T.H.D.: 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.D.
Largest movements
- Cash -€23,958
down €23,958 (-10.4%), from €229,590 to €205,633
mainly Net result for the year (-€19,120) and Other debts (-€13,432)
- Reserves -€19,120
down €19,120 (-6.2%), from €308,124 to €289,004
of which Distributable reserves: -€16,819
- Other debts -€13,432
down €13,432 (-2.7%), from €497,899 to €484,467
- Financial charges -€14,632
down €14,632 (-97.2%), from €15,055 to €423
- Other operating charges +€1,483
up €1,483 (+38.8%), from €3,826 to €5,309
- Depreciation -€1,198
down €1,198 (-6.0%), from €19,935 to €18,736
- Gross operating margin -€97
down €97 (-2.2%), from €4,493 to €4,396
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 | €892,076 | €858,683 | -€33,393 | -3.7% |
| Fixed assets | 21/28 | €554,539 | €545,031 | -€9,507 | -1.7% |
| Intangible fixed assets | 21 | €28,410 | €25,410 | -€3,000 | -10.6% |
| Tangible fixed assets | 22/27 | €526,129 | €519,622 | -€6,507 | -1.2% |
| Land and buildings | 22 | €457,206 | €452,055 | -€5,151 | -1.1% |
| Plant, machinery and equipment | 23 | €3,240 | €10,778 | +€7,538 | +233% |
| Furniture and vehicles | 24 | €65,683 | €56,789 | -€8,894 | -13.5% |
| Financial fixed assets | 28 | €0 | - | = | |
| Current assets | 29/58 | €337,537 | €313,652 | -€23,886 | -7.1% |
| Stocks and contracts in progress | 3 | €105,319 | €105,319 | = | 0.0% |
| Stocks | 30/36 | €105,319 | €105,319 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €770 | €756 | -€13 | -1.7% |
| Trade receivables | 40 | €770 | €756 | -€13 | -1.7% |
| Cash at bank and in hand | 54/58 | €229,590 | €205,633 | -€23,958 | -10.4% |
| Deferred charges and accrued income | 490/1 | €1,859 | €1,944 | +€85 | +4.6% |
| Total equity and liabilities | 10/49 | €892,076 | €858,683 | -€33,393 | -3.7% |
| Equity | 10/15 | €370,124 | €351,004 | -€19,120 | -5.2% |
| Contributions | 10/11 | €62,000 | €62,000 | = | 0.0% |
| Capital | 10 | €62,000 | €62,000 | = | 0.0% |
| Issued capital | 100 | €62,000 | €62,000 | = | 0.0% |
| Reserves | 13 | €308,124 | €289,004 | -€19,120 | -6.2% |
| Non-distributable reserves | 130/1 | €6,200 | €6,200 | = | 0.0% |
| Legal reserve | 130 | €6,200 | €6,200 | = | 0.0% |
| Tax-exempt reserves | 132 | €40,114 | €37,812 | -€2,302 | -5.7% |
| Distributable reserves | 133 | €261,810 | €244,991 | -€16,819 | -6.4% |
| Provisions and deferred taxes | 16 | €21,600 | €20,360 | -€1,239 | -5.7% |
| Deferred taxes | 168 | €21,600 | €20,360 | -€1,239 | -5.7% |
| Amounts payable | 17/49 | €500,353 | €487,319 | -€13,034 | -2.6% |
| Amounts payable within one year | 42/48 | €500,353 | €487,319 | -€13,034 | -2.6% |
| Trade debts | 44 | €1,634 | €2,292 | +€658 | +40.3% |
| Suppliers | 440/4 | €1,634 | €2,292 | +€658 | +40.3% |
| Advances received on contracts in progress | 46 | €0 | - | = | |
| Taxes, remuneration and social security | 45 | €820 | €561 | -€260 | -31.6% |
| Taxes | 450/3 | €820 | €561 | -€260 | -31.6% |
| Other amounts payable | 47/48 | €497,899 | €484,467 | -€13,432 | -2.7% |
| Non-recurring operating income | 76A | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €19,935 | €18,736 | -€1,198 | -6.0% |
| Other operating charges | 640/8 | €3,826 | €5,309 | +€1,483 | +38.8% |
| Gross operating margin | 9900 | €4,493 | €4,396 | -€97 | -2.2% |
| Operating profit (loss) | 9901 | -€19,268 | -€19,650 | -€382 | -2.0% |
| Financial income | 75/76B | €0 | €0 | -€0 | -92.9% |
| Recurring financial income | 75 | €0 | €0 | -€0 | -92.9% |
| Financial charges | 65/66B | €15,055 | €423 | -€14,632 | -97.2% |
| Recurring financial charges | 65 | €15,055 | €423 | -€14,632 | -97.2% |
| Profit (loss) for the period before taxes | 9903 | -€34,323 | -€20,073 | +€14,249 | +41.5% |
| Transfer from deferred taxes | 780 | €1,239 | €1,239 | = | 0.0% |
| Income taxes | 67/77 | €299 | €286 | -€13 | -4.3% |
| Profit (loss) for the period | 9904 | -€33,383 | -€19,120 | +€14,262 | +42.7% |
| Transfer from tax-exempt reserves | 789 | €2,302 | €2,302 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | -€31,081 | -€16,819 | +€14,262 | +45.9% |
Source: filed annual accounts (NBB), financial years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 16 October 2026 via checked.be.