Tholinco: 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.
Tholinco
Largest movements
- Tangible fixed assets +€52,268
new in 2025: €52,268
- Deferred charges and accrued income +€39,809
up €39,809 (+2906.9%), from €1,369 to €41,178
- Current investments +€35,000
up €35,000 (+31.8%), from €110,000 to €145,000
- Receivables within one year +€12,000
new in 2025: €12,000
- Cash -€6,474
down €6,474 (-34.6%), from €18,703 to €12,229
mainly Investment in fixed assets (net) (-€59,415) and Deferred charges and accrued income (-€39,809)
- Reserves +€103,509
up €103,509 (+99.7%), from €103,855 to €207,363
- Tax, wage and social debts +€28,216
up €28,216 (+117.4%), from €24,028 to €52,244
- Trade debts +€2,683
up €2,683 (+369.5%), from €726 to €3,409
- Gross operating margin +€56,767
up €56,767 (+70.0%), from €81,067 to €137,834
- Taxes +€12,100
up €12,100 (+66.7%), from €18,151 to €30,251
- Depreciation +€5,560
up €5,560 (+948.2%), from €586 to €6,146
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 | €130,073 | €263,677 | +€133,604 | +102.7% |
| Formation expenses | 20 | €0 | - | = | |
| Fixed assets | 21/28 | - | €53,269 | +€53,269 | |
| Tangible fixed assets | 22/27 | - | €52,268 | +€52,268 | |
| Furniture and vehicles | 24 | - | €52,268 | +€52,268 | |
| Financial fixed assets | 28 | - | €1,001 | +€1,001 | |
| Current assets | 29/58 | €130,073 | €210,407 | +€80,335 | +61.8% |
| Amounts receivable within one year | 40/41 | - | €12,000 | +€12,000 | |
| Trade receivables | 40 | - | €12,000 | +€12,000 | |
| Current investments | 50/53 | €110,000 | €145,000 | +€35,000 | +31.8% |
| Cash at bank and in hand | 54/58 | €18,703 | €12,229 | -€6,474 | -34.6% |
| Deferred charges and accrued income | 490/1 | €1,369 | €41,178 | +€39,809 | +2906.9% |
| Total equity and liabilities | 10/49 | €130,073 | €263,677 | +€133,604 | +102.7% |
| Equity | 10/15 | €104,355 | €207,863 | +€103,509 | +99.2% |
| Contributions | 10/11 | €500 | €500 | = | 0.0% |
| Reserves | 13 | €103,855 | €207,363 | +€103,509 | +99.7% |
| Distributable reserves | 133 | €103,855 | €207,363 | +€103,509 | +99.7% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €25,718 | €55,813 | +€30,096 | +117.0% |
| Amounts payable within one year | 42/48 | €25,613 | €55,652 | +€30,039 | +117.3% |
| Trade debts | 44 | €726 | €3,409 | +€2,683 | +369.5% |
| Suppliers | 440/4 | €726 | €3,409 | +€2,683 | +369.5% |
| Taxes, remuneration and social security | 45 | €24,028 | €52,244 | +€28,216 | +117.4% |
| Taxes | 450/3 | €24,028 | €52,244 | +€28,216 | +117.4% |
| Other amounts payable | 47/48 | €859 | €0 | -€859 | -100.0% |
| Accrued charges and deferred income | 492/3 | €105 | €161 | +€56 | +53.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €586 | €6,146 | +€5,560 | +948.2% |
| Other operating charges | 640/8 | €687 | €418 | -€269 | -39.1% |
| Gross operating margin | 9900 | €81,067 | €137,834 | +€56,767 | +70.0% |
| Operating profit (loss) | 9901 | €79,794 | €131,270 | +€51,476 | +64.5% |
| Financial income | 75/76B | €2,713 | €2,624 | -€89 | -3.3% |
| Recurring financial income | 75 | €2,713 | €2,624 | -€89 | -3.3% |
| Financial charges | 65/66B | €148 | €134 | -€14 | -9.2% |
| Recurring financial charges | 65 | €148 | €134 | -€14 | -9.2% |
| Profit (loss) for the period before taxes | 9903 | €82,359 | €133,760 | +€51,400 | +62.4% |
| Income taxes | 67/77 | €18,151 | €30,251 | +€12,100 | +66.7% |
| Profit (loss) for the period | 9904 | €64,208 | €103,509 | +€39,300 | +61.2% |
| Profit (loss) for the period to be appropriated | 9905 | €64,208 | €103,509 | +€39,300 | +61.2% |
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 28 September 2026 via checked.be.