THB Delivery: 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 Delivery
Largest movements
- Tangible fixed assets -€38,502
down €38,502 (-20.0%), from €192,041 to €153,540
of which Other tangible fixed assets: -€35,649
- Receivables within one year -€12,444
down €12,444 (-23.7%), from €52,412 to €39,968
of which Other amounts receivable: -€19,090
- Trade debts -€101,262
down €101,262 (-40.8%), from €248,447 to €147,185
- Debts after one year +€91,611
up €91,611 (+32.8%), from €279,643 to €371,255
- Profit (loss) carried forward -€49,213
down €49,213 (-10.7%), from -€457,970 to -€507,183
- Current portion of long-term debt +€6,769
up €6,769 (+4.7%), from €145,519 to €152,288
- Gross operating margin -€20,559
down €20,559 (-21.3%), from €96,307 to €75,749
- Staff costs +€14,315
up €14,315 (+30.5%), from €46,957 to €61,272
- Financial charges +€4,679
up €4,679 (+26.5%), from €17,647 to €22,326
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 | €257,467 | €203,663 | -€53,804 | -20.9% |
| Fixed assets | 21/28 | €198,541 | €158,100 | -€40,442 | -20.4% |
| Intangible fixed assets | 21 | €5,000 | €3,000 | -€2,000 | -40.0% |
| Tangible fixed assets | 22/27 | €192,041 | €153,540 | -€38,502 | -20.0% |
| Plant, machinery and equipment | 23 | €4,164 | €3,546 | -€618 | -14.8% |
| Furniture and vehicles | 24 | €4,424 | €2,190 | -€2,234 | -50.5% |
| Other tangible fixed assets | 26 | €183,453 | €147,804 | -€35,649 | -19.4% |
| Financial fixed assets | 28 | €1,500 | €1,560 | +€60 | +4.0% |
| Current assets | 29/58 | €58,926 | €45,564 | -€13,362 | -22.7% |
| Stocks and contracts in progress | 3 | €6,385 | €5,500 | -€886 | -13.9% |
| Stocks | 30/36 | €6,385 | €5,500 | -€886 | -13.9% |
| Amounts receivable within one year | 40/41 | €52,412 | €39,968 | -€12,444 | -23.7% |
| Trade receivables | 40 | €33,108 | €39,753 | +€6,646 | +20.1% |
| Other amounts receivable | 41 | €19,304 | €215 | -€19,090 | -98.9% |
| Cash at bank and in hand | 54/58 | €129 | €96 | -€32 | -25.2% |
| Total equity and liabilities | 10/49 | €257,467 | €203,663 | -€53,804 | -20.9% |
| Equity | 10/15 | -€437,970 | -€487,183 | -€49,213 | -11.2% |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€457,970 | -€507,183 | -€49,213 | -10.7% |
| Amounts payable | 17/49 | €695,437 | €690,846 | -€4,591 | -0.7% |
| Amounts payable after more than one year | 17 | €279,643 | €371,255 | +€91,611 | +32.8% |
| Financial debts | 170/4 | €279,643 | €371,255 | +€91,611 | +32.8% |
| Amounts payable within one year | 42/48 | €414,446 | €319,592 | -€94,855 | -22.9% |
| Current portion of amounts payable after more than one year | 42 | €145,519 | €152,288 | +€6,769 | +4.7% |
| Financial debts | 43 | €14,991 | €14,958 | -€33 | -0.2% |
| Credit institutions | 430/8 | €14,991 | €14,958 | -€33 | -0.2% |
| Trade debts | 44 | €248,447 | €147,185 | -€101,262 | -40.8% |
| Suppliers | 440/4 | €248,447 | €147,185 | -€101,262 | -40.8% |
| Taxes, remuneration and social security | 45 | €5,490 | €5,160 | -€329 | -6.0% |
| Remuneration and social security | 454/9 | €5,490 | €5,160 | -€329 | -6.0% |
| Accrued charges and deferred income | 492/3 | €1,347 | - | -€1,347 | |
| Non-recurring operating income | 76A | €18,750 | - | -€18,750 | |
| Remuneration, social security and pensions | 62 | €46,957 | €61,272 | +€14,315 | +30.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €40,464 | €40,502 | +€37 | +0.1% |
| Other operating charges | 640/8 | €930 | €862 | -€68 | -7.3% |
| Non-recurring operating charges | 66A | €571 | - | -€571 | |
| Gross operating margin | 9900 | €96,307 | €75,749 | -€20,559 | -21.3% |
| Operating profit (loss) | 9901 | €7,385 | -€26,887 | -€34,272 | |
| Financial income | 75/76B | €3 | - | -€3 | |
| Recurring financial income | 75 | €3 | - | -€3 | |
| Financial charges | 65/66B | €17,647 | €22,326 | +€4,679 | +26.5% |
| Recurring financial charges | 65 | €17,647 | €22,326 | +€4,679 | +26.5% |
| Profit (loss) for the period before taxes | 9903 | -€10,259 | -€49,213 | -€38,954 | -379.7% |
| Profit (loss) for the period | 9904 | -€10,259 | -€49,213 | -€38,954 | -379.7% |
| Profit (loss) for the period to be appropriated | 9905 | -€10,259 | -€49,213 | -€38,954 | -379.7% |
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 3 October 2026 via checked.be.