THF INVEST: what changed
What changed
THF INVEST
NACE 64.210, Activities of holding companies
filed annual accounts (NBB)
Net result for the year
€5,873
2024 · €38,254-€32,381
Equity
€1.5m
2024 · €1.5m+€5,873
Cash
€27,409
2024 · €7,010+€20,400
Balance sheet total
€3.8m
2024 · €3.6m+€249,676
Largest movements
Assets
- Tangible fixed assets +€190,422
up €190,422 (+44.6%), from €427,327 to €617,750
- Receivables within one year +€38,971
up €38,971 (+31.8%), from €122,493 to €161,464
of which Trade receivables: +€74,487
Equity and liabilities
- Other debts +€204,098
up €204,098 (+697%), from €29,291 to €233,389
- Debts after one year +€139,965
up €139,965 (+68.6%), from €204,109 to €344,074
- Provisions -€65,970
down €65,970 (-4.0%), from €1.7m to €1.6m
- Trade debts -€44,104
down €44,104 (-82.6%), from €53,422 to €9,318
Income statement
- Depreciation +€36,917
up €36,917 (+677%), from €5,455 to €42,372
- Taxes -€10,794
down €10,794 (-84.6%), from €12,751 to €1,958
- Financial charges +€5,958
up €5,958 (+11.8%), from €50,455 to €56,413
of which Non-recurring financial charges: +€4,051
- Other operating charges +€2,993
up €2,993 (+139%), from €2,151 to €5,144
- Gross operating margin +€2,681
up €2,681 (+2.5%), from €109,064 to €111,745
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Result 2024
€38,254
Gross operating margin
+€2,681
Depreciation
-€36,917
Other operating charges
-€2,993
Financial income
+€11
Financial charges
-€5,958
Taxes
+€10,794
Result 2025
€5,873
raises the resultlowers the result
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
From operations
+€104,035
Investment
-€232,693
Financing
+€149,058
Cash 2024
€7,010
From operations (derived)
+€104,035
Net result for the year
+€5,873
Depreciation
+€42,372
Receivables within one year
-€38,971
Deferred charges and accrued income
+€17
Provisions
-€65,970
Trade debts
-€44,104
Other debts
+€204,098
Accrued charges and deferred income
+€722
Investment (derived)
-€232,693
Investment in fixed assets (net)
-€232,693
Financing
+€149,058
Debts after one year
+€139,965
Current portion of long-term debt
+€9,093
Cash 2025
€27,409
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €3,553,814 | €3,803,490 | +€249,676 | +7.0% |
| Fixed assets | 21/28 | €3,423,999 | €3,614,321 | +€190,321 | +5.6% |
| Tangible fixed assets | 22/27 | €427,327 | €617,750 | +€190,422 | +44.6% |
| Land and buildings | 22 | €427,327 | €617,750 | +€190,422 | +44.6% |
| Financial fixed assets | 28 | €2,996,672 | €2,996,571 | -€101 | 0.0% |
| Current assets | 29/58 | €129,815 | €189,169 | +€59,354 | +45.7% |
| Amounts receivable within one year | 40/41 | €122,493 | €161,464 | +€38,971 | +31.8% |
| Trade receivables | 40 | €48,920 | €123,407 | +€74,487 | +152% |
| Other amounts receivable | 41 | €73,573 | €38,057 | -€35,515 | -48.3% |
| Cash at bank and in hand | 54/58 | €7,010 | €27,409 | +€20,400 | +291% |
| Deferred charges and accrued income | 490/1 | €312 | €295 | -€17 | -5.3% |
| Total equity and liabilities | 10/49 | €3,553,814 | €3,803,490 | +€249,676 | +7.0% |
| Equity | 10/15 | €1,530,974 | €1,536,847 | +€5,873 | +0.4% |
| Contributions | 10/11 | €18,592 | €18,592 | = | 0.0% |
| Reserves | 13 | €1,859 | €1,859 | = | 0.0% |
| Distributable reserves | 133 | €1,859 | €1,859 | = | 0.0% |
| Profit (loss) carried forward | 14 | €1,510,523 | €1,516,395 | +€5,873 | +0.4% |
| Provisions and deferred taxes | 16 | €1,662,840 | €1,596,870 | -€65,970 | -4.0% |
| Provisions for liabilities and charges | 160/5 | €1,662,840 | €1,596,870 | -€65,970 | -4.0% |
| Pensions and similar obligations | 160 | €1,662,840 | €1,596,870 | -€65,970 | -4.0% |
| Amounts payable | 17/49 | €360,000 | €669,773 | +€309,773 | +86.0% |
| Amounts payable after more than one year | 17 | €204,109 | €344,074 | +€139,965 | +68.6% |
| Financial debts | 170/4 | €204,109 | €344,074 | +€139,965 | +68.6% |
| Amounts payable within one year | 42/48 | €153,576 | €322,662 | +€169,086 | +110% |
| Current portion of amounts payable after more than one year | 42 | €70,862 | €79,955 | +€9,093 | +12.8% |
| Trade debts | 44 | €53,422 | €9,318 | -€44,104 | -82.6% |
| Suppliers | 440/4 | €53,422 | €9,318 | -€44,104 | -82.6% |
| Other amounts payable | 47/48 | €29,291 | €233,389 | +€204,098 | +697% |
| Accrued charges and deferred income | 492/3 | €2,316 | €3,037 | +€722 | +31.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €5,455 | €42,372 | +€36,917 | +677% |
| Other operating charges | 640/8 | €2,151 | €5,144 | +€2,993 | +139% |
| Gross operating margin | 9900 | €109,064 | €111,745 | +€2,681 | +2.5% |
| Operating profit (loss) | 9901 | €101,458 | €64,229 | -€37,229 | -36.7% |
| Financial income | 75/76B | €3 | €14 | +€11 | +439% |
| Recurring financial income | 75 | €3 | €14 | +€11 | +439% |
| Financial charges | 65/66B | €50,455 | €56,413 | +€5,958 | +11.8% |
| Recurring financial charges | 65 | €23,889 | €25,796 | +€1,907 | +8.0% |
| Non-recurring financial charges | 66B | €26,566 | €30,617 | +€4,051 | +15.3% |
| Profit (loss) for the period before taxes | 9903 | €51,005 | €7,830 | -€43,175 | -84.6% |
| Income taxes | 67/77 | €12,751 | €1,958 | -€10,794 | -84.6% |
| Profit (loss) for the period | 9904 | €38,254 | €5,873 | -€32,381 | -84.6% |
| Profit (loss) for the period to be appropriated | 9905 | €38,254 | €5,873 | -€32,381 | -84.6% |
Next steps
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Calculation and sources
Source: filed annual accounts (NBB), financial years ended 30 June 2024 and 30 June 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 5 November 2026 via checked.be.