
2024 · €276,739-€67,359
Balance sheet total
€25.9m
2024 · €25.8m+€95,582
Largest movements
Assets
- Stocks and contracts +€2.1m
up €2.1m (+21.1%), from €10.1m to €12.2m
- Receivables within one year -€1.4m
down €1.4m (-15.9%), from €9.0m to €7.6m
of which Other amounts receivable: -€1.2m
- Tangible fixed assets -€353,704
down €353,704 (-6.9%), from €5.1m to €4.8m
of which Land and buildings: -€300,818
Equity and liabilities
- Reserves +€7.3m
up €7.3m (+15829.8%), from €45,830 to €7.3m
of which Distributable reserves: +€7.3m
- Profit (loss) carried forward -€7.0m
down €7.0m (-100.0%), from €7.0m to €0
- Other debts -€2.0m
down €2.0m (-97.5%), from €2.1m to €53,038
- Short-term financial debts +€1.9m
up €1.9m (+21.8%), from €8.6m to €10.5m
of which Credit institutions: +€1.7m
- Debts after one year -€475,970
down €475,970 (-12.0%), from €4.0m to €3.5m
Income statement
- Turnover +€1.1m
up €1.1m (+2.0%), from €54.4m to €55.5m
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
-€101,454
Turnover
+€1.1m
Other operating income
+€24,506
Goods and materials
-€277,939
Services and other goods
-€101,331
Staff costs
-€229,314
Depreciation
-€4,387
Write-downs
+€233,946
Provisions
-€142,418
Other operating charges
-€51,146
Financial income
-€42,484
Financial charges
+€21,142
Taxes
-€135,074
Result 2025
€292,055
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.
From operations
-€1.4m
Investment
-€111,964
Financing
+€1.4m
Cash 2024
€276,739
From operations (derived)
-€1.4m
Net result for the year
+€292,055
Depreciation
+€648,043
Stocks and contracts
-€2.1m
Receivables within one year
+€1.4m
Deferred charges and accrued income
+€5,511
Provisions
+€93,094
Trade debts
+€12,083
Tax, wage and social debts
-€4,446
Advances received
+€135,627
Other debts
-€2.0m
Accrued charges and deferred income
+€198,793
Investment (derived)
-€111,964
Investment in fixed assets (net)
-€111,964
Financing
+€1.4m
Debts after one year
-€475,970
Current portion of long-term debt
+€6,496
Short-term financial debts
+€1.9m
Cash 2025
€209,380
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €25,811,624 | €25,907,206 | +€95,582 | +0.4% |
| Fixed assets | 21/28 | €6,407,481 | €5,871,402 | -€536,079 | -8.4% |
| Intangible fixed assets | 21 | €1,277,674 | €1,095,149 | -€182,525 | -14.3% |
| Tangible fixed assets | 22/27 | €5,129,703 | €4,775,999 | -€353,704 | -6.9% |
| Land and buildings | 22 | €4,809,940 | €4,509,122 | -€300,818 | -6.3% |
| Plant, machinery and equipment | 23 | €234,368 | €210,953 | -€23,415 | -10.0% |
| Furniture and vehicles | 24 | €85,396 | €55,925 | -€29,471 | -34.5% |
| Financial fixed assets | 28 | €104 | €254 | +€150 | +144.9% |
| Other financial fixed assets | 284/8 | €104 | €254 | +€150 | +144.9% |
| Amounts receivable and cash guarantees | 285/8 | €104 | €254 | +€150 | +144.9% |
| Current assets | 29/58 | €19,404,144 | €20,035,804 | +€631,661 | +3.3% |
| Stocks and contracts in progress | 3 | €10,102,145 | €12,236,384 | +€2.1m | +21.1% |
| Stocks | 30/36 | €10,102,145 | €12,236,384 | +€2.1m | +21.1% |
| Goods purchased for resale | 34 | €10,102,145 | €12,236,384 | +€2.1m | +21.1% |
| Amounts receivable within one year | 40/41 | €8,981,989 | €7,552,281 | -€1.4m | -15.9% |
| Trade receivables | 40 | €2,357,004 | €2,080,062 | -€276,942 | -11.7% |
| Other amounts receivable | 41 | €6,624,985 | €5,472,219 | -€1.2m | -17.4% |
| Cash at bank and in hand | 54/58 | €276,739 | €209,380 | -€67,359 | -24.3% |
| Deferred charges and accrued income | 490/1 | €43,270 | €37,760 | -€5,511 | -12.7% |
| Total equity and liabilities | 10/49 | €25,811,624 | €25,907,206 | +€95,582 | +0.4% |
| Equity | 10/15 | €7,089,103 | €7,381,158 | +€292,055 | +4.1% |
| Contributions | 10/11 | €80,611 | €80,611 | = | 0.0% |
| Capital | 10 | €80,611 | €80,611 | = | 0.0% |
| Issued capital | 100 | €80,611 | €80,611 | = | 0.0% |
| Reserves | 13 | €45,830 | €7,300,548 | +€7.3m | +15829.8% |
| Non-distributable reserves | 130/1 | €8,061 | €8,061 | = | 0.0% |
| Legal reserve | 130 | €8,061 | €8,061 | = | 0.0% |
| Tax-exempt reserves | 132 | €37,769 | €37,769 | = | 0.0% |
| Distributable reserves | 133 | - | €7,254,718 | +€7.3m | |
