ThD Solutions: 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 Solutions
Largest movements
- Tangible fixed assets +€103,387
up €103,387 (+107.4%), from €96,303 to €199,690
of which Land and buildings: +€127,886
- Cash +€88,358
up €88,358 (+133.5%), from €66,174 to €154,532
mainly Debts after one year (+€128,987) and Receivables within one year (+€36,453)
- Receivables within one year -€36,453
down €36,453 (-66.6%), from €54,714 to €18,261
of which Trade receivables: -€40,156
- Stocks and contracts -€7,131
down €7,131 (-49.0%), from €14,555 to €7,424
- Debts after one year +€128,987
up €128,987 (+245.4%), from €52,554 to €181,541
- Reserves +€26,512
up €26,512 (+22.1%), from €119,695 to €146,206
- Trade debts -€10,603
down €10,603 (-46.2%), from €22,926 to €12,323
- Other debts +€4,336
up €4,336 (+121.9%), from €3,557 to €7,892
- Gross operating margin +€8,123
up €8,123 (+12.2%), from €66,568 to €74,691
- Staff costs -€6,537
down €6,537, from €6,486 to -€51
- Depreciation +€2,299
up €2,299 (+7.8%), from €29,303 to €31,602
- Financial charges +€1,484
up €1,484 (+23.6%), from €6,300 to €7,784
- Taxes +€1,089
up €1,089 (+17.2%), from €6,341 to €7,430
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 | €237,029 | €385,872 | +€148,844 | +62.8% |
| Fixed assets | 21/28 | €101,303 | €204,690 | +€103,387 | +102.1% |
| Tangible fixed assets | 22/27 | €96,303 | €199,690 | +€103,387 | +107.4% |
| Land and buildings | 22 | €40,904 | €168,790 | +€127,886 | +312.6% |
| Plant, machinery and equipment | 23 | €20,215 | €12,253 | -€7,962 | -39.4% |
| Furniture and vehicles | 24 | €35,185 | €18,648 | -€16,537 | -47.0% |
| Financial fixed assets | 28 | €5,000 | €5,000 | = | 0.0% |
| Current assets | 29/58 | €135,725 | €181,182 | +€45,457 | +33.5% |
| Stocks and contracts in progress | 3 | €14,555 | €7,424 | -€7,131 | -49.0% |
| Stocks | 30/36 | €14,555 | €7,424 | -€7,131 | -49.0% |
| Amounts receivable within one year | 40/41 | €54,714 | €18,261 | -€36,453 | -66.6% |
| Trade receivables | 40 | €47,444 | €7,288 | -€40,156 | -84.6% |
| Other amounts receivable | 41 | €7,269 | €10,973 | +€3,704 | +50.9% |
| Cash at bank and in hand | 54/58 | €66,174 | €154,532 | +€88,358 | +133.5% |
| Deferred charges and accrued income | 490/1 | €283 | €965 | +€682 | +241.5% |
| Total equity and liabilities | 10/49 | €237,029 | €385,872 | +€148,844 | +62.8% |
| Equity | 10/15 | €124,695 | €151,206 | +€26,512 | +21.3% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Reserves | 13 | €119,695 | €146,206 | +€26,512 | +22.1% |
| Distributable reserves | 133 | €119,695 | €146,206 | +€26,512 | +22.1% |
| Amounts payable | 17/49 | €112,334 | €234,666 | +€122,332 | +108.9% |
| Amounts payable after more than one year | 17 | €52,554 | €181,541 | +€128,987 | +245.4% |
| Financial debts | 170/4 | €52,554 | €181,541 | +€128,987 | +245.4% |
| Amounts payable within one year | 42/48 | €59,780 | €53,125 | -€6,655 | -11.1% |
| Current portion of amounts payable after more than one year | 42 | €31,218 | €31,013 | -€205 | -0.7% |
| Financial debts | 43 | €0 | - | = | |
| Credit institutions | 430/8 | €0 | - | = | |
| Trade debts | 44 | €22,926 | €12,323 | -€10,603 | -46.2% |
| Suppliers | 440/4 | €22,926 | €12,323 | -€10,603 | -46.2% |
| Taxes, remuneration and social security | 45 | €2,080 | €1,897 | -€182 | -8.8% |
| Taxes | 450/3 | €830 | €647 | -€182 | -22.0% |
| Remuneration and social security | 454/9 | €1,250 | €1,250 | = | 0.0% |
| Other amounts payable | 47/48 | €3,557 | €7,892 | +€4,336 | +121.9% |
| Remuneration, social security and pensions | 62 | €6,486 | -€51 | -€6,537 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €29,303 | €31,602 | +€2,299 | +7.8% |
| Other operating charges | 640/8 | €1,941 | €1,933 | -€8 | -0.4% |
| Gross operating margin | 9900 | €66,568 | €74,691 | +€8,123 | +12.2% |
| Operating profit (loss) | 9901 | €28,839 | €41,207 | +€12,369 | +42.9% |
| Financial income | 75/76B | €474 | €519 | +€45 | +9.4% |
| Recurring financial income | 75 | €474 | €519 | +€45 | +9.4% |
| Non-recurring financial income | 76B | €0 | - | = | |
| Financial charges | 65/66B | €6,300 | €7,784 | +€1,484 | +23.6% |
| Recurring financial charges | 65 | €6,300 | €7,784 | +€1,484 | +23.6% |
| Profit (loss) for the period before taxes | 9903 | €23,013 | €33,942 | +€10,929 | +47.5% |
| Income taxes | 67/77 | €6,341 | €7,430 | +€1,089 | +17.2% |
| Profit (loss) for the period | 9904 | €16,672 | €26,512 | +€9,840 | +59.0% |
| Profit (loss) for the period to be appropriated | 9905 | €16,672 | €26,512 | +€9,840 | +59.0% |
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 1 October 2026 via checked.be.