THB BELGIUM: what changed
What changed
THB BELGIUM
NACE 73.300, Public relations and communication consultancy
filed annual accounts (NBB)
Net result for the year
-€53,884
2024 · -€58,470+€4,586
Equity
-€17,442
2024 · €36,442-€53,884
Cash
€21,030
2024 · €19,043+€1,987
Balance sheet total
€2.9m
2024 · €2.7m+€154,654
Largest movements
Assets
- Receivables within one year +€125,698
up €125,698 (+4.9%), from €2.6m to €2.7m
of which Trade receivables: +€147,676
Equity and liabilities
- Debts after one year +€387,488
up €387,488 (+37.4%), from €1.0m to €1.4m
- Trade debts -€188,620
down €188,620 (-13.9%), from €1.4m to €1.2m
- Profit (loss) carried forward -€53,884
down €53,884, from €15,982 to -€37,902
- Tax, wage and social debts +€41,661
up €41,661 (+60.7%), from €68,606 to €110,267
of which Remuneration and social security: +€40,352
- Current portion of long-term debt -€38,739
down €38,739 (-53.4%), from €72,595 to €33,856
Income statement
- Staff costs -€85,166
down €85,166 (-11.8%), from €721,994 to €636,828
- Gross operating margin -€76,249
down €76,249 (-9.7%), from €789,907 to €713,658
- Taxes -€17,983
down €17,983 (-93.5%), from €19,233 to €1,250
- Financial charges +€16,549
up €16,549 (+21.3%), from €77,679 to €94,228
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Result 2024
-€58,470
Gross operating margin
-€76,249
Staff costs
+€85,166
Depreciation
-€5,128
Other operating charges
-€794
Other operating items
+€150
Financial income
+€7
Financial charges
-€16,549
Taxes
+€17,983
Result 2025
-€53,884
raises the resultlowers the resultnot broken down further in the accounts
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
From operations
-€298,293
Investment
-€48,469
Financing
+€348,749
Cash 2024
€19,043
From operations (derived)
-€298,293
Net result for the year
-€53,884
Depreciation
+€31,643
Stocks and contracts
+€3,348
Receivables within one year
-€125,698
Deferred charges and accrued income
-€13,492
Trade debts
-€188,620
Tax, wage and social debts
+€41,661
Other debts
+€7,749
Accrued charges and deferred income
-€1,000
Investment (derived)
-€48,469
Investment in fixed assets (net)
-€48,469
Financing
+€348,749
Debts after one year
+€387,488
Current portion of long-term debt
-€38,739
Cash 2025
€21,030
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €2,700,054 | €2,854,708 | +€154,654 | +5.7% |
| Fixed assets | 21/28 | €63,378 | €80,203 | +€16,825 | +26.5% |
| Intangible fixed assets | 21 | €39,607 | €62,171 | +€22,564 | +57.0% |
| Tangible fixed assets | 22/27 | €20,771 | €14,948 | -€5,823 | -28.0% |
| Plant, machinery and equipment | 23 | €3,825 | €3,731 | -€94 | -2.5% |
| Furniture and vehicles | 24 | €16,946 | €11,218 | -€5,729 | -33.8% |
| Financial fixed assets | 28 | €3,000 | €3,084 | +€84 | +2.8% |
| Current assets | 29/58 | €2,636,676 | €2,774,505 | +€137,829 | +5.2% |
| Stocks and contracts in progress | 3 | €36,662 | €33,314 | -€3,348 | -9.1% |
| Stocks | 30/36 | €36,662 | €33,314 | -€3,348 | -9.1% |
| Amounts receivable within one year | 40/41 | €2,573,932 | €2,699,630 | +€125,698 | +4.9% |
| Trade receivables | 40 | €2,539,171 | €2,686,847 | +€147,676 | +5.8% |
| Other amounts receivable | 41 | €34,761 | €12,783 | -€21,978 | -63.2% |
| Cash at bank and in hand | 54/58 | €19,043 | €21,030 | +€1,987 | +10.4% |
| Deferred charges and accrued income | 490/1 | €7,039 | €20,531 | +€13,492 | +192% |
| Total equity and liabilities | 10/49 | €2,700,054 | €2,854,708 | +€154,654 | +5.7% |
| Equity | 10/15 | €36,442 | -€17,442 | -€53,884 | |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €1,860 | €1,860 | = | 0.0% |
| Profit (loss) carried forward | 14 | €15,982 | -€37,902 | -€53,884 | |
| Amounts payable | 17/49 | €2,663,612 | €2,872,150 | +€208,538 | +7.8% |
| Amounts payable after more than one year | 17 | €1,036,586 | €1,424,074 | +€387,488 | +37.4% |
| Financial debts | 170/4 | €1,036,586 | €1,424,074 | +€387,488 | +37.4% |
| Amounts payable within one year | 42/48 | €1,626,027 | €1,448,077 | -€177,950 | -10.9% |
| Current portion of amounts payable after more than one year | 42 | €72,595 | €33,856 | -€38,739 | -53.4% |
| Trade debts | 44 | €1,352,673 | €1,164,052 | -€188,620 | -13.9% |
| Suppliers | 440/4 | €1,352,673 | €1,164,052 | -€188,620 | -13.9% |
| Taxes, remuneration and social security | 45 | €68,606 | €110,267 | +€41,661 | +60.7% |
| Taxes | 450/3 | €1,674 | €2,983 | +€1,309 | +78.2% |
| Remuneration and social security | 454/9 | €66,932 | €107,284 | +€40,352 | +60.3% |
| Other amounts payable | 47/48 | €132,153 | €139,902 | +€7,749 | +5.9% |
| Accrued charges and deferred income | 492/3 | €1,000 | - | -€1,000 | |
| Remuneration, social security and pensions | 62 | €721,994 | €636,828 | -€85,166 | -11.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €26,516 | €31,643 | +€5,128 | +19.3% |
| Other operating charges | 640/8 | €2,807 | €3,601 | +€794 | +28.3% |
| Non-recurring operating charges | 66A | €150 | - | -€150 | |
| Gross operating margin | 9900 | €789,907 | €713,658 | -€76,249 | -9.7% |
| Operating profit (loss) | 9901 | €38,440 | €41,585 | +€3,146 | +8.2% |
| Financial income | 75/76B | €2 | €9 | +€7 | +318% |
| Recurring financial income | 75 | €2 | €9 | +€7 | +318% |
| Financial charges | 65/66B | €77,679 | €94,228 | +€16,549 | +21.3% |
| Recurring financial charges | 65 | €77,679 | €94,228 | +€16,549 | +21.3% |
| Profit (loss) for the period before taxes | 9903 | -€39,237 | -€52,634 | -€13,397 | -34.1% |
| Income taxes | 67/77 | €19,233 | €1,250 | -€17,983 | -93.5% |
| Profit (loss) for the period | 9904 | -€58,470 | -€53,884 | +€4,586 | +7.8% |
| Profit (loss) for the period to be appropriated | 9905 | -€58,470 | -€53,884 | +€4,586 | +7.8% |
Next steps
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Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 3 November 2026 via checked.be.