SRL THARWA: 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.
SRL THARWA
Largest movements
- Cash +€208,945
up €208,945 (+112%), from €186,670 to €395,615
mainly Net result for the year (+€140,735) and Depreciation (+€40,000)
- Intangible fixed assets -€40,000
down €40,000 (-19.4%), from €206,685 to €166,685
- Receivables within one year -€26,521
down €26,521 (-69.0%), from €38,458 to €11,937
- Reserves +€140,736
up €140,736 (+36.8%), from €382,780 to €523,516
- Gross operating margin +€30,989
up €30,989 (+14.9%), from €208,427 to €239,416
- Taxes +€10,647
up €10,647 (+21.8%), from €48,923 to €59,570
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 | €433,118 | €576,852 | +€143,734 | +33.2% |
| Fixed assets | 21/28 | €206,685 | €166,685 | -€40,000 | -19.4% |
| Intangible fixed assets | 21 | €206,685 | €166,685 | -€40,000 | -19.4% |
| Current assets | 29/58 | €226,433 | €410,168 | +€183,735 | +81.1% |
| Amounts receivable within one year | 40/41 | €38,458 | €11,937 | -€26,521 | -69.0% |
| Other amounts receivable | 41 | €38,458 | €11,937 | -€26,521 | -69.0% |
| Cash at bank and in hand | 54/58 | €186,670 | €395,615 | +€208,945 | +112% |
| Deferred charges and accrued income | 490/1 | €1,305 | €2,615 | +€1,310 | +100% |
| Total equity and liabilities | 10/49 | €433,118 | €576,852 | +€143,734 | +33.2% |
| Equity | 10/15 | €387,780 | €528,516 | +€140,736 | +36.3% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Reserves | 13 | €382,780 | €523,516 | +€140,736 | +36.8% |
| Distributable reserves | 133 | €382,780 | €523,516 | +€140,736 | +36.8% |
| Amounts payable | 17/49 | €45,338 | €48,337 | +€2,999 | +6.6% |
| Amounts payable within one year | 42/48 | €45,338 | €48,337 | +€2,999 | +6.6% |
| Other amounts payable | 47/48 | €45,338 | €48,337 | +€2,999 | +6.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €40,000 | €40,000 | = | 0.0% |
| Other operating charges | 640/8 | €387 | €400 | +€13 | +3.3% |
| Gross operating margin | 9900 | €208,427 | €239,416 | +€30,989 | +14.9% |
| Operating profit (loss) | 9901 | €168,040 | €199,017 | +€30,977 | +18.4% |
| Financial income | 75/76B | €67 | €1,367 | +€1,300 | +1,940% |
| Recurring financial income | 75 | €67 | €1,367 | +€1,300 | +1,940% |
| Financial charges | 65/66B | €77 | €78 | +€1 | +1.3% |
| Recurring financial charges | 65 | €77 | €78 | +€1 | +1.3% |
| Profit (loss) for the period before taxes | 9903 | €168,030 | €200,305 | +€32,275 | +19.2% |
| Income taxes | 67/77 | €48,923 | €59,570 | +€10,647 | +21.8% |
| Profit (loss) for the period | 9904 | €119,107 | €140,735 | +€21,628 | +18.2% |
| Profit (loss) for the period to be appropriated | 9905 | €119,107 | €140,735 | +€21,628 | +18.2% |
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.