TH LAW: 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 LAW
Largest movements
- Cash +€21,328
up €21,328 (+31.0%), from €68,744 to €90,072
mainly Net result for the year (+€44,491) and Trade debts (+€951)
- Receivables within one year +€13,188
up €13,188 (+1938.0%), from €681 to €13,869
of which Trade receivables: +€12,784
- Profit (loss) carried forward +€44,491
up €44,491 (+310.1%), from €14,349 to €58,841
- Tax, wage and social debts -€10,241
down €10,241 (-58.4%), from €17,522 to €7,280
- Gross operating margin +€36,831
up €36,831 (+191.1%), from €19,276 to €56,107
- Taxes +€7,538
up €7,538 (+186.7%), from €4,037 to €11,575
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 | €69,424 | €103,941 | +€34,516 | +49.7% |
| Current assets | 29/58 | €69,424 | €103,941 | +€34,516 | +49.7% |
| Amounts receivable within one year | 40/41 | €681 | €13,869 | +€13,188 | +1938.0% |
| Trade receivables | 40 | €160 | €12,944 | +€12,784 | +7999.1% |
| Other amounts receivable | 41 | €521 | €925 | +€404 | +77.6% |
| Cash at bank and in hand | 54/58 | €68,744 | €90,072 | +€21,328 | +31.0% |
| Total equity and liabilities | 10/49 | €69,424 | €103,941 | +€34,516 | +49.7% |
| Equity | 10/15 | €51,169 | €95,660 | +€44,491 | +86.9% |
| Contributions | 10/11 | €1,500 | €1,500 | = | 0.0% |
| Reserves | 13 | €35,320 | €35,320 | = | 0.0% |
| Distributable reserves | 133 | €35,320 | €35,320 | = | 0.0% |
| Profit (loss) carried forward | 14 | €14,349 | €58,841 | +€44,491 | +310.1% |
| Amounts payable | 17/49 | €18,255 | €8,280 | -€9,975 | -54.6% |
| Amounts payable within one year | 42/48 | €18,255 | €8,280 | -€9,975 | -54.6% |
| Trade debts | 44 | €49 | €1,000 | +€951 | +1956.3% |
| Suppliers | 440/4 | €49 | €1,000 | +€951 | +1956.3% |
| Taxes, remuneration and social security | 45 | €17,522 | €7,280 | -€10,241 | -58.4% |
| Taxes | 450/3 | €17,522 | €7,280 | -€10,241 | -58.4% |
| Other amounts payable | 47/48 | €685 | - | -€685 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €368 | - | -€368 | |
| Gross operating margin | 9900 | €19,276 | €56,107 | +€36,831 | +191.1% |
| Operating profit (loss) | 9901 | €18,908 | €56,107 | +€37,199 | +196.7% |
| Financial charges | 65/66B | €39 | €41 | +€2 | +5.0% |
| Recurring financial charges | 65 | €39 | €41 | +€2 | +5.0% |
| Profit (loss) for the period before taxes | 9903 | €18,869 | €56,066 | +€37,197 | +197.1% |
| Income taxes | 67/77 | €4,037 | €11,575 | +€7,538 | +186.7% |
| Profit (loss) for the period | 9904 | €14,832 | €44,491 | +€29,659 | +200.0% |
| Profit (loss) for the period to be appropriated | 9905 | €14,832 | €44,491 | +€29,659 | +200.0% |
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 6 October 2026 via checked.be.