THaVaCo: 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.
THaVaCo
Largest movements
- Tangible fixed assets -€17,529
down €17,529 (-4.4%), from €396,766 to €379,237
of which Land and buildings: -€17,879
- Profit (loss) carried forward -€13,731
down €13,731 (-98.4%), from -€13,957 to -€27,687
- Debts after one year -€6,143
down €6,143 (-1.5%), from €399,944 to €393,801
of which Financial debts: -€6,143
- Gross operating margin -€3,926
down €3,926 (-14.4%), from €27,246 to €23,320
- Financial charges -€720
down €720 (-4.0%), from €18,062 to €17,342
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 | €402,760 | €383,305 | -€19,455 | -4.8% |
| Formation expenses | 20 | €597 | €347 | -€250 | -41.9% |
| Fixed assets | 21/28 | €396,766 | €379,237 | -€17,529 | -4.4% |
| Tangible fixed assets | 22/27 | €396,766 | €379,237 | -€17,529 | -4.4% |
| Land and buildings | 22 | €396,766 | €378,886 | -€17,879 | -4.5% |
| Plant, machinery and equipment | 23 | - | €350 | +€350 | |
| Current assets | 29/58 | €5,397 | €3,721 | -€1,676 | -31.1% |
| Amounts receivable within one year | 40/41 | €825 | €287 | -€539 | -65.3% |
| Trade receivables | 40 | €800 | €261 | -€539 | -67.4% |
| Other amounts receivable | 41 | €25 | €25 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €3,705 | €3,435 | -€271 | -7.3% |
| Deferred charges and accrued income | 490/1 | €866 | - | -€866 | |
| Total equity and liabilities | 10/49 | €402,760 | €383,305 | -€19,455 | -4.8% |
| Equity | 10/15 | -€9,957 | -€23,687 | -€13,731 | -138% |
| Contributions | 10/11 | €4,000 | €4,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€13,957 | -€27,687 | -€13,731 | -98.4% |
| Amounts payable | 17/49 | €412,716 | €406,992 | -€5,724 | -1.4% |
| Amounts payable after more than one year | 17 | €399,944 | €393,801 | -€6,143 | -1.5% |
| Financial debts | 170/4 | €398,144 | €392,001 | -€6,143 | -1.5% |
| Other amounts payable | 178/9 | €1,800 | €1,800 | = | 0.0% |
| Amounts payable within one year | 42/48 | €12,772 | €13,191 | +€419 | +3.3% |
| Current portion of amounts payable after more than one year | 42 | €12,772 | €13,191 | +€419 | +3.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €18,129 | €18,144 | +€15 | +0.1% |
| Other operating charges | 640/8 | €1,470 | €1,564 | +€95 | +6.4% |
| Gross operating margin | 9900 | €27,246 | €23,320 | -€3,926 | -14.4% |
| Operating profit (loss) | 9901 | €7,647 | €3,612 | -€4,035 | -52.8% |
| Financial charges | 65/66B | €18,062 | €17,342 | -€720 | -4.0% |
| Recurring financial charges | 65 | €18,062 | €17,342 | -€720 | -4.0% |
| Profit (loss) for the period before taxes | 9903 | -€10,415 | -€13,731 | -€3,316 | -31.8% |
| Profit (loss) for the period | 9904 | -€10,415 | -€13,731 | -€3,316 | -31.8% |
| Profit (loss) for the period to be appropriated | 9905 | -€10,415 | -€13,731 | -€3,316 | -31.8% |
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.