THB 11: what changed
Two fiscal 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.
THB 11
Largest movements
- Tangible fixed assets -€87,789
down €87,789 (-17.3%), from €508,029 to €420,240
of which Other tangible fixed assets: -€81,764
- Debts after one year -€111,756
down €111,756 (-88.2%), from €126,707 to €14,951
- Trade debts +€78,906
up €78,906 (+43.9%), from €179,712 to €258,618
- Profit (loss) carried forward -€25,269
down €25,269 (-41.6%), from -€60,751 to -€86,021
- Current portion of long-term debt -€21,030
down €21,030 (-13.5%), from €156,150 to €135,120
- Tax, wage and social debts -€11,400
down €11,400 (-22.8%), from €50,007 to €38,607
of which Remuneration and social security: -€13,001
- Staff costs -€49,224
down €49,224 (-10.4%), from €473,282 to €424,057
- Gross operating margin -€44,934
down €44,934 (-7.8%), from €574,816 to €529,882
- Financial charges +€15,184
up €15,184 (+76.5%), from €19,839 to €35,023
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 | €571,825 | €481,276 | -€90,549 | -15.8% |
| Fixed assets | 21/28 | €529,811 | €435,686 | -€94,126 | -17.8% |
| Intangible fixed assets | 21 | €17,249 | €14,000 | -€3,249 | -18.8% |
| Tangible fixed assets | 22/27 | €508,029 | €420,240 | -€87,789 | -17.3% |
| Plant, machinery and equipment | 23 | €1,847 | €1,211 | -€637 | -34.5% |
| Furniture and vehicles | 24 | €14,619 | €9,231 | -€5,389 | -36.9% |
| Other tangible fixed assets | 26 | €491,562 | €409,799 | -€81,764 | -16.6% |
| Financial fixed assets | 28 | €4,534 | €1,446 | -€3,088 | -68.1% |
| Current assets | 29/58 | €42,013 | €45,590 | +€3,577 | +8.5% |
| Stocks and contracts in progress | 3 | €11,407 | €13,050 | +€1,644 | +14.4% |
| Stocks | 30/36 | €11,407 | €13,050 | +€1,644 | +14.4% |
| Amounts receivable within one year | 40/41 | €320 | €1,610 | +€1,291 | +403.8% |
| Trade receivables | 40 | €320 | €1,602 | +€1,283 | +401.4% |
| Other amounts receivable | 41 | - | €8 | +€8 | |
| Cash at bank and in hand | 54/58 | €20,085 | €25,800 | +€5,715 | +28.5% |
| Deferred charges and accrued income | 490/1 | €10,203 | €5,131 | -€5,072 | -49.7% |
| Total equity and liabilities | 10/49 | €571,825 | €481,276 | -€90,549 | -15.8% |
| Equity | 10/15 | €59,249 | €33,979 | -€25,269 | -42.6% |
| Contributions | 10/11 | €120,000 | €120,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€60,751 | -€86,021 | -€25,269 | -41.6% |
| Amounts payable | 17/49 | €512,576 | €447,297 | -€65,280 | -12.7% |
| Amounts payable after more than one year | 17 | €126,707 | €14,951 | -€111,756 | -88.2% |
| Financial debts | 170/4 | €126,707 | €14,951 | -€111,756 | -88.2% |
| Amounts payable within one year | 42/48 | €385,869 | €432,345 | +€46,476 | +12.0% |
| Current portion of amounts payable after more than one year | 42 | €156,150 | €135,120 | -€21,030 | -13.5% |
| Trade debts | 44 | €179,712 | €258,618 | +€78,906 | +43.9% |
| Suppliers | 440/4 | €179,712 | €258,618 | +€78,906 | +43.9% |
| Taxes, remuneration and social security | 45 | €50,007 | €38,607 | -€11,400 | -22.8% |
| Taxes | 450/3 | €4,769 | €6,370 | +€1,601 | +33.6% |
| Remuneration and social security | 454/9 | €45,238 | €32,237 | -€13,001 | -28.7% |
| Remuneration, social security and pensions | 62 | €473,282 | €424,057 | -€49,224 | -10.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €92,534 | €94,088 | +€1,554 | +1.7% |
| Other operating charges | 640/8 | €1,788 | €2,001 | +€213 | +11.9% |
| Gross operating margin | 9900 | €574,816 | €529,882 | -€44,934 | -7.8% |
| Operating profit (loss) | 9901 | €7,212 | €9,735 | +€2,523 | +35.0% |
| Financial income | 75/76B | €1,329 | €18 | -€1,311 | -98.6% |
| Recurring financial income | 75 | €1,329 | €18 | -€1,311 | -98.6% |
| Financial charges | 65/66B | €19,839 | €35,023 | +€15,184 | +76.5% |
| Recurring financial charges | 65 | €19,839 | €35,023 | +€15,184 | +76.5% |
| Profit (loss) for the period before taxes | 9903 | -€11,298 | -€25,269 | -€13,972 | -123.7% |
| Profit (loss) for the period | 9904 | -€11,298 | -€25,269 | -€13,972 | -123.7% |
| Profit (loss) for the period to be appropriated | 9905 | -€11,298 | -€25,269 | -€13,972 | -123.7% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 7 October 2026 via checked.be.