THIVO: 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.
THIVO
Largest movements
- Cash -€36,800
down €36,800 (-60.5%), from €60,842 to €24,042
mainly Receivables within one year (-€32,726) and Tax, wage and social debts (-€14,689)
- Receivables within one year +€32,726
up €32,726 (+16.5%), from €197,897 to €230,624
of which Other amounts receivable: +€23,497
- Tax, wage and social debts -€14,689
down €14,689 (-85.4%), from €17,199 to €2,510
of which Taxes: -€10,939
- Reserves +€12,706
up €12,706 (+3.7%), from €346,311 to €359,017
of which Distributable reserves: +€12,706
- Short-term financial debts +€4,931
up €4,931 (+27.9%), from €17,645 to €22,576
- Gross operating margin -€33,125
down €33,125 (-82.6%), from €40,114 to €6,989
- Taxes -€10,030
down €10,030 (-64.9%), from €15,455 to €5,425
- Financial income +€566
up €566 (+4.4%), from €12,836 to €13,402
From the 2025 result to the 2026 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 2025 and 2026 balance sheets and the 2026 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2025 | 2026 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €395,387 | €395,682 | +€295 | +0.1% |
| Fixed assets | 21/28 | €1,277 | €2,411 | +€1,134 | +88.8% |
| Tangible fixed assets | 22/27 | €1,277 | €2,411 | +€1,134 | +88.8% |
| Plant, machinery and equipment | 23 | - | €2,411 | +€2,411 | |
| Furniture and vehicles | 24 | €1,277 | €0 | -€1,277 | -100% |
| Current assets | 29/58 | €394,110 | €393,271 | -€839 | -0.2% |
| Amounts receivable after more than one year | 29 | €120,500 | €120,500 | = | 0.0% |
| Other amounts receivable | 291 | €120,500 | €120,500 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €197,897 | €230,624 | +€32,726 | +16.5% |
| Trade receivables | 40 | €770 | €10,000 | +€9,230 | +1,198% |
| Other amounts receivable | 41 | €197,127 | €220,624 | +€23,497 | +11.9% |
| Cash at bank and in hand | 54/58 | €60,842 | €24,042 | -€36,800 | -60.5% |
| Deferred charges and accrued income | 490/1 | €14,871 | €18,105 | +€3,235 | +21.8% |
| Total equity and liabilities | 10/49 | €395,387 | €395,682 | +€295 | +0.1% |
| Equity | 10/15 | €353,311 | €366,017 | +€12,706 | +3.6% |
| Contributions | 10/11 | €7,000 | €7,000 | = | 0.0% |
| Reserves | 13 | €346,311 | €359,017 | +€12,706 | +3.7% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €344,451 | €357,157 | +€12,706 | +3.7% |
| Amounts payable | 17/49 | €42,076 | €29,664 | -€12,411 | -29.5% |
| Amounts payable within one year | 42/48 | €42,076 | €29,664 | -€12,411 | -29.5% |
| Financial debts | 43 | €17,645 | €22,576 | +€4,931 | +27.9% |
| Credit institutions | 430/8 | €17,645 | €22,576 | +€4,931 | +27.9% |
| Trade debts | 44 | €7,232 | €4,578 | -€2,653 | -36.7% |
| Suppliers | 440/4 | €7,232 | €4,578 | -€2,653 | -36.7% |
| Taxes, remuneration and social security | 45 | €17,199 | €2,510 | -€14,689 | -85.4% |
| Taxes | 450/3 | €13,449 | €2,510 | -€10,939 | -81.3% |
| Remuneration and social security | 454/9 | €3,750 | €0 | -€3,750 | -100% |
| Non-recurring operating income | 76A | - | €1,723 | +€1,723 | |
| Remuneration, social security and pensions | 62 | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €380 | €245 | -€135 | -35.5% |
| Other operating charges | 640/8 | €1,066 | €954 | -€112 | -10.5% |
| Gross operating margin | 9900 | €40,114 | €6,989 | -€33,125 | -82.6% |
| Operating profit (loss) | 9901 | €38,668 | €5,790 | -€32,878 | -85.0% |
| Financial income | 75/76B | €12,836 | €13,402 | +€566 | +4.4% |
| Recurring financial income | 75 | €12,836 | €13,402 | +€566 | +4.4% |
| Financial charges | 65/66B | €1,227 | €1,061 | -€166 | -13.5% |
| Recurring financial charges | 65 | €1,227 | €1,061 | -€166 | -13.5% |
| Profit (loss) for the period before taxes | 9903 | €50,278 | €18,131 | -€32,147 | -63.9% |
| Income taxes | 67/77 | €15,455 | €5,425 | -€10,030 | -64.9% |
| Profit (loss) for the period | 9904 | €34,823 | €12,706 | -€22,117 | -63.5% |
| Profit (loss) for the period to be appropriated | 9905 | €34,823 | €12,706 | -€22,117 | -63.5% |
Source: filed annual accounts (NBB), financial years ended 31 March 2025 and 31 March 2026. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 15 October 2026 via checked.be.