THOLA: what changed
Two fiscal 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.
THOLA
Largest movements
- Receivables after one year -€453,445
down €453,445 (-20.9%), from €2.2m to €1.7m
- Debts after one year -€494,797
down €494,797 (-25.3%), from €2.0m to €1.5m
of which Financial debts: -€262,580
- Financial charges -€12,507
down €12,507 (-13.8%), from €90,611 to €78,104
- Depreciation +€11,918
up €11,918 (+93.5%), from €12,750 to €24,667
- Financial income -€9,013
down €9,013 (-21.5%), from €41,920 to €32,907
- Gross operating margin -€7,372
down €7,372 (-5.3%), from €137,865 to €130,493
- Other operating charges +€2,190
up €2,190 (+3.1%), from €69,734 to €71,924
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.
Cash bridge derived
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 | €2,802,202 | €2,309,108 | -€493,094 | -17.6% |
| Fixed assets | 21/28 | €305,054 | €280,387 | -€24,667 | -8.1% |
| Tangible fixed assets | 22/27 | €305,054 | €280,387 | -€24,667 | -8.1% |
| Land and buildings | 22 | €115,279 | €111,695 | -€3,584 | -3.1% |
| Plant, machinery and equipment | 23 | €179,158 | €160,575 | -€18,583 | -10.4% |
| Furniture and vehicles | 24 | €10,616 | €8,116 | -€2,500 | -23.5% |
| Current assets | 29/58 | €2,497,148 | €2,028,721 | -€468,427 | -18.8% |
| Amounts receivable after more than one year | 29 | €2,173,053 | €1,719,608 | -€453,445 | -20.9% |
| Other amounts receivable | 291 | €2,173,053 | €1,719,608 | -€453,445 | -20.9% |
| Amounts receivable within one year | 40/41 | €314,859 | €305,845 | -€9,013 | -2.9% |
| Trade receivables | 40 | €11,250 | €11,250 | = | 0.0% |
| Other amounts receivable | 41 | €303,609 | €294,595 | -€9,013 | -3.0% |
| Cash at bank and in hand | 54/58 | €9,134 | €3,064 | -€6,070 | -66.5% |
| Deferred charges and accrued income | 490/1 | €103 | €204 | +€101 | +98.3% |
| Total equity and liabilities | 10/49 | €2,802,202 | €2,309,108 | -€493,094 | -17.6% |
| Equity | 10/15 | €284,832 | €273,537 | -€11,295 | -4.0% |
| Contributions | 10/11 | €250,000 | €250,000 | = | 0.0% |
| Reserves | 13 | €4,000 | €4,000 | = | 0.0% |
| Distributable reserves | 133 | €4,000 | €4,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €30,832 | €19,537 | -€11,295 | -36.6% |
| Amounts payable | 17/49 | €2,517,371 | €2,035,571 | -€481,799 | -19.1% |
| Amounts payable after more than one year | 17 | €1,958,851 | €1,464,053 | -€494,797 | -25.3% |
| Financial debts | 170/4 | €1,494,417 | €1,231,836 | -€262,580 | -17.6% |
| Other amounts payable | 178/9 | €464,434 | €232,217 | -€232,217 | -50.0% |
| Amounts payable within one year | 42/48 | €558,520 | €571,518 | +€12,998 | +2.3% |
| Current portion of amounts payable after more than one year | 42 | €260,626 | €262,643 | +€2,017 | +0.8% |
| Trade debts | 44 | €4,611 | €2,285 | -€2,327 | -50.5% |
| Suppliers | 440/4 | €4,611 | €2,285 | -€2,327 | -50.5% |
| Other amounts payable | 47/48 | €293,283 | €306,591 | +€13,308 | +4.5% |
| Non-recurring operating income | 76A | - | €53 | +€53 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €12,750 | €24,667 | +€11,918 | +93.5% |
| Other operating charges | 640/8 | €69,734 | €71,924 | +€2,190 | +3.1% |
| Gross operating margin | 9900 | €137,865 | €130,493 | -€7,372 | -5.3% |
| Operating profit (loss) | 9901 | €55,381 | €33,902 | -€21,479 | -38.8% |
| Financial income | 75/76B | €41,920 | €32,907 | -€9,013 | -21.5% |
| Recurring financial income | 75 | €41,920 | €32,907 | -€9,013 | -21.5% |
| Financial charges | 65/66B | €90,611 | €78,104 | -€12,507 | -13.8% |
| Recurring financial charges | 65 | €90,611 | €78,104 | -€12,507 | -13.8% |
| Profit (loss) for the period before taxes | 9903 | €6,691 | -€11,295 | -€17,986 | |
| Profit (loss) for the period | 9904 | €6,691 | -€11,295 | -€17,986 | |
| Profit (loss) for the period to be appropriated | 9905 | €6,691 | -€11,295 | -€17,986 |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 29 September 2026 via checked.be.