THOVELKO: what changed
What changed
THOVELKO
NACE 43.211, General electrical installation work
filed annual accounts (NBB)
Net result for the year
€161,785
2024 · €76,080+€85,705
Equity
€319,974
2024 · €248,190+€71,785
Cash
€99,595
2024 · €110,178-€10,583
Balance sheet total
€1.3m
2024 · €1.1m+€229,913
Largest movements
Assets
- Stocks and contracts +€164,305
up €164,305 (+657%), from €25,000 to €189,305
of which Contracts in progress: +€159,305
- Tangible fixed assets +€95,479
up €95,479 (+21.4%), from €445,525 to €541,004
of which Furniture and vehicles: +€74,980
- Receivables within one year -€23,433
down €23,433 (-4.5%), from €521,214 to €497,782
of which Trade receivables: -€51,792
Equity and liabilities
- Trade debts +€134,644
up €134,644 (+53.5%), from €251,576 to €386,220
- Reserves +€71,785
up €71,785 (+29.7%), from €241,990 to €313,774
- Current portion of long-term debt +€33,215
up €33,215 (+47.2%), from €70,316 to €103,531
- Other debts +€24,829
up €24,829 (+386%), from €6,430 to €31,259
- Tax, wage and social debts -€21,760
down €21,760 (-46.9%), from €46,446 to €24,685
of which Taxes: -€21,895
Income statement
- Gross operating margin +€185,781
up €185,781 (+31.3%), from €594,035 to €779,816
- Staff costs +€59,496
up €59,496 (+15.6%), from €380,222 to €439,718
- Taxes +€30,851
up €30,851 (+86.8%), from €35,555 to €66,406
- Depreciation +€9,621
up €9,621 (+14.5%), from €66,438 to €76,058
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.
Result 2024
€76,080
Gross operating margin
+€185,781
Staff costs
-€59,496
Depreciation
-€9,621
Other operating charges
-€2,634
Financial income
-€68
Financial charges
+€2,594
Taxes
-€30,851
Result 2025
€161,785
raises the resultlowers the result
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.
From operations
+€229,407
Investment
-€171,537
Financing
-€68,453
Cash 2024
€110,178
From operations (derived)
+€229,407
Net result for the year
+€161,785
Depreciation
+€76,058
Stocks and contracts
-€164,305
Receivables within one year
+€23,433
Deferred charges and accrued income
-€4,145
Trade debts
+€134,644
Tax, wage and social debts
-€21,760
Advances received
+€18
Other debts
+€24,829
Accrued charges and deferred income
-€1,150
Investment (derived)
-€171,537
Investment in fixed assets (net)
-€171,537
Financing
-€68,453
Debts after one year
-€11,668
Current portion of long-term debt
+€33,215
Contributions, distributions and other
-€90,000
Cash 2025
€99,595
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €1,105,825 | €1,335,737 | +€229,913 | +20.8% |
| Fixed assets | 21/28 | €445,525 | €541,004 | +€95,479 | +21.4% |
| Tangible fixed assets | 22/27 | €445,525 | €541,004 | +€95,479 | +21.4% |
| Land and buildings | 22 | €320,702 | €301,593 | -€19,109 | -6.0% |
| Plant, machinery and equipment | 23 | €92,621 | €132,228 | +€39,607 | +42.8% |
| Furniture and vehicles | 24 | €32,202 | €107,183 | +€74,980 | +233% |
| Current assets | 29/58 | €660,300 | €794,734 | +€134,434 | +20.4% |
| Stocks and contracts in progress | 3 | €25,000 | €189,305 | +€164,305 | +657% |
| Stocks | 30/36 | €25,000 | €30,000 | +€5,000 | +20.0% |
| Contracts in progress | 37 | - | €159,305 | +€159,305 | |
| Amounts receivable within one year | 40/41 | €521,214 | €497,782 | -€23,433 | -4.5% |
| Trade receivables | 40 | €465,738 | €413,945 | -€51,792 | -11.1% |
| Other amounts receivable | 41 | €55,477 | €83,836 | +€28,360 | +51.1% |
| Cash at bank and in hand | 54/58 | €110,178 | €99,595 | -€10,583 | -9.6% |
| Deferred charges and accrued income | 490/1 | €3,907 | €8,052 | +€4,145 | +106% |
| Total equity and liabilities | 10/49 | €1,105,825 | €1,335,737 | +€229,913 | +20.8% |
| Equity | 10/15 | €248,190 | €319,974 | +€71,785 | +28.9% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €241,990 | €313,774 | +€71,785 | +29.7% |
| Distributable reserves | 133 | €241,990 | €313,774 | +€71,785 | +29.7% |
| Amounts payable | 17/49 | €857,635 | €1,015,763 | +€158,128 | +18.4% |
| Amounts payable after more than one year | 17 | €481,582 | €469,914 | -€11,668 | -2.4% |
| Financial debts | 170/4 | €481,297 | €469,914 | -€11,383 | -2.4% |
| Other amounts payable | 178/9 | €285 | - | -€285 | |
| Amounts payable within one year | 42/48 | €374,903 | €545,849 | +€170,946 | +45.6% |
| Current portion of amounts payable after more than one year | 42 | €70,316 | €103,531 | +€33,215 | +47.2% |
| Trade debts | 44 | €251,576 | €386,220 | +€134,644 | +53.5% |
| Suppliers | 440/4 | €251,576 | €386,220 | +€134,644 | +53.5% |
| Advances received on contracts in progress | 46 | €135 | €153 | +€18 | +13.7% |
| Taxes, remuneration and social security | 45 | €46,446 | €24,685 | -€21,760 | -46.9% |
| Taxes | 450/3 | €26,809 | €4,914 | -€21,895 | -81.7% |
| Remuneration and social security | 454/9 | €19,637 | €19,771 | +€134 | +0.7% |
| Other amounts payable | 47/48 | €6,430 | €31,259 | +€24,829 | +386% |
| Accrued charges and deferred income | 492/3 | €1,150 | - | -€1,150 | |
| Remuneration, social security and pensions | 62 | €380,222 | €439,718 | +€59,496 | +15.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €66,438 | €76,058 | +€9,621 | +14.5% |
| Other operating charges | 640/8 | €8,724 | €11,358 | +€2,634 | +30.2% |
| Gross operating margin | 9900 | €594,035 | €779,816 | +€185,781 | +31.3% |
| Operating profit (loss) | 9901 | €138,652 | €252,682 | +€114,030 | +82.2% |
| Financial income | 75/76B | €147 | €79 | -€68 | -46.1% |
| Recurring financial income | 75 | €147 | €79 | -€68 | -46.1% |
| Financial charges | 65/66B | €27,164 | €24,570 | -€2,594 | -9.5% |
| Recurring financial charges | 65 | €27,164 | €24,570 | -€2,594 | -9.5% |
| Profit (loss) for the period before taxes | 9903 | €111,635 | €228,191 | +€116,556 | +104% |
| Income taxes | 67/77 | €35,555 | €66,406 | +€30,851 | +86.8% |
| Profit (loss) for the period | 9904 | €76,080 | €161,785 | +€85,705 | +113% |
| Profit (loss) for the period to be appropriated | 9905 | €76,080 | €161,785 | +€85,705 | +113% |
Next steps
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Calculation and sources
Source: filed annual accounts (NBB), financial years ended 30 June 2024 and 30 June 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 8 November 2026 via checked.be.