TH EXPERT: 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 EXPERT
Largest movements
- Receivables within one year +€58,815
up €58,815 (+36.3%), from €161,907 to €220,722
of which Trade receivables: +€82,928
- Cash +€49,021
up €49,021 (+101.2%), from €48,443 to €97,464
mainly Tax, wage and social debts (+€45,947) and Stocks and contracts (+€40,959)
- Stocks and contracts -€40,959
down €40,959 (-21.8%), from €188,309 to €147,350
- Tangible fixed assets -€5,332
down €5,332 (-16.0%), from €33,299 to €27,967
of which Furniture and vehicles: -€4,612
- Tax, wage and social debts +€45,947
up €45,947 (+68.1%), from €67,490 to €113,437
of which Remuneration and social security: +€30,078
- Other debts +€21,016
up €21,016 (+4659.9%), from €451 to €21,467
- Trade debts -€6,482
down €6,482 (-28.7%), from €22,576 to €16,094
- Gross operating margin +€46,894
up €46,894 (+20.4%), from €229,328 to €276,222
- Turnover +€33,784
up €33,784 (+4.9%), from €683,476 to €717,260
- Purchases and services -€13,110
down €13,110 (-2.9%), from €454,148 to €441,038
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 | €436,045 | €494,577 | +€58,532 | +13.4% |
| Fixed assets | 21/28 | €34,148 | €28,816 | -€5,332 | -15.6% |
| Tangible fixed assets | 22/27 | €33,299 | €27,967 | -€5,332 | -16.0% |
| Land and buildings | 22 | €14,634 | €14,562 | -€72 | -0.5% |
| Plant, machinery and equipment | 23 | €4,212 | €3,564 | -€648 | -15.4% |
| Furniture and vehicles | 24 | €14,453 | €9,841 | -€4,612 | -31.9% |
| Financial fixed assets | 28 | €849 | €849 | = | 0.0% |
| Current assets | 29/58 | €401,897 | €465,761 | +€63,864 | +15.9% |
| Stocks and contracts in progress | 3 | €188,309 | €147,350 | -€40,959 | -21.8% |
| Contracts in progress | 37 | €188,309 | €147,350 | -€40,959 | -21.8% |
| Amounts receivable within one year | 40/41 | €161,907 | €220,722 | +€58,815 | +36.3% |
| Trade receivables | 40 | €137,794 | €220,722 | +€82,928 | +60.2% |
| Other amounts receivable | 41 | €24,113 | - | -€24,113 | |
| Cash at bank and in hand | 54/58 | €48,443 | €97,464 | +€49,021 | +101.2% |
| Deferred charges and accrued income | 490/1 | €3,238 | €225 | -€3,013 | -93.1% |
| Total equity and liabilities | 10/49 | €436,045 | €494,577 | +€58,532 | +13.4% |
| Equity | 10/15 | €335,113 | €337,428 | +€2,315 | +0.7% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €6,060 | €6,060 | = | 0.0% |
| Distributable reserves | 133 | €6,060 | €6,060 | = | 0.0% |
| Profit (loss) carried forward | 14 | €310,453 | €312,768 | +€2,315 | +0.7% |
| Amounts payable | 17/49 | €100,932 | €157,149 | +€56,217 | +55.7% |
| Amounts payable after more than one year | 17 | €6,151 | €1,823 | -€4,328 | -70.4% |
| Financial debts | 170/4 | €6,151 | €1,823 | -€4,328 | -70.4% |
| Amounts payable within one year | 42/48 | €94,781 | €155,326 | +€60,545 | +63.9% |
| Current portion of amounts payable after more than one year | 42 | €4,264 | €4,328 | +€64 | +1.5% |
| Trade debts | 44 | €22,576 | €16,094 | -€6,482 | -28.7% |
| Suppliers | 440/4 | €22,576 | €16,094 | -€6,482 | -28.7% |
| Taxes, remuneration and social security | 45 | €67,490 | €113,437 | +€45,947 | +68.1% |
| Taxes | 450/3 | €36,181 | €52,050 | +€15,869 | +43.9% |
| Remuneration and social security | 454/9 | €31,309 | €61,387 | +€30,078 | +96.1% |
| Other amounts payable | 47/48 | €451 | €21,467 | +€21,016 | +4659.9% |
| Turnover | 70 | €683,476 | €717,260 | +€33,784 | +4.9% |
| Goods, raw materials, services and sundry goods | 60/61 | €454,148 | €441,038 | -€13,110 | -2.9% |
| Remuneration, social security and pensions | 62 | €245,903 | €241,607 | -€4,296 | -1.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €10,596 | €9,232 | -€1,364 | -12.9% |
| Other operating charges | 640/8 | €387 | €479 | +€92 | +23.8% |
| Gross operating margin | 9900 | €229,328 | €276,222 | +€46,894 | +20.4% |
| Operating profit (loss) | 9901 | -€27,558 | €24,904 | +€52,462 | |
| Financial income | 75/76B | €386 | €484 | +€98 | +25.4% |
| Recurring financial income | 75 | €386 | €484 | +€98 | +25.4% |
| Financial charges | 65/66B | €1,496 | €1,596 | +€100 | +6.7% |
| Recurring financial charges | 65 | €1,496 | €1,596 | +€100 | +6.7% |
| Profit (loss) for the period before taxes | 9903 | -€28,668 | €23,792 | +€52,460 | |
| Income taxes | 67/77 | €460 | €477 | +€17 | +3.7% |
| Profit (loss) for the period | 9904 | -€29,128 | €23,315 | +€52,443 | |
| Profit (loss) for the period to be appropriated | 9905 | -€29,128 | €23,315 | +€52,443 |
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 1 October 2026 via checked.be.