THV 98: 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.
THV 98
Largest movements
- Tangible fixed assets +€967,706
up €967,706 (+1,203%), from €80,469 to €1.0m
of which Land and buildings: +€985,246
- Cash -€31,378
down €31,378 (-64.0%), from €48,996 to €17,618
mainly Investment in fixed assets (net) (-€1.0m) and Trade debts (-€13,956)
- Receivables within one year -€23,641
down €23,641 (-43.0%), from €54,923 to €31,281
of which Trade receivables: -€38,480
- Debts after one year +€787,484
up €787,484 (+1,770%), from €44,490 to €831,974
- Profit (loss) carried forward +€67,788
up €67,788 (+101%), from €67,249 to €135,037
- Tax, wage and social debts +€38,416
up €38,416 (+119%), from €32,195 to €70,611
of which Taxes: +€29,662
- Current portion of long-term debt +€34,220
up €34,220 (+243%), from €14,087 to €48,307
- Trade debts -€13,956
down €13,956 (-54.8%), from €25,490 to €11,534
- Gross operating margin +€96,683
up €96,683 (+74.2%), from €130,345 to €227,027
- Depreciation +€57,143
up €57,143 (+788%), from €7,255 to €64,399
- Staff costs +€26,033
up €26,033 (+75.5%), from €34,467 to €60,500
- Financial charges +€9,552
up €9,552 (+1,598%), from €598 to €10,149
- Taxes +€3,018
up €3,018 (+15.0%), from €20,090 to €23,108
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 | €185,208 | €1,099,127 | +€913,918 | +493% |
| Fixed assets | 21/28 | €80,469 | €1,048,176 | +€967,706 | +1,203% |
| Tangible fixed assets | 22/27 | €80,469 | €1,048,176 | +€967,706 | +1,203% |
| Land and buildings | 22 | - | €985,246 | +€985,246 | |
| Furniture and vehicles | 24 | €80,469 | €62,930 | -€17,540 | -21.8% |
| Current assets | 29/58 | €104,739 | €50,951 | -€53,788 | -51.4% |
| Amounts receivable within one year | 40/41 | €54,923 | €31,281 | -€23,641 | -43.0% |
| Trade receivables | 40 | €44,482 | €6,002 | -€38,480 | -86.5% |
| Other amounts receivable | 41 | €10,441 | €25,280 | +€14,839 | +142% |
| Cash at bank and in hand | 54/58 | €48,996 | €17,618 | -€31,378 | -64.0% |
| Deferred charges and accrued income | 490/1 | €820 | €2,051 | +€1,231 | +150% |
| Total equity and liabilities | 10/49 | €185,208 | €1,099,127 | +€913,918 | +493% |
| Equity | 10/15 | €68,749 | €136,537 | +€67,788 | +98.6% |
| Contributions | 10/11 | €1,500 | €1,500 | = | 0.0% |
| Profit (loss) carried forward | 14 | €67,249 | €135,037 | +€67,788 | +101% |
| Amounts payable | 17/49 | €116,459 | €962,589 | +€846,130 | +727% |
| Amounts payable after more than one year | 17 | €44,490 | €831,974 | +€787,484 | +1,770% |
| Financial debts | 170/4 | €44,490 | €831,974 | +€787,484 | +1,770% |
| Amounts payable within one year | 42/48 | €71,772 | €130,465 | +€58,694 | +81.8% |
| Current portion of amounts payable after more than one year | 42 | €14,087 | €48,307 | +€34,220 | +243% |
| Trade debts | 44 | €25,490 | €11,534 | -€13,956 | -54.8% |
| Suppliers | 440/4 | €25,490 | €11,534 | -€13,956 | -54.8% |
| Taxes, remuneration and social security | 45 | €32,195 | €70,611 | +€38,416 | +119% |
| Taxes | 450/3 | €27,485 | €57,146 | +€29,662 | +108% |
| Remuneration and social security | 454/9 | €4,710 | €13,465 | +€8,755 | +186% |
| Other amounts payable | 47/48 | - | €13 | +€13 | |
| Accrued charges and deferred income | 492/3 | €197 | €150 | -€47 | -24.0% |
| Non-recurring operating income | 76A | - | €0 | = | |
| Remuneration, social security and pensions | 62 | €34,467 | €60,500 | +€26,033 | +75.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €7,255 | €64,399 | +€57,143 | +788% |
| Other operating charges | 640/8 | €738 | €2,333 | +€1,595 | +216% |
| Gross operating margin | 9900 | €130,345 | €227,027 | +€96,683 | +74.2% |
| Operating profit (loss) | 9901 | €87,884 | €99,795 | +€11,911 | +13.6% |
| Financial income | 75/76B | €53 | €1,250 | +€1,197 | +2,260% |
| Recurring financial income | 75 | €53 | €1,250 | +€1,197 | +2,260% |
| Financial charges | 65/66B | €598 | €10,149 | +€9,552 | +1,598% |
| Recurring financial charges | 65 | €598 | €10,149 | +€9,552 | +1,598% |
| Profit (loss) for the period before taxes | 9903 | €87,339 | €90,896 | +€3,557 | +4.1% |
| Income taxes | 67/77 | €20,090 | €23,108 | +€3,018 | +15.0% |
| Profit (loss) for the period | 9904 | €67,249 | €67,788 | +€539 | +0.8% |
| Profit (loss) for the period to be appropriated | 9905 | €67,249 | €67,788 | +€539 | +0.8% |
Source: filed annual accounts (NBB), financial years ended 31 March 2024 and 31 March 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 15 October 2026 via checked.be.