T. H. CONSTRUCTION: 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.
T. H. CONSTRUCTION
Largest movements
- Receivables within one year +€41,819
up €41,819 (+71.3%), from €58,612 to €100,431
of which Trade receivables: +€45,500
- Tangible fixed assets +€38,903
up €38,903 (+495%), from €7,854 to €46,757
of which Leasing and similar rights: +€35,798
- Cash -€30,812
down €30,812 (-71.4%), from €43,182 to €12,370
mainly Investment in fixed assets (net) (-€47,805) and Receivables within one year (-€41,819)
- Deferred charges and accrued income +€2,840
up €2,840 (+176%), from €1,618 to €4,458
- Debts after one year +€25,365
new in 2025: €25,365
- Profit (loss) carried forward +€15,771
up €15,771 (+20.6%), from €76,576 to €92,348
- Current portion of long-term debt +€9,507
up €9,507 (+1,105%), from €860 to €10,367
- Gross operating margin +€11,658
up €11,658 (+51.0%), from €22,871 to €34,529
- Depreciation +€5,549
up €5,549 (+165%), from €3,353 to €8,902
- Taxes +€1,780
up €1,780 (+46.0%), from €3,869 to €5,648
- Financial charges +€665
up €665 (+57.8%), from €1,152 to €1,817
- Other operating charges +€637
up €637 (+36.3%), from €1,754 to €2,391
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 | €113,951 | €166,702 | +€52,750 | +46.3% |
| Fixed assets | 21/28 | €10,539 | €49,443 | +€38,903 | +369% |
| Tangible fixed assets | 22/27 | €7,854 | €46,757 | +€38,903 | +495% |
| Plant, machinery and equipment | 23 | €3,081 | €2,466 | -€614 | -19.9% |
| Furniture and vehicles | 24 | €4,773 | €8,493 | +€3,719 | +77.9% |
| Leasing and similar rights | 25 | - | €35,798 | +€35,798 | |
| Financial fixed assets | 28 | €2,685 | €2,685 | = | 0.0% |
| Current assets | 29/58 | €103,412 | €117,259 | +€13,847 | +13.4% |
| Amounts receivable within one year | 40/41 | €58,612 | €100,431 | +€41,819 | +71.3% |
| Trade receivables | 40 | €52,670 | €98,169 | +€45,500 | +86.4% |
| Other amounts receivable | 41 | €5,943 | €2,262 | -€3,681 | -61.9% |
| Cash at bank and in hand | 54/58 | €43,182 | €12,370 | -€30,812 | -71.4% |
| Deferred charges and accrued income | 490/1 | €1,618 | €4,458 | +€2,840 | +176% |
| Total equity and liabilities | 10/49 | €113,951 | €166,702 | +€52,750 | +46.3% |
| Equity | 10/15 | €80,576 | €96,348 | +€15,771 | +19.6% |
| Contributions | 10/11 | €4,000 | €4,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €76,576 | €92,348 | +€15,771 | +20.6% |
| Amounts payable | 17/49 | €33,375 | €70,354 | +€36,979 | +111% |
| Amounts payable after more than one year | 17 | - | €25,365 | +€25,365 | |
| Financial debts | 170/4 | - | €25,365 | +€25,365 | |
| Amounts payable within one year | 42/48 | €33,375 | €44,989 | +€11,614 | +34.8% |
| Current portion of amounts payable after more than one year | 42 | €860 | €10,367 | +€9,507 | +1,105% |
| Trade debts | 44 | €30,503 | €31,472 | +€969 | +3.2% |
| Suppliers | 440/4 | €30,503 | €31,472 | +€969 | +3.2% |
| Taxes, remuneration and social security | 45 | €1,000 | €1,448 | +€448 | +44.8% |
| Taxes | 450/3 | €1,000 | €1,448 | +€448 | +44.8% |
| Other amounts payable | 47/48 | €1,012 | €1,702 | +€690 | +68.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €3,353 | €8,902 | +€5,549 | +165% |
| Other operating charges | 640/8 | €1,754 | €2,391 | +€637 | +36.3% |
| Gross operating margin | 9900 | €22,871 | €34,529 | +€11,658 | +51.0% |
| Operating profit (loss) | 9901 | €17,764 | €23,236 | +€5,472 | +30.8% |
| Financial income | 75/76B | €0 | €1 | +€1 | +1,011% |
| Recurring financial income | 75 | €0 | €1 | +€1 | +1,011% |
| Financial charges | 65/66B | €1,152 | €1,817 | +€665 | +57.8% |
| Recurring financial charges | 65 | €1,152 | €1,817 | +€665 | +57.8% |
| Profit (loss) for the period before taxes | 9903 | €16,612 | €21,419 | +€4,808 | +28.9% |
| Income taxes | 67/77 | €3,869 | €5,648 | +€1,780 | +46.0% |
| Profit (loss) for the period | 9904 | €12,743 | €15,771 | +€3,028 | +23.8% |
| Profit (loss) for the period to be appropriated | 9905 | €12,743 | €15,771 | +€3,028 | +23.8% |
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 19 October 2026 via checked.be.