THD Management: 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.
THD Management
Largest movements
- Receivables within one year -€52,289
down €52,289 (-27.9%), from €187,318 to €135,029
of which Other amounts receivable: -€36,624
- Tangible fixed assets +€35,197
up €35,197 (+10.1%), from €348,979 to €384,176
of which Assets under construction and advance payments: +€55,102
- Debts after one year -€48,790
down €48,790 (-25.5%), from €191,484 to €142,694
- Other debts +€36,844
up €36,844 (+103.6%), from €35,571 to €72,415
- Profit (loss) carried forward -€6,118
down €6,118 (-6.4%), from -€95,165 to -€101,283
- Gross operating margin +€47,053
up €47,053, from -€23,144 to €23,910
- Financial charges -€6,075
down €6,075 (-38.4%), from €15,807 to €9,732
- Financial income +€2,285
up €2,285 (+543.4%), from €421 to €2,706
- Depreciation +€523
up €523 (+2.7%), from €19,382 to €19,905
- Other operating charges -€321
down €321 (-10.0%), from €3,209 to €2,888
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 | €542,261 | €523,899 | -€18,362 | -3.4% |
| Fixed assets | 21/28 | €349,454 | €385,851 | +€36,397 | +10.4% |
| Tangible fixed assets | 22/27 | €348,979 | €384,176 | +€35,197 | +10.1% |
| Land and buildings | 22 | €343,482 | €325,804 | -€17,677 | -5.1% |
| Furniture and vehicles | 24 | €5,497 | €3,270 | -€2,228 | -40.5% |
| Assets under construction and advance payments | 27 | - | €55,102 | +€55,102 | |
| Financial fixed assets | 28 | €475 | €1,675 | +€1,200 | +252.6% |
| Current assets | 29/58 | €192,807 | €138,048 | -€54,759 | -28.4% |
| Amounts receivable after more than one year | 29 | €0 | - | = | |
| Other amounts receivable | 291 | €0 | - | = | |
| Amounts receivable within one year | 40/41 | €187,318 | €135,029 | -€52,289 | -27.9% |
| Trade receivables | 40 | €45,261 | €29,595 | -€15,665 | -34.6% |
| Other amounts receivable | 41 | €142,058 | €105,434 | -€36,624 | -25.8% |
| Cash at bank and in hand | 54/58 | €927 | €86 | -€841 | -90.7% |
| Deferred charges and accrued income | 490/1 | €4,562 | €2,933 | -€1,628 | -35.7% |
| Total equity and liabilities | 10/49 | €542,261 | €523,899 | -€18,362 | -3.4% |
| Equity | 10/15 | €259,259 | €253,140 | -€6,118 | -2.4% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €342,024 | €342,024 | = | 0.0% |
| Tax-exempt reserves | 132 | €113 | €113 | = | 0.0% |
| Distributable reserves | 133 | €341,911 | €341,911 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€95,165 | -€101,283 | -€6,118 | -6.4% |
| Amounts payable | 17/49 | €283,002 | €270,758 | -€12,244 | -4.3% |
| Amounts payable after more than one year | 17 | €191,484 | €142,694 | -€48,790 | -25.5% |
| Financial debts | 170/4 | €191,484 | €142,694 | -€48,790 | -25.5% |
| Amounts payable within one year | 42/48 | €91,518 | €128,064 | +€36,546 | +39.9% |
| Current portion of amounts payable after more than one year | 42 | €46,456 | €48,790 | +€2,333 | +5.0% |
| Financial debts | 43 | €3,058 | €2,735 | -€322 | -10.5% |
| Credit institutions | 430/8 | €3,058 | €2,735 | -€322 | -10.5% |
| Trade debts | 44 | €5,960 | €3,859 | -€2,101 | -35.2% |
| Suppliers | 440/4 | €5,960 | €3,859 | -€2,101 | -35.2% |
| Taxes, remuneration and social security | 45 | €474 | €266 | -€208 | -43.9% |
| Taxes | 450/3 | €474 | €266 | -€208 | -43.9% |
| Other amounts payable | 47/48 | €35,571 | €72,415 | +€36,844 | +103.6% |
| Non-recurring operating income | 76A | €54,795 | €0 | -€54,795 | -100.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €19,382 | €19,905 | +€523 | +2.7% |
| Other operating charges | 640/8 | €3,209 | €2,888 | -€321 | -10.0% |
| Gross operating margin | 9900 | -€23,144 | €23,910 | +€47,053 | |
| Operating profit (loss) | 9901 | -€45,735 | €1,116 | +€46,851 | |
| Financial income | 75/76B | €421 | €2,706 | +€2,285 | +543.4% |
| Recurring financial income | 75 | €421 | €2,706 | +€2,285 | +543.4% |
| Financial charges | 65/66B | €15,807 | €9,732 | -€6,075 | -38.4% |
| Recurring financial charges | 65 | €15,807 | €9,732 | -€6,075 | -38.4% |
| Profit (loss) for the period before taxes | 9903 | -€61,121 | -€5,910 | +€55,211 | +90.3% |
| Income taxes | 67/77 | €219 | €208 | -€11 | -5.0% |
| Profit (loss) for the period | 9904 | -€61,340 | -€6,118 | +€55,222 | +90.0% |
| Profit (loss) for the period to be appropriated | 9905 | -€61,340 | -€6,118 | +€55,222 | +90.0% |
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 7 October 2026 via checked.be.