THOSO: 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.
THOSO
Largest movements
- Tangible fixed assets +€848,150
up €848,150 (+13.0%), from €6.5m to €7.4m
of which Land and buildings: +€834,063
- Current investments -€375,000
down €375,000 (-75.0%), from €500,000 to €125,000
- Cash -€161,665
down €161,665 (-64.5%), from €250,803 to €89,138
mainly Investment in fixed assets (net) (-€1.4m) and Trade debts (-€161,354)
- Reserves +€336,931
up €336,931 (+42.1%), from €800,125 to €1.1m
of which Tax-exempt reserves: +€379,300
- Trade debts -€161,354
down €161,354 (-70.9%), from €227,695 to €66,341
- Provisions +€126,433
new in 2025: €126,433
- Gross operating margin +€529,010
up €529,010 (+74.8%), from €707,417 to €1.2m
- Depreciation -€110,177
down €110,177 (-17.4%), from €632,600 to €522,423
- Financial charges +€84,867
up €84,867 (+72.6%), from €116,954 to €201,821
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 | €7,262,928 | €7,571,087 | +€308,159 | +4.2% |
| Fixed assets | 21/28 | €6,506,083 | €7,354,233 | +€848,150 | +13.0% |
| Tangible fixed assets | 22/27 | €6,506,083 | €7,354,233 | +€848,150 | +13.0% |
| Land and buildings | 22 | €6,060,067 | €6,894,130 | +€834,063 | +13.8% |
| Plant, machinery and equipment | 23 | €277,219 | €301,374 | +€24,154 | +8.7% |
| Furniture and vehicles | 24 | €159,132 | €150,340 | -€8,792 | -5.5% |
| Other tangible fixed assets | 26 | €9,666 | €8,390 | -€1,276 | -13.2% |
| Current assets | 29/58 | €756,845 | €216,854 | -€539,991 | -71.3% |
| Amounts receivable within one year | 40/41 | €4,607 | €1,618 | -€2,988 | -64.9% |
| Trade receivables | 40 | €85 | €0 | -€85 | -100.0% |
| Other amounts receivable | 41 | €4,522 | €1,618 | -€2,903 | -64.2% |
| Current investments | 50/53 | €500,000 | €125,000 | -€375,000 | -75.0% |
| Cash at bank and in hand | 54/58 | €250,803 | €89,138 | -€161,665 | -64.5% |
| Deferred charges and accrued income | 490/1 | €1,435 | €1,098 | -€337 | -23.5% |
| Total equity and liabilities | 10/49 | €7,262,928 | €7,571,087 | +€308,159 | +4.2% |
| Equity | 10/15 | €806,435 | €1,143,257 | +€336,822 | +41.8% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €800,125 | €1,137,057 | +€336,931 | +42.1% |
| Non-distributable reserves | 130/1 | €0 | - | = | |
| Reserves not available under the articles | 1311 | €0 | - | = | |
| Tax-exempt reserves | 132 | - | €379,300 | +€379,300 | |
| Distributable reserves | 133 | €800,125 | €757,757 | -€42,368 | -5.3% |
| Profit (loss) carried forward | 14 | €109 | €0 | -€109 | -100.0% |
| Provisions and deferred taxes | 16 | - | €126,433 | +€126,433 | |
| Deferred taxes | 168 | - | €126,433 | +€126,433 | |
| Amounts payable | 17/49 | €6,456,493 | €6,301,397 | -€155,096 | -2.4% |
| Amounts payable after more than one year | 17 | €5,629,041 | €5,601,281 | -€27,761 | -0.5% |
| Financial debts | 170/4 | €5,629,041 | €5,601,281 | -€27,761 | -0.5% |
| Amounts payable within one year | 42/48 | €821,805 | €696,533 | -€125,272 | -15.2% |
| Current portion of amounts payable after more than one year | 42 | €382,428 | €372,886 | -€9,542 | -2.5% |
| Trade debts | 44 | €227,695 | €66,341 | -€161,354 | -70.9% |
| Suppliers | 440/4 | €227,695 | €66,341 | -€161,354 | -70.9% |
| Taxes, remuneration and social security | 45 | €2,291 | €2,344 | +€53 | +2.3% |
| Taxes | 450/3 | €2,291 | €2,344 | +€53 | +2.3% |
| Other amounts payable | 47/48 | €209,391 | €254,962 | +€45,571 | +21.8% |
| Accrued charges and deferred income | 492/3 | €5,647 | €3,583 | -€2,064 | -36.5% |
| Non-recurring operating income | 76A | - | €531,058 | +€531,058 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €632,600 | €522,423 | -€110,177 | -17.4% |
| Other operating charges | 640/8 | €14,734 | €10,121 | -€4,613 | -31.3% |
| Gross operating margin | 9900 | €707,417 | €1,236,428 | +€529,010 | +74.8% |
| Operating profit (loss) | 9901 | €60,084 | €703,883 | +€643,800 | +1071.5% |
| Financial income | 75/76B | €16,661 | €13,104 | -€3,558 | -21.4% |
| Recurring financial income | 75 | €16,661 | €13,104 | -€3,558 | -21.4% |
| Financial charges | 65/66B | €116,954 | €201,821 | +€84,867 | +72.6% |
| Recurring financial charges | 65 | €116,954 | €201,821 | +€84,867 | +72.6% |
| Profit (loss) for the period before taxes | 9903 | -€40,209 | €515,166 | +€555,375 | |
| Transfer from deferred taxes | 780 | - | €2,429 | +€2,429 | |
| Transfer to deferred taxes | 680 | - | €128,862 | +€128,862 | |
| Income taxes | 67/77 | €477 | €1,514 | +€1,037 | +217.7% |
| Profit (loss) for the period | 9904 | -€40,686 | €387,218 | +€427,904 | |
| Transfer from tax-exempt reserves | 789 | - | €7,287 | +€7,287 | |
| Transfer to tax-exempt reserves | 689 | - | €386,587 | +€386,587 | |
| Profit (loss) for the period to be appropriated | 9905 | -€40,686 | €7,919 | +€48,605 |
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 11 October 2026 via checked.be.