TH BOUW: 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 BOUW
Largest movements
- Cash +€265,008
up €265,008 (+821%), from €32,280 to €297,288
mainly Receivables within one year (+€139,495) and Net result for the year (+€135,740)
- Receivables within one year -€139,495
down €139,495 (-16.8%), from €828,565 to €689,070
of which Trade receivables: -€104,656
- Reserves +€135,000
up €135,000 (+80.7%), from €167,360 to €302,360
of which Distributable reserves: +€135,000
- Provisions -€68,759
no longer reported in 2025 (was €68,759)
- Trade debts +€43,673
up €43,673 (+42.0%), from €103,994 to €147,667
- Tax, wage and social debts +€13,796
up €13,796 (+116%), from €11,915 to €25,710
- Provisions -€137,519
down €137,519, from €68,759 to -€68,759
- Financial charges +€73,581
up €73,581 (+312%), from €23,569 to €97,149
- Gross operating margin +€64,683
up €64,683 (+45.9%), from €140,980 to €205,663
- Taxes +€12,414
up €12,414 (+58.1%), from €21,382 to €33,796
- Depreciation -€6,956
down €6,956 (-41.0%), from €16,963 to €10,006
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 | €899,180 | €1,014,926 | +€115,747 | +12.9% |
| Fixed assets | 21/28 | €33,039 | €24,008 | -€9,031 | -27.3% |
| Tangible fixed assets | 22/27 | €30,039 | €21,008 | -€9,031 | -30.1% |
| Plant, machinery and equipment | 23 | - | €539 | +€539 | |
| Furniture and vehicles | 24 | €30,039 | €20,470 | -€9,569 | -31.9% |
| Financial fixed assets | 28 | €3,000 | €3,000 | = | 0.0% |
| Current assets | 29/58 | €866,141 | €990,918 | +€124,777 | +14.4% |
| Amounts receivable within one year | 40/41 | €828,565 | €689,070 | -€139,495 | -16.8% |
| Trade receivables | 40 | €729,475 | €624,819 | -€104,656 | -14.3% |
| Other amounts receivable | 41 | €99,090 | €64,251 | -€34,840 | -35.2% |
| Cash at bank and in hand | 54/58 | €32,280 | €297,288 | +€265,008 | +821% |
| Deferred charges and accrued income | 490/1 | €5,296 | €4,560 | -€735 | -13.9% |
| Total equity and liabilities | 10/49 | €899,180 | €1,014,926 | +€115,747 | +12.9% |
| Equity | 10/15 | €663,755 | €799,494 | +€135,740 | +20.5% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €167,360 | €302,360 | +€135,000 | +80.7% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €165,500 | €300,500 | +€135,000 | +81.6% |
| Profit (loss) carried forward | 14 | €490,195 | €490,934 | +€740 | +0.2% |
| Provisions and deferred taxes | 16 | €68,759 | - | -€68,759 | |
| Provisions for liabilities and charges | 160/5 | €68,759 | - | -€68,759 | |
| Other liabilities and charges | 164/5 | €68,759 | - | -€68,759 | |
| Amounts payable | 17/49 | €166,666 | €215,432 | +€48,766 | +29.3% |
| Amounts payable after more than one year | 17 | €23,165 | €14,063 | -€9,102 | -39.3% |
| Financial debts | 170/4 | €23,165 | €14,063 | -€9,102 | -39.3% |
| Amounts payable within one year | 42/48 | €143,295 | €200,976 | +€57,681 | +40.3% |
| Current portion of amounts payable after more than one year | 42 | €8,890 | €9,102 | +€212 | +2.4% |
| Trade debts | 44 | €103,994 | €147,667 | +€43,673 | +42.0% |
| Suppliers | 440/4 | €103,994 | €147,667 | +€43,673 | +42.0% |
| Taxes, remuneration and social security | 45 | €11,915 | €25,710 | +€13,796 | +116% |
| Taxes | 450/3 | €11,915 | €25,710 | +€13,796 | +116% |
| Other amounts payable | 47/48 | €18,497 | €18,497 | = | 0.0% |
| Accrued charges and deferred income | 492/3 | €206 | €393 | +€187 | +90.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €16,963 | €10,006 | -€6,956 | -41.0% |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | €68,759 | -€68,759 | -€137,519 | |
| Other operating charges | 640/8 | €1,352 | €612 | -€740 | -54.7% |
| Gross operating margin | 9900 | €140,980 | €205,663 | +€64,683 | +45.9% |
| Operating profit (loss) | 9901 | €53,906 | €263,804 | +€209,898 | +389% |
| Financial income | 75/76B | €4,190 | €2,881 | -€1,309 | -31.2% |
| Recurring financial income | 75 | €4,190 | €2,881 | -€1,309 | -31.2% |
| Financial charges | 65/66B | €23,569 | €97,149 | +€73,581 | +312% |
| Recurring financial charges | 65 | €23,569 | €97,149 | +€73,581 | +312% |
| Profit (loss) for the period before taxes | 9903 | €34,527 | €169,535 | +€135,008 | +391% |
| Income taxes | 67/77 | €21,382 | €33,796 | +€12,414 | +58.1% |
| Profit (loss) for the period | 9904 | €13,145 | €135,740 | +€122,594 | +933% |
| Profit (loss) for the period to be appropriated | 9905 | €13,145 | €135,740 | +€122,594 | +933% |
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 22 October 2026 via checked.be.