THV: what changed
Two fiscal 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.
THV
Largest movements
- Cash +€66,749
up €66,749 (+136.3%), from €48,987 to €115,736
mainly Net result for the year (+€62,399) and Deferred charges and accrued income (+€13,050)
- Deferred charges and accrued income -€13,050
down €13,050 (-48.2%), from €27,060 to €14,010
- Receivables within one year +€8,434
up €8,434 (+25.8%), from €32,714 to €41,147
of which Other amounts receivable: +€8,434
- Tangible fixed assets -€5,265
down €5,265 (-13.7%), from €38,535 to €33,269
of which Furniture and vehicles: -€4,450
- Reserves +€62,399
up €62,399 (+49.1%), from €127,073 to €189,472
- Trade debts -€4,945
down €4,945 (-62.2%), from €7,946 to €3,001
- Depreciation -€5,829
down €5,829 (-52.5%), from €11,094 to €5,265
- Taxes +€2,011
up €2,011 (+8.8%), from €22,829 to €24,840
- Gross operating margin +€1,307
up €1,307 (+1.4%), from €90,891 to €92,198
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 | €161,461 | €217,737 | +€56,276 | +34.9% |
| Fixed assets | 21/28 | €38,535 | €33,269 | -€5,265 | -13.7% |
| Tangible fixed assets | 22/27 | €38,535 | €33,269 | -€5,265 | -13.7% |
| Plant, machinery and equipment | 23 | €4,676 | €4,139 | -€537 | -11.5% |
| Furniture and vehicles | 24 | €31,747 | €27,297 | -€4,450 | -14.0% |
| Leasing and similar rights | 25 | €0 | - | = | |
| Other tangible fixed assets | 26 | €2,111 | €1,833 | -€278 | -13.2% |
| Current assets | 29/58 | €122,926 | €184,468 | +€61,542 | +50.1% |
| Stocks and contracts in progress | 3 | €14,166 | €13,575 | -€591 | -4.2% |
| Stocks | 30/36 | €14,166 | €13,575 | -€591 | -4.2% |
| Amounts receivable within one year | 40/41 | €32,714 | €41,147 | +€8,434 | +25.8% |
| Trade receivables | 40 | €0 | - | = | |
| Other amounts receivable | 41 | €32,714 | €41,147 | +€8,434 | +25.8% |
| Cash at bank and in hand | 54/58 | €48,987 | €115,736 | +€66,749 | +136.3% |
| Deferred charges and accrued income | 490/1 | €27,060 | €14,010 | -€13,050 | -48.2% |
| Total equity and liabilities | 10/49 | €161,461 | €217,737 | +€56,276 | +34.9% |
| Equity | 10/15 | €147,073 | €209,472 | +€62,399 | +42.4% |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Reserves | 13 | €127,073 | €189,472 | +€62,399 | +49.1% |
| Distributable reserves | 133 | €127,073 | €189,472 | +€62,399 | +49.1% |
| Profit (loss) carried forward | 14 | €0 | - | = | |
| Amounts payable | 17/49 | €14,388 | €8,265 | -€6,123 | -42.6% |
| Amounts payable within one year | 42/48 | €14,388 | €8,265 | -€6,123 | -42.6% |
| Current portion of amounts payable after more than one year | 42 | €0 | - | = | |
| Trade debts | 44 | €7,946 | €3,001 | -€4,945 | -62.2% |
| Suppliers | 440/4 | €7,946 | €3,001 | -€4,945 | -62.2% |
| Taxes, remuneration and social security | 45 | €6,442 | €5,264 | -€1,178 | -18.3% |
| Taxes | 450/3 | €6,442 | €5,264 | -€1,178 | -18.3% |
| Other amounts payable | 47/48 | €0 | - | = | |
| Non-recurring operating income | 76A | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €11,094 | €5,265 | -€5,829 | -52.5% |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | €0 | - | = | |
| Other operating charges | 640/8 | €2,275 | €1,385 | -€890 | -39.1% |
| Gross operating margin | 9900 | €90,891 | €92,198 | +€1,307 | +1.4% |
| Operating profit (loss) | 9901 | €77,522 | €85,547 | +€8,025 | +10.4% |
| Financial income | 75/76B | €1,456 | €1,862 | +€406 | +27.9% |
| Recurring financial income | 75 | €1,456 | €1,862 | +€406 | +27.9% |
| Financial charges | 65/66B | €678 | €169 | -€508 | -75.0% |
| Recurring financial charges | 65 | €678 | €169 | -€508 | -75.0% |
| Profit (loss) for the period before taxes | 9903 | €78,300 | €87,239 | +€8,939 | +11.4% |
| Income taxes | 67/77 | €22,829 | €24,840 | +€2,011 | +8.8% |
| Profit (loss) for the period | 9904 | €55,471 | €62,399 | +€6,928 | +12.5% |
| Profit (loss) for the period to be appropriated | 9905 | €55,471 | €62,399 | +€6,928 | +12.5% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 29 September 2026 via checked.be.