TH Fix: 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 Fix
Largest movements
- Receivables within one year -€16,911
down €16,911 (-70.1%), from €24,125 to €7,214
of which Trade receivables: -€16,560
- Cash +€8,261
up €8,261 (+33.4%), from €24,713 to €32,973
mainly Receivables within one year (+€16,911) and Depreciation (+€16,775)
- Tangible fixed assets -€1,738
down €1,738 (-3.0%), from €58,670 to €56,932
of which Furniture and vehicles: -€3,384
- Deferred charges and accrued income +€1,109
up €1,109 (+81.0%), from €1,370 to €2,480
- Reserves +€7,540
up €7,540 (+14.9%), from €50,761 to €58,301
- Debts after one year -€6,203
down €6,203 (-100%), from €6,203 to €0
- Current portion of long-term debt -€4,469
down €4,469 (-41.9%), from €10,672 to €6,203
- Other debts -€4,206
down €4,206 (-13.2%), from €31,752 to €27,546
- Trade debts -€3,885
down €3,885 (-75.7%), from €5,129 to €1,244
- Gross operating margin -€41,094
down €41,094 (-39.0%), from €105,356 to €64,262
- Staff costs -€22,080
down €22,080 (-42.0%), from €52,608 to €30,528
- Other operating charges +€4,519
up €4,519 (+913%), from €495 to €5,014
- Taxes -€3,977
down €3,977 (-53.2%), from €7,476 to €3,499
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 | €108,877 | €99,599 | -€9,279 | -8.5% |
| Fixed assets | 21/28 | €58,670 | €56,932 | -€1,738 | -3.0% |
| Tangible fixed assets | 22/27 | €58,670 | €56,932 | -€1,738 | -3.0% |
| Plant, machinery and equipment | 23 | €36,683 | €33,723 | -€2,960 | -8.1% |
| Furniture and vehicles | 24 | €21,987 | €18,602 | -€3,384 | -15.4% |
| Other tangible fixed assets | 26 | - | €4,606 | +€4,606 | |
| Current assets | 29/58 | €50,207 | €42,667 | -€7,541 | -15.0% |
| Amounts receivable within one year | 40/41 | €24,125 | €7,214 | -€16,911 | -70.1% |
| Trade receivables | 40 | €19,764 | €3,203 | -€16,560 | -83.8% |
| Other amounts receivable | 41 | €4,361 | €4,011 | -€350 | -8.0% |
| Cash at bank and in hand | 54/58 | €24,713 | €32,973 | +€8,261 | +33.4% |
| Deferred charges and accrued income | 490/1 | €1,370 | €2,480 | +€1,109 | +81.0% |
| Total equity and liabilities | 10/49 | €108,877 | €99,599 | -€9,279 | -8.5% |
| Equity | 10/15 | €53,261 | €60,801 | +€7,540 | +14.2% |
| Contributions | 10/11 | €2,500 | €2,500 | = | 0.0% |
| Reserves | 13 | €50,761 | €58,301 | +€7,540 | +14.9% |
| Distributable reserves | 133 | €50,761 | €58,301 | +€7,540 | +14.9% |
| Amounts payable | 17/49 | €55,616 | €38,798 | -€16,818 | -30.2% |
| Amounts payable after more than one year | 17 | €6,203 | €0 | -€6,203 | -100% |
| Financial debts | 170/4 | €6,203 | €0 | -€6,203 | -100% |
| Amounts payable within one year | 42/48 | €49,348 | €38,731 | -€10,617 | -21.5% |
| Current portion of amounts payable after more than one year | 42 | €10,672 | €6,203 | -€4,469 | -41.9% |
| Trade debts | 44 | €5,129 | €1,244 | -€3,885 | -75.7% |
| Suppliers | 440/4 | €5,129 | €1,244 | -€3,885 | -75.7% |
| Taxes, remuneration and social security | 45 | €1,794 | €3,737 | +€1,943 | +108% |
| Taxes | 450/3 | €1,794 | €1,987 | +€193 | +10.8% |
| Remuneration and social security | 454/9 | €0 | €1,750 | +€1,750 | |
| Other amounts payable | 47/48 | €31,752 | €27,546 | -€4,206 | -13.2% |
| Accrued charges and deferred income | 492/3 | €66 | €67 | +€1 | +2.0% |
| Remuneration, social security and pensions | 62 | €52,608 | €30,528 | -€22,080 | -42.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €17,449 | €16,775 | -€675 | -3.9% |
| Other operating charges | 640/8 | €495 | €5,014 | +€4,519 | +913% |
| Gross operating margin | 9900 | €105,356 | €64,262 | -€41,094 | -39.0% |
| Operating profit (loss) | 9901 | €34,804 | €11,946 | -€22,858 | -65.7% |
| Financial income | 75/76B | €94 | €0 | -€93 | -99.9% |
| Recurring financial income | 75 | €94 | €0 | -€93 | -99.9% |
| Financial charges | 65/66B | €1,359 | €907 | -€452 | -33.3% |
| Recurring financial charges | 65 | €1,359 | €907 | -€452 | -33.3% |
| Profit (loss) for the period before taxes | 9903 | €33,538 | €11,039 | -€22,499 | -67.1% |
| Income taxes | 67/77 | €7,476 | €3,499 | -€3,977 | -53.2% |
| Profit (loss) for the period | 9904 | €26,062 | €7,540 | -€18,522 | -71.1% |
| Profit (loss) for the period to be appropriated | 9905 | €26,062 | €7,540 | -€18,522 | -71.1% |
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 17 October 2026 via checked.be.