THB14: 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.
THB14
Largest movements
- Tangible fixed assets +€259,492
new in 2025: €259,492
of which Other tangible fixed assets: +€200,435
- Intangible fixed assets +€29,827
new in 2025: €29,827
- Cash +€24,990
new in 2025: €24,990
mainly Trade debts (+€318,952) and Tax, wage and social debts (+€20,232)
- Receivables within one year -€12,995
down €12,995 (-6.5%), from €201,290 to €188,295
of which Other amounts receivable: -€14,823
- Stocks and contracts +€11,556
new in 2025: €11,556
- Trade debts +€318,952
up €318,952 (+302323.9%), from €106 to €319,057
- Profit (loss) carried forward -€20,966
down €20,966 (-3.2%), from -€647,979 to -€668,945
- Tax, wage and social debts +€20,232
new in 2025: €20,232
of which Remuneration and social security: +€18,464
- Staff costs +€88,155
new in 2025: €88,155
- Gross operating margin +€76,098
up €76,098, from -€7 to €76,091
- Depreciation +€6,329
up €6,329 (+1334.7%), from €474 to €6,803
- Financial charges +€829
up €829 (+127.3%), from €651 to €1,481
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 | €216,162 | €529,249 | +€313,087 | +144.8% |
| Formation expenses | 20 | €1,879 | €1,404 | -€474 | -25.2% |
| Fixed assets | 21/28 | €12,993 | €302,360 | +€289,367 | +2227.1% |
| Intangible fixed assets | 21 | - | €29,827 | +€29,827 | |
| Tangible fixed assets | 22/27 | - | €259,492 | +€259,492 | |
| Plant, machinery and equipment | 23 | - | €45,211 | +€45,211 | |
| Furniture and vehicles | 24 | - | €13,846 | +€13,846 | |
| Other tangible fixed assets | 26 | - | €200,435 | +€200,435 | |
| Financial fixed assets | 28 | €12,993 | €13,041 | +€48 | +0.4% |
| Current assets | 29/58 | €201,290 | €225,485 | +€24,194 | +12.0% |
| Stocks and contracts in progress | 3 | - | €11,556 | +€11,556 | |
| Stocks | 30/36 | - | €11,556 | +€11,556 | |
| Amounts receivable within one year | 40/41 | €201,290 | €188,295 | -€12,995 | -6.5% |
| Trade receivables | 40 | - | €1,828 | +€1,828 | |
| Other amounts receivable | 41 | €201,290 | €186,467 | -€14,823 | -7.4% |
| Cash at bank and in hand | 54/58 | - | €24,990 | +€24,990 | |
| Deferred charges and accrued income | 490/1 | - | €643 | +€643 | |
| Total equity and liabilities | 10/49 | €216,162 | €529,249 | +€313,087 | +144.8% |
| Equity | 10/15 | €210,926 | €189,960 | -€20,966 | -9.9% |
| Contributions | 10/11 | €858,905 | €858,905 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€647,979 | -€668,945 | -€20,966 | -3.2% |
| Amounts payable | 17/49 | €5,236 | €339,289 | +€334,053 | +6379.5% |
| Amounts payable within one year | 42/48 | €5,236 | €339,289 | +€334,053 | +6379.5% |
| Financial debts | 43 | €5,131 | - | -€5,131 | |
| Credit institutions | 430/8 | €5,131 | - | -€5,131 | |
| Trade debts | 44 | €106 | €319,057 | +€318,952 | +302323.9% |
| Suppliers | 440/4 | €106 | €319,057 | +€318,952 | +302323.9% |
| Taxes, remuneration and social security | 45 | - | €20,232 | +€20,232 | |
| Taxes | 450/3 | - | €1,768 | +€1,768 | |
| Remuneration and social security | 454/9 | - | €18,464 | +€18,464 | |
| Remuneration, social security and pensions | 62 | - | €88,155 | +€88,155 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €474 | €6,803 | +€6,329 | +1334.7% |
| Other operating charges | 640/8 | €187 | €620 | +€433 | +231.5% |
| Gross operating margin | 9900 | -€7 | €76,091 | +€76,098 | |
| Operating profit (loss) | 9901 | -€669 | -€19,488 | -€18,819 | -2814.8% |
| Financial income | 75/76B | - | €3 | +€3 | |
| Recurring financial income | 75 | - | €3 | +€3 | |
| Financial charges | 65/66B | €651 | €1,481 | +€829 | +127.3% |
| Recurring financial charges | 65 | €651 | €1,481 | +€829 | +127.3% |
| Profit (loss) for the period before taxes | 9903 | -€1,320 | -€20,966 | -€19,646 | -1488.3% |
| Profit (loss) for the period | 9904 | -€1,320 | -€20,966 | -€19,646 | -1488.3% |
| Profit (loss) for the period to be appropriated | 9905 | -€1,320 | -€20,966 | -€19,646 | -1488.3% |
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 29 September 2026 via checked.be.