TFH: what changed
Two fiscal 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.
TFH
Largest movements
- Receivables after one year +€2.3m
up €2.3m (+64.2%), from €3.6m to €5.9m
- Receivables within one year -€253,647
down €253,647 (-26.6%), from €954,202 to €700,555
- Reserves +€1.1m
up €1.1m (+18.3%), from €6.3m to €7.4m
- Short-term financial debts +€850,000
up €850,000 (+242.9%), from €350,000 to €1.2m
- Financial income -€319,395
down €319,395 (-20.9%), from €1.5m to €1.2m
- Taxes +€21,301
new in 2025: €21,301
- Financial charges +€10,399
up €10,399 (+52.6%), from €19,775 to €30,174
- Gross operating margin -€114
down €114 (-2.3%), from -€4,974 to -€5,089
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.
Cash bridge derived
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 | €9,182,213 | €11,175,801 | +€2.0m | +21.7% |
| Fixed assets | 21/28 | €4,339,800 | €4,339,800 | = | 0.0% |
| Financial fixed assets | 28 | €4,339,800 | €4,339,800 | = | 0.0% |
| Current assets | 29/58 | €4,842,413 | €6,836,002 | +€2.0m | +41.2% |
| Amounts receivable after more than one year | 29 | €3,610,000 | €5,927,000 | +€2.3m | +64.2% |
| Other amounts receivable | 291 | €3,610,000 | €5,927,000 | +€2.3m | +64.2% |
| Amounts receivable within one year | 40/41 | €954,202 | €700,555 | -€253,647 | -26.6% |
| Other amounts receivable | 41 | €954,202 | €700,555 | -€253,647 | -26.6% |
| Cash at bank and in hand | 54/58 | €278,028 | €208,264 | -€69,765 | -25.1% |
| Deferred charges and accrued income | 490/1 | €183 | €183 | +€0 | +0.3% |
| Total equity and liabilities | 10/49 | €9,182,213 | €11,175,801 | +€2.0m | +21.7% |
| Equity | 10/15 | €8,823,876 | €9,972,000 | +€1.1m | +13.0% |
| Contributions | 10/11 | €2,536,950 | €2,536,950 | = | 0.0% |
| Reserves | 13 | €6,286,926 | €7,435,050 | +€1.1m | +18.3% |
| Distributable reserves | 133 | €6,286,926 | €7,435,050 | +€1.1m | +18.3% |
| Amounts payable | 17/49 | €358,337 | €1,203,801 | +€845,464 | +235.9% |
| Amounts payable within one year | 42/48 | €358,337 | €1,203,801 | +€845,464 | +235.9% |
| Financial debts | 43 | €350,000 | €1,200,000 | +€850,000 | +242.9% |
| Credit institutions | 430/8 | €350,000 | €1,200,000 | +€850,000 | +242.9% |
| Taxes, remuneration and social security | 45 | - | €3,801 | +€3,801 | |
| Taxes | 450/3 | - | €3,801 | +€3,801 | |
| Other amounts payable | 47/48 | €8,337 | €0 | -€8,337 | -100.0% |
| Other operating charges | 640/8 | €968 | €998 | +€31 | +3.2% |
| Gross operating margin | 9900 | -€4,974 | -€5,089 | -€114 | -2.3% |
| Operating profit (loss) | 9901 | -€5,942 | -€6,087 | -€145 | -2.4% |
| Financial income | 75/76B | €1,525,081 | €1,205,686 | -€319,395 | -20.9% |
| Recurring financial income | 75 | €1,525,081 | €1,205,686 | -€319,395 | -20.9% |
| Financial charges | 65/66B | €19,775 | €30,174 | +€10,399 | +52.6% |
| Recurring financial charges | 65 | €19,775 | €30,174 | +€10,399 | +52.6% |
| Profit (loss) for the period before taxes | 9903 | €1,499,365 | €1,169,426 | -€329,939 | -22.0% |
| Income taxes | 67/77 | - | €21,301 | +€21,301 | |
| Profit (loss) for the period | 9904 | €1,499,365 | €1,148,125 | -€351,240 | -23.4% |
| Profit (loss) for the period to be appropriated | 9905 | €1,499,365 | €1,148,125 | -€351,240 | -23.4% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 4 October 2026 via checked.be.