THB3: 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.
THB3
Largest movements
- Financial fixed assets +€117,456
up €117,456 (+389.8%), from €30,133 to €147,589
- Tangible fixed assets -€33,229
down €33,229 (-22.3%), from €149,149 to €115,919
of which Other tangible fixed assets: -€23,389
- Cash -€29,763
down €29,763 (-60.5%), from €49,234 to €19,471
mainly Investment in fixed assets (net) (-€130,648) and Current portion of long-term debt (-€43,211)
- Deferred charges and accrued income +€10,984
up €10,984 (+264.5%), from €4,154 to €15,138
- Trade debts +€103,777
up €103,777 (+60.5%), from €171,574 to €275,351
- Current portion of long-term debt -€43,211
down €43,211 (-75.3%), from €57,373 to €14,162
- Profit (loss) carried forward +€6,169
up €6,169 (+34.7%), from -€17,767 to -€11,598
- Staff costs -€49,351
down €49,351 (-9.8%), from €502,085 to €452,734
- Gross operating margin -€18,095
down €18,095 (-3.3%), from €545,434 to €527,339
- Financial charges +€15,417
up €15,417 (+166.4%), from €9,265 to €24,682
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 | €285,430 | €352,688 | +€67,259 | +23.6% |
| Fixed assets | 21/28 | €179,281 | €263,508 | +€84,227 | +47.0% |
| Tangible fixed assets | 22/27 | €149,149 | €115,919 | -€33,229 | -22.3% |
| Plant, machinery and equipment | 23 | €17,345 | €13,548 | -€3,798 | -21.9% |
| Furniture and vehicles | 24 | €20,187 | €14,145 | -€6,042 | -29.9% |
| Other tangible fixed assets | 26 | €111,616 | €88,226 | -€23,389 | -21.0% |
| Financial fixed assets | 28 | €30,133 | €147,589 | +€117,456 | +389.8% |
| Current assets | 29/58 | €106,149 | €89,180 | -€16,968 | -16.0% |
| Stocks and contracts in progress | 3 | €10,686 | €12,167 | +€1,480 | +13.9% |
| Stocks | 30/36 | €10,686 | €12,167 | +€1,480 | +13.9% |
| Amounts receivable within one year | 40/41 | €42,075 | €42,405 | +€330 | +0.8% |
| Trade receivables | 40 | €4,205 | €2,535 | -€1,670 | -39.7% |
| Other amounts receivable | 41 | €37,870 | €39,870 | +€2,000 | +5.3% |
| Cash at bank and in hand | 54/58 | €49,234 | €19,471 | -€29,763 | -60.5% |
| Deferred charges and accrued income | 490/1 | €4,154 | €15,138 | +€10,984 | +264.5% |
| Total equity and liabilities | 10/49 | €285,430 | €352,688 | +€67,259 | +23.6% |
| Equity | 10/15 | €2,233 | €8,402 | +€6,169 | +276.3% |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€17,767 | -€11,598 | +€6,169 | +34.7% |
| Amounts payable | 17/49 | €283,197 | €344,286 | +€61,089 | +21.6% |
| Amounts payable within one year | 42/48 | €283,197 | €344,286 | +€61,089 | +21.6% |
| Current portion of amounts payable after more than one year | 42 | €57,373 | €14,162 | -€43,211 | -75.3% |
| Trade debts | 44 | €171,574 | €275,351 | +€103,777 | +60.5% |
| Suppliers | 440/4 | €171,574 | €275,351 | +€103,777 | +60.5% |
| Taxes, remuneration and social security | 45 | €53,617 | €54,774 | +€1,158 | +2.2% |
| Taxes | 450/3 | €9,070 | €16,582 | +€7,511 | +82.8% |
| Remuneration and social security | 454/9 | €44,546 | €38,193 | -€6,354 | -14.3% |
| Other amounts payable | 47/48 | €634 | - | -€634 | |
| Remuneration, social security and pensions | 62 | €502,085 | €452,734 | -€49,351 | -9.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €50,785 | €46,421 | -€4,363 | -8.6% |
| Other operating charges | 640/8 | €1,142 | €1,025 | -€117 | -10.3% |
| Gross operating margin | 9900 | €545,434 | €527,339 | -€18,095 | -3.3% |
| Operating profit (loss) | 9901 | -€8,578 | €27,159 | +€35,737 | |
| Financial income | 75/76B | €8,128 | €3,693 | -€4,435 | -54.6% |
| Recurring financial income | 75 | €8,128 | €3,693 | -€4,435 | -54.6% |
| Financial charges | 65/66B | €9,265 | €24,682 | +€15,417 | +166.4% |
| Recurring financial charges | 65 | €9,265 | €24,682 | +€15,417 | +166.4% |
| Profit (loss) for the period before taxes | 9903 | -€9,715 | €6,169 | +€15,884 | |
| Profit (loss) for the period | 9904 | -€9,715 | €6,169 | +€15,884 | |
| Profit (loss) for the period to be appropriated | 9905 | -€9,715 | €6,169 | +€15,884 |
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 6 October 2026 via checked.be.