THB5: 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.
THB5
Largest movements
- Financial fixed assets +€331,863
up €331,863 (+59.4%), from €559,045 to €890,908
- Receivables within one year -€76,436
down €76,436 (-22.3%), from €343,383 to €266,947
of which Trade receivables: -€84,025
- Tangible fixed assets -€59,238
down €59,238 (-35.6%), from €166,520 to €107,282
of which Other tangible fixed assets: -€50,409
- Trade debts +€137,880
up €137,880 (+55.0%), from €250,670 to €388,551
- Current portion of long-term debt -€123,399
down €123,399 (-82.4%), from €149,837 to €26,438
- Other debts +€73,057
up €73,057 (+368.9%), from €19,806 to €92,864
- Profit (loss) carried forward +€57,384
up €57,384 (+12.9%), from €443,728 to €501,112
- Tax, wage and social debts +€30,026
up €30,026 (+19.4%), from €154,386 to €184,413
of which Taxes: +€49,140
- Staff costs -€218,563
down €218,563 (-26.1%), from €836,797 to €618,234
- Gross operating margin -€191,636
down €191,636 (-17.6%), from €1.1m to €897,385
- Financial charges +€24,077
up €24,077 (+119.4%), from €20,158 to €44,235
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 | €1,128,427 | €1,305,486 | +€177,058 | +15.7% |
| Fixed assets | 21/28 | €730,357 | €1,000,482 | +€270,125 | +37.0% |
| Intangible fixed assets | 21 | €4,792 | €2,292 | -€2,500 | -52.2% |
| Tangible fixed assets | 22/27 | €166,520 | €107,282 | -€59,238 | -35.6% |
| Plant, machinery and equipment | 23 | €17,743 | €13,467 | -€4,276 | -24.1% |
| Furniture and vehicles | 24 | €15,430 | €10,877 | -€4,553 | -29.5% |
| Other tangible fixed assets | 26 | €133,347 | €82,938 | -€50,409 | -37.8% |
| Financial fixed assets | 28 | €559,045 | €890,908 | +€331,863 | +59.4% |
| Current assets | 29/58 | €398,071 | €305,004 | -€93,067 | -23.4% |
| Stocks and contracts in progress | 3 | €12,141 | €13,055 | +€915 | +7.5% |
| Stocks | 30/36 | €12,141 | €13,055 | +€915 | +7.5% |
| Amounts receivable within one year | 40/41 | €343,383 | €266,947 | -€76,436 | -22.3% |
| Trade receivables | 40 | €158,883 | €74,859 | -€84,025 | -52.9% |
| Other amounts receivable | 41 | €184,500 | €192,088 | +€7,588 | +4.1% |
| Cash at bank and in hand | 54/58 | €32,939 | €25,002 | -€7,937 | -24.1% |
| Deferred charges and accrued income | 490/1 | €9,608 | - | -€9,608 | |
| Total equity and liabilities | 10/49 | €1,128,427 | €1,305,486 | +€177,058 | +15.7% |
| Equity | 10/15 | €553,728 | €611,112 | +€57,384 | +10.4% |
| Contributions | 10/11 | €100,000 | €100,000 | = | 0.0% |
| Reserves | 13 | €10,000 | €10,000 | = | 0.0% |
| Distributable reserves | 133 | €10,000 | €10,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €443,728 | €501,112 | +€57,384 | +12.9% |
| Amounts payable | 17/49 | €574,699 | €694,374 | +€119,674 | +20.8% |
| Amounts payable within one year | 42/48 | €574,699 | €692,265 | +€117,565 | +20.5% |
| Current portion of amounts payable after more than one year | 42 | €149,837 | €26,438 | -€123,399 | -82.4% |
| Trade debts | 44 | €250,670 | €388,551 | +€137,880 | +55.0% |
| Suppliers | 440/4 | €250,670 | €388,551 | +€137,880 | +55.0% |
| Taxes, remuneration and social security | 45 | €154,386 | €184,413 | +€30,026 | +19.4% |
| Taxes | 450/3 | €74,550 | €123,689 | +€49,140 | +65.9% |
| Remuneration and social security | 454/9 | €79,837 | €60,723 | -€19,113 | -23.9% |
| Other amounts payable | 47/48 | €19,806 | €92,864 | +€73,057 | +368.9% |
| Accrued charges and deferred income | 492/3 | - | €2,109 | +€2,109 | |
| Non-recurring operating income | 76A | - | €3,158 | +€3,158 | |
| Remuneration, social security and pensions | 62 | €836,797 | €618,234 | -€218,563 | -26.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €64,242 | €67,594 | +€3,352 | +5.2% |
| Other operating charges | 640/8 | €3,403 | €3,483 | +€81 | +2.4% |
| Non-recurring operating charges | 66A | €6,416 | - | -€6,416 | |
| Gross operating margin | 9900 | €1,089,021 | €897,385 | -€191,636 | -17.6% |
| Operating profit (loss) | 9901 | €178,164 | €208,074 | +€29,910 | +16.8% |
| Financial income | 75/76B | €16,310 | €24,591 | +€8,281 | +50.8% |
| Recurring financial income | 75 | €16,310 | €24,591 | +€8,281 | +50.8% |
| Financial charges | 65/66B | €20,158 | €44,235 | +€24,077 | +119.4% |
| Recurring financial charges | 65 | €20,158 | €44,235 | +€24,077 | +119.4% |
| Profit (loss) for the period before taxes | 9903 | €174,316 | €188,430 | +€14,115 | +8.1% |
| Income taxes | 67/77 | €55,020 | €53,054 | -€1,965 | -3.6% |
| Profit (loss) for the period | 9904 | €119,296 | €135,376 | +€16,080 | +13.5% |
| Profit (loss) for the period to be appropriated | 9905 | €119,296 | €135,376 | +€16,080 | +13.5% |
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 4 October 2026 via checked.be.