TH Enterprise: 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 Enterprise
Largest movements
- Stocks and contracts -€62,910
down €62,910 (-19.4%), from €323,597 to €260,688
- Cash +€40,932
new in 2025: €40,932
mainly Stocks and contracts (+€62,910) and Depreciation (+€20,347)
- Receivables within one year +€21,635
up €21,635 (+152.5%), from €14,184 to €35,819
of which Trade receivables: +€21,498
- Deferred charges and accrued income +€9,531
up €9,531 (+195.8%), from €4,867 to €14,398
- Tangible fixed assets -€5,903
down €5,903 (-10.9%), from €54,154 to €48,251
of which Furniture and vehicles: -€7,411
- Other debts -€29,163
down €29,163 (-13.6%), from €214,596 to €185,433
- Trade debts +€17,851
up €17,851 (+1129.0%), from €1,581 to €19,432
- Reserves +€10,428
up €10,428 (+5.9%), from €176,963 to €187,391
- Accrued charges and deferred income +€7,998
new in 2025: €7,998
- Gross operating margin +€39,549
up €39,549 (+126.9%), from €31,162 to €70,711
- Write-downs +€30,519
up €30,519 (+2085.0%), from €1,464 to €31,983
- Taxes +€6,158
new in 2025: €6,158
- Depreciation +€1,498
up €1,498 (+8.0%), from €18,848 to €20,347
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 | €404,302 | €407,588 | +€3,285 | +0.8% |
| Fixed assets | 21/28 | €61,654 | €55,751 | -€5,903 | -9.6% |
| Tangible fixed assets | 22/27 | €54,154 | €48,251 | -€5,903 | -10.9% |
| Land and buildings | 22 | €10,632 | €6,776 | -€3,856 | -36.3% |
| Plant, machinery and equipment | 23 | €636 | €6,000 | +€5,363 | +842.9% |
| Furniture and vehicles | 24 | €22,800 | €15,389 | -€7,411 | -32.5% |
| Other tangible fixed assets | 26 | €20,086 | €20,086 | = | 0.0% |
| Financial fixed assets | 28 | €7,500 | €7,500 | = | 0.0% |
| Current assets | 29/58 | €342,649 | €351,837 | +€9,188 | +2.7% |
| Stocks and contracts in progress | 3 | €323,597 | €260,688 | -€62,910 | -19.4% |
| Stocks | 30/36 | €323,597 | €260,688 | -€62,910 | -19.4% |
| Amounts receivable within one year | 40/41 | €14,184 | €35,819 | +€21,635 | +152.5% |
| Trade receivables | 40 | €14,184 | €35,682 | +€21,498 | +151.6% |
| Other amounts receivable | 41 | - | €137 | +€137 | |
| Cash at bank and in hand | 54/58 | - | €40,932 | +€40,932 | |
| Deferred charges and accrued income | 490/1 | €4,867 | €14,398 | +€9,531 | +195.8% |
| Total equity and liabilities | 10/49 | €404,302 | €407,588 | +€3,285 | +0.8% |
| Equity | 10/15 | €183,351 | €193,780 | +€10,428 | +5.7% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €176,963 | €187,391 | +€10,428 | +5.9% |
| Distributable reserves | 133 | €176,963 | €187,391 | +€10,428 | +5.9% |
| Profit (loss) carried forward | 14 | €188 | €188 | = | 0.0% |
| Amounts payable | 17/49 | €220,951 | €213,808 | -€7,143 | -3.2% |
| Amounts payable within one year | 42/48 | €220,951 | €205,811 | -€15,141 | -6.9% |
| Financial debts | 43 | €3,483 | - | -€3,483 | |
| Credit institutions | 430/8 | €3,483 | - | -€3,483 | |
| Trade debts | 44 | €1,581 | €19,432 | +€17,851 | +1129.0% |
| Suppliers | 440/4 | €1,581 | €19,432 | +€17,851 | +1129.0% |
| Taxes, remuneration and social security | 45 | €1,292 | €945 | -€347 | -26.8% |
| Taxes | 450/3 | €1,292 | €945 | -€347 | -26.8% |
| Other amounts payable | 47/48 | €214,596 | €185,433 | -€29,163 | -13.6% |
| Accrued charges and deferred income | 492/3 | - | €7,998 | +€7,998 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €18,848 | €20,347 | +€1,498 | +8.0% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €1,464 | €31,983 | +€30,519 | +2085.0% |
| Other operating charges | 640/8 | €1,286 | €1,300 | +€14 | +1.1% |
| Gross operating margin | 9900 | €31,162 | €70,711 | +€39,549 | +126.9% |
| Operating profit (loss) | 9901 | €9,564 | €17,082 | +€7,517 | +78.6% |
| Financial income | 75/76B | €19 | €0 | -€18 | -98.2% |
| Recurring financial income | 75 | €19 | €0 | -€18 | -98.2% |
| Financial charges | 65/66B | €1,146 | €496 | -€650 | -56.7% |
| Recurring financial charges | 65 | €1,146 | €496 | -€650 | -56.7% |
| Profit (loss) for the period before taxes | 9903 | €8,437 | €16,586 | +€8,149 | +96.6% |
| Income taxes | 67/77 | - | €6,158 | +€6,158 | |
| Profit (loss) for the period | 9904 | €8,437 | €10,428 | +€1,991 | +23.6% |
| Profit (loss) for the period to be appropriated | 9905 | €8,437 | €10,428 | +€1,991 | +23.6% |
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 8 October 2026 via checked.be.