THOVERkracht: 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.
THOVERkracht
Largest movements
- Cash -€1.2m
down €1.2m (-77.9%), from €1.5m to €336,178
mainly Receivables within one year (-€924,588) and Other debts (-€500,000)
- Receivables within one year +€924,588
up €924,588 (+71.4%), from €1.3m to €2.2m
of which Other amounts receivable: +€749,105
- Receivables after one year -€136,392
down €136,392 (-79.6%), from €171,432 to €35,041
- Other debts -€500,000
down €500,000 (-76.9%), from €650,000 to €150,000
- Reserves +€45,028
up €45,028 (+1.5%), from €2.9m to €3.0m
of which Distributable reserves: +€45,028
- Gross operating margin +€52,250
up €52,250 (+14.3%), from €365,269 to €417,518
- Taxes +€14,439
up €14,439 (+27.4%), from €52,681 to €67,120
- Depreciation -€9,037
down €9,037 (-28.7%), from €31,481 to €22,445
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 | €3,684,874 | €3,276,209 | -€408,665 | -11.1% |
| Fixed assets | 21/28 | €672,401 | €654,857 | -€17,544 | -2.6% |
| Tangible fixed assets | 22/27 | €672,339 | €654,795 | -€17,544 | -2.6% |
| Land and buildings | 22 | €630,968 | €630,968 | = | 0.0% |
| Plant, machinery and equipment | 23 | €4,303 | €7,701 | +€3,398 | +79.0% |
| Furniture and vehicles | 24 | €37,068 | €16,126 | -€20,942 | -56.5% |
| Financial fixed assets | 28 | €62 | €62 | = | 0.0% |
| Current assets | 29/58 | €3,012,473 | €2,621,352 | -€391,121 | -13.0% |
| Amounts receivable after more than one year | 29 | €171,432 | €35,041 | -€136,392 | -79.6% |
| Other amounts receivable | 291 | €171,432 | €35,041 | -€136,392 | -79.6% |
| Amounts receivable within one year | 40/41 | €1,294,428 | €2,219,017 | +€924,588 | +71.4% |
| Trade receivables | 40 | €106,622 | €282,105 | +€175,483 | +165% |
| Other amounts receivable | 41 | €1,187,806 | €1,936,912 | +€749,105 | +63.1% |
| Cash at bank and in hand | 54/58 | €1,518,412 | €336,178 | -€1.2m | -77.9% |
| Deferred charges and accrued income | 490/1 | €28,200 | €31,116 | +€2,916 | +10.3% |
| Total equity and liabilities | 10/49 | €3,684,874 | €3,276,209 | -€408,665 | -11.1% |
| Equity | 10/15 | €2,971,899 | €3,016,927 | +€45,028 | +1.5% |
| Contributions | 10/11 | €62,000 | €62,000 | = | 0.0% |
| Capital | 10 | €62,000 | €62,000 | = | 0.0% |
| Issued capital | 100 | €62,000 | €62,000 | = | 0.0% |
| Reserves | 13 | €2,909,899 | €2,954,927 | +€45,028 | +1.5% |
| Non-distributable reserves | 130/1 | €6,200 | €6,200 | = | 0.0% |
| Legal reserve | 130 | €6,200 | €6,200 | = | 0.0% |
| Distributable reserves | 133 | €2,903,699 | €2,948,727 | +€45,028 | +1.6% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €712,975 | €259,282 | -€453,693 | -63.6% |
| Amounts payable after more than one year | 17 | €6,192 | €6,192 | = | 0.0% |
| Other amounts payable | 178/9 | €6,192 | €6,192 | = | 0.0% |
| Amounts payable within one year | 42/48 | €706,783 | €253,090 | -€453,693 | -64.2% |
| Trade debts | 44 | €13,088 | €33,169 | +€20,081 | +153% |
| Suppliers | 440/4 | €13,088 | €33,169 | +€20,081 | +153% |
| Taxes, remuneration and social security | 45 | €43,695 | €69,921 | +€26,226 | +60.0% |
| Taxes | 450/3 | €26,737 | €52,250 | +€25,513 | +95.4% |
| Remuneration and social security | 454/9 | €16,958 | €17,671 | +€712 | +4.2% |
| Other amounts payable | 47/48 | €650,000 | €150,000 | -€500,000 | -76.9% |
| Remuneration, social security and pensions | 62 | €116,527 | €118,912 | +€2,386 | +2.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €31,481 | €22,445 | -€9,037 | -28.7% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €2,158 | €0 | -€2,158 | -100% |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | €0 | - | = | |
| Other operating charges | 640/8 | €57,186 | €58,855 | +€1,669 | +2.9% |
| Gross operating margin | 9900 | €365,269 | €417,518 | +€52,250 | +14.3% |
| Operating profit (loss) | 9901 | €157,917 | €217,307 | +€59,389 | +37.6% |
| Financial income | 75/76B | €48,444 | €45,035 | -€3,409 | -7.0% |
| Recurring financial income | 75 | €48,444 | €45,035 | -€3,409 | -7.0% |
| Financial charges | 65/66B | €154 | €194 | +€40 | +26.0% |
| Recurring financial charges | 65 | €154 | €194 | +€40 | +26.0% |
| Profit (loss) for the period before taxes | 9903 | €206,208 | €262,148 | +€55,941 | +27.1% |
| Income taxes | 67/77 | €52,681 | €67,120 | +€14,439 | +27.4% |
| Profit (loss) for the period | 9904 | €153,526 | €195,028 | +€41,502 | +27.0% |
| Profit (loss) for the period to be appropriated | 9905 | €153,526 | €195,028 | +€41,502 | +27.0% |
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 16 October 2026 via checked.be.