THB13: 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.
THB13
Largest movements
- Tangible fixed assets -€110,105
down €110,105 (-11.5%), from €959,677 to €849,571
of which Other tangible fixed assets: -€85,604
- Profit (loss) carried forward -€65,341
down €65,341 (-28.1%), from -€232,823 to -€298,164
- Debts after one year -€61,256
down €61,256 (-8.0%), from €764,967 to €703,711
- Trade debts -€24,631
down €24,631 (-14.5%), from €169,902 to €145,271
- Current portion of long-term debt +€20,279
up €20,279 (+20.6%), from €98,530 to €118,808
- Tax, wage and social debts +€10,670
up €10,670 (+64.6%), from €16,512 to €27,183
of which Remuneration and social security: +€5,884
- Gross operating margin +€192,493
up €192,493 (+84.2%), from €228,650 to €421,143
- Staff costs +€35,992
up €35,992 (+14.0%), from €256,926 to €292,918
- Depreciation -€10,324
down €10,324 (-8.0%), from €129,114 to €118,790
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 | €1,022,640 | €902,782 | -€119,858 | -11.7% |
| Formation expenses | 20 | - | €1,215 | +€1,215 | |
| Fixed assets | 21/28 | €989,331 | €874,450 | -€114,881 | -11.6% |
| Intangible fixed assets | 21 | €28,023 | €23,373 | -€4,650 | -16.6% |
| Tangible fixed assets | 22/27 | €959,677 | €849,571 | -€110,105 | -11.5% |
| Plant, machinery and equipment | 23 | €75,945 | €66,680 | -€9,265 | -12.2% |
| Furniture and vehicles | 24 | €77,157 | €61,921 | -€15,236 | -19.7% |
| Other tangible fixed assets | 26 | €806,574 | €720,970 | -€85,604 | -10.6% |
| Financial fixed assets | 28 | €1,631 | €1,506 | -€125 | -7.7% |
| Current assets | 29/58 | €33,309 | €27,117 | -€6,192 | -18.6% |
| Stocks and contracts in progress | 3 | €9,374 | €10,364 | +€990 | +10.6% |
| Stocks | 30/36 | €9,374 | €10,364 | +€990 | +10.6% |
| Amounts receivable within one year | 40/41 | €15,527 | €5,566 | -€9,961 | -64.2% |
| Trade receivables | 40 | €1,104 | €5,561 | +€4,457 | +403.6% |
| Other amounts receivable | 41 | €14,423 | €5 | -€14,418 | -100.0% |
| Cash at bank and in hand | 54/58 | €8,408 | €8,223 | -€186 | -2.2% |
| Deferred charges and accrued income | 490/1 | - | €2,964 | +€2,964 | |
| Total equity and liabilities | 10/49 | €1,022,640 | €902,782 | -€119,858 | -11.7% |
| Equity | 10/15 | -€32,823 | -€98,164 | -€65,341 | -199.1% |
| Contributions | 10/11 | €200,000 | €200,000 | = | 0.0% |
| Outside capital | 11 | - | €200,000 | +€200,000 | |
| Other | 1109/19 | - | €200,000 | +€200,000 | |
| Profit (loss) carried forward | 14 | -€232,823 | -€298,164 | -€65,341 | -28.1% |
| Amounts payable | 17/49 | €1,055,462 | €1,000,946 | -€54,516 | -5.2% |
| Amounts payable after more than one year | 17 | €764,967 | €703,711 | -€61,256 | -8.0% |
| Financial debts | 170/4 | €764,967 | €703,711 | -€61,256 | -8.0% |
| Amounts payable within one year | 42/48 | €284,944 | €291,261 | +€6,318 | +2.2% |
| Current portion of amounts payable after more than one year | 42 | €98,530 | €118,808 | +€20,279 | +20.6% |
| Trade debts | 44 | €169,902 | €145,271 | -€24,631 | -14.5% |
| Suppliers | 440/4 | €169,902 | €145,271 | -€24,631 | -14.5% |
| Taxes, remuneration and social security | 45 | €16,512 | €27,183 | +€10,670 | +64.6% |
| Taxes | 450/3 | - | €4,786 | +€4,786 | |
| Remuneration and social security | 454/9 | €16,512 | €22,396 | +€5,884 | +35.6% |
| Accrued charges and deferred income | 492/3 | €5,552 | €5,974 | +€423 | +7.6% |
| Remuneration, social security and pensions | 62 | €256,926 | €292,918 | +€35,992 | +14.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €129,114 | €118,790 | -€10,324 | -8.0% |
| Other operating charges | 640/8 | €1,772 | €4,583 | +€2,811 | +158.7% |
| Non-recurring operating charges | 66A | €3,727 | - | -€3,727 | |
| Gross operating margin | 9900 | €228,650 | €421,143 | +€192,493 | +84.2% |
| Operating profit (loss) | 9901 | -€162,889 | €4,852 | +€167,741 | |
| Financial income | 75/76B | €0 | €0 | -€0 | -96.2% |
| Recurring financial income | 75 | €0 | €0 | -€0 | -96.2% |
| Financial charges | 65/66B | €69,934 | €70,193 | +€259 | +0.4% |
| Recurring financial charges | 65 | €69,934 | €70,193 | +€259 | +0.4% |
| Profit (loss) for the period before taxes | 9903 | -€232,823 | -€65,341 | +€167,481 | +71.9% |
| Profit (loss) for the period | 9904 | -€232,823 | -€65,341 | +€167,481 | +71.9% |
| Profit (loss) for the period to be appropriated | 9905 | -€232,823 | -€65,341 | +€167,481 | +71.9% |
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 28 September 2026 via checked.be.