THOVARCO: 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.
THOVARCO
Largest movements
- Stocks and contracts -€216,598
down €216,598 (-26.0%), from €832,730 to €616,132
- Cash +€169,419
up €169,419 (+3,117%), from €5,436 to €174,855
mainly Depreciation (+€250,634) and Stocks and contracts (+€216,598)
- Receivables within one year -€67,121
down €67,121 (-26.5%), from €253,172 to €186,051
of which Other amounts receivable: -€56,956
- Trade debts -€362,744
down €362,744 (-78.0%), from €465,226 to €102,482
- Reserves +€170,000
up €170,000 (+20.1%), from €845,000 to €1.0m
- Short-term financial debts +€100,000
up €100,000 (+28.6%), from €350,000 to €450,000
- Debts after one year -€38,118
down €38,118 (-5.1%), from €751,163 to €713,045
- Gross operating margin -€136,725
down €136,725 (-18.0%), from €760,757 to €624,031
- Depreciation +€53,387
up €53,387 (+27.1%), from €197,247 to €250,634
- Taxes -€52,701
down €52,701 (-40.0%), from €131,826 to €79,125
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 | €2,855,571 | €2,754,573 | -€100,998 | -3.5% |
| Fixed assets | 21/28 | €1,744,127 | €1,751,320 | +€7,193 | +0.4% |
| Intangible fixed assets | 21 | €32,250 | €23,250 | -€9,000 | -27.9% |
| Tangible fixed assets | 22/27 | €1,648,797 | €1,664,990 | +€16,193 | +1.0% |
| Land and buildings | 22 | €757,530 | €717,204 | -€40,327 | -5.3% |
| Plant, machinery and equipment | 23 | €842,507 | €910,724 | +€68,217 | +8.1% |
| Furniture and vehicles | 24 | €20,798 | €15,101 | -€5,697 | -27.4% |
| Other tangible fixed assets | 26 | €27,962 | €21,962 | -€6,000 | -21.5% |
| Financial fixed assets | 28 | €63,080 | €63,080 | = | 0.0% |
| Current assets | 29/58 | €1,111,444 | €1,003,253 | -€108,191 | -9.7% |
| Stocks and contracts in progress | 3 | €832,730 | €616,132 | -€216,598 | -26.0% |
| Stocks | 30/36 | €832,730 | €616,132 | -€216,598 | -26.0% |
| Amounts receivable within one year | 40/41 | €253,172 | €186,051 | -€67,121 | -26.5% |
| Trade receivables | 40 | €86,484 | €76,319 | -€10,165 | -11.8% |
| Other amounts receivable | 41 | €166,688 | €109,732 | -€56,956 | -34.2% |
| Cash at bank and in hand | 54/58 | €5,436 | €174,855 | +€169,419 | +3,117% |
| Deferred charges and accrued income | 490/1 | €20,105 | €26,215 | +€6,110 | +30.4% |
| Total equity and liabilities | 10/49 | €2,855,571 | €2,754,573 | -€100,998 | -3.5% |
| Equity | 10/15 | €1,068,321 | €1,249,078 | +€180,756 | +16.9% |
| Contributions | 10/11 | €200,000 | €200,000 | = | 0.0% |
| Reserves | 13 | €845,000 | €1,015,000 | +€170,000 | +20.1% |
| Distributable reserves | 133 | €845,000 | €1,015,000 | +€170,000 | +20.1% |
| Profit (loss) carried forward | 14 | €23,321 | €34,078 | +€10,756 | +46.1% |
| Amounts payable | 17/49 | €1,787,250 | €1,505,496 | -€281,754 | -15.8% |
| Amounts payable after more than one year | 17 | €751,163 | €713,045 | -€38,118 | -5.1% |
| Financial debts | 170/4 | €751,163 | €713,045 | -€38,118 | -5.1% |
| Amounts payable within one year | 42/48 | €1,035,265 | €790,698 | -€244,566 | -23.6% |
| Current portion of amounts payable after more than one year | 42 | €167,347 | €191,037 | +€23,690 | +14.2% |
| Financial debts | 43 | €350,000 | €450,000 | +€100,000 | +28.6% |
| Credit institutions | 430/8 | €350,000 | €450,000 | +€100,000 | +28.6% |
| Trade debts | 44 | €465,226 | €102,482 | -€362,744 | -78.0% |
| Suppliers | 440/4 | €465,226 | €102,482 | -€362,744 | -78.0% |
| Taxes, remuneration and social security | 45 | €40,632 | €45,671 | +€5,039 | +12.4% |
| Taxes | 450/3 | €35,750 | €37,642 | +€1,892 | +5.3% |
| Remuneration and social security | 454/9 | €4,882 | €8,029 | +€3,147 | +64.5% |
| Other amounts payable | 47/48 | €12,059 | €1,508 | -€10,551 | -87.5% |
| Accrued charges and deferred income | 492/3 | €822 | €1,753 | +€930 | +113% |
| Non-recurring operating income | 76A | - | €2,306 | +€2,306 | |
| Remuneration, social security and pensions | 62 | €51,913 | €48,338 | -€3,575 | -6.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €197,247 | €250,634 | +€53,387 | +27.1% |
| Other operating charges | 640/8 | €19,976 | €23,250 | +€3,274 | +16.4% |
| Gross operating margin | 9900 | €760,757 | €624,031 | -€136,725 | -18.0% |
| Operating profit (loss) | 9901 | €491,621 | €301,810 | -€189,811 | -38.6% |
| Financial income | 75/76B | €3,991 | €1 | -€3,990 | -100.0% |
| Recurring financial income | 75 | €3,991 | €1 | -€3,990 | -100.0% |
| Financial charges | 65/66B | €42,214 | €41,930 | -€284 | -0.7% |
| Recurring financial charges | 65 | €42,214 | €41,930 | -€284 | -0.7% |
| Profit (loss) for the period before taxes | 9903 | €453,398 | €259,881 | -€193,517 | -42.7% |
| Income taxes | 67/77 | €131,826 | €79,125 | -€52,701 | -40.0% |
| Profit (loss) for the period | 9904 | €321,573 | €180,756 | -€140,816 | -43.8% |
| Profit (loss) for the period to be appropriated | 9905 | €321,573 | €180,756 | -€140,816 | -43.8% |
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 20 October 2026 via checked.be.