THAD: 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.
THAD
Largest movements
- Receivables within one year +€38,296
up €38,296 (+55.4%), from €69,185 to €107,481
of which Other amounts receivable: +€43,411
- Tangible fixed assets -€7,845
down €7,845 (-48.8%), from €16,088 to €8,243
- Cash -€3,360
down €3,360 (-45.7%), from €7,352 to €3,992
mainly Receivables within one year (-€38,296) and Debts after one year (-€5,634)
- Profit (loss) carried forward +€32,731
up €32,731 (+57.3%), from €57,110 to €89,841
- Debts after one year -€5,634
down €5,634 (-46.5%), from €12,112 to €6,478
- Gross operating margin +€6,073
up €6,073 (+13.2%), from €46,001 to €52,073
- Purchases and services -€2,935
down €2,935 (-4.8%), from €61,169 to €58,234
- Other operating charges -€1,222
down €1,222 (-56.8%), from €2,150 to €928
- Taxes +€1,078
up €1,078 (+13.1%), from €8,239 to €9,318
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 | €92,719 | €119,810 | +€27,091 | +29.2% |
| Fixed assets | 21/28 | €16,182 | €8,336 | -€7,845 | -48.5% |
| Tangible fixed assets | 22/27 | €16,088 | €8,243 | -€7,845 | -48.8% |
| Furniture and vehicles | 24 | €16,088 | €8,243 | -€7,845 | -48.8% |
| Financial fixed assets | 28 | €94 | €94 | = | 0.0% |
| Current assets | 29/58 | €76,537 | €111,473 | +€34,936 | +45.6% |
| Amounts receivable within one year | 40/41 | €69,185 | €107,481 | +€38,296 | +55.4% |
| Trade receivables | 40 | €5,116 | - | -€5,116 | |
| Other amounts receivable | 41 | €64,070 | €107,481 | +€43,411 | +67.8% |
| Cash at bank and in hand | 54/58 | €7,352 | €3,992 | -€3,360 | -45.7% |
| Total equity and liabilities | 10/49 | €92,719 | €119,810 | +€27,091 | +29.2% |
| Equity | 10/15 | €59,610 | €92,341 | +€32,731 | +54.9% |
| Contributions | 10/11 | €2,500 | €2,500 | = | 0.0% |
| Contributions outside capital | 11 | €2,500 | - | -€2,500 | |
| Other | 1109/19 | €2,500 | - | -€2,500 | |
| Profit (loss) carried forward | 14 | €57,110 | €89,841 | +€32,731 | +57.3% |
| Amounts payable | 17/49 | €33,108 | €27,468 | -€5,640 | -17.0% |
| Amounts payable after more than one year | 17 | €12,112 | €6,478 | -€5,634 | -46.5% |
| Financial debts | 170/4 | €12,112 | €6,478 | -€5,634 | -46.5% |
| Amounts payable within one year | 42/48 | €20,997 | €20,991 | -€6 | 0.0% |
| Current portion of amounts payable after more than one year | 42 | €5,293 | €5,624 | +€331 | +6.3% |
| Trade debts | 44 | €1,242 | €810 | -€432 | -34.8% |
| Suppliers | 440/4 | €1,242 | €810 | -€432 | -34.8% |
| Taxes, remuneration and social security | 45 | €14,461 | €14,557 | +€95 | +0.7% |
| Taxes | 450/3 | €14,461 | €14,557 | +€95 | +0.7% |
| Goods, raw materials, services and sundry goods | 60/61 | €61,169 | €58,234 | -€2,935 | -4.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €7,424 | €7,845 | +€421 | +5.7% |
| Other operating charges | 640/8 | €2,150 | €928 | -€1,222 | -56.8% |
| Non-recurring operating charges | 66A | - | €277 | +€277 | |
| Gross operating margin | 9900 | €46,001 | €52,073 | +€6,073 | +13.2% |
| Operating profit (loss) | 9901 | €36,426 | €43,023 | +€6,597 | +18.1% |
| Financial income | 75/76B | €5 | €25 | +€20 | +391% |
| Recurring financial income | 75 | €5 | €25 | +€20 | +391% |
| Financial charges | 65/66B | €1,083 | €999 | -€84 | -7.7% |
| Recurring financial charges | 65 | €1,083 | €999 | -€84 | -7.7% |
| Profit (loss) for the period before taxes | 9903 | €35,348 | €42,049 | +€6,700 | +19.0% |
| Income taxes | 67/77 | €8,239 | €9,318 | +€1,078 | +13.1% |
| Profit (loss) for the period | 9904 | €27,109 | €32,731 | +€5,622 | +20.7% |
| Profit (loss) for the period to be appropriated | 9905 | €27,109 | €32,731 | +€5,622 | +20.7% |
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 13 October 2026 via checked.be.