TH2: 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.
TH2
Largest movements
- Stocks and contracts -€166,828
down €166,828 (-43.2%), from €385,756 to €218,928
- Cash +€55,676
up €55,676 (+50.0%), from €111,246 to €166,922
mainly Stocks and contracts (+€166,828) and Depreciation (+€20,412)
- Tangible fixed assets -€16,874
down €16,874 (-6.5%), from €258,691 to €241,817
of which Land and buildings: -€16,000
- Receivables within one year +€8,758
up €8,758 (+103%), from €8,506 to €17,264
- Short-term financial debts -€50,000
no longer reported in 2025 (was €50,000)
- Profit (loss) carried forward -€46,913
down €46,913, from €39,757 to -€7,156
- Trade debts -€18,971
down €18,971 (-54.9%), from €34,549 to €15,578
- Gross operating margin +€15,159
up €15,159 (+44.3%), from -€34,219 to -€19,060
- Taxes -€2,518
no longer reported in 2025 (was €2,518)
- Financial charges -€507
down €507 (-14.4%), from €3,528 to €3,021
- Depreciation +€436
up €436 (+2.2%), from €19,976 to €20,412
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 | €764,199 | €644,930 | -€119,269 | -15.6% |
| Fixed assets | 21/28 | €258,691 | €241,817 | -€16,874 | -6.5% |
| Tangible fixed assets | 22/27 | €258,691 | €241,817 | -€16,874 | -6.5% |
| Land and buildings | 22 | €249,333 | €233,333 | -€16,000 | -6.4% |
| Plant, machinery and equipment | 23 | €6,575 | €6,695 | +€120 | +1.8% |
| Furniture and vehicles | 24 | €2,783 | €1,788 | -€995 | -35.7% |
| Current assets | 29/58 | €505,508 | €403,113 | -€102,395 | -20.3% |
| Stocks and contracts in progress | 3 | €385,756 | €218,928 | -€166,828 | -43.2% |
| Stocks | 30/36 | €385,756 | €218,928 | -€166,828 | -43.2% |
| Amounts receivable within one year | 40/41 | €8,506 | €17,264 | +€8,758 | +103% |
| Trade receivables | 40 | €8,506 | €17,264 | +€8,758 | +103% |
| Cash at bank and in hand | 54/58 | €111,246 | €166,922 | +€55,676 | +50.0% |
| Total equity and liabilities | 10/49 | €764,199 | €644,930 | -€119,269 | -15.6% |
| Equity | 10/15 | €591,757 | €544,844 | -€46,913 | -7.9% |
| Contributions | 10/11 | €520,000 | €520,000 | = | 0.0% |
| Contributions outside capital | 11 | €520,000 | €520,000 | = | 0.0% |
| Other | 1109/19 | €520,000 | €520,000 | = | 0.0% |
| Reserves | 13 | €32,000 | €32,000 | = | 0.0% |
| Non-distributable reserves | 130/1 | €21,000 | €21,000 | = | 0.0% |
| Legal reserve | 130 | €21,000 | €21,000 | = | 0.0% |
| Tax-exempt reserves | 132 | €11,000 | €11,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €39,757 | -€7,156 | -€46,913 | |
| Amounts payable | 17/49 | €172,442 | €100,086 | -€72,356 | -42.0% |
| Amounts payable within one year | 42/48 | €172,442 | €100,086 | -€72,356 | -42.0% |
| Financial debts | 43 | €50,000 | - | -€50,000 | |
| Other loans | 439 | €50,000 | - | -€50,000 | |
| Trade debts | 44 | €34,549 | €15,578 | -€18,971 | -54.9% |
| Suppliers | 440/4 | €34,549 | €15,578 | -€18,971 | -54.9% |
| Advances received on contracts in progress | 46 | €13,675 | €11,636 | -€2,039 | -14.9% |
| Taxes, remuneration and social security | 45 | €22,055 | €20,721 | -€1,334 | -6.0% |
| Taxes | 450/3 | €19,455 | €18,121 | -€1,334 | -6.9% |
| Remuneration and social security | 454/9 | €2,600 | €2,600 | = | 0.0% |
| Other amounts payable | 47/48 | €52,163 | €52,151 | -€12 | 0.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €19,976 | €20,412 | +€436 | +2.2% |
| Other operating charges | 640/8 | €5,639 | €5,523 | -€116 | -2.1% |
| Gross operating margin | 9900 | -€34,219 | -€19,060 | +€15,159 | +44.3% |
| Operating profit (loss) | 9901 | -€59,834 | -€44,995 | +€14,839 | +24.8% |
| Financial income | 75/76B | €1,159 | €1,103 | -€56 | -4.9% |
| Recurring financial income | 75 | €1,159 | €1,103 | -€56 | -4.9% |
| Financial charges | 65/66B | €3,528 | €3,021 | -€507 | -14.4% |
| Recurring financial charges | 65 | €3,528 | €3,021 | -€507 | -14.4% |
| Profit (loss) for the period before taxes | 9903 | -€62,203 | -€46,913 | +€15,290 | +24.6% |
| Income taxes | 67/77 | €2,518 | - | -€2,518 | |
| Profit (loss) for the period | 9904 | -€64,721 | -€46,913 | +€17,808 | +27.5% |
| Profit (loss) for the period to be appropriated | 9905 | -€64,721 | -€46,913 | +€17,808 | +27.5% |
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 19 October 2026 via checked.be.