TH: 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.
TH
Largest movements
- Receivables within one year -€61,591
down €61,591 (-100%), from €61,591 to €0
- Tangible fixed assets +€46,183
up €46,183 (+19.9%), from €232,132 to €278,315
of which Land and buildings: +€42,561
- Cash +€12,010
up €12,010 (+34.7%), from €34,574 to €46,584
mainly Receivables within one year (+€61,591) and Depreciation (+€39,021)
- Reserves +€22,482
up €22,482 (+6.7%), from €333,826 to €356,309
of which Distributable reserves: +€22,482
- Other debts -€20,924
down €20,924 (-20.2%), from €103,506 to €82,582
- Current portion of long-term debt -€5,777
down €5,777 (-100%), from €5,777 to €0
- Other operating charges +€8,019
up €8,019 (+295%), from €2,716 to €10,734
- Depreciation +€5,840
up €5,840 (+17.6%), from €33,181 to €39,021
- Taxes -€4,786
down €4,786 (-27.1%), from €17,688 to €12,902
- Gross operating margin +€1,519
up €1,519 (+1.8%), from €82,622 to €84,141
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 | €540,037 | €536,499 | -€3,537 | -0.7% |
| Fixed assets | 21/28 | €232,132 | €278,315 | +€46,183 | +19.9% |
| Tangible fixed assets | 22/27 | €232,132 | €278,315 | +€46,183 | +19.9% |
| Land and buildings | 22 | €115,263 | €157,824 | +€42,561 | +36.9% |
| Furniture and vehicles | 24 | €26,941 | €18,330 | -€8,610 | -32.0% |
| Other tangible fixed assets | 26 | €89,928 | €102,160 | +€12,233 | +13.6% |
| Current assets | 29/58 | €307,905 | €258,185 | -€49,721 | -16.1% |
| Amounts receivable after more than one year | 29 | €170,000 | €170,000 | = | 0.0% |
| Other amounts receivable | 291 | €170,000 | €170,000 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €61,591 | €0 | -€61,591 | -100% |
| Other amounts receivable | 41 | €61,591 | €0 | -€61,591 | -100% |
| Cash at bank and in hand | 54/58 | €34,574 | €46,584 | +€12,010 | +34.7% |
| Deferred charges and accrued income | 490/1 | €41,740 | €41,601 | -€139 | -0.3% |
| Total equity and liabilities | 10/49 | €540,037 | €536,499 | -€3,537 | -0.7% |
| Equity | 10/15 | €423,564 | €449,269 | +€25,705 | +6.1% |
| Contributions | 10/11 | €68,171 | €68,171 | = | 0.0% |
| Capital | 10 | €68,171 | €68,171 | = | 0.0% |
| Issued capital | 100 | €68,171 | €68,171 | = | 0.0% |
| Revaluation surpluses | 12 | €21,567 | €24,789 | +€3,223 | +14.9% |
| Reserves | 13 | €333,826 | €356,309 | +€22,482 | +6.7% |
| Non-distributable reserves | 130/1 | €6,817 | €6,817 | = | 0.0% |
| Legal reserve | 130 | €6,817 | €6,817 | = | 0.0% |
| Distributable reserves | 133 | €327,009 | €349,492 | +€22,482 | +6.9% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €116,473 | €87,231 | -€29,242 | -25.1% |
| Amounts payable after more than one year | 17 | €0 | - | = | |
| Financial debts | 170/4 | €0 | - | = | |
| Amounts payable within one year | 42/48 | €115,859 | €87,231 | -€28,628 | -24.7% |
| Current portion of amounts payable after more than one year | 42 | €5,777 | €0 | -€5,777 | -100% |
| Financial debts | 43 | - | €42 | +€42 | |
| Credit institutions | 430/8 | - | €42 | +€42 | |
| Trade debts | 44 | €6,576 | €4,205 | -€2,370 | -36.0% |
| Suppliers | 440/4 | €6,576 | €4,205 | -€2,370 | -36.0% |
| Taxes, remuneration and social security | 45 | €0 | €402 | +€402 | |
| Taxes | 450/3 | €0 | €402 | +€402 | |
| Other amounts payable | 47/48 | €103,506 | €82,582 | -€20,924 | -20.2% |
| Accrued charges and deferred income | 492/3 | €614 | €0 | -€614 | -100% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €33,181 | €39,021 | +€5,840 | +17.6% |
| Other operating charges | 640/8 | €2,716 | €10,734 | +€8,019 | +295% |
| Gross operating margin | 9900 | €82,622 | €84,141 | +€1,519 | +1.8% |
| Operating profit (loss) | 9901 | €46,726 | €34,386 | -€12,339 | -26.4% |
| Financial income | 75/76B | €4,707 | €4,360 | -€347 | -7.4% |
| Recurring financial income | 75 | €4,707 | €4,360 | -€347 | -7.4% |
| Financial charges | 65/66B | €734 | €140 | -€594 | -80.9% |
| Recurring financial charges | 65 | €734 | €140 | -€594 | -80.9% |
| Profit (loss) for the period before taxes | 9903 | €50,699 | €38,607 | -€12,093 | -23.9% |
| Income taxes | 67/77 | €17,688 | €12,902 | -€4,786 | -27.1% |
| Profit (loss) for the period | 9904 | €33,011 | €25,705 | -€7,306 | -22.1% |
| Profit (loss) for the period to be appropriated | 9905 | €33,011 | €25,705 | -€7,306 | -22.1% |
Source: filed annual accounts (NBB), financial years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 15 October 2026 via checked.be.