THAG: 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.
THAG
Largest movements
- Cash -€101,124
down €101,124 (-24.7%), from €410,112 to €308,989
mainly Contributions, distributions and other (-€267,288) and Receivables within one year (-€34,581)
- Financial fixed assets -€54,000
no longer reported in 2025 (was €54,000)
- Receivables within one year +€34,581
up €34,581 (+83.0%), from €41,648 to €76,229
of which Other amounts receivable: +€62,601
- Receivables after one year -€13,500
no longer reported in 2025 (was €13,500)
- Reserves -€177,281
down €177,281 (-67.9%), from €261,281 to €84,000
- Other debts +€67,288
up €67,288 (+33.6%), from €200,000 to €267,288
- Tax, wage and social debts -€25,248
down €25,248 (-35.7%), from €70,796 to €45,548
of which Taxes: -€22,649
- Gross operating margin -€39,025
down €39,025 (-23.0%), from €169,935 to €130,910
- Taxes -€5,543
down €5,543 (-12.5%), from €44,393 to €38,850
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 | €551,550 | €416,114 | -€135,436 | -24.6% |
| Fixed assets | 21/28 | €56,289 | €896 | -€55,393 | -98.4% |
| Tangible fixed assets | 22/27 | €2,289 | €896 | -€1,393 | -60.8% |
| Furniture and vehicles | 24 | €2,289 | €896 | -€1,393 | -60.8% |
| Financial fixed assets | 28 | €54,000 | - | -€54,000 | |
| Current assets | 29/58 | €495,261 | €415,218 | -€80,043 | -16.2% |
| Amounts receivable after more than one year | 29 | €13,500 | - | -€13,500 | |
| Other amounts receivable | 291 | €13,500 | - | -€13,500 | |
| Amounts receivable within one year | 40/41 | €41,648 | €76,229 | +€34,581 | +83.0% |
| Trade receivables | 40 | €28,020 | - | -€28,020 | |
| Other amounts receivable | 41 | €13,628 | €76,229 | +€62,601 | +459% |
| Current investments | 50/53 | €30,000 | €30,000 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €410,112 | €308,989 | -€101,124 | -24.7% |
| Total equity and liabilities | 10/49 | €551,550 | €416,114 | -€135,436 | -24.6% |
| Equity | 10/15 | €279,881 | €102,600 | -€177,281 | -63.3% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €261,281 | €84,000 | -€177,281 | -67.9% |
| Distributable reserves | 133 | €261,281 | €84,000 | -€177,281 | -67.9% |
| Amounts payable | 17/49 | €271,669 | €313,514 | +€41,845 | +15.4% |
| Amounts payable within one year | 42/48 | €271,669 | €313,514 | +€41,845 | +15.4% |
| Trade debts | 44 | €873 | €678 | -€196 | -22.4% |
| Suppliers | 440/4 | €873 | €678 | -€196 | -22.4% |
| Taxes, remuneration and social security | 45 | €70,796 | €45,548 | -€25,248 | -35.7% |
| Taxes | 450/3 | €66,774 | €44,126 | -€22,649 | -33.9% |
| Remuneration and social security | 454/9 | €4,022 | €1,422 | -€2,599 | -64.6% |
| Other amounts payable | 47/48 | €200,000 | €267,288 | +€67,288 | +33.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,630 | €2,296 | -€334 | -12.7% |
| Other operating charges | 640/8 | €455 | €400 | -€56 | -12.2% |
| Gross operating margin | 9900 | €169,935 | €130,910 | -€39,025 | -23.0% |
| Operating profit (loss) | 9901 | €166,849 | €128,213 | -€38,636 | -23.2% |
| Financial income | 75/76B | €1,658 | €740 | -€918 | -55.4% |
| Recurring financial income | 75 | €1,658 | €740 | -€918 | -55.4% |
| Financial charges | 65/66B | €352 | €96 | -€256 | -72.8% |
| Recurring financial charges | 65 | €352 | €96 | -€256 | -72.8% |
| Profit (loss) for the period before taxes | 9903 | €168,155 | €128,858 | -€39,298 | -23.4% |
| Income taxes | 67/77 | €44,393 | €38,850 | -€5,543 | -12.5% |
| Profit (loss) for the period | 9904 | €123,762 | €90,008 | -€33,754 | -27.3% |
| Profit (loss) for the period to be appropriated | 9905 | €123,762 | €90,008 | -€33,754 | -27.3% |
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 18 October 2026 via checked.be.