THDR: 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.
THDR
Largest movements
- Cash -€9,946
down €9,946 (-9.7%), from €102,358 to €92,412
mainly Contributions, distributions and other (-€58,824) and Short-term financial debts (-€5,000)
- Receivables within one year -€2,338
down €2,338 (-100.0%), from €2,338 to €0
of which Other amounts receivable: -€1,886
- Reserves -€11,531
down €11,531 (-14.0%), from €82,518 to €70,988
- Trade debts +€5,898
up €5,898 (+126.5%), from €4,662 to €10,560
- Short-term financial debts -€5,000
down €5,000 (-100.0%), from €5,000 to €0
- Gross operating margin +€1,150
up €1,150 (+1.9%), from €60,950 to €62,100
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 | €105,774 | €94,024 | -€11,750 | -11.1% |
| Fixed assets | 21/28 | €1,056 | €617 | -€439 | -41.6% |
| Tangible fixed assets | 22/27 | €1,056 | €617 | -€439 | -41.6% |
| Plant, machinery and equipment | 23 | €1,056 | €617 | -€439 | -41.6% |
| Current assets | 29/58 | €104,718 | €93,407 | -€11,311 | -10.8% |
| Amounts receivable within one year | 40/41 | €2,338 | €0 | -€2,338 | -100.0% |
| Trade receivables | 40 | €452 | €0 | -€452 | -100.0% |
| Other amounts receivable | 41 | €1,886 | €0 | -€1,886 | -100.0% |
| Cash at bank and in hand | 54/58 | €102,358 | €92,412 | -€9,946 | -9.7% |
| Deferred charges and accrued income | 490/1 | €22 | €995 | +€973 | +4413.1% |
| Total equity and liabilities | 10/49 | €105,774 | €94,024 | -€11,750 | -11.1% |
| Equity | 10/15 | €85,518 | €73,988 | -€11,531 | -13.5% |
| Contributions | 10/11 | €3,000 | €3,000 | = | 0.0% |
| Reserves | 13 | €82,518 | €70,988 | -€11,531 | -14.0% |
| Distributable reserves | 133 | €82,518 | €70,988 | -€11,531 | -14.0% |
| Profit (loss) carried forward | 14 | - | €0 | = | |
| Amounts payable | 17/49 | €20,256 | €20,037 | -€219 | -1.1% |
| Amounts payable within one year | 42/48 | €20,256 | €20,037 | -€219 | -1.1% |
| Financial debts | 43 | €5,000 | €0 | -€5,000 | -100.0% |
| Credit institutions | 430/8 | €5,000 | €0 | -€5,000 | -100.0% |
| Trade debts | 44 | €4,662 | €10,560 | +€5,898 | +126.5% |
| Suppliers | 440/4 | €4,662 | €10,560 | +€5,898 | +126.5% |
| Taxes, remuneration and social security | 45 | €8,140 | €7,422 | -€719 | -8.8% |
| Taxes | 450/3 | €8,140 | €7,422 | -€719 | -8.8% |
| Other amounts payable | 47/48 | €2,454 | €2,055 | -€399 | -16.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €439 | €439 | = | 0.0% |
| Other operating charges | 640/8 | €448 | €859 | +€411 | +91.8% |
| Gross operating margin | 9900 | €60,950 | €62,100 | +€1,150 | +1.9% |
| Operating profit (loss) | 9901 | €60,063 | €60,802 | +€739 | +1.2% |
| Financial income | 75/76B | €104 | €482 | +€378 | +362.0% |
| Recurring financial income | 75 | €104 | €482 | +€378 | +362.0% |
| Financial charges | 65/66B | €781 | €821 | +€40 | +5.2% |
| Recurring financial charges | 65 | €781 | €821 | +€40 | +5.2% |
| Profit (loss) for the period before taxes | 9903 | €59,387 | €60,463 | +€1,076 | +1.8% |
| Income taxes | 67/77 | €13,172 | €13,170 | -€1 | 0.0% |
| Profit (loss) for the period | 9904 | €46,215 | €47,293 | +€1,078 | +2.3% |
| Profit (loss) for the period to be appropriated | 9905 | €46,215 | €47,293 | +€1,078 | +2.3% |
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 29 September 2026 via checked.be.