T-HADES: 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-HADES
Largest movements
- Receivables within one year +€16,303
up €16,303 (+58.8%), from €27,713 to €44,015
of which Trade receivables: +€14,796
- Other debts +€101,374
new in 2025: €101,374
- Reserves -€97,208
down €97,208 (-71.1%), from €136,654 to €39,446
- Tax, wage and social debts +€10,589
up €10,589 (+99.3%), from €10,667 to €21,256
- Gross operating margin -€12,523
down €12,523 (-17.1%), from €73,388 to €60,864
- Other operating charges +€6,790
new in 2025: €6,790
- Taxes -€4,964
down €4,964 (-32.2%), from €15,408 to €10,444
- Financial charges +€2,495
up €2,495 (+149%), from €1,672 to €4,166
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 | €150,929 | €164,436 | +€13,506 | +8.9% |
| Fixed assets | 21/28 | €5,741 | €4,656 | -€1,085 | -18.9% |
| Tangible fixed assets | 22/27 | €5,741 | €4,656 | -€1,085 | -18.9% |
| Plant, machinery and equipment | 23 | €2,677 | €2,412 | -€265 | -9.9% |
| Furniture and vehicles | 24 | €3,064 | €2,244 | -€820 | -26.8% |
| Current assets | 29/58 | €145,188 | €159,779 | +€14,591 | +10.0% |
| Amounts receivable within one year | 40/41 | €27,713 | €44,015 | +€16,303 | +58.8% |
| Trade receivables | 40 | €21,730 | €36,526 | +€14,796 | +68.1% |
| Other amounts receivable | 41 | €5,983 | €7,489 | +€1,507 | +25.2% |
| Cash at bank and in hand | 54/58 | €116,556 | €115,463 | -€1,093 | -0.9% |
| Deferred charges and accrued income | 490/1 | €919 | €301 | -€618 | -67.2% |
| Total equity and liabilities | 10/49 | €150,929 | €164,436 | +€13,506 | +8.9% |
| Equity | 10/15 | €136,754 | €39,546 | -€97,208 | -71.1% |
| Contributions | 10/11 | €100 | €100 | = | 0.0% |
| Reserves | 13 | €136,654 | €39,446 | -€97,208 | -71.1% |
| Distributable reserves | 133 | €136,654 | €39,446 | -€97,208 | -71.1% |
| Amounts payable | 17/49 | €14,175 | €124,889 | +€110,714 | +781% |
| Amounts payable within one year | 42/48 | €14,175 | €124,889 | +€110,714 | +781% |
| Current portion of amounts payable after more than one year | 42 | €1,317 | - | -€1,317 | |
| Trade debts | 44 | €2,192 | €2,260 | +€68 | +3.1% |
| Suppliers | 440/4 | €2,192 | €2,260 | +€68 | +3.1% |
| Taxes, remuneration and social security | 45 | €10,667 | €21,256 | +€10,589 | +99.3% |
| Taxes | 450/3 | €10,667 | €21,256 | +€10,589 | +99.3% |
| Other amounts payable | 47/48 | - | €101,374 | +€101,374 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,649 | €2,886 | +€237 | +8.9% |
| Other operating charges | 640/8 | - | €6,790 | +€6,790 | |
| Gross operating margin | 9900 | €73,388 | €60,864 | -€12,523 | -17.1% |
| Operating profit (loss) | 9901 | €70,739 | €51,189 | -€19,550 | -27.6% |
| Financial income | 75/76B | €35 | €0 | -€35 | -99.9% |
| Recurring financial income | 75 | €35 | €0 | -€35 | -99.9% |
| Financial charges | 65/66B | €1,672 | €4,166 | +€2,495 | +149% |
| Recurring financial charges | 65 | €1,672 | €4,166 | +€2,495 | +149% |
| Profit (loss) for the period before taxes | 9903 | €69,102 | €47,022 | -€22,080 | -32.0% |
| Income taxes | 67/77 | €15,408 | €10,444 | -€4,964 | -32.2% |
| Profit (loss) for the period | 9904 | €53,694 | €36,578 | -€17,116 | -31.9% |
| Profit (loss) for the period to be appropriated | 9905 | €53,694 | €36,578 | -€17,116 | -31.9% |
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 17 October 2026 via checked.be.