TH Project & Management: 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 Project & Management
Largest movements
- Tangible fixed assets +€270,236
up €270,236 (+38.2%), from €708,035 to €978,271
of which Land and buildings: +€297,237
- Cash +€119,524
up €119,524 (+39.6%), from €301,594 to €421,118
mainly Debts after one year (+€214,727) and Depreciation (+€80,049)
- Receivables within one year -€77,351
down €77,351 (-53.8%), from €143,657 to €66,306
of which Trade receivables: -€98,045
- Debts after one year +€214,727
up €214,727 (+402%), from €53,426 to €268,153
- Reserves +€65,656
up €65,656 (+6.6%), from €990,302 to €1.1m
- Current portion of long-term debt +€20,074
up €20,074 (+132%), from €15,199 to €35,273
- Tax, wage and social debts +€16,923
up €16,923 (+49.9%), from €33,938 to €50,862
of which Taxes: +€28,737
- Gross operating margin -€420,655
down €420,655 (-67.6%), from €622,066 to €201,411
- Staff costs -€141,453
no longer reported in 2025 (was €141,453)
- Taxes -€86,687
down €86,687 (-69.9%), from €124,007 to €37,320
- Depreciation +€30,973
up €30,973 (+63.1%), from €49,076 to €80,049
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 | €1,203,513 | €1,510,378 | +€306,865 | +25.5% |
| Fixed assets | 21/28 | €710,035 | €981,121 | +€271,086 | +38.2% |
| Tangible fixed assets | 22/27 | €708,035 | €978,271 | +€270,236 | +38.2% |
| Land and buildings | 22 | €592,173 | €889,410 | +€297,237 | +50.2% |
| Plant, machinery and equipment | 23 | €76,370 | €65,260 | -€11,111 | -14.5% |
| Furniture and vehicles | 24 | €39,491 | €23,601 | -€15,890 | -40.2% |
| Financial fixed assets | 28 | €2,000 | €2,850 | +€850 | +42.5% |
| Current assets | 29/58 | €493,478 | €529,257 | +€35,779 | +7.3% |
| Amounts receivable after more than one year | 29 | €25,000 | €20,000 | -€5,000 | -20.0% |
| Other amounts receivable | 291 | €25,000 | €20,000 | -€5,000 | -20.0% |
| Amounts receivable within one year | 40/41 | €143,657 | €66,306 | -€77,351 | -53.8% |
| Trade receivables | 40 | €142,349 | €44,304 | -€98,045 | -68.9% |
| Other amounts receivable | 41 | €1,308 | €22,001 | +€20,694 | +1,583% |
| Current investments | 50/53 | €20,000 | €20,000 | -€0 | 0.0% |
| Cash at bank and in hand | 54/58 | €301,594 | €421,118 | +€119,524 | +39.6% |
| Deferred charges and accrued income | 490/1 | €3,227 | €1,833 | -€1,394 | -43.2% |
| Total equity and liabilities | 10/49 | €1,203,513 | €1,510,378 | +€306,865 | +25.5% |
| Equity | 10/15 | €1,026,237 | €1,091,893 | +€65,656 | +6.4% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €990,302 | €1,055,959 | +€65,656 | +6.6% |
| Distributable reserves | 133 | €990,302 | €1,055,959 | +€65,656 | +6.6% |
| Profit (loss) carried forward | 14 | €17,334 | €17,334 | = | 0.0% |
| Provisions and deferred taxes | 16 | €44,035 | €44,035 | = | 0.0% |
| Provisions for liabilities and charges | 160/5 | €44,035 | €44,035 | = | 0.0% |
| Environmental obligations | 163 | €44,035 | €44,035 | = | 0.0% |
| Amounts payable | 17/49 | €133,241 | €374,450 | +€241,209 | +181% |
| Amounts payable after more than one year | 17 | €53,426 | €268,153 | +€214,727 | +402% |
| Financial debts | 170/4 | €53,426 | €268,153 | +€214,727 | +402% |
| Amounts payable within one year | 42/48 | €79,815 | €104,564 | +€24,749 | +31.0% |
| Current portion of amounts payable after more than one year | 42 | €15,199 | €35,273 | +€20,074 | +132% |
| Trade debts | 44 | €8,954 | €4,120 | -€4,834 | -54.0% |
| Suppliers | 440/4 | €8,954 | €4,120 | -€4,834 | -54.0% |
| Taxes, remuneration and social security | 45 | €33,938 | €50,862 | +€16,923 | +49.9% |
| Taxes | 450/3 | €19,725 | €48,462 | +€28,737 | +146% |
| Remuneration and social security | 454/9 | €14,213 | €2,400 | -€11,813 | -83.1% |
| Other amounts payable | 47/48 | €21,723 | €14,309 | -€7,414 | -34.1% |
| Accrued charges and deferred income | 492/3 | - | €1,733 | +€1,733 | |
| Non-recurring operating income | 76A | - | €14,213 | +€14,213 | |
| Remuneration, social security and pensions | 62 | €141,453 | - | -€141,453 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €49,076 | €80,049 | +€30,973 | +63.1% |
| Other operating charges | 640/8 | €5,325 | €5,550 | +€225 | +4.2% |
| Non-recurring operating charges | 66A | €28,918 | - | -€28,918 | |
| Gross operating margin | 9900 | €622,066 | €201,411 | -€420,655 | -67.6% |
| Operating profit (loss) | 9901 | €397,293 | €115,812 | -€281,481 | -70.8% |
| Financial income | 75/76B | €1,593 | €3,123 | +€1,530 | +96.1% |
| Recurring financial income | 75 | €1,593 | €3,123 | +€1,530 | +96.1% |
| Financial charges | 65/66B | €1,531 | €1,793 | +€262 | +17.1% |
| Recurring financial charges | 65 | €1,531 | €1,793 | +€262 | +17.1% |
| Profit (loss) for the period before taxes | 9903 | €397,355 | €117,142 | -€280,213 | -70.5% |
| Income taxes | 67/77 | €124,007 | €37,320 | -€86,687 | -69.9% |
| Profit (loss) for the period | 9904 | €273,348 | €79,822 | -€193,526 | -70.8% |
| Profit (loss) for the period to be appropriated | 9905 | €273,348 | €79,822 | -€193,526 | -70.8% |
Source: filed annual accounts (NBB), financial years ended 31 March 2024 and 31 March 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 16 October 2026 via checked.be.