THVS: what changed
THVS
Largest movements
- Cash -€112,585
down €112,585 (-42.2%), from €266,850 to €154,265
mainly Contributions, distributions and other (-€225,615) and Investment in fixed assets (net) (-€36,314)
- Tangible fixed assets +€30,994
up €30,994 (+364%), from €8,504 to €39,498
of which Furniture and vehicles: +€32,539
- Current investments +€29,731
new in 2025: €29,731
- Receivables within one year -€29,231
down €29,231 (-48.5%), from €60,321 to €31,090
of which Other amounts receivable: -€44,616
- Reserves -€116,890
down €116,890 (-100%), from €116,890 to €0
- Other debts +€34,120
up €34,120 (+19.5%), from €175,000 to €209,120
- Financial income +€72,075
up €72,075 (+2,070%), from €3,482 to €75,556
- Taxes +€17,100
up €17,100 (+112%), from €15,300 to €32,400
- Depreciation +€2,584
up €2,584 (+94.4%), from €2,737 to €5,320
- Gross operating margin +€1,505
up €1,505 (+2.1%), from €72,386 to €73,892
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €336,008 | €255,621 | -€80,387 | -23.9% |
| Fixed assets | 21/28 | €8,504 | €39,498 | +€30,994 | +364% |
| Tangible fixed assets | 22/27 | €8,504 | €39,498 | +€30,994 | +364% |
| Plant, machinery and equipment | 23 | €5,406 | €3,861 | -€1,545 | -28.6% |
| Furniture and vehicles | 24 | €3,098 | €35,637 | +€32,539 | +1,050% |
| Current assets | 29/58 | €327,504 | €216,123 | -€111,381 | -34.0% |
| Amounts receivable within one year | 40/41 | €60,321 | €31,090 | -€29,231 | -48.5% |
| Trade receivables | 40 | €15,703 | €31,088 | +€15,385 | +98.0% |
| Other amounts receivable | 41 | €44,618 | €2 | -€44,616 | -100.0% |
| Current investments | 50/53 | - | €29,731 | +€29,731 | |
| Cash at bank and in hand | 54/58 | €266,850 | €154,265 | -€112,585 | -42.2% |
| Deferred charges and accrued income | 490/1 | €332 | €1,037 | +€704 | +212% |
| Total equity and liabilities | 10/49 | €336,008 | €255,621 | -€80,387 | -23.9% |
| Equity | 10/15 | €121,890 | €5,000 | -€116,890 | -95.9% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Reserves | 13 | €116,890 | €0 | -€116,890 | -100% |
| Distributable reserves | 133 | €116,890 | €0 | -€116,890 | -100% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €214,118 | €250,621 | +€36,503 | +17.0% |
| Amounts payable within one year | 42/48 | €213,753 | €250,426 | +€36,673 | +17.2% |
| Current portion of amounts payable after more than one year | 42 | €0 | - | = | |
| Trade debts | 44 | €982 | €240 | -€743 | -75.6% |
| Suppliers | 440/4 | €982 | €240 | -€743 | -75.6% |
| Taxes, remuneration and social security | 45 | €37,771 | €41,066 | +€3,296 | +8.7% |
| Taxes | 450/3 | €35,771 | €39,066 | +€3,296 | +9.2% |
| Remuneration and social security | 454/9 | €2,000 | €2,000 | = | 0.0% |
| Other amounts payable | 47/48 | €175,000 | €209,120 | +€34,120 | +19.5% |
| Accrued charges and deferred income | 492/3 | €365 | €195 | -€170 | -46.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,737 | €5,320 | +€2,584 | +94.4% |
| Other operating charges | 640/8 | €615 | €694 | +€79 | +12.9% |
| Gross operating margin | 9900 | €72,386 | €73,892 | +€1,505 | +2.1% |
| Operating profit (loss) | 9901 | €69,034 | €67,877 | -€1,157 | -1.7% |
| Financial income | 75/76B | €3,482 | €75,556 | +€72,075 | +2,070% |
| Recurring financial income | 75 | €3,482 | €75,556 | +€72,075 | +2,070% |
| Financial charges | 65/66B | €2,099 | €2,308 | +€208 | +9.9% |
| Recurring financial charges | 65 | €2,099 | €2,308 | +€208 | +9.9% |
| Profit (loss) for the period before taxes | 9903 | €70,416 | €141,126 | +€70,709 | +100% |
| Income taxes | 67/77 | €15,300 | €32,400 | +€17,100 | +112% |
| Profit (loss) for the period | 9904 | €55,117 | €108,726 | +€53,609 | +97.3% |
| Profit (loss) for the period to be appropriated | 9905 | €55,117 | €108,726 | +€53,609 | +97.3% |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 7 November 2026 via checked.be.