THB 8: 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 8
Largest movements
- Financial fixed assets +€103,469
up €103,469 (+87.7%), from €118,031 to €221,500
- Tangible fixed assets -€32,796
down €32,796 (-7.9%), from €417,332 to €384,536
of which Other tangible fixed assets: -€31,764
- Cash -€19,114
down €19,114 (-50.8%), from €37,619 to €18,505
mainly Investment in fixed assets (net) (-€121,331) and Debts after one year (-€58,838)
- Debts after one year -€58,838
no longer reported in 2025 (was €58,838)
- Other debts +€54,792
up €54,792 (+1321.8%), from €4,145 to €58,937
- Trade debts +€45,292
up €45,292 (+23.0%), from €196,843 to €242,135
- Tax, wage and social debts +€16,207
up €16,207 (+26.0%), from €62,329 to €78,537
of which Taxes: +€27,427
- Current portion of long-term debt -€15,703
down €15,703 (-18.4%), from €85,424 to €69,721
- Staff costs -€21,482
down €21,482 (-5.4%), from €395,940 to €374,458
- Financial charges +€13,155
up €13,155 (+104.1%), from €12,638 to €25,793
- Taxes +€5,898
up €5,898 (+38.2%), from €15,442 to €21,340
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 | €600,161 | €647,754 | +€47,594 | +7.9% |
| Fixed assets | 21/28 | €542,866 | €611,039 | +€68,173 | +12.6% |
| Intangible fixed assets | 21 | €7,504 | €5,004 | -€2,500 | -33.3% |
| Tangible fixed assets | 22/27 | €417,332 | €384,536 | -€32,796 | -7.9% |
| Plant, machinery and equipment | 23 | €13,146 | €12,676 | -€471 | -3.6% |
| Furniture and vehicles | 24 | €10,638 | €10,077 | -€561 | -5.3% |
| Other tangible fixed assets | 26 | €393,548 | €361,783 | -€31,764 | -8.1% |
| Financial fixed assets | 28 | €118,031 | €221,500 | +€103,469 | +87.7% |
| Current assets | 29/58 | €57,294 | €36,715 | -€20,579 | -35.9% |
| Stocks and contracts in progress | 3 | €10,893 | €12,277 | +€1,383 | +12.7% |
| Stocks | 30/36 | €10,893 | €12,277 | +€1,383 | +12.7% |
| Amounts receivable within one year | 40/41 | €338 | €2,037 | +€1,700 | +503.3% |
| Trade receivables | 40 | €338 | €2,037 | +€1,700 | +503.3% |
| Cash at bank and in hand | 54/58 | €37,619 | €18,505 | -€19,114 | -50.8% |
| Deferred charges and accrued income | 490/1 | €8,444 | €3,896 | -€4,548 | -53.9% |
| Total equity and liabilities | 10/49 | €600,161 | €647,754 | +€47,594 | +7.9% |
| Equity | 10/15 | €192,580 | €192,225 | -€355 | -0.2% |
| Contributions | 10/11 | €101,200 | €101,200 | = | 0.0% |
| Reserves | 13 | €16,000 | €16,000 | = | 0.0% |
| Distributable reserves | 133 | €16,000 | €16,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €75,380 | €75,025 | -€355 | -0.5% |
| Amounts payable | 17/49 | €407,580 | €455,529 | +€47,948 | +11.8% |
| Amounts payable after more than one year | 17 | €58,838 | - | -€58,838 | |
| Financial debts | 170/4 | €58,838 | - | -€58,838 | |
| Amounts payable within one year | 42/48 | €348,742 | €449,330 | +€100,588 | +28.8% |
| Current portion of amounts payable after more than one year | 42 | €85,424 | €69,721 | -€15,703 | -18.4% |
| Trade debts | 44 | €196,843 | €242,135 | +€45,292 | +23.0% |
| Suppliers | 440/4 | €196,843 | €242,135 | +€45,292 | +23.0% |
| Taxes, remuneration and social security | 45 | €62,329 | €78,537 | +€16,207 | +26.0% |
| Taxes | 450/3 | €22,156 | €49,583 | +€27,427 | +123.8% |
| Remuneration and social security | 454/9 | €40,173 | €28,953 | -€11,220 | -27.9% |
| Other amounts payable | 47/48 | €4,145 | €58,937 | +€54,792 | +1321.8% |
| Accrued charges and deferred income | 492/3 | - | €6,199 | +€6,199 | |
| Remuneration, social security and pensions | 62 | €395,940 | €374,458 | -€21,482 | -5.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €51,727 | €53,158 | +€1,431 | +2.8% |
| Other operating charges | 640/8 | €1,196 | €657 | -€539 | -45.1% |
| Non-recurring operating charges | 66A | €4,287 | - | -€4,287 | |
| Gross operating margin | 9900 | €521,207 | €525,061 | +€3,854 | +0.7% |
| Operating profit (loss) | 9901 | €68,057 | €96,788 | +€28,731 | +42.2% |
| Financial income | 75/76B | €10,110 | €5,490 | -€4,620 | -45.7% |
| Recurring financial income | 75 | €10,110 | €5,490 | -€4,620 | -45.7% |
| Financial charges | 65/66B | €12,638 | €25,793 | +€13,155 | +104.1% |
| Recurring financial charges | 65 | €12,638 | €25,793 | +€13,155 | +104.1% |
| Profit (loss) for the period before taxes | 9903 | €65,528 | €76,485 | +€10,956 | +16.7% |
| Income taxes | 67/77 | €15,442 | €21,340 | +€5,898 | +38.2% |
| Profit (loss) for the period | 9904 | €50,087 | €55,145 | +€5,058 | +10.1% |
| Profit (loss) for the period to be appropriated | 9905 | €50,087 | €55,145 | +€5,058 | +10.1% |
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.