TH M: 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 M
Largest movements
- Receivables within one year +€114,792
up €114,792 (+84.0%), from €136,629 to €251,420
of which Other amounts receivable: +€118,985
- Cash +€26,098
up €26,098 (+21.2%), from €123,304 to €149,402
mainly Net result for the year (+€123,558) and Other debts (+€102,500)
- Tangible fixed assets -€15,183
down €15,183 (-25.8%), from €58,737 to €43,555
of which Leasing and similar rights: -€13,227
- Other debts +€102,500
new in 2025: €102,500
- Tax, wage and social debts +€43,445
up €43,445 (+50.3%), from €86,456 to €129,900
- Debts after one year -€12,653
down €12,653 (-40.0%), from €31,633 to €18,980
- Trade debts -€7,044
no longer reported in 2025 (was €7,044)
- Taxes -€8,477
down €8,477 (-15.4%), from €54,939 to €46,462
- Depreciation +€2,440
up €2,440 (+15.9%), from €15,358 to €17,798
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 | €321,526 | €446,332 | +€124,806 | +38.8% |
| Fixed assets | 21/28 | €58,737 | €43,555 | -€15,183 | -25.8% |
| Tangible fixed assets | 22/27 | €58,737 | €43,555 | -€15,183 | -25.8% |
| Plant, machinery and equipment | 23 | €5,698 | €5,228 | -€470 | -8.2% |
| Furniture and vehicles | 24 | €5,022 | €3,536 | -€1,486 | -29.6% |
| Leasing and similar rights | 25 | €48,018 | €34,791 | -€13,227 | -27.5% |
| Current assets | 29/58 | €262,789 | €402,777 | +€139,988 | +53.3% |
| Amounts receivable within one year | 40/41 | €136,629 | €251,420 | +€114,792 | +84.0% |
| Trade receivables | 40 | €63,520 | €59,326 | -€4,194 | -6.6% |
| Other amounts receivable | 41 | €73,109 | €192,094 | +€118,985 | +162.8% |
| Cash at bank and in hand | 54/58 | €123,304 | €149,402 | +€26,098 | +21.2% |
| Deferred charges and accrued income | 490/1 | €2,856 | €1,955 | -€901 | -31.6% |
| Total equity and liabilities | 10/49 | €321,526 | €446,332 | +€124,806 | +38.8% |
| Equity | 10/15 | €183,741 | €182,299 | -€1,442 | -0.8% |
| Contributions | 10/11 | €10,000 | €10,000 | = | 0.0% |
| Capital | 10 | €10,000 | - | -€10,000 | |
| Issued capital | 100 | €10,000 | - | -€10,000 | |
| Reserves | 13 | €171,500 | €171,500 | = | 0.0% |
| Distributable reserves | 133 | €171,500 | €171,500 | = | 0.0% |
| Profit (loss) carried forward | 14 | €2,241 | €799 | -€1,442 | -64.4% |
| Amounts payable | 17/49 | €137,785 | €264,033 | +€126,248 | +91.6% |
| Amounts payable after more than one year | 17 | €31,633 | €18,980 | -€12,653 | -40.0% |
| Financial debts | 170/4 | €31,633 | €18,980 | -€12,653 | -40.0% |
| Amounts payable within one year | 42/48 | €106,152 | €245,053 | +€138,901 | +130.9% |
| Current portion of amounts payable after more than one year | 42 | €12,653 | €12,653 | = | 0.0% |
| Trade debts | 44 | €7,044 | - | -€7,044 | |
| Suppliers | 440/4 | €7,044 | - | -€7,044 | |
| Taxes, remuneration and social security | 45 | €86,456 | €129,900 | +€43,445 | +50.3% |
| Taxes | 450/3 | €86,456 | €129,900 | +€43,445 | +50.3% |
| Other amounts payable | 47/48 | - | €102,500 | +€102,500 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €15,358 | €17,798 | +€2,440 | +15.9% |
| Other operating charges | 640/8 | €774 | €1,182 | +€409 | +52.8% |
| Gross operating margin | 9900 | €192,009 | €190,138 | -€1,872 | -1.0% |
| Operating profit (loss) | 9901 | €175,878 | €171,157 | -€4,720 | -2.7% |
| Financial income | 75/76B | - | €1 | +€1 | |
| Recurring financial income | 75 | - | €1 | +€1 | |
| Financial charges | 65/66B | €875 | €1,139 | +€264 | +30.2% |
| Recurring financial charges | 65 | €875 | €1,139 | +€264 | +30.2% |
| Profit (loss) for the period before taxes | 9903 | €175,003 | €170,019 | -€4,984 | -2.8% |
| Income taxes | 67/77 | €54,939 | €46,462 | -€8,477 | -15.4% |
| Profit (loss) for the period | 9904 | €120,064 | €123,558 | +€3,493 | +2.9% |
| Profit (loss) for the period to be appropriated | 9905 | €120,064 | €123,558 | +€3,493 | +2.9% |
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 11 October 2026 via checked.be.