THB4: 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.
THB4
Largest movements
- Receivables within one year -€162,637
down €162,637 (-25.5%), from €637,059 to €474,422
of which Trade receivables: -€162,337
- Tangible fixed assets -€49,426
down €49,426 (-34.5%), from €143,170 to €93,743
of which Other tangible fixed assets: -€46,424
- Cash -€31,864
down €31,864 (-47.4%), from €67,219 to €35,355
mainly Trade debts (-€116,511) and Debts after one year (-€107,992)
- Deferred charges and accrued income -€11,555
down €11,555 (-84.0%), from €13,750 to €2,195
- Trade debts -€116,511
down €116,511 (-28.6%), from €407,812 to €291,301
- Debts after one year -€107,992
down €107,992 (-99.9%), from €108,074 to €82
- Current portion of long-term debt -€46,329
down €46,329 (-66.2%), from €69,954 to €23,624
- Other debts +€40,787
up €40,787, from €0 to €40,787
- Tax, wage and social debts -€26,282
down €26,282 (-27.8%), from €94,507 to €68,225
of which Remuneration and social security: -€22,855
- Staff costs -€132,802
down €132,802 (-20.5%), from €647,603 to €514,802
- Gross operating margin -€33,647
down €33,647 (-4.6%), from €731,692 to €698,044
- Taxes -€28,711
down €28,711 (-94.6%), from €30,358 to €1,647
- Financial charges +€27,531
up €27,531 (+154.5%), from €17,818 to €45,350
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 | €876,099 | €619,950 | -€256,149 | -29.2% |
| Fixed assets | 21/28 | €145,920 | €97,383 | -€48,537 | -33.3% |
| Intangible fixed assets | 21 | €2,750 | €750 | -€2,000 | -72.7% |
| Tangible fixed assets | 22/27 | €143,170 | €93,743 | -€49,426 | -34.5% |
| Plant, machinery and equipment | 23 | €774 | €2,910 | +€2,136 | +275.8% |
| Furniture and vehicles | 24 | €20,045 | €14,907 | -€5,138 | -25.6% |
| Other tangible fixed assets | 26 | €122,350 | €75,926 | -€46,424 | -37.9% |
| Financial fixed assets | 28 | - | €2,889 | +€2,889 | |
| Current assets | 29/58 | €730,179 | €522,567 | -€207,612 | -28.4% |
| Stocks and contracts in progress | 3 | €12,151 | €10,595 | -€1,556 | -12.8% |
| Stocks | 30/36 | €12,151 | €10,595 | -€1,556 | -12.8% |
| Amounts receivable within one year | 40/41 | €637,059 | €474,422 | -€162,637 | -25.5% |
| Trade receivables | 40 | €605,407 | €443,070 | -€162,337 | -26.8% |
| Other amounts receivable | 41 | €31,653 | €31,353 | -€300 | -0.9% |
| Cash at bank and in hand | 54/58 | €67,219 | €35,355 | -€31,864 | -47.4% |
| Deferred charges and accrued income | 490/1 | €13,750 | €2,195 | -€11,555 | -84.0% |
| Total equity and liabilities | 10/49 | €876,099 | €619,950 | -€256,149 | -29.2% |
| Equity | 10/15 | €191,015 | €192,469 | +€1,454 | +0.8% |
| Contributions | 10/11 | €30,000 | €30,000 | = | 0.0% |
| Reserves | 13 | €9,721 | €9,721 | = | 0.0% |
| Tax-exempt reserves | 132 | €6,721 | €6,721 | = | 0.0% |
| Distributable reserves | 133 | €3,000 | €3,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €151,294 | €152,748 | +€1,454 | +1.0% |
| Provisions and deferred taxes | 16 | €3,461 | €3,461 | = | 0.0% |
| Deferred taxes | 168 | €3,461 | €3,461 | = | 0.0% |
| Amounts payable | 17/49 | €681,622 | €424,020 | -€257,603 | -37.8% |
| Amounts payable after more than one year | 17 | €108,074 | €82 | -€107,992 | -99.9% |
| Financial debts | 170/4 | €108,074 | €82 | -€107,992 | -99.9% |
| Amounts payable within one year | 42/48 | €572,273 | €423,937 | -€148,336 | -25.9% |
| Current portion of amounts payable after more than one year | 42 | €69,954 | €23,624 | -€46,329 | -66.2% |
| Trade debts | 44 | €407,812 | €291,301 | -€116,511 | -28.6% |
| Suppliers | 440/4 | €407,812 | €291,301 | -€116,511 | -28.6% |
| Taxes, remuneration and social security | 45 | €94,507 | €68,225 | -€26,282 | -27.8% |
| Taxes | 450/3 | €23,133 | €19,705 | -€3,427 | -14.8% |
| Remuneration and social security | 454/9 | €71,374 | €48,520 | -€22,855 | -32.0% |
| Other amounts payable | 47/48 | €0 | €40,787 | +€40,787 | |
| Accrued charges and deferred income | 492/3 | €1,275 | - | -€1,275 | |
| Remuneration, social security and pensions | 62 | €647,603 | €514,802 | -€132,802 | -20.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €63,500 | €65,516 | +€2,016 | +3.2% |
| Other operating charges | 640/8 | €3,439 | €2,596 | -€843 | -24.5% |
| Non-recurring operating charges | 66A | - | €25,910 | +€25,910 | |
| Gross operating margin | 9900 | €731,692 | €698,044 | -€33,647 | -4.6% |
| Operating profit (loss) | 9901 | €17,149 | €89,220 | +€72,072 | +420.3% |
| Financial income | 75/76B | €7 | €17 | +€10 | +140.2% |
| Recurring financial income | 75 | €7 | €17 | +€10 | +140.2% |
| Financial charges | 65/66B | €17,818 | €45,350 | +€27,531 | +154.5% |
| Recurring financial charges | 65 | €17,818 | €45,350 | +€27,531 | +154.5% |
| Profit (loss) for the period before taxes | 9903 | -€663 | €43,888 | +€44,551 | |
| Income taxes | 67/77 | €30,358 | €1,647 | -€28,711 | -94.6% |
| Profit (loss) for the period | 9904 | -€31,021 | €42,241 | +€73,262 | |
| Profit (loss) for the period to be appropriated | 9905 | -€31,021 | €42,241 | +€73,262 |
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 3 October 2026 via checked.be.