THC ADVISORY: what changed
Two financial 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.
What changed
THC ADVISORY
NACE 70.200, Business and other management consultancy
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€16,424
2024 · -€5,276+€21,701
Equity
€90,299
2024 · €134,875-€44,576
Cash
€1,786
2024 · -+€1,786
Balance sheet total
€805,867
2024 · €845,697-€39,830
Largest movements
Assets
- Tangible fixed assets -€33,603
down €33,603 (-4.2%), from €806,160 to €772,557
of which Plant, machinery and equipment: -€23,085
- Receivables within one year -€10,967
down €10,967 (-31.2%), from €35,204 to €24,238
of which Trade receivables: -€9,161
Equity and liabilities
- Reserves -€44,576
down €44,576 (-34.7%), from €128,532 to €83,956
of which Non-distributable reserves: -€83,000
- Short-term financial debts -€11,553
no longer reported in 2025 (was €11,553)
Income statement
- Gross operating margin +€23,688
up €23,688 (+42.0%), from €56,462 to €80,150
- Taxes +€2,031
up €2,031 (+32.8%), from €6,194 to €8,225
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.
Result 2024
-€5,276
Gross operating margin
+€23,688
Depreciation
-€459
Other operating charges
-€439
Financial income
+€469
Financial charges
+€473
Taxes
-€2,031
Result 2025
€16,424
raises the resultlowers the result
Derived cash bridge
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.
From operations
+€70,847
Investment
-€3,483
Financing
-€65,577
Cash 2024
€0
From operations (derived)
+€70,847
Net result for the year
+€16,424
Depreciation
+€37,086
Receivables within one year
+€10,967
Deferred charges and accrued income
-€2,954
Provisions
-€803
Trade debts
+€4,054
Tax, wage and social debts
-€1,928
Other debts
+€8,000
Investment (derived)
-€3,483
Investment in fixed assets (net)
-€3,483
Financing
-€65,577
Debts after one year
+€5,805
Current portion of long-term debt
+€1,171
Short-term financial debts
-€11,553
Contributions, distributions and other
-€61,000
Cash 2025
€1,786
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €845,697 | €805,867 | -€39,830 | -4.7% |
| Fixed assets | 21/28 | €806,185 | €772,582 | -€33,603 | -4.2% |
| Tangible fixed assets | 22/27 | €806,160 | €772,557 | -€33,603 | -4.2% |
| Land and buildings | 22 | €329,441 | €323,064 | -€6,377 | -1.9% |
| Plant, machinery and equipment | 23 | €347,450 | €324,364 | -€23,085 | -6.6% |
| Furniture and vehicles | 24 | €129,269 | €125,128 | -€4,140 | -3.2% |
| Financial fixed assets | 28 | €25 | €25 | = | 0.0% |
| Current assets | 29/58 | €39,512 | €33,285 | -€6,227 | -15.8% |
| Amounts receivable within one year | 40/41 | €35,204 | €24,238 | -€10,967 | -31.2% |
| Trade receivables | 40 | €32,536 | €23,376 | -€9,161 | -28.2% |
| Other amounts receivable | 41 | €2,668 | €862 | -€1,806 | -67.7% |
| Cash at bank and in hand | 54/58 | - | €1,786 | +€1,786 | |
| Deferred charges and accrued income | 490/1 | €4,308 | €7,262 | +€2,954 | +68.6% |
| Total equity and liabilities | 10/49 | €845,697 | €805,867 | -€39,830 | -4.7% |
| Equity | 10/15 | €134,875 | €90,299 | -€44,576 | -33.0% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €128,532 | €83,956 | -€44,576 | -34.7% |
| Non-distributable reserves | 130/1 | €83,000 | - | -€83,000 | |
| Own shares acquired | 1312 | €83,000 | - | -€83,000 | |
| Tax-exempt reserves | 132 | €45,532 | €42,986 | -€2,546 | -5.6% |
| Distributable reserves | 133 | - | €40,970 | +€40,970 | |
| Profit (loss) carried forward | 14 | €143 | €143 | = | 0.0% |
| Provisions and deferred taxes | 16 | €9,175 | €8,373 | -€803 | -8.7% |
| Deferred taxes | 168 | €9,175 | €8,373 | -€803 | -8.7% |
| Amounts payable | 17/49 | €701,647 | €707,195 | +€5,548 | +0.8% |
| Amounts payable after more than one year | 17 | €628,333 | €634,138 | +€5,805 | +0.9% |
| Financial debts | 170/4 | €454,730 | €413,896 | -€40,834 | -9.0% |
| Other amounts payable | 178/9 | €173,603 | €220,241 | +€46,638 | +26.9% |
| Amounts payable within one year | 42/48 | €73,314 | €73,057 | -€256 | -0.3% |
| Current portion of amounts payable after more than one year | 42 | €39,662 | €40,834 | +€1,171 | +3.0% |
| Financial debts | 43 | €11,553 | - | -€11,553 | |
| Credit institutions | 430/8 | €11,553 | - | -€11,553 | |
| Trade debts | 44 | €5,803 | €9,857 | +€4,054 | +69.9% |
| Suppliers | 440/4 | €5,803 | €9,857 | +€4,054 | +69.9% |
| Taxes, remuneration and social security | 45 | €16,295 | €14,367 | -€1,928 | -11.8% |
| Taxes | 450/3 | €16,295 | €14,367 | -€1,928 | -11.8% |
| Other amounts payable | 47/48 | - | €8,000 | +€8,000 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €36,627 | €37,086 | +€459 | +1.3% |
| Other operating charges | 640/8 | €4,999 | €5,437 | +€439 | +8.8% |
| Gross operating margin | 9900 | €56,462 | €80,150 | +€23,688 | +42.0% |
| Operating profit (loss) | 9901 | €14,836 | €37,627 | +€22,790 | +154% |
| Financial income | 75/76B | €1 | €470 | +€469 | +56,502% |
| Recurring financial income | 75 | €1 | €470 | +€469 | +56,502% |
| Financial charges | 65/66B | €14,722 | €14,250 | -€473 | -3.2% |
| Recurring financial charges | 65 | €14,722 | €14,250 | -€473 | -3.2% |
| Profit (loss) for the period before taxes | 9903 | €115 | €23,847 | +€23,732 | +20,689% |
| Transfer from deferred taxes | 780 | €803 | €803 | = | 0.0% |
| Income taxes | 67/77 | €6,194 | €8,225 | +€2,031 | +32.8% |
| Profit (loss) for the period | 9904 | -€5,276 | €16,424 | +€21,701 | |
| Transfer from tax-exempt reserves | 789 | €2,546 | €2,546 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | -€2,730 | €18,970 | +€21,701 |
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 13 October 2026 via checked.be.