ThR1V3: 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.
ThR1V3
Largest movements
- Financial fixed assets +€85,060
new in 2025: €85,060
- Receivables within one year +€55,186
up €55,186 (+593%), from €9,310 to €64,496
of which Other amounts receivable: +€61,574
- Tangible fixed assets -€25,456
down €25,456 (-6.8%), from €375,230 to €349,774
of which Furniture and vehicles: -€14,255
- Cash +€17,896
up €17,896 (+2,002%), from €894 to €18,790
mainly Other debts (+€71,853) and Depreciation (+€30,644)
- Other debts +€71,853
up €71,853 (+88.7%), from €81,024 to €152,876
- Reserves +€27,534
up €27,534 (+119%), from €23,209 to €50,743
- Debts after one year +€17,837
up €17,837 (+8.3%), from €215,953 to €233,791
of which Other amounts payable: +€169,958
- Current portion of long-term debt +€12,429
up €12,429 (+36.4%), from €34,183 to €46,612
- Gross operating margin +€13,944
up €13,944 (+19.5%), from €71,492 to €85,436
- Financial charges +€5,953
up €5,953 (+52.6%), from €11,325 to €17,278
- Depreciation +€5,192
up €5,192 (+20.4%), from €25,452 to €30,644
- Financial income +€1,630
up €1,630, from €0 to €1,630
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 | €386,873 | €520,334 | +€133,461 | +34.5% |
| Fixed assets | 21/28 | €375,230 | €434,834 | +€59,604 | +15.9% |
| Tangible fixed assets | 22/27 | €375,230 | €349,774 | -€25,456 | -6.8% |
| Land and buildings | 22 | €300,761 | €289,835 | -€10,926 | -3.6% |
| Plant, machinery and equipment | 23 | €14,092 | €13,817 | -€275 | -1.9% |
| Furniture and vehicles | 24 | €60,377 | €46,122 | -€14,255 | -23.6% |
| Financial fixed assets | 28 | - | €85,060 | +€85,060 | |
| Current assets | 29/58 | €11,643 | €85,500 | +€73,857 | +634% |
| Amounts receivable within one year | 40/41 | €9,310 | €64,496 | +€55,186 | +593% |
| Trade receivables | 40 | €9,310 | €2,922 | -€6,388 | -68.6% |
| Other amounts receivable | 41 | - | €61,574 | +€61,574 | |
| Cash at bank and in hand | 54/58 | €894 | €18,790 | +€17,896 | +2,002% |
| Deferred charges and accrued income | 490/1 | €1,440 | €2,214 | +€775 | +53.8% |
| Total equity and liabilities | 10/49 | €386,873 | €520,334 | +€133,461 | +34.5% |
| Equity | 10/15 | €28,209 | €55,743 | +€27,534 | +97.6% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Reserves | 13 | €23,209 | €50,743 | +€27,534 | +119% |
| Distributable reserves | 133 | €23,209 | €50,743 | +€27,534 | +119% |
| Amounts payable | 17/49 | €358,664 | €464,591 | +€105,927 | +29.5% |
| Amounts payable after more than one year | 17 | €215,953 | €233,791 | +€17,837 | +8.3% |
| Financial debts | 170/4 | €215,953 | €63,832 | -€152,121 | -70.4% |
| Other amounts payable | 178/9 | - | €169,958 | +€169,958 | |
| Amounts payable within one year | 42/48 | €142,711 | €230,800 | +€88,090 | +61.7% |
| Current portion of amounts payable after more than one year | 42 | €34,183 | €46,612 | +€12,429 | +36.4% |
| Financial debts | 43 | €0 | €60 | +€60 | |
| Credit institutions | 430/8 | €0 | €60 | +€60 | |
| Trade debts | 44 | €14,642 | €17,151 | +€2,509 | +17.1% |
| Suppliers | 440/4 | €14,642 | €17,151 | +€2,509 | +17.1% |
| Taxes, remuneration and social security | 45 | €12,862 | €14,102 | +€1,239 | +9.6% |
| Taxes | 450/3 | €12,862 | €14,102 | +€1,239 | +9.6% |
| Other amounts payable | 47/48 | €81,024 | €152,876 | +€71,853 | +88.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €25,452 | €30,644 | +€5,192 | +20.4% |
| Other operating charges | 640/8 | €1,299 | €1,305 | +€6 | +0.5% |
| Non-recurring operating charges | 66A | €691 | €0 | -€691 | -100% |
| Gross operating margin | 9900 | €71,492 | €85,436 | +€13,944 | +19.5% |
| Operating profit (loss) | 9901 | €44,051 | €53,487 | +€9,437 | +21.4% |
| Financial income | 75/76B | €0 | €1,630 | +€1,630 | |
| Recurring financial income | 75 | €0 | €1,630 | +€1,630 | |
| Financial charges | 65/66B | €11,325 | €17,278 | +€5,953 | +52.6% |
| Recurring financial charges | 65 | €11,325 | €17,278 | +€5,953 | +52.6% |
| Profit (loss) for the period before taxes | 9903 | €32,726 | €37,839 | +€5,113 | +15.6% |
| Income taxes | 67/77 | €10,875 | €10,304 | -€570 | -5.2% |
| Profit (loss) for the period | 9904 | €21,851 | €27,534 | +€5,683 | +26.0% |
| Profit (loss) for the period to be appropriated | 9905 | €21,851 | €27,534 | +€5,683 | +26.0% |
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 24 October 2026 via checked.be.