Tholvi Finance: what changed
Tholvi Finance
Largest movements
- Intangible fixed assets -€52,813
down €52,813 (-10.7%), from €491,577 to €438,764
- Deferred charges and accrued income +€44,777
up €44,777 (+1,597%), from €2,803 to €47,580
- Cash +€26,520
up €26,520 (+253%), from €10,500 to €37,020
mainly Net result for the year (+€79,274) and Depreciation (+€78,666)
- Receivables within one year +€17,272
up €17,272 (+194%), from €8,915 to €26,187
- Tangible fixed assets -€15,393
down €15,393 (-13.5%), from €114,140 to €98,747
of which Furniture and vehicles: -€15,655
- Debts after one year -€68,316
down €68,316 (-12.9%), from €531,216 to €462,899
- Short-term financial debts +€40,544
new in 2025: €40,544
- Reserves +€19,274
up €19,274 (+474%), from €4,070 to €23,344
- Tax, wage and social debts +€11,983
up €11,983 (+49.9%), from €24,012 to €35,995
of which Remuneration and social security: +€14,776
- Trade debts +€7,941
up €7,941 (+120%), from €6,617 to €14,558
- Gross operating margin +€239,411
up €239,411 (+115%), from €207,377 to €446,788
- Staff costs +€101,949
up €101,949 (+76.8%), from €132,821 to €234,771
- Depreciation +€28,334
up €28,334 (+56.3%), from €50,332 to €78,666
- Taxes +€26,858
up €26,858 (+440%), from €6,108 to €32,966
- Financial charges +€6,961
up €6,961 (+53.3%), from €13,062 to €20,023
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €648,282 | €658,999 | +€10,717 | +1.7% |
| Formation expenses | 20 | €346 | - | -€346 | |
| Fixed assets | 21/28 | €605,717 | €537,511 | -€68,206 | -11.3% |
| Intangible fixed assets | 21 | €491,577 | €438,764 | -€52,813 | -10.7% |
| Tangible fixed assets | 22/27 | €114,140 | €98,747 | -€15,393 | -13.5% |
| Plant, machinery and equipment | 23 | €4,628 | €4,891 | +€263 | +5.7% |
| Furniture and vehicles | 24 | €109,512 | €93,856 | -€15,655 | -14.3% |
| Current assets | 29/58 | €42,219 | €121,488 | +€79,269 | +188% |
| Amounts receivable within one year | 40/41 | €8,915 | €26,187 | +€17,272 | +194% |
| Other amounts receivable | 41 | €8,915 | €26,187 | +€17,272 | +194% |
| Current investments | 50/53 | €20,000 | €10,700 | -€9,300 | -46.5% |
| Cash at bank and in hand | 54/58 | €10,500 | €37,020 | +€26,520 | +253% |
| Deferred charges and accrued income | 490/1 | €2,803 | €47,580 | +€44,777 | +1,597% |
| Total equity and liabilities | 10/49 | €648,282 | €658,999 | +€10,717 | +1.7% |
| Equity | 10/15 | €14,070 | €33,344 | +€19,274 | +137% |
| Contributions | 10/11 | €10,000 | €10,000 | = | 0.0% |
| Reserves | 13 | €4,070 | €23,344 | +€19,274 | +474% |
| Distributable reserves | 133 | €4,070 | €23,344 | +€19,274 | +474% |
| Amounts payable | 17/49 | €634,211 | €625,655 | -€8,557 | -1.3% |
| Amounts payable after more than one year | 17 | €531,216 | €462,899 | -€68,316 | -12.9% |
| Financial debts | 170/4 | €531,216 | €462,899 | -€68,316 | -12.9% |
| Amounts payable within one year | 42/48 | €99,476 | €162,227 | +€62,752 | +63.1% |
| Current portion of amounts payable after more than one year | 42 | €66,032 | €68,316 | +€2,284 | +3.5% |
| Financial debts | 43 | - | €40,544 | +€40,544 | |
| Credit institutions | 430/8 | - | €40,544 | +€40,544 | |
| Trade debts | 44 | €6,617 | €14,558 | +€7,941 | +120% |
| Suppliers | 440/4 | €6,617 | €14,558 | +€7,941 | +120% |
| Taxes, remuneration and social security | 45 | €24,012 | €35,995 | +€11,983 | +49.9% |
| Taxes | 450/3 | €2,793 | - | -€2,793 | |
| Remuneration and social security | 454/9 | €21,219 | €35,995 | +€14,776 | +69.6% |
| Other amounts payable | 47/48 | €2,814 | €2,814 | = | 0.0% |
| Accrued charges and deferred income | 492/3 | €3,520 | €528 | -€2,992 | -85.0% |
| Remuneration, social security and pensions | 62 | €132,821 | €234,771 | +€101,949 | +76.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €50,332 | €78,666 | +€28,334 | +56.3% |
| Other operating charges | 640/8 | €1,061 | €1,881 | +€820 | +77.3% |
| Gross operating margin | 9900 | €207,377 | €446,788 | +€239,411 | +115% |
| Operating profit (loss) | 9901 | €23,163 | €131,470 | +€108,308 | +468% |
| Financial income | 75/76B | €78 | €792 | +€714 | +915% |
| Recurring financial income | 75 | €78 | €792 | +€714 | +915% |
| Financial charges | 65/66B | €13,062 | €20,023 | +€6,961 | +53.3% |
| Recurring financial charges | 65 | €13,062 | €20,023 | +€6,961 | +53.3% |
| Profit (loss) for the period before taxes | 9903 | €10,179 | €112,239 | +€102,061 | +1,003% |
| Income taxes | 67/77 | €6,108 | €32,966 | +€26,858 | +440% |
| Profit (loss) for the period | 9904 | €4,070 | €79,274 | +€75,203 | +1,848% |
| Profit (loss) for the period to be appropriated | 9905 | €4,070 | €79,274 | +€75,203 | +1,848% |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 8 November 2026 via checked.be.