Tholeau: 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.
Tholeau
Largest movements
- Receivables within one year +€8.0m
up €8.0m (+36701.4%), from €21,682 to €8.0m
of which Other amounts receivable: +€8.0m
- Cash +€147,433
up €147,433 (+539.1%), from €27,348 to €174,780
mainly Net result for the year (+€8.1m) and Other debts (+€793,441)
- Reserves +€7.1m
new in 2025: €7.1m
- Other debts +€793,441
up €793,441 (+2874.0%), from €27,607 to €821,049
- Debts after one year +€181,212
new in 2025: €181,212
- Financial income +€8.0m
up €8.0m (+6365.4%), from €125,000 to €8.1m
of which Non-recurring financial income: +€8.0m
- Gross operating margin -€11,969
down €11,969 (-14.7%), from €81,441 to €69,472
- Taxes +€1,068
up €1,068 (+6.5%), from €16,484 to €17,552
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 | €64,726 | €8,201,536 | +€8.1m | +12571.2% |
| Fixed assets | 21/28 | €11,702 | €47,356 | +€35,654 | +304.7% |
| Tangible fixed assets | 22/27 | €7,202 | €32,482 | +€25,280 | +351.0% |
| Furniture and vehicles | 24 | €3,315 | €21,518 | +€18,203 | +549.1% |
| Other tangible fixed assets | 26 | €3,887 | €10,965 | +€7,077 | +182.1% |
| Financial fixed assets | 28 | €4,500 | €14,874 | +€10,374 | +230.5% |
| Current assets | 29/58 | €53,023 | €8,154,180 | +€8.1m | +15278.5% |
| Amounts receivable within one year | 40/41 | €21,682 | €7,979,400 | +€8.0m | +36701.4% |
| Trade receivables | 40 | €20,167 | €18,150 | -€2,017 | -10.0% |
| Other amounts receivable | 41 | €1,516 | €7,961,250 | +€8.0m | +525176.6% |
| Cash at bank and in hand | 54/58 | €27,348 | €174,780 | +€147,433 | +539.1% |
| Deferred charges and accrued income | 490/1 | €3,993 | €0 | -€3,993 | -100.0% |
| Total equity and liabilities | 10/49 | €64,726 | €8,201,536 | +€8.1m | +12571.2% |
| Equity | 10/15 | €26,295 | €7,163,568 | +€7.1m | +27143.1% |
| Contributions | 10/11 | €18,550 | €18,550 | = | 0.0% |
| Reserves | 13 | - | €7,100,000 | +€7.1m | |
| Distributable reserves | 133 | - | €7,100,000 | +€7.1m | |
| Profit (loss) carried forward | 14 | €7,745 | €45,018 | +€37,273 | +481.3% |
| Amounts payable | 17/49 | €38,431 | €1,037,969 | +€999,538 | +2600.9% |
| Amounts payable after more than one year | 17 | - | €181,212 | +€181,212 | |
| Financial debts | 170/4 | - | €181,212 | +€181,212 | |
| Amounts payable within one year | 42/48 | €38,431 | €856,756 | +€818,326 | +2129.4% |
| Current portion of amounts payable after more than one year | 42 | - | €17,365 | +€17,365 | |
| Trade debts | 44 | €2,785 | €14,313 | +€11,529 | +414.0% |
| Suppliers | 440/4 | €2,785 | €14,313 | +€11,529 | +414.0% |
| Taxes, remuneration and social security | 45 | €8,039 | €4,029 | -€4,010 | -49.9% |
| Taxes | 450/3 | €8,039 | €4,029 | -€4,010 | -49.9% |
| Other amounts payable | 47/48 | €27,607 | €821,049 | +€793,441 | +2874.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €6,832 | €7,158 | +€326 | +4.8% |
| Other operating charges | 640/8 | €473 | €400 | -€74 | -15.6% |
| Gross operating margin | 9900 | €81,441 | €69,472 | -€11,969 | -14.7% |
| Operating profit (loss) | 9901 | €74,136 | €61,915 | -€12,221 | -16.5% |
| Financial income | 75/76B | €125,000 | €8,081,750 | +€8.0m | +6365.4% |
| Recurring financial income | 75 | €125,000 | €125,000 | +€0 | 0.0% |
| Non-recurring financial income | 76B | - | €7,956,750 | +€8.0m | |
| Financial charges | 65/66B | €323 | €840 | +€517 | +159.8% |
| Recurring financial charges | 65 | €323 | €840 | +€517 | +159.8% |
| Profit (loss) for the period before taxes | 9903 | €198,812 | €8,142,825 | +€7.9m | +3995.7% |
| Income taxes | 67/77 | €16,484 | €17,552 | +€1,068 | +6.5% |
| Profit (loss) for the period | 9904 | €182,328 | €8,125,273 | +€7.9m | +4356.4% |
| Profit (loss) for the period to be appropriated | 9905 | €182,328 | €8,125,273 | +€7.9m | +4356.4% |
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 12 October 2026 via checked.be.