TFH CONCEPT: 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 CONCEPT
Largest movements
- Stocks and contracts +€20,000
up €20,000 (+50.0%), from €40,000 to €60,000
- Receivables within one year +€18,053
up €18,053 (+41.3%), from €43,729 to €61,782
of which Other amounts receivable: +€28,703
- Cash -€13,929
down €13,929 (-98.6%), from €14,122 to €193
mainly Investment in fixed assets (net) (-€59,869) and Stocks and contracts (-€20,000)
- Deferred charges and accrued income +€8,737
up €8,737 (+297%), from €2,938 to €11,675
- Advances received +€26,500
up €26,500 (+48.6%), from €54,500 to €81,000
- Debts after one year +€25,156
up €25,156 (+18.8%), from €133,966 to €159,122
- Trade debts -€14,687
down €14,687 (-25.1%), from €58,609 to €43,923
- Profit (loss) carried forward -€11,344
down €11,344 (-38.9%), from €29,174 to €17,831
- Current portion of long-term debt +€7,637
up €7,637 (+42.1%), from €18,145 to €25,782
- Depreciation +€28,754
up €28,754 (+86.4%), from €33,265 to €62,018
- Gross operating margin +€5,033
up €5,033 (+8.0%), from €62,976 to €68,009
- Staff costs -€2,509
down €2,509 (-24.0%), from €10,465 to €7,957
- Other operating charges -€1,452
down €1,452 (-35.4%), from €4,100 to €2,648
- Financial income -€839
down €839 (-76.8%), from €1,093 to €254
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 | €314,948 | €345,659 | +€30,711 | +9.8% |
| Fixed assets | 21/28 | €214,159 | €212,009 | -€2,150 | -1.0% |
| Tangible fixed assets | 22/27 | €213,684 | €211,534 | -€2,150 | -1.0% |
| Plant, machinery and equipment | 23 | €45,842 | €23,698 | -€22,144 | -48.3% |
| Furniture and vehicles | 24 | €167,842 | €187,836 | +€19,994 | +11.9% |
| Financial fixed assets | 28 | €475 | €475 | = | 0.0% |
| Current assets | 29/58 | €100,789 | €133,650 | +€32,861 | +32.6% |
| Stocks and contracts in progress | 3 | €40,000 | €60,000 | +€20,000 | +50.0% |
| Contracts in progress | 37 | €40,000 | €60,000 | +€20,000 | +50.0% |
| Amounts receivable within one year | 40/41 | €43,729 | €61,782 | +€18,053 | +41.3% |
| Trade receivables | 40 | €35,292 | €24,641 | -€10,651 | -30.2% |
| Other amounts receivable | 41 | €8,437 | €37,141 | +€28,703 | +340% |
| Cash at bank and in hand | 54/58 | €14,122 | €193 | -€13,929 | -98.6% |
| Deferred charges and accrued income | 490/1 | €2,938 | €11,675 | +€8,737 | +297% |
| Total equity and liabilities | 10/49 | €314,948 | €345,659 | +€30,711 | +9.8% |
| Equity | 10/15 | €36,005 | €24,661 | -€11,344 | -31.5% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €630 | €630 | = | 0.0% |
| Distributable reserves | 133 | €630 | €630 | = | 0.0% |
| Profit (loss) carried forward | 14 | €29,174 | €17,831 | -€11,344 | -38.9% |
| Amounts payable | 17/49 | €278,944 | €320,998 | +€42,054 | +15.1% |
| Amounts payable after more than one year | 17 | €133,966 | €159,122 | +€25,156 | +18.8% |
| Financial debts | 170/4 | €133,966 | €159,122 | +€25,156 | +18.8% |
| Amounts payable within one year | 42/48 | €144,351 | €161,186 | +€16,835 | +11.7% |
| Current portion of amounts payable after more than one year | 42 | €18,145 | €25,782 | +€7,637 | +42.1% |
| Financial debts | 43 | €2,118 | €7,396 | +€5,278 | +249% |
| Credit institutions | 430/8 | €2,118 | €7,396 | +€5,278 | +249% |
| Trade debts | 44 | €58,609 | €43,923 | -€14,687 | -25.1% |
| Suppliers | 440/4 | €58,609 | €43,923 | -€14,687 | -25.1% |
| Advances received on contracts in progress | 46 | €54,500 | €81,000 | +€26,500 | +48.6% |
| Taxes, remuneration and social security | 45 | €3,560 | €3,086 | -€474 | -13.3% |
| Taxes | 450/3 | €2,500 | €2,500 | = | 0.0% |
| Remuneration and social security | 454/9 | €1,060 | €586 | -€474 | -44.7% |
| Other amounts payable | 47/48 | €7,420 | - | -€7,420 | |
| Accrued charges and deferred income | 492/3 | €627 | €690 | +€63 | +10.1% |
| Non-recurring operating income | 76A | €7,116 | €30,907 | +€23,791 | +334% |
| Remuneration, social security and pensions | 62 | €10,465 | €7,957 | -€2,509 | -24.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €33,265 | €62,018 | +€28,754 | +86.4% |
| Other operating charges | 640/8 | €4,100 | €2,648 | -€1,452 | -35.4% |
| Non-recurring operating charges | 66A | - | €170 | +€170 | |
| Gross operating margin | 9900 | €62,976 | €68,009 | +€5,033 | +8.0% |
| Operating profit (loss) | 9901 | €15,146 | -€4,784 | -€19,930 | |
| Financial income | 75/76B | €1,093 | €254 | -€839 | -76.8% |
| Recurring financial income | 75 | €1,093 | €254 | -€839 | -76.8% |
| Financial charges | 65/66B | €6,535 | €6,813 | +€278 | +4.3% |
| Recurring financial charges | 65 | €6,535 | €6,813 | +€278 | +4.3% |
| Profit (loss) for the period before taxes | 9903 | €9,704 | -€11,344 | -€21,048 | |
| Profit (loss) for the period | 9904 | €9,704 | -€11,344 | -€21,048 | |
| Profit (loss) for the period to be appropriated | 9905 | €9,704 | -€11,344 | -€21,048 |
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 24 October 2026 via checked.be.