THIVAIOS: 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.
THIVAIOS
Largest movements
- Receivables within one year +€1.6m
up €1.6m (+32.1%), from €5.0m to €6.5m
of which Trade receivables: +€1.7m
- Cash +€516,614
up €516,614 (+79.5%), from €649,979 to €1.2m
mainly Net result for the year (+€1.5m) and Trade debts (+€940,829)
- Trade debts +€940,829
up €940,829 (+79.7%), from €1.2m to €2.1m
- Other debts +€419,752
up €419,752 (+11.8%), from €3.5m to €4.0m
- Reserves +€210,500
up €210,500 (+10.0%), from €2.1m to €2.3m
of which Distributable reserves: +€1.1m
- Profit (loss) carried forward +€202,844
up €202,844 (+40.0%), from -€506,649 to -€303,805
- Accrued charges and deferred income +€189,522
new in 2024: €189,522
- Gross operating margin +€660,173
up €660,173 (+77.1%), from €855,749 to €1.5m
- Financial charges -€209,175
down €209,175 (-39.3%), from €531,593 to €322,418
- Taxes +€46,717
up €46,717 (+1905.3%), from €2,452 to €49,169
- Financial income +€36,253
up €36,253 (+12.3%), from €295,444 to €331,697
of which Financial income: +€36,509
From the 2023 result to the 2024 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 2023 and 2024 balance sheets and the 2024 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2023 | 2024 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €6,359,879 | €8,321,563 | +€2.0m | +30.8% |
| Fixed assets | 21/28 | €442,566 | €368,038 | -€74,528 | -16.8% |
| Intangible fixed assets | 21 | €37,094 | €25,094 | -€12,000 | -32.4% |
| Tangible fixed assets | 22/27 | €367,498 | €318,711 | -€48,787 | -13.3% |
| Plant, machinery and equipment | 23 | €77,796 | €60,316 | -€17,480 | -22.5% |
| Furniture and vehicles | 24 | €14,227 | €14,362 | +€135 | +0.9% |
| Other tangible fixed assets | 26 | €275,475 | €244,033 | -€31,442 | -11.4% |
| Financial fixed assets | 28 | €37,974 | €24,232 | -€13,742 | -36.2% |
| Current assets | 29/58 | €5,917,313 | €7,953,525 | +€2.0m | +34.4% |
| Amounts receivable after more than one year | 29 | €217,375 | €186,355 | -€31,020 | -14.3% |
| Other amounts receivable | 291 | €217,375 | €186,355 | -€31,020 | -14.3% |
| Amounts receivable within one year | 40/41 | €4,957,895 | €6,548,047 | +€1.6m | +32.1% |
| Trade receivables | 40 | €4,778,011 | €6,498,779 | +€1.7m | +36.0% |
| Other amounts receivable | 41 | €179,884 | €49,267 | -€130,617 | -72.6% |
| Current investments | 50/53 | - | €0 | = | |
| Cash at bank and in hand | 54/58 | €649,979 | €1,166,593 | +€516,614 | +79.5% |
| Deferred charges and accrued income | 490/1 | €92,064 | €52,529 | -€39,535 | -42.9% |
| Total equity and liabilities | 10/49 | €6,359,879 | €8,321,563 | +€2.0m | +30.8% |
| Equity | 10/15 | €1,616,657 | €2,030,001 | +€413,344 | +25.6% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €2,104,706 | €2,315,206 | +€210,500 | +10.0% |
| Non-distributable reserves | 130/1 | €1,860 | €0 | -€1,860 | -100.0% |
| Reserves not available under the articles | 1311 | €1,860 | €0 | -€1,860 | -100.0% |
| Tax-exempt reserves | 132 | €1,102,846 | €218,346 | -€884,500 | -80.2% |
| Distributable reserves | 133 | €1,000,000 | €2,096,860 | +€1.1m | +109.7% |
| Profit (loss) carried forward | 14 | -€506,649 | -€303,805 | +€202,844 | +40.0% |
| Amounts payable | 17/49 | €4,743,222 | €6,291,562 | +€1.5m | +32.6% |
| Amounts payable within one year | 42/48 | €4,743,222 | €6,102,040 | +€1.4m | +28.6% |
| Trade debts | 44 | €1,180,449 | €2,121,278 | +€940,829 | +79.7% |
| Suppliers | 440/4 | €1,180,449 | €2,121,278 | +€940,829 | +79.7% |
| Taxes, remuneration and social security | 45 | €19,540 | €17,777 | -€1,763 | -9.0% |
| Taxes | 450/3 | €4,486 | €2,201 | -€2,285 | -50.9% |
| Remuneration and social security | 454/9 | €15,054 | €15,575 | +€521 | +3.5% |
| Other amounts payable | 47/48 | €3,543,233 | €3,962,985 | +€419,752 | +11.8% |
| Accrued charges and deferred income | 492/3 | - | €189,522 | +€189,522 | |
| Non-recurring operating income | 76A | - | €24,000 | +€24,000 | |
| Remuneration, social security and pensions | 62 | €143,274 | €142,734 | -€540 | -0.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €88,472 | €88,451 | -€21 | 0.0% |
| Other operating charges | 640/8 | €6,051 | €4,336 | -€1,715 | -28.3% |
| Non-recurring operating charges | 66A | €749,931 | €827,167 | +€77,236 | +10.3% |
| Gross operating margin | 9900 | €855,749 | €1,515,922 | +€660,173 | +77.1% |
| Operating profit (loss) | 9901 | -€131,979 | €453,235 | +€585,214 | |
| Financial income | 75/76B | €295,444 | €331,697 | +€36,253 | +12.3% |
| Recurring financial income | 75 | €295,188 | €331,697 | +€36,509 | +12.4% |
| Non-recurring financial income | 76B | €256 | - | -€256 | |
| Financial charges | 65/66B | €531,593 | €322,418 | -€209,175 | -39.3% |
| Recurring financial charges | 65 | €531,593 | €322,418 | -€209,175 | -39.3% |
| Profit (loss) for the period before taxes | 9903 | -€368,128 | €462,513 | +€830,641 | |
| Transfer from deferred taxes | 780 | - | €1,095,000 | +€1.1m | |
| Income taxes | 67/77 | €2,452 | €49,169 | +€46,717 | +1905.3% |
| Profit (loss) for the period | 9904 | -€370,580 | €1,508,344 | +€1.9m | |
| Transfer to tax-exempt reserves | 689 | - | €210,500 | +€210,500 | |
| Profit (loss) for the period to be appropriated | 9905 | -€370,580 | €1,297,844 | +€1.7m |
Source: filed annual accounts (NBB), financial years ended 31 December 2023 and 31 December 2024. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 11 October 2026 via checked.be.