THORVALiD: 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.
THORVALiD
Largest movements
- Current investments +€24,000
up €24,000 (+63.2%), from €38,000 to €62,000
- Cash -€13,458
down €13,458 (-12.4%), from €108,801 to €95,343
mainly Contributions, distributions and other (-€102,139) and Current investments (-€24,000)
- Receivables within one year -€11,448
down €11,448 (-27.6%), from €41,494 to €30,046
of which Trade receivables: -€16,260
- Tangible fixed assets -€5,263
down €5,263 (-35.8%), from €14,698 to €9,435
of which Furniture and vehicles: -€3,195
- Deferred charges and accrued income -€3,439
down €3,439 (-74.2%), from €4,635 to €1,195
- Other debts +€59,131
up €59,131 (+490.1%), from €12,064 to €71,195
- Reserves -€44,312
down €44,312 (-27.2%), from €163,139 to €118,826
- Tax, wage and social debts -€18,649
down €18,649 (-87.7%), from €21,273 to €2,624
of which Taxes: -€18,790
- Trade debts -€5,779
down €5,779 (-79.3%), from €7,285 to €1,507
- Gross operating margin -€4,067
down €4,067 (-4.8%), from €85,060 to €80,993
- Other operating charges +€2,482
up €2,482 (+414.0%), from €599 to €3,081
- Taxes -€2,147
down €2,147 (-11.7%), from €18,325 to €16,178
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 | €207,627 | €198,019 | -€9,608 | -4.6% |
| Fixed assets | 21/28 | €14,698 | €9,435 | -€5,263 | -35.8% |
| Tangible fixed assets | 22/27 | €14,698 | €9,435 | -€5,263 | -35.8% |
| Plant, machinery and equipment | 23 | €1,916 | €1,203 | -€714 | -37.2% |
| Furniture and vehicles | 24 | €6,115 | €2,920 | -€3,195 | -52.2% |
| Other tangible fixed assets | 26 | €6,666 | €5,312 | -€1,354 | -20.3% |
| Current assets | 29/58 | €192,930 | €188,585 | -€4,345 | -2.3% |
| Amounts receivable within one year | 40/41 | €41,494 | €30,046 | -€11,448 | -27.6% |
| Trade receivables | 40 | €41,494 | €25,234 | -€16,260 | -39.2% |
| Other amounts receivable | 41 | €0 | €4,812 | +€4,812 | |
| Current investments | 50/53 | €38,000 | €62,000 | +€24,000 | +63.2% |
| Cash at bank and in hand | 54/58 | €108,801 | €95,343 | -€13,458 | -12.4% |
| Deferred charges and accrued income | 490/1 | €4,635 | €1,195 | -€3,439 | -74.2% |
| Total equity and liabilities | 10/49 | €207,627 | €198,019 | -€9,608 | -4.6% |
| Equity | 10/15 | €166,139 | €121,826 | -€44,312 | -26.7% |
| Contributions | 10/11 | €3,000 | €3,000 | = | 0.0% |
| Reserves | 13 | €163,139 | €118,826 | -€44,312 | -27.2% |
| Distributable reserves | 133 | €163,139 | €118,826 | -€44,312 | -27.2% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €41,489 | €76,193 | +€34,704 | +83.6% |
| Amounts payable within one year | 42/48 | €40,623 | €75,326 | +€34,703 | +85.4% |
| Trade debts | 44 | €7,285 | €1,507 | -€5,779 | -79.3% |
| Suppliers | 440/4 | €7,285 | €1,507 | -€5,779 | -79.3% |
| Taxes, remuneration and social security | 45 | €21,273 | €2,624 | -€18,649 | -87.7% |
| Taxes | 450/3 | €18,790 | €0 | -€18,790 | -100.0% |
| Remuneration and social security | 454/9 | €2,484 | €2,624 | +€140 | +5.6% |
| Other amounts payable | 47/48 | €12,064 | €71,195 | +€59,131 | +490.1% |
| Accrued charges and deferred income | 492/3 | €866 | €867 | +€1 | +0.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €4,055 | €3,380 | -€675 | -16.7% |
| Other operating charges | 640/8 | €599 | €3,081 | +€2,482 | +414.0% |
| Gross operating margin | 9900 | €85,060 | €80,993 | -€4,067 | -4.8% |
| Operating profit (loss) | 9901 | €80,405 | €74,532 | -€5,873 | -7.3% |
| Financial income | 75/76B | €8 | €83 | +€75 | +907.6% |
| Recurring financial income | 75 | €8 | €83 | +€75 | +907.6% |
| Financial charges | 65/66B | €1,124 | €611 | -€514 | -45.7% |
| Recurring financial charges | 65 | €1,124 | €611 | -€514 | -45.7% |
| Profit (loss) for the period before taxes | 9903 | €79,289 | €74,004 | -€5,285 | -6.7% |
| Income taxes | 67/77 | €18,325 | €16,178 | -€2,147 | -11.7% |
| Profit (loss) for the period | 9904 | €60,964 | €57,826 | -€3,138 | -5.1% |
| Profit (loss) for the period to be appropriated | 9905 | €60,964 | €57,826 | -€3,138 | -5.1% |
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 1 October 2026 via checked.be.