THIVAN GROUP: what changed
THIVAN GROUP
Largest movements
- Receivables within one year -€14,443
down €14,443 (-33.2%), from €43,455 to €29,012
of which Other amounts receivable: -€8,620
- Cash -€12,258
down €12,258 (-50.6%), from €24,245 to €11,987
mainly Investment in fixed assets (net) (-€16,529) and Other debts (-€7,244)
- Tangible fixed assets +€10,536
up €10,536 (+166%), from €6,360 to €16,897
of which Other tangible fixed assets: +€10,934
- Stocks and contracts +€1,566
up €1,566 (+33.2%), from €4,718 to €6,284
- Other debts -€7,244
down €7,244 (-45.6%), from €15,878 to €8,634
- Tax, wage and social debts -€4,866
down €4,866 (-40.9%), from €11,897 to €7,031
- Trade debts -€2,570
down €2,570 (-14.1%), from €18,180 to €15,611
- Reserves -€1,500
down €1,500 (-2.3%), from €64,641 to €63,141
- Gross operating margin -€9,735
down €9,735 (-57.2%), from €17,022 to €7,286
- Depreciation -€2,975
down €2,975 (-33.2%), from €8,967 to €5,992
- Taxes -€2,140
down €2,140 (-53.4%), from €4,008 to €1,868
- Other operating charges -€192
down €192 (-21.5%), from €894 to €702
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €131,422 | €115,960 | -€15,462 | -11.8% |
| Fixed assets | 21/28 | €57,298 | €67,834 | +€10,536 | +18.4% |
| Tangible fixed assets | 22/27 | €6,360 | €16,897 | +€10,536 | +166% |
| Furniture and vehicles | 24 | €6,360 | €5,963 | -€398 | -6.3% |
| Other tangible fixed assets | 26 | - | €10,934 | +€10,934 | |
| Financial fixed assets | 28 | €50,938 | €50,938 | = | 0.0% |
| Current assets | 29/58 | €74,125 | €48,126 | -€25,999 | -35.1% |
| Stocks and contracts in progress | 3 | €4,718 | €6,284 | +€1,566 | +33.2% |
| Stocks | 30/36 | €4,718 | €6,284 | +€1,566 | +33.2% |
| Amounts receivable within one year | 40/41 | €43,455 | €29,012 | -€14,443 | -33.2% |
| Trade receivables | 40 | €23,672 | €17,848 | -€5,823 | -24.6% |
| Other amounts receivable | 41 | €19,783 | €11,163 | -€8,620 | -43.6% |
| Cash at bank and in hand | 54/58 | €24,245 | €11,987 | -€12,258 | -50.6% |
| Deferred charges and accrued income | 490/1 | €1,707 | €843 | -€864 | -50.6% |
| Total equity and liabilities | 10/49 | €131,422 | €115,960 | -€15,462 | -11.8% |
| Equity | 10/15 | €83,962 | €82,151 | -€1,811 | -2.2% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Contributions outside capital | 11 | €18,600 | - | -€18,600 | |
| Share premium | 1100/10 | €18,600 | - | -€18,600 | |
| Reserves | 13 | €64,641 | €63,141 | -€1,500 | -2.3% |
| Distributable reserves | 133 | €64,641 | €63,141 | -€1,500 | -2.3% |
| Profit (loss) carried forward | 14 | €722 | €411 | -€311 | -43.1% |
| Amounts payable | 17/49 | €47,460 | €33,809 | -€13,652 | -28.8% |
| Amounts payable within one year | 42/48 | €47,460 | €33,809 | -€13,652 | -28.8% |
| Trade debts | 44 | €18,180 | €15,611 | -€2,570 | -14.1% |
| Suppliers | 440/4 | €18,180 | €15,611 | -€2,570 | -14.1% |
| Advances received on contracts in progress | 46 | €1,505 | €2,533 | +€1,028 | +68.3% |
| Taxes, remuneration and social security | 45 | €11,897 | €7,031 | -€4,866 | -40.9% |
| Taxes | 450/3 | €11,897 | €7,031 | -€4,866 | -40.9% |
| Other amounts payable | 47/48 | €15,878 | €8,634 | -€7,244 | -45.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €8,967 | €5,992 | -€2,975 | -33.2% |
| Other operating charges | 640/8 | €894 | €702 | -€192 | -21.5% |
| Gross operating margin | 9900 | €17,022 | €7,286 | -€9,735 | -57.2% |
| Operating profit (loss) | 9901 | €7,161 | €593 | -€6,569 | -91.7% |
| Financial income | 75/76B | €3 | €0 | -€3 | -99.6% |
| Recurring financial income | 75 | €3 | €0 | -€3 | -99.6% |
| Financial charges | 65/66B | €700 | €536 | -€164 | -23.5% |
| Recurring financial charges | 65 | €700 | €536 | -€164 | -23.5% |
| Profit (loss) for the period before taxes | 9903 | €6,464 | €57 | -€6,407 | -99.1% |
| Income taxes | 67/77 | €4,008 | €1,868 | -€2,140 | -53.4% |
| Profit (loss) for the period | 9904 | €2,456 | -€1,811 | -€4,267 | |
| Profit (loss) for the period to be appropriated | 9905 | €2,456 | -€1,811 | -€4,267 |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 2 November 2026 via checked.be.