Tholin: 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.
Tholin
Largest movements
- Cash +€30,129
up €30,129 (+12,763%), from €236 to €30,365
mainly Investment in fixed assets (net) (+€19,008) and Net result for the year (+€17,201)
- Tangible fixed assets -€29,925
down €29,925 (-44.3%), from €67,544 to €37,619
- Debts after one year -€17,599
down €17,599 (-51.2%), from €34,393 to €16,795
- Reserves +€17,201
up €17,201 (+12.4%), from €139,042 to €156,243
- Other debts +€11,242
up €11,242 (+12.9%), from €86,876 to €98,118
- Current portion of long-term debt -€6,978
down €6,978 (-25.6%), from €27,277 to €20,300
- Gross operating margin -€12,281
down €12,281 (-27.6%), from €44,451 to €32,169
- Depreciation -€9,292
down €9,292 (-46.0%), from €20,209 to €10,918
- Financial income +€8,393
new in 2025: €8,393
of which Financial income: +€8,393
- Taxes -€512
down €512 (-6.9%), from €7,381 to €6,869
- Financial charges -€506
down €506 (-17.0%), from €2,971 to €2,465
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 | €303,270 | €306,882 | +€3,612 | +1.2% |
| Fixed assets | 21/28 | €275,544 | €245,619 | -€29,925 | -10.9% |
| Tangible fixed assets | 22/27 | €67,544 | €37,619 | -€29,925 | -44.3% |
| Furniture and vehicles | 24 | €67,544 | €37,619 | -€29,925 | -44.3% |
| Financial fixed assets | 28 | €208,000 | €208,000 | = | 0.0% |
| Current assets | 29/58 | €27,726 | €61,264 | +€33,537 | +121% |
| Amounts receivable within one year | 40/41 | €27,490 | €30,065 | +€2,575 | +9.4% |
| Trade receivables | 40 | €26,871 | €28,934 | +€2,063 | +7.7% |
| Other amounts receivable | 41 | €619 | €1,131 | +€512 | +82.6% |
| Cash at bank and in hand | 54/58 | €236 | €30,365 | +€30,129 | +12,763% |
| Deferred charges and accrued income | 490/1 | €0 | €833 | +€833 | |
| Total equity and liabilities | 10/49 | €303,270 | €306,882 | +€3,612 | +1.2% |
| Equity | 10/15 | €151,442 | €168,643 | +€17,201 | +11.4% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €139,042 | €156,243 | +€17,201 | +12.4% |
| Distributable reserves | 133 | €139,042 | €156,243 | +€17,201 | +12.4% |
| Amounts payable | 17/49 | €151,828 | €138,239 | -€13,589 | -9.0% |
| Amounts payable after more than one year | 17 | €34,393 | €16,795 | -€17,599 | -51.2% |
| Financial debts | 170/4 | €34,393 | €16,795 | -€17,599 | -51.2% |
| Amounts payable within one year | 42/48 | €117,325 | €121,445 | +€4,120 | +3.5% |
| Current portion of amounts payable after more than one year | 42 | €27,277 | €20,300 | -€6,978 | -25.6% |
| Trade debts | 44 | €2,439 | €2,693 | +€254 | +10.4% |
| Suppliers | 440/4 | €2,439 | €2,693 | +€254 | +10.4% |
| Taxes, remuneration and social security | 45 | €732 | €333 | -€399 | -54.5% |
| Taxes | 450/3 | €167 | €333 | +€167 | +100% |
| Remuneration and social security | 454/9 | €565 | €0 | -€565 | -100% |
| Other amounts payable | 47/48 | €86,876 | €98,118 | +€11,242 | +12.9% |
| Accrued charges and deferred income | 492/3 | €111 | €0 | -€111 | -100% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €20,209 | €10,918 | -€9,292 | -46.0% |
| Other operating charges | 640/8 | €1,046 | €708 | -€338 | -32.3% |
| Non-recurring operating charges | 66A | - | €2,401 | +€2,401 | |
| Gross operating margin | 9900 | €44,451 | €32,169 | -€12,281 | -27.6% |
| Operating profit (loss) | 9901 | €23,195 | €18,143 | -€5,052 | -21.8% |
| Financial income | 75/76B | - | €8,393 | +€8,393 | |
| Recurring financial income | 75 | - | €8,393 | +€8,393 | |
| Non-recurring financial income | 76B | - | €8,393 | +€8,393 | |
| Financial charges | 65/66B | €2,971 | €2,465 | -€506 | -17.0% |
| Recurring financial charges | 65 | €2,971 | €2,465 | -€506 | -17.0% |
| Profit (loss) for the period before taxes | 9903 | €20,223 | €24,070 | +€3,847 | +19.0% |
| Income taxes | 67/77 | €7,381 | €6,869 | -€512 | -6.9% |
| Profit (loss) for the period | 9904 | €12,843 | €17,201 | +€4,359 | +33.9% |
| Profit (loss) for the period to be appropriated | 9905 | €12,843 | €17,201 | +€4,359 | +33.9% |
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 29 October 2026 via checked.be.