ThVL CONSULT: 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.
ThVL CONSULT
Largest movements
- Tangible fixed assets +€77,271
up €77,271 (+1399.0%), from €5,523 to €82,795
of which Other tangible fixed assets: +€43,957
- Receivables within one year -€48,556
down €48,556 (-76.6%), from €63,374 to €14,818
of which Trade receivables: -€52,556
- Current investments +€25,000
up €25,000 (+100.0%), from €25,000 to €50,000
- Cash -€15,995
down €15,995 (-31.8%), from €50,279 to €34,284
mainly Investment in fixed assets (net) (-€87,375) and Contributions, distributions and other (-€81,029)
- Other debts +€66,934
up €66,934 (+444.9%), from €15,045 to €81,979
- Profit (loss) carried forward -€53,425
down €53,425 (-65.9%), from €81,029 to €27,605
- Debts after one year +€19,316
up €19,316 (+59.9%), from €32,239 to €51,555
- Current portion of long-term debt +€6,739
up €6,739 (+91.4%), from €7,373 to €14,112
- Gross operating margin +€22,900
up €22,900 (+86.9%), from €26,341 to €49,240
- Depreciation +€4,927
up €4,927 (+95.2%), from €5,176 to €10,104
- Taxes +€2,822
up €2,822 (+77.0%), from €3,667 to €6,490
- Financial charges +€531
up €531 (+15.1%), from €3,519 to €4,049
- Other operating charges +€512
up €512 (+60.3%), from €849 to €1,361
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 | €144,307 | €183,584 | +€39,277 | +27.2% |
| Fixed assets | 21/28 | €5,523 | €82,795 | +€77,271 | +1399.0% |
| Tangible fixed assets | 22/27 | €5,523 | €82,795 | +€77,271 | +1399.0% |
| Plant, machinery and equipment | 23 | €2,368 | €2,991 | +€622 | +26.3% |
| Furniture and vehicles | 24 | €822 | €33,514 | +€32,692 | +3978.4% |
| Other tangible fixed assets | 26 | €2,333 | €46,290 | +€43,957 | +1883.9% |
| Current assets | 29/58 | €138,784 | €100,790 | -€37,994 | -27.4% |
| Amounts receivable within one year | 40/41 | €63,374 | €14,818 | -€48,556 | -76.6% |
| Trade receivables | 40 | €62,727 | €10,171 | -€52,556 | -83.8% |
| Other amounts receivable | 41 | €648 | €4,648 | +€4,000 | +617.7% |
| Current investments | 50/53 | €25,000 | €50,000 | +€25,000 | +100.0% |
| Cash at bank and in hand | 54/58 | €50,279 | €34,284 | -€15,995 | -31.8% |
| Deferred charges and accrued income | 490/1 | €131 | €1,688 | +€1,557 | +1190.1% |
| Total equity and liabilities | 10/49 | €144,307 | €183,584 | +€39,277 | +27.2% |
| Equity | 10/15 | €84,029 | €30,605 | -€53,425 | -63.6% |
| Contributions | 10/11 | €3,000 | €3,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €81,029 | €27,605 | -€53,425 | -65.9% |
| Amounts payable | 17/49 | €60,278 | €152,980 | +€92,702 | +153.8% |
| Amounts payable after more than one year | 17 | €32,239 | €51,555 | +€19,316 | +59.9% |
| Financial debts | 170/4 | €32,239 | €51,555 | +€19,316 | +59.9% |
| Amounts payable within one year | 42/48 | €26,713 | €100,201 | +€73,488 | +275.1% |
| Current portion of amounts payable after more than one year | 42 | €7,373 | €14,112 | +€6,739 | +91.4% |
| Trade debts | 44 | €1,779 | €1,971 | +€192 | +10.8% |
| Suppliers | 440/4 | €1,779 | €1,971 | +€192 | +10.8% |
| Taxes, remuneration and social security | 45 | €2,516 | €2,140 | -€377 | -15.0% |
| Taxes | 450/3 | €2,516 | €2,140 | -€377 | -15.0% |
| Other amounts payable | 47/48 | €15,045 | €81,979 | +€66,934 | +444.9% |
| Accrued charges and deferred income | 492/3 | €1,325 | €1,224 | -€102 | -7.7% |
| Non-recurring operating income | 76A | - | €4,132 | +€4,132 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €5,176 | €10,104 | +€4,927 | +95.2% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €425 | €0 | -€425 | -100.0% |
| Other operating charges | 640/8 | €849 | €1,361 | +€512 | +60.3% |
| Gross operating margin | 9900 | €26,341 | €49,240 | +€22,900 | +86.9% |
| Operating profit (loss) | 9901 | €19,890 | €37,776 | +€17,886 | +89.9% |
| Financial income | 75/76B | €216 | €368 | +€151 | +69.9% |
| Recurring financial income | 75 | €216 | €368 | +€151 | +69.9% |
| Financial charges | 65/66B | €3,519 | €4,049 | +€531 | +15.1% |
| Recurring financial charges | 65 | €3,519 | €4,049 | +€531 | +15.1% |
| Profit (loss) for the period before taxes | 9903 | €16,588 | €34,094 | +€17,506 | +105.5% |
| Income taxes | 67/77 | €3,667 | €6,490 | +€2,822 | +77.0% |
| Profit (loss) for the period | 9904 | €12,921 | €27,605 | +€14,684 | +113.6% |
| Profit (loss) for the period to be appropriated | 9905 | €12,921 | €27,605 | +€14,684 | +113.6% |
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 8 October 2026 via checked.be.