THREO: 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.
THREO
Largest movements
- Tangible fixed assets -€94,379
down €94,379 (-11.0%), from €854,305 to €759,926
of which Land and buildings: -€538,763
- Cash -€40,710
down €40,710 (-30.1%), from €135,184 to €94,474
mainly Debts after one year (-€63,040) and Net result for the year (-€54,700)
- Debts after one year -€63,040
down €63,040 (-13.6%), from €464,383 to €401,343
- Profit (loss) carried forward -€54,700
down €54,700 (-79.3%), from -€69,014 to -€123,714
- Other operating charges -€32,392
down €32,392 (-99.2%), from €32,646 to €254
- Gross operating margin -€19,629
down €19,629 (-30.1%), from €65,308 to €45,679
- Financial charges -€1,551
down €1,551 (-21.3%), from €7,296 to €5,746
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 | €991,602 | €857,106 | -€134,496 | -13.6% |
| Fixed assets | 21/28 | €854,305 | €759,926 | -€94,379 | -11.0% |
| Intangible fixed assets | 21 | €0 | - | = | |
| Tangible fixed assets | 22/27 | €854,305 | €759,926 | -€94,379 | -11.0% |
| Land and buildings | 22 | €719,290 | €180,527 | -€538,763 | -74.9% |
| Plant, machinery and equipment | 23 | €135,016 | €121,149 | -€13,867 | -10.3% |
| Furniture and vehicles | 24 | €0 | - | = | |
| Leasing and similar rights | 25 | €0 | €458,250 | +€458,250 | |
| Financial fixed assets | 28 | €0 | - | = | |
| Current assets | 29/58 | €137,297 | €97,180 | -€40,117 | -29.2% |
| Amounts receivable within one year | 40/41 | €0 | - | = | |
| Trade receivables | 40 | €0 | - | = | |
| Other amounts receivable | 41 | €0 | - | = | |
| Cash at bank and in hand | 54/58 | €135,184 | €94,474 | -€40,710 | -30.1% |
| Deferred charges and accrued income | 490/1 | €2,113 | €2,707 | +€594 | +28.1% |
| Total equity and liabilities | 10/49 | €991,602 | €857,106 | -€134,496 | -13.6% |
| Equity | 10/15 | -€43,016 | -€97,716 | -€54,700 | -127.2% |
| Contributions | 10/11 | €2,224 | €2,224 | = | 0.0% |
| Reserves | 13 | €23,774 | €23,774 | = | 0.0% |
| Distributable reserves | 133 | €23,774 | €23,774 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€69,014 | -€123,714 | -€54,700 | -79.3% |
| Amounts payable | 17/49 | €1,034,619 | €954,823 | -€79,796 | -7.7% |
| Amounts payable after more than one year | 17 | €464,383 | €401,343 | -€63,040 | -13.6% |
| Financial debts | 170/4 | €464,383 | €401,343 | -€63,040 | -13.6% |
| Amounts payable within one year | 42/48 | €570,235 | €553,479 | -€16,756 | -2.9% |
| Current portion of amounts payable after more than one year | 42 | €70,828 | €63,040 | -€7,788 | -11.0% |
| Trade debts | 44 | €0 | €128 | +€128 | |
| Suppliers | 440/4 | €0 | €128 | +€128 | |
| Taxes, remuneration and social security | 45 | €0 | - | = | |
| Taxes | 450/3 | €0 | - | = | |
| Remuneration and social security | 454/9 | €0 | - | = | |
| Other amounts payable | 47/48 | €499,407 | €490,311 | -€9,096 | -1.8% |
| Non-recurring operating income | 76A | €0 | - | = | |
| Remuneration, social security and pensions | 62 | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €94,379 | €94,379 | +€0 | 0.0% |
| Other operating charges | 640/8 | €32,646 | €254 | -€32,392 | -99.2% |
| Gross operating margin | 9900 | €65,308 | €45,679 | -€19,629 | -30.1% |
| Operating profit (loss) | 9901 | -€61,718 | -€48,955 | +€12,763 | +20.7% |
| Financial income | 75/76B | €0 | - | = | |
| Recurring financial income | 75 | €0 | - | = | |
| Financial charges | 65/66B | €7,296 | €5,746 | -€1,551 | -21.3% |
| Recurring financial charges | 65 | €7,296 | €5,746 | -€1,551 | -21.3% |
| Profit (loss) for the period before taxes | 9903 | -€69,014 | -€54,700 | +€14,314 | +20.7% |
| Income taxes | 67/77 | €0 | - | = | |
| Profit (loss) for the period | 9904 | -€69,014 | -€54,700 | +€14,314 | +20.7% |
| Profit (loss) for the period to be appropriated | 9905 | -€69,014 | -€54,700 | +€14,314 | +20.7% |
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 4 October 2026 via checked.be.