THOEN BEHEER: 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.
THOEN BEHEER
Largest movements
- Receivables within one year -€326,970
down €326,970 (-66.7%), from €490,557 to €163,587
of which Other amounts receivable: -€340,777
- Cash +€254,391
up €254,391 (+105%), from €242,241 to €496,633
mainly Receivables within one year (+€326,970) and Short-term financial debts (+€302,491)
- Stocks and contracts -€218,758
down €218,758 (-13.8%), from €1.6m to €1.4m
- Trade debts -€446,688
down €446,688 (-89.2%), from €500,675 to €53,988
- Short-term financial debts +€302,491
up €302,491 (+242%), from €125,000 to €427,491
- Other debts -€175,992
down €175,992 (-15.5%), from €1.1m to €960,391
- Tax, wage and social debts +€46,638
new in 2025: €46,638
- Profit (loss) carried forward -€32,033
down €32,033 (-8.4%), from €381,795 to €349,762
- Gross operating margin +€43,450
up €43,450 (+52.2%), from €83,224 to €126,674
- Financial charges +€36,661
up €36,661 (+77.5%), from €47,323 to €83,983
- Other operating charges +€28,268
up €28,268 (+132%), from €21,472 to €49,740
- Financial income -€25,175
down €25,175 (-83.2%), from €30,262 to €5,087
- Taxes +€18,636
up €18,636 (+167%), from €11,151 to €29,787
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 | €2,436,597 | €2,131,013 | -€305,584 | -12.5% |
| Fixed assets | 21/28 | €101,852 | €101,567 | -€285 | -0.3% |
| Tangible fixed assets | 22/27 | €101,852 | €101,567 | -€285 | -0.3% |
| Land and buildings | 22 | €101,852 | €101,567 | -€285 | -0.3% |
| Current assets | 29/58 | €2,334,745 | €2,029,446 | -€305,299 | -13.1% |
| Stocks and contracts in progress | 3 | €1,586,947 | €1,368,189 | -€218,758 | -13.8% |
| Contracts in progress | 37 | €1,586,947 | €1,368,189 | -€218,758 | -13.8% |
| Amounts receivable within one year | 40/41 | €490,557 | €163,587 | -€326,970 | -66.7% |
| Trade receivables | 40 | €89,780 | €103,587 | +€13,807 | +15.4% |
| Other amounts receivable | 41 | €400,777 | €60,000 | -€340,777 | -85.0% |
| Current investments | 50/53 | €1,035 | €1,038 | +€3 | +0.3% |
| Cash at bank and in hand | 54/58 | €242,241 | €496,633 | +€254,391 | +105% |
| Deferred charges and accrued income | 490/1 | €13,965 | - | -€13,965 | |
| Total equity and liabilities | 10/49 | €2,436,597 | €2,131,013 | -€305,584 | -12.5% |
| Equity | 10/15 | €674,538 | €642,505 | -€32,033 | -4.7% |
| Contributions | 10/11 | €200,000 | €200,000 | = | 0.0% |
| Capital | 10 | €200,000 | €200,000 | = | 0.0% |
| Issued capital | 100 | €200,000 | €200,000 | = | 0.0% |
| Reserves | 13 | €92,743 | €92,743 | = | 0.0% |
| Non-distributable reserves | 130/1 | €20,000 | €20,000 | = | 0.0% |
| Legal reserve | 130 | €20,000 | €20,000 | = | 0.0% |
| Tax-exempt reserves | 132 | €18,725 | €18,725 | = | 0.0% |
| Distributable reserves | 133 | €54,018 | €54,018 | = | 0.0% |
| Profit (loss) carried forward | 14 | €381,795 | €349,762 | -€32,033 | -8.4% |
| Amounts payable | 17/49 | €1,762,059 | €1,488,508 | -€273,551 | -15.5% |
| Amounts payable within one year | 42/48 | €1,762,059 | €1,488,508 | -€273,551 | -15.5% |
| Financial debts | 43 | €125,000 | €427,491 | +€302,491 | +242% |
| Credit institutions | 430/8 | €125,000 | €427,491 | +€302,491 | +242% |
| Trade debts | 44 | €500,675 | €53,988 | -€446,688 | -89.2% |
| Suppliers | 440/4 | €500,675 | €53,988 | -€446,688 | -89.2% |
| Taxes, remuneration and social security | 45 | - | €46,638 | +€46,638 | |
| Taxes | 450/3 | - | €46,638 | +€46,638 | |
| Other amounts payable | 47/48 | €1,136,384 | €960,391 | -€175,992 | -15.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €156 | €285 | +€129 | +82.5% |
| Other operating charges | 640/8 | €21,472 | €49,740 | +€28,268 | +132% |
| Gross operating margin | 9900 | €83,224 | €126,674 | +€43,450 | +52.2% |
| Operating profit (loss) | 9901 | €61,596 | €76,650 | +€15,054 | +24.4% |
| Financial income | 75/76B | €30,262 | €5,087 | -€25,175 | -83.2% |
| Recurring financial income | 75 | €30,262 | €5,087 | -€25,175 | -83.2% |
| Financial charges | 65/66B | €47,323 | €83,983 | +€36,661 | +77.5% |
| Recurring financial charges | 65 | €47,323 | €83,983 | +€36,661 | +77.5% |
| Profit (loss) for the period before taxes | 9903 | €44,535 | -€2,246 | -€46,781 | |
| Income taxes | 67/77 | €11,151 | €29,787 | +€18,636 | +167% |
| Profit (loss) for the period | 9904 | €33,384 | -€32,033 | -€65,417 | |
| Profit (loss) for the period to be appropriated | 9905 | €33,384 | -€32,033 | -€65,417 |
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 22 October 2026 via checked.be.