THB10: 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.
THB10
Largest movements
- Tangible fixed assets -€48,613
down €48,613 (-20.4%), from €238,700 to €190,087
of which Other tangible fixed assets: -€48,778
- Cash -€11,475
down €11,475 (-50.5%), from €22,717 to €11,242
mainly Current portion of long-term debt (-€101,161) and Other debts (-€56,013)
- Financial fixed assets -€8,992
down €8,992 (-3.6%), from €247,607 to €238,616
- Current portion of long-term debt -€101,161
down €101,161 (-100.0%), from €101,161 to €0
- Trade debts +€67,719
up €67,719 (+48.2%), from €140,557 to €208,275
- Other debts -€56,013
down €56,013 (-55.5%), from €101,013 to €45,000
- Tax, wage and social debts +€14,368
up €14,368 (+36.1%), from €39,824 to €54,192
of which Taxes: +€12,167
- Profit (loss) carried forward +€8,439
up €8,439 (+230.0%), from €3,669 to €12,108
- Staff costs +€42,539
up €42,539 (+12.2%), from €349,035 to €391,575
- Gross operating margin +€29,345
up €29,345 (+6.6%), from €445,828 to €475,174
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 | €533,484 | €464,576 | -€68,908 | -12.9% |
| Fixed assets | 21/28 | €498,808 | €438,203 | -€60,605 | -12.1% |
| Intangible fixed assets | 21 | €12,500 | €9,500 | -€3,000 | -24.0% |
| Tangible fixed assets | 22/27 | €238,700 | €190,087 | -€48,613 | -20.4% |
| Plant, machinery and equipment | 23 | €8,178 | €8,621 | +€443 | +5.4% |
| Furniture and vehicles | 24 | €8,041 | €7,762 | -€279 | -3.5% |
| Other tangible fixed assets | 26 | €222,482 | €173,704 | -€48,778 | -21.9% |
| Financial fixed assets | 28 | €247,607 | €238,616 | -€8,992 | -3.6% |
| Current assets | 29/58 | €34,676 | €26,373 | -€8,303 | -23.9% |
| Stocks and contracts in progress | 3 | €9,679 | €7,562 | -€2,118 | -21.9% |
| Stocks | 30/36 | €9,679 | €7,562 | -€2,118 | -21.9% |
| Amounts receivable within one year | 40/41 | €2,280 | €5,219 | +€2,939 | +128.9% |
| Trade receivables | 40 | €2,280 | €5,219 | +€2,939 | +128.9% |
| Cash at bank and in hand | 54/58 | €22,717 | €11,242 | -€11,475 | -50.5% |
| Deferred charges and accrued income | 490/1 | - | €2,351 | +€2,351 | |
| Total equity and liabilities | 10/49 | €533,484 | €464,576 | -€68,908 | -12.9% |
| Equity | 10/15 | €123,669 | €132,108 | +€8,439 | +6.8% |
| Contributions | 10/11 | €120,000 | €120,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €3,669 | €12,108 | +€8,439 | +230.0% |
| Amounts payable | 17/49 | €409,815 | €332,467 | -€77,347 | -18.9% |
| Amounts payable within one year | 42/48 | €407,555 | €332,467 | -€75,087 | -18.4% |
| Current portion of amounts payable after more than one year | 42 | €101,161 | €0 | -€101,161 | -100.0% |
| Financial debts | 43 | €25,000 | €25,000 | = | 0.0% |
| Credit institutions | 430/8 | €25,000 | €25,000 | = | 0.0% |
| Trade debts | 44 | €140,557 | €208,275 | +€67,719 | +48.2% |
| Suppliers | 440/4 | €140,557 | €208,275 | +€67,719 | +48.2% |
| Taxes, remuneration and social security | 45 | €39,824 | €54,192 | +€14,368 | +36.1% |
| Taxes | 450/3 | €10,806 | €22,973 | +€12,167 | +112.6% |
| Remuneration and social security | 454/9 | €29,018 | €31,219 | +€2,201 | +7.6% |
| Other amounts payable | 47/48 | €101,013 | €45,000 | -€56,013 | -55.5% |
| Accrued charges and deferred income | 492/3 | €2,260 | - | -€2,260 | |
| Remuneration, social security and pensions | 62 | €349,035 | €391,575 | +€42,539 | +12.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €62,272 | €58,035 | -€4,237 | -6.8% |
| Other operating charges | 640/8 | €437 | €450 | +€12 | +2.8% |
| Gross operating margin | 9900 | €445,828 | €475,174 | +€29,345 | +6.6% |
| Operating profit (loss) | 9901 | €34,084 | €25,114 | -€8,970 | -26.3% |
| Financial income | 75/76B | €8,170 | €8,288 | +€118 | +1.4% |
| Recurring financial income | 75 | €8,170 | €8,288 | +€118 | +1.4% |
| Financial charges | 65/66B | €18,712 | €19,720 | +€1,008 | +5.4% |
| Recurring financial charges | 65 | €18,712 | €19,720 | +€1,008 | +5.4% |
| Profit (loss) for the period before taxes | 9903 | €23,542 | €13,681 | -€9,861 | -41.9% |
| Income taxes | 67/77 | €6,929 | €5,242 | -€1,686 | -24.3% |
| Profit (loss) for the period | 9904 | €16,613 | €8,439 | -€8,174 | -49.2% |
| Profit (loss) for the period to be appropriated | 9905 | €16,613 | €8,439 | -€8,174 | -49.2% |
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 11 October 2026 via checked.be.