TH BELGIUM: 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 BELGIUM
Largest movements
- Receivables within one year +€202,696
up €202,696 (+314%), from €64,548 to €267,244
of which Trade receivables: +€163,108
- Tangible fixed assets -€29,475
down €29,475 (-7.7%), from €385,272 to €355,797
of which Leasing and similar rights: -€37,996
- Cash +€14,125
up €14,125 (+102%), from €13,908 to €28,033
mainly Trade debts (+€280,284) and Depreciation (+€114,814)
- Trade debts +€280,284
up €280,284 (+777%), from €36,053 to €316,337
- Debts after one year -€160,037
down €160,037 (-96.7%), from €165,439 to €5,402
- Current portion of long-term debt +€31,558
up €31,558 (+20.6%), from €152,837 to €184,395
- Provisions +€25,259
new in 2024: €25,259
- Tax, wage and social debts -€24,611
no longer reported in 2024 (was €24,611)
- Depreciation +€106,036
up €106,036 (+1,208%), from €8,778 to €114,814
- Gross operating margin +€88,597
up €88,597 (+128%), from €69,135 to €157,732
- Financial charges +€25,430
new in 2024: €25,430
- Other operating charges +€5,732
up €5,732 (+1,124%), from €510 to €6,242
From the 2023 result to the 2024 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 2023 and 2024 balance sheets and the 2024 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2023 | 2024 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €465,684 | €652,740 | +€187,056 | +40.2% |
| Fixed assets | 21/28 | €386,938 | €357,463 | -€29,475 | -7.6% |
| Tangible fixed assets | 22/27 | €385,272 | €355,797 | -€29,475 | -7.7% |
| Plant, machinery and equipment | 23 | €4,926 | €3,638 | -€1,288 | -26.1% |
| Furniture and vehicles | 24 | €25,817 | €40,492 | +€14,675 | +56.8% |
| Leasing and similar rights | 25 | €313,276 | €275,280 | -€37,996 | -12.1% |
| Other tangible fixed assets | 26 | €41,253 | €36,387 | -€4,866 | -11.8% |
| Financial fixed assets | 28 | €1,666 | €1,666 | = | 0.0% |
| Current assets | 29/58 | €78,746 | €295,277 | +€216,531 | +275% |
| Amounts receivable within one year | 40/41 | €64,548 | €267,244 | +€202,696 | +314% |
| Trade receivables | 40 | €64,548 | €227,656 | +€163,108 | +253% |
| Other amounts receivable | 41 | - | €39,588 | +€39,588 | |
| Cash at bank and in hand | 54/58 | €13,908 | €28,033 | +€14,125 | +102% |
| Deferred charges and accrued income | 490/1 | €290 | - | -€290 | |
| Total equity and liabilities | 10/49 | €465,684 | €652,740 | +€187,056 | +40.2% |
| Equity | 10/15 | €66,744 | €77,697 | +€10,953 | +16.4% |
| Contributions | 10/11 | €3,000 | €3,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €63,744 | €74,697 | +€10,953 | +17.2% |
| Provisions and deferred taxes | 16 | - | €25,259 | +€25,259 | |
| Provisions for liabilities and charges | 160/5 | - | €25,259 | +€25,259 | |
| Other liabilities and charges | 164/5 | - | €25,259 | +€25,259 | |
| Amounts payable | 17/49 | €398,940 | €549,784 | +€150,844 | +37.8% |
| Amounts payable after more than one year | 17 | €165,439 | €5,402 | -€160,037 | -96.7% |
| Financial debts | 170/4 | €165,439 | €5,402 | -€160,037 | -96.7% |
| Amounts payable within one year | 42/48 | €233,501 | €544,382 | +€310,881 | +133% |
| Current portion of amounts payable after more than one year | 42 | €152,837 | €184,395 | +€31,558 | +20.6% |
| Trade debts | 44 | €36,053 | €316,337 | +€280,284 | +777% |
| Suppliers | 440/4 | €36,053 | €316,337 | +€280,284 | +777% |
| Taxes, remuneration and social security | 45 | €24,611 | - | -€24,611 | |
| Taxes | 450/3 | €24,611 | - | -€24,611 | |
| Other amounts payable | 47/48 | €20,000 | €43,650 | +€23,650 | +118% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €8,778 | €114,814 | +€106,036 | +1,208% |
| Other operating charges | 640/8 | €510 | €6,242 | +€5,732 | +1,124% |
| Non-recurring operating charges | 66A | - | €293 | +€293 | |
| Gross operating margin | 9900 | €69,135 | €157,732 | +€88,597 | +128% |
| Operating profit (loss) | 9901 | €59,847 | €36,383 | -€23,464 | -39.2% |
| Financial charges | 65/66B | - | €25,430 | +€25,430 | |
| Recurring financial charges | 65 | - | €25,430 | +€25,430 | |
| Profit (loss) for the period before taxes | 9903 | €59,847 | €10,953 | -€48,894 | -81.7% |
| Profit (loss) for the period | 9904 | €59,847 | €10,953 | -€48,894 | -81.7% |
| Profit (loss) for the period to be appropriated | 9905 | €59,847 | €10,953 | -€48,894 | -81.7% |
Source: filed annual accounts (NBB), financial years ended 31 December 2023 and 31 December 2024. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 17 October 2026 via checked.be.