THB INVEST: what changed
Two financial 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 INVEST
Largest movements
- Cash -€127,828
down €127,828 (-96.9%), from €131,924 to €4,096
mainly Investment in fixed assets (net) (-€140,264) and Net result for the year (-€35,729)
- Tangible fixed assets +€118,254
up €118,254 (+33.8%), from €350,339 to €468,593
of which Land and buildings: +€118,814
- Reserves -€35,729
down €35,729 (-13.5%), from €264,462 to €228,732
of which Distributable reserves: -€31,560
- Accrued charges and deferred income +€12,867
up €12,867 (+105%), from €12,262 to €25,130
- Other debts +€12,316
up €12,316 (+4.8%), from €256,737 to €269,053
- Gross operating margin +€4,492
up €4,492, from -€1,039 to €3,453
- Depreciation +€4,246
up €4,246 (+23.9%), from €17,764 to €22,010
- Other operating charges +€1,647
up €1,647 (+27.7%), from €5,940 to €7,586
- Financial charges -€226
down €226 (-1.8%), from €12,296 to €12,069
- Financial income +€37
up €37 (+3.1%), from €1,205 to €1,241
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.
Derived cash bridge
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 | €833,390 | €822,385 | -€11,005 | -1.3% |
| Fixed assets | 21/28 | €598,760 | €717,014 | +€118,254 | +19.7% |
| Tangible fixed assets | 22/27 | €350,339 | €468,593 | +€118,254 | +33.8% |
| Land and buildings | 22 | €348,219 | €467,033 | +€118,814 | +34.1% |
| Plant, machinery and equipment | 23 | €1,845 | €1,560 | -€285 | -15.5% |
| Furniture and vehicles | 24 | €275 | €0 | -€275 | -100% |
| Financial fixed assets | 28 | €248,421 | €248,421 | = | 0.0% |
| Current assets | 29/58 | €234,629 | €105,371 | -€129,259 | -55.1% |
| Amounts receivable within one year | 40/41 | €100,160 | €98,671 | -€1,489 | -1.5% |
| Trade receivables | 40 | €2 | €0 | -€2 | -100% |
| Other amounts receivable | 41 | €100,158 | €98,671 | -€1,487 | -1.5% |
| Cash at bank and in hand | 54/58 | €131,924 | €4,096 | -€127,828 | -96.9% |
| Deferred charges and accrued income | 490/1 | €2,546 | €2,604 | +€58 | +2.3% |
| Total equity and liabilities | 10/49 | €833,390 | €822,385 | -€11,005 | -1.3% |
| Equity | 10/15 | €526,962 | €491,232 | -€35,729 | -6.8% |
| Contributions | 10/11 | €262,500 | €262,500 | = | 0.0% |
| Reserves | 13 | €264,462 | €228,732 | -€35,729 | -13.5% |
| Non-distributable reserves | 130/1 | €0 | - | = | |
| Reserves not available under the articles | 1311 | €0 | - | = | |
| Tax-exempt reserves | 132 | €106,580 | €102,410 | -€4,169 | -3.9% |
| Distributable reserves | 133 | €157,882 | €126,322 | -€31,560 | -20.0% |
| Provisions and deferred taxes | 16 | €35,527 | €34,137 | -€1,390 | -3.9% |
| Deferred taxes | 168 | €35,527 | €34,137 | -€1,390 | -3.9% |
| Amounts payable | 17/49 | €270,901 | €297,016 | +€26,114 | +9.6% |
| Amounts payable within one year | 42/48 | €258,639 | €271,886 | +€13,247 | +5.1% |
| Trade debts | 44 | €1,123 | €2,685 | +€1,562 | +139% |
| Suppliers | 440/4 | €1,123 | €2,685 | +€1,562 | +139% |
| Taxes, remuneration and social security | 45 | €779 | €147 | -€632 | -81.1% |
| Taxes | 450/3 | €779 | €147 | -€632 | -81.1% |
| Other amounts payable | 47/48 | €256,737 | €269,053 | +€12,316 | +4.8% |
| Accrued charges and deferred income | 492/3 | €12,262 | €25,130 | +€12,867 | +105% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €17,764 | €22,010 | +€4,246 | +23.9% |
| Other operating charges | 640/8 | €5,940 | €7,586 | +€1,647 | +27.7% |
| Gross operating margin | 9900 | -€1,039 | €3,453 | +€4,492 | |
| Operating profit (loss) | 9901 | -€24,743 | -€26,144 | -€1,402 | -5.7% |
| Financial income | 75/76B | €1,205 | €1,241 | +€37 | +3.1% |
| Recurring financial income | 75 | €1,205 | €1,241 | +€37 | +3.1% |
| Financial charges | 65/66B | €12,296 | €12,069 | -€226 | -1.8% |
| Recurring financial charges | 65 | €12,296 | €12,069 | -€226 | -1.8% |
| Profit (loss) for the period before taxes | 9903 | -€35,834 | -€36,972 | -€1,138 | -3.2% |
| Transfer from deferred taxes | 780 | €1,390 | €1,390 | = | 0.0% |
| Income taxes | 67/77 | €140 | €147 | +€7 | +5.3% |
| Profit (loss) for the period | 9904 | -€34,584 | -€35,729 | -€1,146 | -3.3% |
| Transfer from tax-exempt reserves | 789 | €4,169 | €4,169 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | -€30,414 | -€31,560 | -€1,146 | -3.8% |
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 24 October 2026 via checked.be.