THD & CHK: 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.
THD & CHK
Largest movements
- Tangible fixed assets +€48,816
up €48,816 (+8.7%), from €558,353 to €607,168
of which Assets under construction and advance payments: +€76,295
- Cash -€6,666
down €6,666 (-92.9%), from €7,173 to €508
mainly Investment in fixed assets (net) (-€76,295) and Net result for the year (-€30,605)
- Debts after one year +€87,593
up €87,593 (+20.0%), from €438,022 to €525,616
of which Other amounts payable: +€67,000
- Profit (loss) carried forward -€30,605
down €30,605 (-33.4%), from €91,693 to €61,088
- Current portion of long-term debt -€9,679
down €9,679 (-34.7%), from €27,881 to €18,202
- Gross operating margin -€10,495
down €10,495 (-47.6%), from €22,053 to €11,558
- Financial charges +€1,821
up €1,821 (+17.2%), from €10,564 to €12,385
- Taxes -€594
no longer reported in 2025 (was €594)
- Depreciation -€308
down €308 (-1.1%), from €27,787 to €27,479
- Other operating charges -€262
down €262 (-10.2%), from €2,562 to €2,300
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.
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.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €587,354 | €635,562 | +€48,208 | +8.2% |
| Fixed assets | 21/28 | €558,353 | €607,168 | +€48,816 | +8.7% |
| Tangible fixed assets | 22/27 | €558,353 | €607,168 | +€48,816 | +8.7% |
| Land and buildings | 22 | €518,514 | €499,405 | -€19,109 | -3.7% |
| Plant, machinery and equipment | 23 | €38,608 | €30,928 | -€7,680 | -19.9% |
| Furniture and vehicles | 24 | €1,231 | €541 | -€690 | -56.0% |
| Assets under construction and advance payments | 27 | - | €76,295 | +€76,295 | |
| Current assets | 29/58 | €29,001 | €28,394 | -€608 | -2.1% |
| Amounts receivable within one year | 40/41 | €21,828 | €26,900 | +€5,072 | +23.2% |
| Trade receivables | 40 | €21,828 | €26,900 | +€5,072 | +23.2% |
| Cash at bank and in hand | 54/58 | €7,173 | €508 | -€6,666 | -92.9% |
| Deferred charges and accrued income | 490/1 | - | €986 | +€986 | |
| Total equity and liabilities | 10/49 | €587,354 | €635,562 | +€48,208 | +8.2% |
| Equity | 10/15 | €105,953 | €75,348 | -€30,605 | -28.9% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €1,860 | €1,860 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Profit (loss) carried forward | 14 | €91,693 | €61,088 | -€30,605 | -33.4% |
| Amounts payable | 17/49 | €481,401 | €560,214 | +€78,813 | +16.4% |
| Amounts payable after more than one year | 17 | €438,022 | €525,616 | +€87,593 | +20.0% |
| Financial debts | 170/4 | €438,022 | €458,616 | +€20,593 | +4.7% |
| Other amounts payable | 178/9 | - | €67,000 | +€67,000 | |
| Amounts payable within one year | 42/48 | €43,379 | €34,599 | -€8,780 | -20.2% |
| Current portion of amounts payable after more than one year | 42 | €27,881 | €18,202 | -€9,679 | -34.7% |
| Financial debts | 43 | - | €2,281 | +€2,281 | |
| Credit institutions | 430/8 | - | €2,281 | +€2,281 | |
| Trade debts | 44 | €117 | - | -€117 | |
| Suppliers | 440/4 | €117 | - | -€117 | |
| Taxes, remuneration and social security | 45 | €2,134 | €657 | -€1,477 | -69.2% |
| Taxes | 450/3 | €2,134 | €657 | -€1,477 | -69.2% |
| Other amounts payable | 47/48 | €13,248 | €13,460 | +€212 | +1.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €27,787 | €27,479 | -€308 | -1.1% |
| Other operating charges | 640/8 | €2,562 | €2,300 | -€262 | -10.2% |
| Gross operating margin | 9900 | €22,053 | €11,558 | -€10,495 | -47.6% |
| Operating profit (loss) | 9901 | -€8,296 | -€18,221 | -€9,925 | -120% |
| Financial charges | 65/66B | €10,564 | €12,385 | +€1,821 | +17.2% |
| Recurring financial charges | 65 | €10,564 | €12,385 | +€1,821 | +17.2% |
| Profit (loss) for the period before taxes | 9903 | -€18,860 | -€30,605 | -€11,746 | -62.3% |
| Income taxes | 67/77 | €594 | - | -€594 | |
| Profit (loss) for the period | 9904 | -€19,454 | -€30,605 | -€11,151 | -57.3% |
| Profit (loss) for the period to be appropriated | 9905 | -€19,454 | -€30,605 | -€11,151 | -57.3% |
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 17 October 2026 via checked.be.