T.H.E. International Trading: what changed
T.H.E. International Trading
Largest movements
- Receivables within one year +€234,729
up €234,729 (+56.6%), from €414,388 to €649,117
of which Trade receivables: +€242,867
- Cash -€77,698
down €77,698 (-35.7%), from €217,689 to €139,991
mainly Receivables within one year (-€234,729)
- Stocks and contracts -€8,072
down €8,072 (-73.1%), from €11,047 to €2,975
- Trade debts +€87,512
up €87,512 (+234%), from €37,439 to €124,951
- Reserves +€40,471
up €40,471 (+7.3%), from €558,036 to €598,508
of which Distributable reserves: +€40,471
- Advances received +€12,480
up €12,480 (+75.6%), from €16,500 to €28,980
- Other debts +€8,381
up €8,381 (+65.1%), from €12,872 to €21,252
- Gross operating margin +€41,976
up €41,976 (+397%), from €10,561 to €52,537
- Write-downs +€25,000
up €25,000 (+80.6%), from -€31,000 to -€6,000
- Other operating charges -€3,772
down €3,772 (-80.6%), from €4,680 to €907
- Taxes +€3,511
up €3,511 (+53.1%), from €6,607 to €10,118
- Financial charges +€3,258
up €3,258 (+81.5%), from €3,999 to €7,258
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €643,448 | €792,291 | +€148,844 | +23.1% |
| Current assets | 29/58 | €643,448 | €792,291 | +€148,844 | +23.1% |
| Stocks and contracts in progress | 3 | €11,047 | €2,975 | -€8,072 | -73.1% |
| Stocks | 30/36 | €11,047 | €2,975 | -€8,072 | -73.1% |
| Amounts receivable within one year | 40/41 | €414,388 | €649,117 | +€234,729 | +56.6% |
| Trade receivables | 40 | €390,371 | €633,238 | +€242,867 | +62.2% |
| Other amounts receivable | 41 | €24,017 | €15,879 | -€8,138 | -33.9% |
| Cash at bank and in hand | 54/58 | €217,689 | €139,991 | -€77,698 | -35.7% |
| Deferred charges and accrued income | 490/1 | €324 | €208 | -€116 | -35.7% |
| Total equity and liabilities | 10/49 | €643,448 | €792,291 | +€148,844 | +23.1% |
| Equity | 10/15 | €576,636 | €617,108 | +€40,471 | +7.0% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €558,036 | €598,508 | +€40,471 | +7.3% |
| 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 | €556,176 | €596,648 | +€40,471 | +7.3% |
| Amounts payable | 17/49 | €66,811 | €175,184 | +€108,373 | +162% |
| Amounts payable within one year | 42/48 | €66,811 | €175,184 | +€108,373 | +162% |
| Trade debts | 44 | €37,439 | €124,951 | +€87,512 | +234% |
| Suppliers | 440/4 | €37,439 | €124,951 | +€87,512 | +234% |
| Advances received on contracts in progress | 46 | €16,500 | €28,980 | +€12,480 | +75.6% |
| Other amounts payable | 47/48 | €12,872 | €21,252 | +€8,381 | +65.1% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | -€31,000 | -€6,000 | +€25,000 | +80.6% |
| Other operating charges | 640/8 | €4,680 | €907 | -€3,772 | -80.6% |
| Gross operating margin | 9900 | €10,561 | €52,537 | +€41,976 | +397% |
| Operating profit (loss) | 9901 | €36,881 | €57,630 | +€20,749 | +56.3% |
| Financial income | 75/76B | €152 | €217 | +€65 | +42.4% |
| Recurring financial income | 75 | €152 | €217 | +€65 | +42.4% |
| Financial charges | 65/66B | €3,999 | €7,258 | +€3,258 | +81.5% |
| Recurring financial charges | 65 | €3,999 | €7,258 | +€3,258 | +81.5% |
| Profit (loss) for the period before taxes | 9903 | €33,034 | €50,589 | +€17,555 | +53.1% |
| Income taxes | 67/77 | €6,607 | €10,118 | +€3,511 | +53.1% |
| Profit (loss) for the period | 9904 | €26,427 | €40,471 | +€14,044 | +53.1% |
| Profit (loss) for the period to be appropriated | 9905 | €26,427 | €40,471 | +€14,044 | +53.1% |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 4 November 2026 via checked.be.