| Profit (loss) carried forward | 14 | €6,962,663 | €0 | -€7.0m | -100.0% |
| Provisions and deferred taxes | 16 | €158,235 | €251,329 | +€93,094 | +58.8% |
| Provisions for liabilities and charges | 160/5 | €158,235 | €251,329 | +€93,094 | +58.8% |
| Other liabilities and charges | 164/5 | €158,235 | €251,329 | +€93,094 | +58.8% |
| Amounts payable | 17/49 | €18,564,286 | €18,274,718 | -€289,568 | -1.6% |
| Amounts payable after more than one year | 17 | €3,973,074 | €3,497,104 | -€475,970 | -12.0% |
| Financial debts | 170/4 | €3,973,074 | €3,497,104 | -€475,970 | -12.0% |
| Subordinated loans | 170 | €700,000 | €700,000 | = | 0.0% |
| Credit institutions | 173 | €3,273,074 | €2,797,104 | -€475,970 | -14.5% |
| Other loans | 174 | €0 | - | = | |
| Amounts payable within one year | 42/48 | €13,980,610 | €13,968,220 | -€12,390 | -0.1% |
| Current portion of amounts payable after more than one year | 42 | €483,309 | €489,805 | +€6,496 | +1.3% |
| Financial debts | 43 | €8,582,685 | €10,452,005 | +€1.9m | +21.8% |
| Credit institutions | 430/8 | €8,527,020 | €10,258,794 | +€1.7m | +20.3% |
| Other loans | 439 | €55,665 | €193,212 | +€137,547 | +247.1% |
| Trade debts | 44 | €2,177,364 | €2,189,446 | +€12,083 | +0.6% |
| Suppliers | 440/4 | €2,164,798 | €2,189,446 | +€24,649 | +1.1% |
| Bills of exchange payable | 441 | €12,566 | €0 | -€12,566 | -100.0% |
| Advances received on contracts in progress | 46 | €185,074 | €320,701 | +€135,627 | +73.3% |
| Taxes, remuneration and social security | 45 | €467,670 | €463,224 | -€4,446 | -1.0% |
| Taxes | 450/3 | €119,843 | €147,404 | +€27,561 | +23.0% |
| Remuneration and social security | 454/9 | €347,827 | €315,819 | -€32,007 | -9.2% |
| Other amounts payable | 47/48 | €2,084,509 | €53,038 | -€2.0m | -97.5% |
| Accrued charges and deferred income | 492/3 | €610,602 | €809,394 | +€198,793 | +32.6% |
| Operating income | 70/76A | €54,874,117 | €55,996,630 | +€1.1m | +2.0% |
| Turnover | 70 | €54,352,618 | €55,450,626 | +€1.1m | +2.0% |
| Other operating income | 74 | €521,499 | €546,004 | +€24,506 | +4.7% |
| Non-recurring operating income | 76A | €0 | - | = | |
| Operating charges | 60/66A | €54,355,700 | €54,928,290 | +€572,589 | +1.1% |
| Goods for resale, raw materials and consumables | 60 | €48,615,132 | €48,893,071 | +€277,939 | +0.6% |
| Purchases | 600/8 | €47,085,079 | €50,858,055 | +€3.8m | +8.0% |
| Change in stocks: decrease (increase) | 609 | €1,530,053 | -€1,964,984 | -€3.5m | |
| Services and other goods | 61 | €2,289,663 | €2,390,994 | +€101,331 | +4.4% |
| Remuneration, social security and pensions | 62 | €2,547,249 | €2,776,562 | +€229,314 | +9.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €643,655 | €648,043 | +€4,387 | +0.7% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €80,154 | -€153,792 | -€233,946 | |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | -€49,324 | €93,094 | +€142,418 | |
| Other operating charges | 640/8 | €229,171 | €280,317 | +€51,146 | +22.3% |
| Operating profit (loss) | 9901 | €518,416 | €1,068,340 | +€549,924 | +106.1% |
| Financial income | 75/76B | €121,539 | €79,055 | -€42,484 | -35.0% |
| Recurring financial income | 75 | €121,539 | €79,055 | -€42,484 | -35.0% |
| Income from current assets | 751 | €118,479 | €73,780 | -€44,698 | -37.7% |
| Other financial income | 752/9 | €3,060 | €5,275 | +€2,215 | +72.4% |
| Financial charges | 65/66B | €681,493 | €660,350 | -€21,142 | -3.1% |
| Recurring financial charges | 65 | €681,493 | €660,350 | -€21,142 | -3.1% |
| Debt charges | 650 | €661,205 | €647,063 | -€14,143 | -2.1% |
| Other financial charges | 652/9 | €20,288 | €13,288 | -€7,000 | -34.5% |
| Profit (loss) for the period before taxes | 9903 | -€41,537 | €487,045 | +€528,582 | |
| Income taxes | 67/77 | €59,916 | €194,990 | +€135,074 | +225.4% |
| Taxes | 670/3 | €59,916 | €194,990 | +€135,074 | +225.4% |
| Profit (loss) for the period | 9904 | -€101,454 | €292,055 | +€393,509 | |
| Profit (loss) for the period to be appropriated | 9905 | -€101,454 | €292,055 | +€393,509 |
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 8 October 2026 via checked.be.