THOWI: 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.
THOWI
Largest movements
- Receivables within one year +€5,650
up €5,650 (+41.8%), from €13,501 to €19,151
of which Other amounts receivable: +€6,412
- Stocks and contracts -€4,881
down €4,881 (-6.9%), from €70,537 to €65,656
- Trade debts -€17,114
down €17,114 (-20.4%), from €83,863 to €66,748
- Tax, wage and social debts +€15,800
up €15,800 (+81.6%), from €19,353 to €35,153
- Staff costs +€81,387
up €81,387 (+56.2%), from €144,891 to €226,278
- Taxes -€15,708
down €15,708 (-81.8%), from €19,209 to €3,501
- Gross operating margin +€7,772
up €7,772 (+3.1%), from €247,365 to €255,138
- Financial charges -€4,721
down €4,721 (-38.4%), from €12,279 to €7,558
- Financial income +€3,396
up €3,396 (+148.8%), from €2,282 to €5,678
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 | €324,136 | €322,805 | -€1,331 | -0.4% |
| Fixed assets | 21/28 | €1,165 | €397 | -€768 | -65.9% |
| Tangible fixed assets | 22/27 | €1,165 | €397 | -€768 | -65.9% |
| Plant, machinery and equipment | 23 | €385 | €245 | -€140 | -36.4% |
| Furniture and vehicles | 24 | €780 | €152 | -€628 | -80.5% |
| Current assets | 29/58 | €322,972 | €322,408 | -€563 | -0.2% |
| Stocks and contracts in progress | 3 | €70,537 | €65,656 | -€4,881 | -6.9% |
| Stocks | 30/36 | €70,537 | €65,656 | -€4,881 | -6.9% |
| Amounts receivable within one year | 40/41 | €13,501 | €19,151 | +€5,650 | +41.8% |
| Trade receivables | 40 | €762 | - | -€762 | |
| Other amounts receivable | 41 | €12,739 | €19,151 | +€6,412 | +50.3% |
| Cash at bank and in hand | 54/58 | €238,468 | €237,105 | -€1,363 | -0.6% |
| Deferred charges and accrued income | 490/1 | €466 | €496 | +€30 | +6.5% |
| Total equity and liabilities | 10/49 | €324,136 | €322,805 | -€1,331 | -0.4% |
| Equity | 10/15 | €219,429 | €219,636 | +€208 | +0.1% |
| Contributions | 10/11 | €15,000 | €15,000 | = | 0.0% |
| Reserves | 13 | €204,429 | €204,636 | +€208 | +0.1% |
| Distributable reserves | 133 | €204,429 | €204,636 | +€208 | +0.1% |
| Amounts payable | 17/49 | €104,707 | €103,169 | -€1,539 | -1.5% |
| Amounts payable within one year | 42/48 | €104,477 | €103,162 | -€1,315 | -1.3% |
| Trade debts | 44 | €83,863 | €66,748 | -€17,114 | -20.4% |
| Suppliers | 440/4 | €83,863 | €66,748 | -€17,114 | -20.4% |
| Taxes, remuneration and social security | 45 | €19,353 | €35,153 | +€15,800 | +81.6% |
| Remuneration and social security | 454/9 | €19,353 | €35,153 | +€15,800 | +81.6% |
| Other amounts payable | 47/48 | €1,261 | €1,261 | = | 0.0% |
| Accrued charges and deferred income | 492/3 | €230 | €6 | -€224 | -97.3% |
| Non-recurring operating income | 76A | €479 | - | -€479 | |
| Remuneration, social security and pensions | 62 | €144,891 | €226,278 | +€81,387 | +56.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €843 | €768 | -€76 | -9.0% |
| Other operating charges | 640/8 | €214 | €124 | -€90 | -42.1% |
| Non-recurring operating charges | 66A | - | €16,307 | +€16,307 | |
| Gross operating margin | 9900 | €247,365 | €255,138 | +€7,772 | +3.1% |
| Operating profit (loss) | 9901 | €101,417 | €11,662 | -€89,755 | -88.5% |
| Financial income | 75/76B | €2,282 | €5,678 | +€3,396 | +148.8% |
| Recurring financial income | 75 | €2,282 | €5,678 | +€3,396 | +148.8% |
| Financial charges | 65/66B | €12,279 | €7,558 | -€4,721 | -38.4% |
| Recurring financial charges | 65 | €12,279 | €7,558 | -€4,721 | -38.4% |
| Profit (loss) for the period before taxes | 9903 | €91,420 | €9,782 | -€81,639 | -89.3% |
| Income taxes | 67/77 | €19,209 | €3,501 | -€15,708 | -81.8% |
| Profit (loss) for the period | 9904 | €72,211 | €6,280 | -€65,931 | -91.3% |
| Profit (loss) for the period to be appropriated | 9905 | €72,211 | €6,280 | -€65,931 | -91.3% |
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 10 October 2026 via checked.be.