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
- Tangible fixed assets -€11,160
down €11,160 (-1.2%), from €969,225 to €958,065
of which Land and buildings: -€14,525
- Debts after one year -€28,436
down €28,436 (-3.9%), from €730,062 to €701,625
- Other debts -€24,980
down €24,980 (-10.2%), from €244,907 to €219,927
- Profit (loss) carried forward +€15,664
up €15,664 (+27.1%), from -€57,903 to -€42,239
- Current portion of long-term debt +€12,440
up €12,440 (+42.6%), from €29,197 to €41,636
- Tax, wage and social debts +€10,000
new in 2025: €10,000
- Gross operating margin +€10,596
up €10,596 (+17.0%), from €62,456 to €73,052
- Financial charges +€3,390
up €3,390 (+10.9%), from €30,974 to €34,363
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 | €981,285 | €969,728 | -€11,558 | -1.2% |
| Fixed assets | 21/28 | €969,225 | €958,065 | -€11,160 | -1.2% |
| Tangible fixed assets | 22/27 | €969,225 | €958,065 | -€11,160 | -1.2% |
| Land and buildings | 22 | €969,225 | €954,700 | -€14,525 | -1.5% |
| Plant, machinery and equipment | 23 | - | €3,365 | +€3,365 | |
| Current assets | 29/58 | €12,060 | €11,663 | -€398 | -3.3% |
| Amounts receivable within one year | 40/41 | - | €6,600 | +€6,600 | |
| Other amounts receivable | 41 | - | €6,600 | +€6,600 | |
| Cash at bank and in hand | 54/58 | €12,060 | €5,063 | -€6,998 | -58.0% |
| Total equity and liabilities | 10/49 | €981,285 | €969,728 | -€11,558 | -1.2% |
| Equity | 10/15 | -€37,443 | -€21,779 | +€15,664 | +41.8% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €1,860 | €1,860 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€57,903 | -€42,239 | +€15,664 | +27.1% |
| Amounts payable | 17/49 | €1,018,728 | €991,507 | -€27,221 | -2.7% |
| Amounts payable after more than one year | 17 | €730,062 | €701,625 | -€28,436 | -3.9% |
| Financial debts | 170/4 | €730,062 | €701,625 | -€28,436 | -3.9% |
| Amounts payable within one year | 42/48 | €288,667 | €289,882 | +€1,215 | +0.4% |
| Current portion of amounts payable after more than one year | 42 | €29,197 | €41,636 | +€12,440 | +42.6% |
| Trade debts | 44 | €14,563 | €18,318 | +€3,756 | +25.8% |
| Suppliers | 440/4 | €14,563 | €18,318 | +€3,756 | +25.8% |
| Taxes, remuneration and social security | 45 | - | €10,000 | +€10,000 | |
| Remuneration and social security | 454/9 | - | €10,000 | +€10,000 | |
| Other amounts payable | 47/48 | €244,907 | €219,927 | -€24,980 | -10.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €14,525 | €14,899 | +€374 | +2.6% |
| Other operating charges | 640/8 | €7,879 | €8,126 | +€247 | +3.1% |
| Gross operating margin | 9900 | €62,456 | €73,052 | +€10,596 | +17.0% |
| Operating profit (loss) | 9901 | €40,052 | €50,027 | +€9,975 | +24.9% |
| Financial charges | 65/66B | €30,974 | €34,363 | +€3,390 | +10.9% |
| Recurring financial charges | 65 | €30,974 | €34,363 | +€3,390 | +10.9% |
| Profit (loss) for the period before taxes | 9903 | €9,078 | €15,664 | +€6,586 | +72.5% |
| Profit (loss) for the period | 9904 | €9,078 | €15,664 | +€6,586 | +72.5% |
| Profit (loss) for the period to be appropriated | 9905 | €9,078 | €15,664 | +€6,586 | +72.5% |
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 16 October 2026 via checked.be.