THERVIN: 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.
THERVIN
Largest movements
- Cash +€456,850
up €456,850 (+1,018%), from €44,881 to €501,731
mainly Net result for the year (+€357,173) and Tax, wage and social debts (+€166,338)
- Receivables within one year +€33,468
up €33,468 (+111%), from €30,137 to €63,604
of which Trade receivables: +€23,343
- Reserves +€357,173
up €357,173 (+118%), from €301,757 to €658,930
of which Distributable reserves: +€357,173
- Tax, wage and social debts +€166,338
up €166,338 (+233%), from €71,313 to €237,651
- Debts after one year -€83,684
down €83,684 (-10.3%), from €809,315 to €725,632
- Other debts +€48,702
up €48,702 (+16.6%), from €293,395 to €342,097
- Gross operating margin +€468,214
up €468,214 (+434%), from €107,992 to €576,206
- Taxes +€150,851
up €150,851 (+621%), from €24,294 to €175,145
- Other operating charges -€9,509
down €9,509 (-94.9%), from €10,021 to €512
- Financial charges -€6,337
down €6,337 (-26.9%), from €23,584 to €17,247
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 | €1,525,857 | €2,003,792 | +€477,935 | +31.3% |
| Fixed assets | 21/28 | €1,430,284 | €1,419,635 | -€10,648 | -0.7% |
| Tangible fixed assets | 22/27 | €1,430,284 | €1,419,635 | -€10,648 | -0.7% |
| Land and buildings | 22 | €1,428,182 | €1,411,302 | -€16,880 | -1.2% |
| Plant, machinery and equipment | 23 | €2,102 | €1,288 | -€814 | -38.7% |
| Furniture and vehicles | 24 | - | €7,045 | +€7,045 | |
| Current assets | 29/58 | €95,573 | €584,157 | +€488,583 | +511% |
| Amounts receivable within one year | 40/41 | €30,137 | €63,604 | +€33,468 | +111% |
| Trade receivables | 40 | €0 | €23,343 | +€23,343 | |
| Other amounts receivable | 41 | €30,137 | €40,262 | +€10,125 | +33.6% |
| Cash at bank and in hand | 54/58 | €44,881 | €501,731 | +€456,850 | +1,018% |
| Deferred charges and accrued income | 490/1 | €20,556 | €18,821 | -€1,735 | -8.4% |
| Total equity and liabilities | 10/49 | €1,525,857 | €2,003,792 | +€477,935 | +31.3% |
| Equity | 10/15 | €258,479 | €615,652 | +€357,173 | +138% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €301,757 | €658,930 | +€357,173 | +118% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €299,897 | €657,070 | +€357,173 | +119% |
| Profit (loss) carried forward | 14 | -€49,478 | -€49,478 | = | 0.0% |
| Amounts payable | 17/49 | €1,267,378 | €1,388,140 | +€120,762 | +9.5% |
| Amounts payable after more than one year | 17 | €809,315 | €725,632 | -€83,684 | -10.3% |
| Financial debts | 170/4 | €809,315 | €725,632 | -€83,684 | -10.3% |
| Amounts payable within one year | 42/48 | €458,063 | €662,508 | +€204,445 | +44.6% |
| Current portion of amounts payable after more than one year | 42 | €64,046 | €74,526 | +€10,479 | +16.4% |
| Trade debts | 44 | €14,359 | €8,234 | -€6,125 | -42.7% |
| Suppliers | 440/4 | €14,359 | €8,234 | -€6,125 | -42.7% |
| Advances received on contracts in progress | 46 | €14,949 | €0 | -€14,949 | -100% |
| Taxes, remuneration and social security | 45 | €71,313 | €237,651 | +€166,338 | +233% |
| Taxes | 450/3 | €71,313 | €237,651 | +€166,338 | +233% |
| Other amounts payable | 47/48 | €293,395 | €342,097 | +€48,702 | +16.6% |
| Accrued charges and deferred income | 492/3 | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €24,855 | €26,200 | +€1,345 | +5.4% |
| Other operating charges | 640/8 | €10,021 | €512 | -€9,509 | -94.9% |
| Gross operating margin | 9900 | €107,992 | €576,206 | +€468,214 | +434% |
| Operating profit (loss) | 9901 | €73,116 | €549,494 | +€476,378 | +652% |
| Financial income | 75/76B | €4 | €71 | +€67 | +1,660% |
| Recurring financial income | 75 | €4 | €71 | +€67 | +1,660% |
| Financial charges | 65/66B | €23,584 | €17,247 | -€6,337 | -26.9% |
| Recurring financial charges | 65 | €23,584 | €17,247 | -€6,337 | -26.9% |
| Profit (loss) for the period before taxes | 9903 | €49,535 | €532,318 | +€482,783 | +975% |
| Income taxes | 67/77 | €24,294 | €175,145 | +€150,851 | +621% |
| Profit (loss) for the period | 9904 | €25,241 | €357,173 | +€331,932 | +1,315% |
| Profit (loss) for the period to be appropriated | 9905 | €25,241 | €357,173 | +€331,932 | +1,315% |
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 16 October 2026 via checked.be.