Tholina: 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.
Tholina
Largest movements
- Tangible fixed assets +€127,582
up €127,582 (+936.5%), from €13,624 to €141,206
of which Land and buildings: +€120,522
- Receivables within one year -€117,015
down €117,015 (-57.8%), from €202,558 to €85,544
of which Trade receivables: -€166,200
- Cash +€11,734
up €11,734 (+25.5%), from €45,932 to €57,666
mainly Receivables within one year (+€117,015) and Trade debts (+€102,830)
- Financial fixed assets +€6,500
up €6,500 (+185.7%), from €3,500 to €10,000
- Advances received -€132,662
no longer reported in 2025 (was €132,662)
- Trade debts +€102,830
up €102,830 (+300.7%), from €34,202 to €137,033
- Reserves +€48,465
up €48,465 (+84.6%), from €57,303 to €105,768
- Tax, wage and social debts +€13,860
up €13,860 (+39.6%), from €34,997 to €48,857
of which Taxes: +€18,017
- Other debts -€4,120
no longer reported in 2025 (was €4,120)
- Staff costs +€9,780
up €9,780 (+12.2%), from €79,998 to €89,779
- Taxes -€7,682
down €7,682 (-38.0%), from €20,210 to €12,528
- Gross operating margin -€3,864
down €3,864 (-2.4%), from €161,652 to €157,788
- Other operating charges +€3,247
up €3,247 (+160.4%), from €2,025 to €5,272
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 | €266,285 | €295,848 | +€29,563 | +11.1% |
| Fixed assets | 21/28 | €17,124 | €151,206 | +€134,082 | +783.0% |
| Tangible fixed assets | 22/27 | €13,624 | €141,206 | +€127,582 | +936.5% |
| Land and buildings | 22 | - | €120,522 | +€120,522 | |
| Plant, machinery and equipment | 23 | €1,817 | €7,219 | +€5,403 | +297.4% |
| Furniture and vehicles | 24 | - | €2,902 | +€2,902 | |
| Other tangible fixed assets | 26 | €11,807 | €10,562 | -€1,245 | -10.5% |
| Financial fixed assets | 28 | €3,500 | €10,000 | +€6,500 | +185.7% |
| Current assets | 29/58 | €249,161 | €144,642 | -€104,519 | -41.9% |
| Amounts receivable within one year | 40/41 | €202,558 | €85,544 | -€117,015 | -57.8% |
| Trade receivables | 40 | €171,871 | €5,671 | -€166,200 | -96.7% |
| Other amounts receivable | 41 | €30,687 | €79,872 | +€49,185 | +160.3% |
| Cash at bank and in hand | 54/58 | €45,932 | €57,666 | +€11,734 | +25.5% |
| Deferred charges and accrued income | 490/1 | €671 | €1,432 | +€761 | +113.5% |
| Total equity and liabilities | 10/49 | €266,285 | €295,848 | +€29,563 | +11.1% |
| Equity | 10/15 | €60,303 | €108,768 | +€48,465 | +80.4% |
| Contributions | 10/11 | €3,000 | €3,000 | = | 0.0% |
| Reserves | 13 | €57,303 | €105,768 | +€48,465 | +84.6% |
| Distributable reserves | 133 | €57,303 | €105,768 | +€48,465 | +84.6% |
| Amounts payable | 17/49 | €205,982 | €187,080 | -€18,902 | -9.2% |
| Amounts payable within one year | 42/48 | €205,982 | €185,890 | -€20,092 | -9.8% |
| Trade debts | 44 | €34,202 | €137,033 | +€102,830 | +300.7% |
| Suppliers | 440/4 | €34,202 | €137,033 | +€102,830 | +300.7% |
| Advances received on contracts in progress | 46 | €132,662 | - | -€132,662 | |
| Taxes, remuneration and social security | 45 | €34,997 | €48,857 | +€13,860 | +39.6% |
| Taxes | 450/3 | €20,693 | €38,710 | +€18,017 | +87.1% |
| Remuneration and social security | 454/9 | €14,304 | €10,147 | -€4,157 | -29.1% |
| Other amounts payable | 47/48 | €4,120 | - | -€4,120 | |
| Accrued charges and deferred income | 492/3 | - | €1,190 | +€1,190 | |
| Remuneration, social security and pensions | 62 | €79,998 | €89,779 | +€9,780 | +12.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €960 | €1,851 | +€892 | +92.9% |
| Other operating charges | 640/8 | €2,025 | €5,272 | +€3,247 | +160.4% |
| Gross operating margin | 9900 | €161,652 | €157,788 | -€3,864 | -2.4% |
| Operating profit (loss) | 9901 | €78,669 | €60,885 | -€17,784 | -22.6% |
| Financial income | 75/76B | €131 | €1,216 | +€1,086 | +831.1% |
| Recurring financial income | 75 | €131 | €1,216 | +€1,086 | +831.1% |
| Financial charges | 65/66B | €1,286 | €1,109 | -€177 | -13.8% |
| Recurring financial charges | 65 | €1,286 | €1,109 | -€177 | -13.8% |
| Profit (loss) for the period before taxes | 9903 | €77,513 | €60,993 | -€16,521 | -21.3% |
| Income taxes | 67/77 | €20,210 | €12,528 | -€7,682 | -38.0% |
| Profit (loss) for the period | 9904 | €57,303 | €48,465 | -€8,838 | -15.4% |
| Profit (loss) for the period to be appropriated | 9905 | €57,303 | €48,465 | -€8,838 | -15.4% |
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 6 October 2026 via checked.be.