THC Invest: 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 Invest
NACE 68.110, Buying and selling of own real estate
financial year 2026 compared with 2025filed annual accounts (NBB)
Net result for the year
-€446,661
2025 · -€194,739-€251,923
Equity
-€607,310
2025 · -€160,649-€446,661
Cash
€28,504
2025 · €15,105+€13,399
Balance sheet total
€3.8m
2025 · €4.1m-€262,676
Largest movements
Assets
- Stocks and contracts -€231,086
down €231,086 (-6.4%), from €3.6m to €3.4m
- Tangible fixed assets -€42,140
down €42,140 (-10.2%), from €414,254 to €372,113
of which Furniture and vehicles: -€24,089
Equity and liabilities
- Other debts +€506,734
up €506,734 (+49.1%), from €1.0m to €1.5m
- Profit (loss) carried forward -€446,661
down €446,661 (-161%), from -€277,815 to -€724,476
- Short-term financial debts -€318,205
down €318,205 (-11.5%), from €2.8m to €2.5m
Income statement
- Gross operating margin -€255,725
down €255,725 (-202%), from -€126,745 to -€382,470
From the 2025 result to the 2026 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 2025
-€194,739
Gross operating margin
-€255,725
Depreciation
-€875
Other operating charges
+€3,720
Other operating items
-€1,500
Financial income
+€263
Financial charges
+€2,193
Result 2026
-€446,661
raises the resultlowers the resultnot broken down further in the accounts
Derived cash bridge
Derived from the 2025 and 2026 balance sheets and the 2026 result: not a filed cash-flow statement. It shows where the money came from and went.
From operations
+€342,354
Investment
+€1,457
Financing
-€330,413
Cash 2025
€15,105
From operations (derived)
+€342,354
Net result for the year
-€446,661
Depreciation
+€40,683
Stocks and contracts
+€231,086
Receivables within one year
-€304
Deferred charges and accrued income
+€3,152
Trade debts
+€24,413
Tax, wage and social debts
-€18,285
Other debts
+€506,734
Accrued charges and deferred income
+€1,537
Investment (derived)
+€1,457
Investment in fixed assets (net)
+€1,457
Financing
-€330,413
Debts after one year
-€12,745
Current portion of long-term debt
+€537
Short-term financial debts
-€318,205
Cash 2026
€28,504
brings cash intakes cash out
Every line side by side
| Line | Code | 2025 | 2026 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €4,080,927 | €3,818,251 | -€262,676 | -6.4% |
| Fixed assets | 21/28 | €414,254 | €372,113 | -€42,140 | -10.2% |
| Tangible fixed assets | 22/27 | €414,254 | €372,113 | -€42,140 | -10.2% |
| Land and buildings | 22 | €327,982 | €314,089 | -€13,893 | -4.2% |
| Plant, machinery and equipment | 23 | €12,604 | €8,445 | -€4,158 | -33.0% |
| Furniture and vehicles | 24 | €72,348 | €48,259 | -€24,089 | -33.3% |
| Other tangible fixed assets | 26 | €1,320 | €1,320 | = | 0.0% |
| Assets under construction and advance payments | 27 | €0 | - | = | |
| Financial fixed assets | 28 | €0 | - | = | |
| Current assets | 29/58 | €3,666,673 | €3,446,138 | -€220,535 | -6.0% |
| Stocks and contracts in progress | 3 | €3,613,148 | €3,382,061 | -€231,086 | -6.4% |
| Stocks | 30/36 | €3,613,148 | €3,382,061 | -€231,086 | -6.4% |
| Amounts receivable within one year | 40/41 | €7,154 | €7,459 | +€304 | +4.3% |
| Trade receivables | 40 | €4,041 | €5,111 | +€1,070 | +26.5% |
| Other amounts receivable | 41 | €3,113 | €2,347 | -€766 | -24.6% |
| Current investments | 50/53 | €22,000 | €22,000 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €15,105 | €28,504 | +€13,399 | +88.7% |
| Deferred charges and accrued income | 490/1 | €9,266 | €6,114 | -€3,152 | -34.0% |
| Total equity and liabilities | 10/49 | €4,080,927 | €3,818,251 | -€262,676 | -6.4% |
| Equity | 10/15 | -€160,649 | -€607,310 | -€446,661 | -278% |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Reserves | 13 | €97,166 | €97,166 | = | 0.0% |
| Distributable reserves | 133 | €97,166 | €97,166 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€277,815 | -€724,476 | -€446,661 | -161% |
| Amounts payable | 17/49 | €4,241,576 | €4,425,561 | +€183,986 | +4.3% |
| Amounts payable after more than one year | 17 | €288,282 | €275,537 | -€12,745 | -4.4% |
| Financial debts | 170/4 | €228,282 | €215,537 | -€12,745 | -5.6% |
| Other amounts payable | 178/9 | €60,000 | €60,000 | = | 0.0% |
| Amounts payable within one year | 42/48 | €3,951,674 | €4,146,867 | +€195,194 | +4.9% |
| Current portion of amounts payable after more than one year | 42 | €12,208 | €12,745 | +€537 | +4.4% |
| Financial debts | 43 | €2,772,358 | €2,454,153 | -€318,205 | -11.5% |
| Credit institutions | 430/8 | €2,772,358 | €2,454,153 | -€318,205 | -11.5% |
| Trade debts | 44 | €91,750 | €116,163 | +€24,413 | +26.6% |
| Suppliers | 440/4 | €91,750 | €116,163 | +€24,413 | +26.6% |
| Taxes, remuneration and social security | 45 | €43,062 | €24,778 | -€18,285 | -42.5% |
| Taxes | 450/3 | €43,062 | €24,778 | -€18,285 | -42.5% |
| Other amounts payable | 47/48 | €1,032,295 | €1,539,029 | +€506,734 | +49.1% |
| Accrued charges and deferred income | 492/3 | €1,620 | €3,157 | +€1,537 | +94.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €39,809 | €40,683 | +€875 | +2.2% |
| Other operating charges | 640/8 | €5,189 | €1,469 | -€3,720 | -71.7% |
| Non-recurring operating charges | 66A | - | €1,500 | +€1,500 | |
| Gross operating margin | 9900 | -€126,745 | -€382,470 | -€255,725 | -202% |
| Operating profit (loss) | 9901 | -€171,743 | -€426,122 | -€254,379 | -148% |
| Financial income | 75/76B | €0 | €263 | +€263 | |
| Recurring financial income | 75 | €0 | €263 | +€263 | |
| Financial charges | 65/66B | €22,996 | €20,803 | -€2,193 | -9.5% |
| Recurring financial charges | 65 | €22,996 | €20,803 | -€2,193 | -9.5% |
| Profit (loss) for the period before taxes | 9903 | -€194,739 | -€446,661 | -€251,923 | -129% |
| Income taxes | 67/77 | €0 | - | = | |
| Profit (loss) for the period | 9904 | -€194,739 | -€446,661 | -€251,923 | -129% |
| Profit (loss) for the period to be appropriated | 9905 | -€194,739 | -€446,661 | -€251,923 | -129% |
Source: filed annual accounts (NBB), financial years ended 30 June 2025 and 30 June 2026. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 29 October 2026 via checked.be.