THB 12: 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 12
Largest movements
- Financial fixed assets +€174,003
up €174,003 (+155.5%), from €111,914 to €285,917
- Tangible fixed assets -€108,648
down €108,648 (-11.9%), from €912,114 to €803,466
of which Other tangible fixed assets: -€73,444
- Cash -€19,038
down €19,038 (-55.2%), from €34,510 to €15,472
mainly Investment in fixed assets (net) (-€181,965) and Debts after one year (-€112,688)
- Deferred charges and accrued income -€13,517
no longer reported in 2025 (was €13,517)
- Debts after one year -€112,688
down €112,688 (-16.1%), from €701,924 to €589,235
- Trade debts +€106,373
up €106,373 (+51.4%), from €206,793 to €313,166
- Current portion of long-term debt +€29,325
up €29,325 (+27.9%), from €105,267 to €134,592
- Tax, wage and social debts +€20,166
up €20,166 (+45.0%), from €44,853 to €65,019
of which Taxes: +€10,799
- Staff costs -€94,082
down €94,082 (-15.0%), from €627,514 to €533,431
- Depreciation -€67,973
down €67,973 (-36.2%), from €188,018 to €120,045
- Gross operating margin -€52,812
down €52,812 (-6.9%), from €769,048 to €716,236
- Financial charges -€20,494
down €20,494 (-21.3%), from €96,398 to €75,904
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 | €1,117,213 | €1,154,586 | +€37,373 | +3.3% |
| Formation expenses | 20 | €1,417 | €983 | -€435 | -30.7% |
| Fixed assets | 21/28 | €1,048,982 | €1,111,337 | +€62,355 | +5.9% |
| Intangible fixed assets | 21 | €24,955 | €21,955 | -€3,000 | -12.0% |
| Tangible fixed assets | 22/27 | €912,114 | €803,466 | -€108,648 | -11.9% |
| Plant, machinery and equipment | 23 | €171,322 | €149,968 | -€21,354 | -12.5% |
| Furniture and vehicles | 24 | €58,454 | €44,604 | -€13,850 | -23.7% |
| Other tangible fixed assets | 26 | €682,338 | €608,894 | -€73,444 | -10.8% |
| Financial fixed assets | 28 | €111,914 | €285,917 | +€174,003 | +155.5% |
| Current assets | 29/58 | €66,814 | €42,267 | -€24,547 | -36.7% |
| Stocks and contracts in progress | 3 | €13,329 | €15,012 | +€1,683 | +12.6% |
| Stocks | 30/36 | €13,329 | €15,012 | +€1,683 | +12.6% |
| Amounts receivable within one year | 40/41 | €5,457 | €11,782 | +€6,325 | +115.9% |
| Trade receivables | 40 | €5,457 | €11,782 | +€6,325 | +115.9% |
| Cash at bank and in hand | 54/58 | €34,510 | €15,472 | -€19,038 | -55.2% |
| Deferred charges and accrued income | 490/1 | €13,517 | - | -€13,517 | |
| Total equity and liabilities | 10/49 | €1,117,213 | €1,154,586 | +€37,373 | +3.3% |
| Equity | 10/15 | €48,848 | €41,639 | -€7,209 | -14.8% |
| Contributions | 10/11 | €200,000 | €200,000 | = | 0.0% |
| Outside capital | 11 | - | €200,000 | +€200,000 | |
| Other | 1109/19 | - | €200,000 | +€200,000 | |
| Profit (loss) carried forward | 14 | -€151,152 | -€158,361 | -€7,209 | -4.8% |
| Amounts payable | 17/49 | €1,068,365 | €1,112,947 | +€44,582 | +4.2% |
| Amounts payable after more than one year | 17 | €701,924 | €589,235 | -€112,688 | -16.1% |
| Financial debts | 170/4 | €701,924 | €589,235 | -€112,688 | -16.1% |
| Amounts payable within one year | 42/48 | €356,912 | €512,777 | +€155,864 | +43.7% |
| Current portion of amounts payable after more than one year | 42 | €105,267 | €134,592 | +€29,325 | +27.9% |
| Trade debts | 44 | €206,793 | €313,166 | +€106,373 | +51.4% |
| Suppliers | 440/4 | €206,793 | €313,166 | +€106,373 | +51.4% |
| Taxes, remuneration and social security | 45 | €44,853 | €65,019 | +€20,166 | +45.0% |
| Taxes | 450/3 | €6,939 | €17,738 | +€10,799 | +155.6% |
| Remuneration and social security | 454/9 | €37,914 | €47,281 | +€9,367 | +24.7% |
| Accrued charges and deferred income | 492/3 | €9,529 | €10,936 | +€1,406 | +14.8% |
| Remuneration, social security and pensions | 62 | €627,514 | €533,431 | -€94,082 | -15.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €188,018 | €120,045 | -€67,973 | -36.2% |
| Other operating charges | 640/8 | €6,153 | €500 | -€5,653 | -91.9% |
| Non-recurring operating charges | 66A | €5,027 | - | -€5,027 | |
| Gross operating margin | 9900 | €769,048 | €716,236 | -€52,812 | -6.9% |
| Operating profit (loss) | 9901 | -€57,664 | €62,260 | +€119,924 | |
| Financial income | 75/76B | €2,910 | €6,435 | +€3,524 | +121.1% |
| Recurring financial income | 75 | €2,910 | €6,435 | +€3,524 | +121.1% |
| Financial charges | 65/66B | €96,398 | €75,904 | -€20,494 | -21.3% |
| Recurring financial charges | 65 | €96,398 | €75,904 | -€20,494 | -21.3% |
| Profit (loss) for the period before taxes | 9903 | -€151,152 | -€7,209 | +€143,942 | +95.2% |
| Profit (loss) for the period | 9904 | -€151,152 | -€7,209 | +€143,942 | +95.2% |
| Profit (loss) for the period to be appropriated | 9905 | -€151,152 | -€7,209 | +€143,942 | +95.2% |
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 3 October 2026 via checked.be.