THOLUS: 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.
THOLUS
Largest movements
- Tangible fixed assets +€211,399
up €211,399 (+9.0%), from €2.4m to €2.6m
- Receivables within one year +€34,861
up €34,861 (+213%), from €16,376 to €51,237
of which Other amounts receivable: +€35,104
- Reserves +€317,906
up €317,906 (+76.4%), from €415,929 to €733,835
of which Distributable reserves: +€324,988
- Other debts -€289,017
down €289,017 (-16.5%), from €1.8m to €1.5m
- Short-term financial debts +€250,000
new in 2025: €250,000
- Debts after one year -€32,978
down €32,978 (-86.7%), from €38,042 to €5,064
- Financial income +€364,419
up €364,419 (+2,413,370%), from €15 to €364,434
of which Financial income: +€349,992
- Other operating charges -€233,558
down €233,558 (-96.9%), from €240,951 to €7,393
- Gross operating margin -€184,204
down €184,204 (-46.7%), from €394,224 to €210,020
- Depreciation +€19,401
up €19,401 (+19.7%), from €98,275 to €117,676
- Taxes +€8,423
up €8,423 (+77.6%), from €10,849 to €19,272
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.
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 | €2,785,688 | €3,051,026 | +€265,338 | +9.5% |
| Fixed assets | 21/28 | €2,760,061 | €2,985,887 | +€225,826 | +8.2% |
| Tangible fixed assets | 22/27 | €2,355,088 | €2,566,486 | +€211,399 | +9.0% |
| Land and buildings | 22 | €2,355,088 | €2,566,486 | +€211,399 | +9.0% |
| Financial fixed assets | 28 | €404,974 | €419,400 | +€14,427 | +3.6% |
| Current assets | 29/58 | €25,627 | €65,139 | +€39,513 | +154% |
| Amounts receivable within one year | 40/41 | €16,376 | €51,237 | +€34,861 | +213% |
| Trade receivables | 40 | €2,933 | €2,690 | -€243 | -8.3% |
| Other amounts receivable | 41 | €13,443 | €48,547 | +€35,104 | +261% |
| Cash at bank and in hand | 54/58 | €3,300 | €515 | -€2,786 | -84.4% |
| Deferred charges and accrued income | 490/1 | €5,950 | €13,388 | +€7,437 | +125% |
| Total equity and liabilities | 10/49 | €2,785,688 | €3,051,026 | +€265,338 | +9.5% |
| Equity | 10/15 | €818,929 | €1,136,835 | +€317,906 | +38.8% |
| Contributions | 10/11 | €151,000 | €151,000 | = | 0.0% |
| Capital | 10 | €151,000 | €151,000 | = | 0.0% |
| Issued capital | 100 | €151,000 | €151,000 | = | 0.0% |
| Revaluation surpluses | 12 | €252,000 | €252,000 | = | 0.0% |
| Reserves | 13 | €415,929 | €733,835 | +€317,906 | +76.4% |
| Non-distributable reserves | 130/1 | €51,396 | €51,396 | = | 0.0% |
| Legal reserve | 130 | €51,396 | €51,396 | = | 0.0% |
| Tax-exempt reserves | 132 | €98,801 | €91,719 | -€7,083 | -7.2% |
| Distributable reserves | 133 | €265,732 | €590,721 | +€324,988 | +122% |
| Provisions and deferred taxes | 16 | €96,973 | €94,612 | -€2,361 | -2.4% |
| Deferred taxes | 168 | €96,973 | €94,612 | -€2,361 | -2.4% |
| Amounts payable | 17/49 | €1,869,786 | €1,819,579 | -€50,206 | -2.7% |
| Amounts payable after more than one year | 17 | €38,042 | €5,064 | -€32,978 | -86.7% |
| Financial debts | 170/4 | €38,042 | €5,064 | -€32,978 | -86.7% |
| Amounts payable within one year | 42/48 | €1,825,587 | €1,808,246 | -€17,341 | -0.9% |
| Current portion of amounts payable after more than one year | 42 | €33,965 | €32,978 | -€987 | -2.9% |
| Financial debts | 43 | - | €250,000 | +€250,000 | |
| Credit institutions | 430/8 | - | €250,000 | +€250,000 | |
| Trade debts | 44 | €533 | €835 | +€302 | +56.8% |
| Suppliers | 440/4 | €533 | €835 | +€302 | +56.8% |
| Taxes, remuneration and social security | 45 | €35,061 | €57,421 | +€22,360 | +63.8% |
| Taxes | 450/3 | €35,061 | €57,421 | +€22,360 | +63.8% |
| Other amounts payable | 47/48 | €1,756,029 | €1,467,012 | -€289,017 | -16.5% |
| Accrued charges and deferred income | 492/3 | €6,156 | €6,270 | +€113 | +1.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €98,275 | €117,676 | +€19,401 | +19.7% |
| Other operating charges | 640/8 | €240,951 | €7,393 | -€233,558 | -96.9% |
| Gross operating margin | 9900 | €394,224 | €210,020 | -€184,204 | -46.7% |
| Operating profit (loss) | 9901 | €54,998 | €84,951 | +€29,953 | +54.5% |
| Financial income | 75/76B | €15 | €364,434 | +€364,419 | +2,413,370% |
| Recurring financial income | 75 | €15 | €350,007 | +€349,992 | +2,317,828% |
| Non-recurring financial income | 76B | - | €14,427 | +€14,427 | |
| Financial charges | 65/66B | €119,173 | €114,568 | -€4,605 | -3.9% |
| Recurring financial charges | 65 | €119,173 | €114,568 | -€4,605 | -3.9% |
| Profit (loss) for the period before taxes | 9903 | -€64,159 | €334,817 | +€398,976 | |
| Transfer from deferred taxes | 780 | €26,472 | €2,361 | -€24,111 | -91.1% |
| Income taxes | 67/77 | €10,849 | €19,272 | +€8,423 | +77.6% |
| Profit (loss) for the period | 9904 | -€48,536 | €317,906 | +€366,442 | |
| Transfer from tax-exempt reserves | 789 | €79,417 | €7,083 | -€72,334 | -91.1% |
| Profit (loss) for the period to be appropriated | 9905 | €30,880 | €324,988 | +€294,108 | +952% |
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 26 October 2026 via checked.be.