TH-AUTOMATION: 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.
TH-AUTOMATION
Largest movements
- Tangible fixed assets +€21,936
up €21,936 (+11.7%), from €187,239 to €209,175
of which Furniture and vehicles: +€37,069
- Cash -€11,414
down €11,414 (-83.6%), from €13,646 to €2,233
mainly Investment in fixed assets (net) (-€63,283) and Trade debts (-€25,041)
- Deferred charges and accrued income -€6,694
down €6,694 (-63.4%), from €10,565 to €3,870
- Intangible fixed assets -€6,000
down €6,000 (-31.2%), from €19,259 to €13,259
- Trade debts -€25,041
down €25,041 (-62.2%), from €40,241 to €15,200
- Other debts +€23,051
up €23,051 (+2535.8%), from €909 to €23,960
- Reserves -€17,509
down €17,509 (-15.7%), from €111,434 to €93,925
of which Distributable reserves: -€15,649
- Debts after one year +€16,738
up €16,738 (+13.3%), from €126,271 to €143,009
- Gross operating margin -€7,553
down €7,553 (-10.1%), from €74,878 to €67,325
- Depreciation +€2,123
up €2,123 (+4.7%), from €45,225 to €47,347
- Financial charges -€1,203
down €1,203 (-16.2%), from €7,412 to €6,209
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 | €329,237 | €326,608 | -€2,630 | -0.8% |
| Fixed assets | 21/28 | €206,498 | €222,434 | +€15,936 | +7.7% |
| Intangible fixed assets | 21 | €19,259 | €13,259 | -€6,000 | -31.2% |
| Tangible fixed assets | 22/27 | €187,239 | €209,175 | +€21,936 | +11.7% |
| Land and buildings | 22 | €87,494 | €87,707 | +€213 | +0.2% |
| Plant, machinery and equipment | 23 | €2,163 | €1,432 | -€731 | -33.8% |
| Furniture and vehicles | 24 | €53,434 | €90,503 | +€37,069 | +69.4% |
| Other tangible fixed assets | 26 | €44,148 | €29,533 | -€14,615 | -33.1% |
| Current assets | 29/58 | €122,739 | €104,174 | -€18,566 | -15.1% |
| Amounts receivable after more than one year | 29 | €11,314 | €11,597 | +€283 | +2.5% |
| Other amounts receivable | 291 | €11,314 | €11,597 | +€283 | +2.5% |
| Amounts receivable within one year | 40/41 | €87,214 | €86,474 | -€741 | -0.8% |
| Trade receivables | 40 | €87,209 | €71,951 | -€15,258 | -17.5% |
| Other amounts receivable | 41 | €5 | €14,523 | +€14,517 | +268837.8% |
| Cash at bank and in hand | 54/58 | €13,646 | €2,233 | -€11,414 | -83.6% |
| Deferred charges and accrued income | 490/1 | €10,565 | €3,870 | -€6,694 | -63.4% |
| Total equity and liabilities | 10/49 | €329,237 | €326,608 | -€2,630 | -0.8% |
| Equity | 10/15 | €117,634 | €100,125 | -€17,509 | -14.9% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €111,434 | €93,925 | -€17,509 | -15.7% |
| Non-distributable reserves | 130/1 | €1,860 | €0 | -€1,860 | -100.0% |
| Reserves not available under the articles | 1311 | €1,860 | €0 | -€1,860 | -100.0% |
| Distributable reserves | 133 | €109,574 | €93,925 | -€15,649 | -14.3% |
| Profit (loss) carried forward | 14 | - | €0 | = | |
| Amounts payable | 17/49 | €211,603 | €226,483 | +€14,880 | +7.0% |
| Amounts payable after more than one year | 17 | €126,271 | €143,009 | +€16,738 | +13.3% |
| Financial debts | 170/4 | €126,271 | €143,009 | +€16,738 | +13.3% |
| Amounts payable within one year | 42/48 | €85,332 | €83,474 | -€1,858 | -2.2% |
| Current portion of amounts payable after more than one year | 42 | €37,057 | €38,262 | +€1,205 | +3.3% |
| Financial debts | 43 | €1,708 | €1,699 | -€8 | -0.5% |
| Credit institutions | 430/8 | €1,708 | €1,699 | -€8 | -0.5% |
| Trade debts | 44 | €40,241 | €15,200 | -€25,041 | -62.2% |
| Suppliers | 440/4 | €40,241 | €15,200 | -€25,041 | -62.2% |
| Taxes, remuneration and social security | 45 | €5,417 | €4,353 | -€1,064 | -19.6% |
| Taxes | 450/3 | €5,417 | €4,353 | -€1,064 | -19.6% |
| Other amounts payable | 47/48 | €909 | €23,960 | +€23,051 | +2535.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €45,225 | €47,347 | +€2,123 | +4.7% |
| Other operating charges | 640/8 | €2,556 | €1,959 | -€597 | -23.4% |
| Non-recurring operating charges | 66A | €5,204 | €0 | -€5,204 | -100.0% |
| Gross operating margin | 9900 | €74,878 | €67,325 | -€7,553 | -10.1% |
| Operating profit (loss) | 9901 | €21,894 | €18,019 | -€3,874 | -17.7% |
| Financial income | 75/76B | €639 | €429 | -€211 | -32.9% |
| Recurring financial income | 75 | €639 | €429 | -€211 | -32.9% |
| Financial charges | 65/66B | €7,412 | €6,209 | -€1,203 | -16.2% |
| Recurring financial charges | 65 | €7,412 | €6,209 | -€1,203 | -16.2% |
| Profit (loss) for the period before taxes | 9903 | €15,121 | €12,239 | -€2,882 | -19.1% |
| Income taxes | 67/77 | €5,875 | €5,789 | -€86 | -1.5% |
| Profit (loss) for the period | 9904 | €9,246 | €6,450 | -€2,796 | -30.2% |
| Profit (loss) for the period to be appropriated | 9905 | €9,246 | €6,450 | -€2,796 | -30.2% |
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.