T.P.H.: 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.P.H.
Largest movements
- Receivables within one year +€35,774
up €35,774 (+27.1%), from €132,181 to €167,955
of which Other amounts receivable: +€18,997
- Tangible fixed assets -€12,302
down €12,302 (-17.6%), from €69,985 to €57,683
of which Plant, machinery and equipment: -€9,153
- Cash -€6,747
down €6,747 (-4.9%), from €137,158 to €130,411
mainly Receivables within one year (-€35,774) and Advances received (-€32,622)
- Deferred charges and accrued income +€6,629
up €6,629 (+2,371%), from €280 to €6,909
- Reserves +€34,600
up €34,600 (+22.1%), from €156,216 to €190,816
of which Distributable reserves: +€34,600
- Advances received -€32,622
no longer reported in 2025 (was €32,622)
- Trade debts +€24,999
up €24,999 (+92.7%), from €26,958 to €51,957
- Financial charges +€22,332
up €22,332 (+24,473%), from €91 to €22,423
- Taxes -€8,259
down €8,259 (-30.9%), from €26,685 to €18,426
- Depreciation -€6,321
down €6,321 (-30.2%), from €20,925 to €14,604
- Gross operating margin -€2,265
down €2,265 (-2.3%), from €96,403 to €94,138
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 | €339,604 | €362,958 | +€23,354 | +6.9% |
| Fixed assets | 21/28 | €69,985 | €57,683 | -€12,302 | -17.6% |
| Tangible fixed assets | 22/27 | €69,985 | €57,683 | -€12,302 | -17.6% |
| Land and buildings | 22 | €1,472 | €15 | -€1,457 | -99.0% |
| Plant, machinery and equipment | 23 | €60,055 | €50,902 | -€9,153 | -15.2% |
| Furniture and vehicles | 24 | €8,458 | €6,766 | -€1,692 | -20.0% |
| Current assets | 29/58 | €269,619 | €305,275 | +€35,656 | +13.2% |
| Amounts receivable within one year | 40/41 | €132,181 | €167,955 | +€35,774 | +27.1% |
| Trade receivables | 40 | €116,949 | €133,726 | +€16,777 | +14.3% |
| Other amounts receivable | 41 | €15,232 | €34,229 | +€18,997 | +125% |
| Cash at bank and in hand | 54/58 | €137,158 | €130,411 | -€6,747 | -4.9% |
| Deferred charges and accrued income | 490/1 | €280 | €6,909 | +€6,629 | +2,371% |
| Total equity and liabilities | 10/49 | €339,604 | €362,958 | +€23,354 | +6.9% |
| Equity | 10/15 | €271,641 | €306,241 | +€34,600 | +12.7% |
| Contributions | 10/11 | €98,166 | €98,166 | = | 0.0% |
| Reserves | 13 | €156,216 | €190,816 | +€34,600 | +22.1% |
| Tax-exempt reserves | 132 | €8,094 | €8,094 | = | 0.0% |
| Distributable reserves | 133 | €148,123 | €182,722 | +€34,600 | +23.4% |
| Profit (loss) carried forward | 14 | €17,259 | €17,259 | = | 0.0% |
| Amounts payable | 17/49 | €67,963 | €56,717 | -€11,246 | -16.5% |
| Amounts payable within one year | 42/48 | €67,963 | €56,717 | -€11,246 | -16.5% |
| Trade debts | 44 | €26,958 | €51,957 | +€24,999 | +92.7% |
| Suppliers | 440/4 | €26,958 | €51,957 | +€24,999 | +92.7% |
| Advances received on contracts in progress | 46 | €32,622 | - | -€32,622 | |
| Taxes, remuneration and social security | 45 | €8,383 | €4,760 | -€3,624 | -43.2% |
| Taxes | 450/3 | €8,383 | €2,260 | -€6,124 | -73.0% |
| Remuneration and social security | 454/9 | - | €2,500 | +€2,500 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €20,925 | €14,604 | -€6,321 | -30.2% |
| Other operating charges | 640/8 | €2,457 | €1,744 | -€713 | -29.0% |
| Non-recurring operating charges | 66A | €5,538 | €3,164 | -€2,373 | -42.9% |
| Gross operating margin | 9900 | €96,403 | €94,138 | -€2,265 | -2.3% |
| Operating profit (loss) | 9901 | €67,483 | €74,626 | +€7,143 | +10.6% |
| Financial income | 75/76B | €930 | €823 | -€107 | -11.5% |
| Recurring financial income | 75 | €930 | €823 | -€107 | -11.5% |
| Financial charges | 65/66B | €91 | €22,423 | +€22,332 | +24,473% |
| Recurring financial charges | 65 | €91 | €22,423 | +€22,332 | +24,473% |
| Profit (loss) for the period before taxes | 9903 | €68,322 | €53,026 | -€15,296 | -22.4% |
| Income taxes | 67/77 | €26,685 | €18,426 | -€8,259 | -30.9% |
| Profit (loss) for the period | 9904 | €41,637 | €34,600 | -€7,037 | -16.9% |
| Profit (loss) for the period to be appropriated | 9905 | €41,637 | €34,600 | -€7,037 | -16.9% |
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 29 October 2026 via checked.be.