T&H-DON: 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-DON
Largest movements
- Receivables within one year +€314,686
up €314,686 (+341%), from €92,358 to €407,043
of which Other amounts receivable: +€309,208
- Tangible fixed assets -€27,400
down €27,400 (-70.8%), from €38,680 to €11,280
of which Furniture and vehicles: -€26,619
- Cash +€10,798
up €10,798 (+861%), from €1,254 to €12,052
mainly Tax, wage and social debts (+€304,317) and Depreciation (+€28,142)
- Financial fixed assets +€6,000
up €6,000 (+214%), from €2,800 to €8,800
- Tax, wage and social debts +€304,317
up €304,317 (+1,053%), from €28,909 to €333,227
of which Taxes: +€298,896
- Other debts -€28,917
no longer reported in 2025 (was €28,917)
- Reserves +€18,223
up €18,223 (+28.1%), from €64,813 to €83,035
- Trade debts +€13,660
up €13,660 (+69.9%), from €19,544 to €33,204
- Gross operating margin -€75,835
down €75,835 (-48.5%), from €156,360 to €80,525
- Taxes -€15,656
down €15,656 (-49.3%), from €31,729 to €16,073
- Other operating charges +€5,393
up €5,393 (+206%), from €2,618 to €8,011
- Financial charges -€1,690
down €1,690 (-13.9%), from €12,166 to €10,476
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 | €143,182 | €450,466 | +€307,283 | +215% |
| Fixed assets | 21/28 | €41,480 | €20,080 | -€21,400 | -51.6% |
| Tangible fixed assets | 22/27 | €38,680 | €11,280 | -€27,400 | -70.8% |
| Plant, machinery and equipment | 23 | €3,062 | €2,282 | -€781 | -25.5% |
| Furniture and vehicles | 24 | €35,617 | €8,998 | -€26,619 | -74.7% |
| Financial fixed assets | 28 | €2,800 | €8,800 | +€6,000 | +214% |
| Current assets | 29/58 | €101,703 | €430,386 | +€328,683 | +323% |
| Amounts receivable within one year | 40/41 | €92,358 | €407,043 | +€314,686 | +341% |
| Trade receivables | 40 | €92,358 | €97,835 | +€5,478 | +5.9% |
| Other amounts receivable | 41 | - | €309,208 | +€309,208 | |
| Cash at bank and in hand | 54/58 | €1,254 | €12,052 | +€10,798 | +861% |
| Deferred charges and accrued income | 490/1 | €8,091 | €11,291 | +€3,200 | +39.5% |
| Total equity and liabilities | 10/49 | €143,182 | €450,466 | +€307,283 | +215% |
| Equity | 10/15 | €65,813 | €84,035 | +€18,223 | +27.7% |
| Contributions | 10/11 | €1,000 | €1,000 | = | 0.0% |
| Reserves | 13 | €64,813 | €83,035 | +€18,223 | +28.1% |
| Distributable reserves | 133 | €64,813 | €83,035 | +€18,223 | +28.1% |
| Amounts payable | 17/49 | €77,370 | €366,431 | +€289,061 | +374% |
| Amounts payable within one year | 42/48 | €77,370 | €366,431 | +€289,061 | +374% |
| Trade debts | 44 | €19,544 | €33,204 | +€13,660 | +69.9% |
| Suppliers | 440/4 | €19,544 | €33,204 | +€13,660 | +69.9% |
| Taxes, remuneration and social security | 45 | €28,909 | €333,227 | +€304,317 | +1,053% |
| Taxes | 450/3 | €28,120 | €327,016 | +€298,896 | +1,063% |
| Remuneration and social security | 454/9 | €789 | €6,210 | +€5,421 | +687% |
| Other amounts payable | 47/48 | €28,917 | - | -€28,917 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €28,459 | €28,142 | -€317 | -1.1% |
| Other operating charges | 640/8 | €2,618 | €8,011 | +€5,393 | +206% |
| Non-recurring operating charges | 66A | €3,248 | - | -€3,248 | |
| Gross operating margin | 9900 | €156,360 | €80,525 | -€75,835 | -48.5% |
| Operating profit (loss) | 9901 | €122,035 | €44,372 | -€77,664 | -63.6% |
| Financial income | 75/76B | - | €400 | +€400 | |
| Recurring financial income | 75 | - | €400 | +€400 | |
| Financial charges | 65/66B | €12,166 | €10,476 | -€1,690 | -13.9% |
| Recurring financial charges | 65 | €12,166 | €10,476 | -€1,690 | -13.9% |
| Profit (loss) for the period before taxes | 9903 | €109,869 | €34,296 | -€75,573 | -68.8% |
| Income taxes | 67/77 | €31,729 | €16,073 | -€15,656 | -49.3% |
| Profit (loss) for the period | 9904 | €78,140 | €18,223 | -€59,917 | -76.7% |
| Profit (loss) for the period to be appropriated | 9905 | €78,140 | €18,223 | -€59,917 | -76.7% |
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 30 October 2026 via checked.be.