TFH: 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.
TFH
Largest movements
- Receivables within one year +€1.5m
up €1.5m (+143.5%), from €1.1m to €2.6m
of which Other amounts receivable: +€1.5m
- Cash -€191,944
down €191,944 (-85.9%), from €223,428 to €31,484
mainly Receivables within one year (-€1.5m) and Current portion of long-term debt (-€59,528)
- Tangible fixed assets -€135,554
down €135,554 (-6.2%), from €2.2m to €2.0m
of which Land and buildings: -€109,947
- Debts after one year +€758,332
up €758,332 (+58.3%), from €1.3m to €2.1m
- Reserves +€303,257
up €303,257 (+28.2%), from €1.1m to €1.4m
of which Distributable reserves: +€303,257
- Other debts +€210,405
up €210,405 (+120.8%), from €174,216 to €384,621
- Current portion of long-term debt -€59,528
down €59,528 (-19.8%), from €301,196 to €241,668
- Gross operating margin +€35,040
up €35,040 (+6.8%), from €511,654 to €546,694
- Financial charges -€21,201
down €21,201 (-36.2%), from €58,614 to €37,413
- Taxes +€19,036
up €19,036 (+15.2%), from €125,268 to €144,304
- Financial income -€9,813
down €9,813 (-10.5%), from €93,769 to €83,956
- Depreciation -€8,603
down €8,603 (-5.7%), from €149,664 to €141,061
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 | €3,939,139 | €5,150,910 | +€1.2m | +30.8% |
| Fixed assets | 21/28 | €2,269,017 | €2,133,463 | -€135,554 | -6.0% |
| Tangible fixed assets | 22/27 | €2,169,017 | €2,033,463 | -€135,554 | -6.2% |
| Land and buildings | 22 | €2,050,564 | €1,940,617 | -€109,947 | -5.4% |
| Plant, machinery and equipment | 23 | €11,819 | €9,530 | -€2,289 | -19.4% |
| Furniture and vehicles | 24 | €75,186 | €51,868 | -€23,318 | -31.0% |
| Other tangible fixed assets | 26 | €31,448 | €31,448 | = | 0.0% |
| Financial fixed assets | 28 | €100,000 | €100,000 | = | 0.0% |
| Current assets | 29/58 | €1,670,122 | €3,017,447 | +€1.3m | +80.7% |
| Amounts receivable within one year | 40/41 | €1,060,542 | €2,582,896 | +€1.5m | +143.5% |
| Trade receivables | 40 | €36,006 | €40,694 | +€4,688 | +13.0% |
| Other amounts receivable | 41 | €1,024,536 | €2,542,202 | +€1.5m | +148.1% |
| Current investments | 50/53 | €386,152 | €403,067 | +€16,915 | +4.4% |
| Cash at bank and in hand | 54/58 | €223,428 | €31,484 | -€191,944 | -85.9% |
| Total equity and liabilities | 10/49 | €3,939,139 | €5,150,910 | +€1.2m | +30.8% |
| Equity | 10/15 | €2,154,970 | €2,458,227 | +€303,257 | +14.1% |
| Contributions | 10/11 | €960,000 | €960,000 | = | 0.0% |
| Reserves | 13 | €1,075,297 | €1,378,554 | +€303,257 | +28.2% |
| Non-distributable reserves | 130/1 | €81,041 | €81,041 | = | 0.0% |
| Reserves not available under the articles | 1311 | €81,041 | €81,041 | = | 0.0% |
| Distributable reserves | 133 | €994,256 | €1,297,513 | +€303,257 | +30.5% |
| Profit (loss) carried forward | 14 | €119,673 | €119,673 | = | 0.0% |
| Amounts payable | 17/49 | €1,784,169 | €2,692,683 | +€908,514 | +50.9% |
| Amounts payable after more than one year | 17 | €1,301,241 | €2,059,573 | +€758,332 | +58.3% |
| Financial debts | 170/4 | €1,301,241 | €2,059,573 | +€758,332 | +58.3% |
| Amounts payable within one year | 42/48 | €482,928 | €633,110 | +€150,182 | +31.1% |
| Current portion of amounts payable after more than one year | 42 | €301,196 | €241,668 | -€59,528 | -19.8% |
| Trade debts | 44 | €5,683 | €1,373 | -€4,310 | -75.8% |
| Suppliers | 440/4 | €5,683 | €1,373 | -€4,310 | -75.8% |
| Taxes, remuneration and social security | 45 | €1,833 | €5,448 | +€3,615 | +197.2% |
| Taxes | 450/3 | €1,833 | €5,448 | +€3,615 | +197.2% |
| Other amounts payable | 47/48 | €174,216 | €384,621 | +€210,405 | +120.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €149,664 | €141,061 | -€8,603 | -5.7% |
| Other operating charges | 640/8 | €8,685 | €4,615 | -€4,070 | -46.9% |
| Gross operating margin | 9900 | €511,654 | €546,694 | +€35,040 | +6.8% |
| Operating profit (loss) | 9901 | €353,305 | €401,018 | +€47,713 | +13.5% |
| Financial income | 75/76B | €93,769 | €83,956 | -€9,813 | -10.5% |
| Recurring financial income | 75 | €93,769 | €83,956 | -€9,813 | -10.5% |
| Financial charges | 65/66B | €58,614 | €37,413 | -€21,201 | -36.2% |
| Recurring financial charges | 65 | €58,614 | €37,413 | -€21,201 | -36.2% |
| Profit (loss) for the period before taxes | 9903 | €388,460 | €447,561 | +€59,101 | +15.2% |
| Income taxes | 67/77 | €125,268 | €144,304 | +€19,036 | +15.2% |
| Profit (loss) for the period | 9904 | €263,192 | €303,257 | +€40,065 | +15.2% |
| Profit (loss) for the period to be appropriated | 9905 | €263,192 | €303,257 | +€40,065 | +15.2% |
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 10 October 2026 via checked.be.