THB2: 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.
THB2
Largest movements
- Financial fixed assets +€137,192
up €137,192 (+92.8%), from €147,886 to €285,078
- Tangible fixed assets -€19,068
down €19,068 (-19.3%), from €98,716 to €79,649
of which Other tangible fixed assets: -€13,274
- Cash -€13,316
down €13,316 (-31.6%), from €42,087 to €28,771
mainly Investment in fixed assets (net) (-€144,187) and Contributions, distributions and other (-€99,203)
- Other debts +€78,291
up €78,291 (+311.9%), from €25,100 to €103,391
- Trade debts +€61,316
up €61,316 (+39.3%), from €156,027 to €217,343
- Current portion of long-term debt -€37,959
down €37,959 (-78.2%), from €48,514 to €10,555
- Tax, wage and social debts +€9,948
up €9,948 (+20.2%), from €49,198 to €59,146
of which Remuneration and social security: +€6,887
- Profit (loss) carried forward -€8,325
down €8,325 (-88.9%), from €9,360 to €1,035
- Gross operating margin +€66,416
up €66,416 (+12.9%), from €516,213 to €582,629
- Staff costs +€42,531
up €42,531 (+10.5%), from €404,402 to €446,933
- Taxes -€17,929
down €17,929 (-87.9%), from €20,393 to €2,464
- Financial charges +€16,174
up €16,174 (+226.3%), from €7,146 to €23,320
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 | €308,199 | €411,470 | +€103,271 | +33.5% |
| Formation expenses | 20 | €104 | - | -€104 | |
| Fixed assets | 21/28 | €246,602 | €364,726 | +€118,124 | +47.9% |
| Tangible fixed assets | 22/27 | €98,716 | €79,649 | -€19,068 | -19.3% |
| Plant, machinery and equipment | 23 | €18,454 | €14,474 | -€3,981 | -21.6% |
| Furniture and vehicles | 24 | €10,708 | €8,895 | -€1,813 | -16.9% |
| Other tangible fixed assets | 26 | €69,554 | €56,280 | -€13,274 | -19.1% |
| Financial fixed assets | 28 | €147,886 | €285,078 | +€137,192 | +92.8% |
| Current assets | 29/58 | €61,492 | €46,743 | -€14,749 | -24.0% |
| Stocks and contracts in progress | 3 | €11,116 | €10,976 | -€140 | -1.3% |
| Stocks | 30/36 | €11,116 | €10,976 | -€140 | -1.3% |
| Amounts receivable within one year | 40/41 | €154 | €2,731 | +€2,577 | +1675.5% |
| Trade receivables | 40 | €154 | €2,731 | +€2,577 | +1675.5% |
| Cash at bank and in hand | 54/58 | €42,087 | €28,771 | -€13,316 | -31.6% |
| Deferred charges and accrued income | 490/1 | €8,135 | €4,265 | -€3,870 | -47.6% |
| Total equity and liabilities | 10/49 | €308,199 | €411,470 | +€103,271 | +33.5% |
| Equity | 10/15 | €29,360 | €21,035 | -€8,325 | -28.4% |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €9,360 | €1,035 | -€8,325 | -88.9% |
| Amounts payable | 17/49 | €278,839 | €390,435 | +€111,596 | +40.0% |
| Amounts payable within one year | 42/48 | €278,839 | €390,435 | +€111,596 | +40.0% |
| Current portion of amounts payable after more than one year | 42 | €48,514 | €10,555 | -€37,959 | -78.2% |
| Trade debts | 44 | €156,027 | €217,343 | +€61,316 | +39.3% |
| Suppliers | 440/4 | €156,027 | €217,343 | +€61,316 | +39.3% |
| Taxes, remuneration and social security | 45 | €49,198 | €59,146 | +€9,948 | +20.2% |
| Taxes | 450/3 | €12,291 | €15,352 | +€3,061 | +24.9% |
| Remuneration and social security | 454/9 | €36,907 | €43,794 | +€6,887 | +18.7% |
| Other amounts payable | 47/48 | €25,100 | €103,391 | +€78,291 | +311.9% |
| Remuneration, social security and pensions | 62 | €404,402 | €446,933 | +€42,531 | +10.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €26,791 | €26,167 | -€624 | -2.3% |
| Other operating charges | 640/8 | €452 | €475 | +€22 | +4.9% |
| Gross operating margin | 9900 | €516,213 | €582,629 | +€66,416 | +12.9% |
| Operating profit (loss) | 9901 | €84,568 | €109,055 | +€24,488 | +29.0% |
| Financial income | 75/76B | €1,982 | €7,606 | +€5,624 | +283.7% |
| Recurring financial income | 75 | €1,982 | €7,606 | +€5,624 | +283.7% |
| Financial charges | 65/66B | €7,146 | €23,320 | +€16,174 | +226.3% |
| Recurring financial charges | 65 | €7,146 | €23,320 | +€16,174 | +226.3% |
| Profit (loss) for the period before taxes | 9903 | €79,404 | €93,342 | +€13,938 | +17.6% |
| Income taxes | 67/77 | €20,393 | €2,464 | -€17,929 | -87.9% |
| Profit (loss) for the period | 9904 | €59,010 | €90,878 | +€31,868 | +54.0% |
| Profit (loss) for the period to be appropriated | 9905 | €59,010 | €90,878 | +€31,868 | +54.0% |
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.