THG GERMAN DESK: what changed
THG GERMAN DESK
Largest movements
- Receivables within one year -€49,861
down €49,861 (-86.9%), from €57,387 to €7,526
of which Trade receivables: -€39,106
- Intangible fixed assets -€9,594
down €9,594 (-38.8%), from €24,743 to €15,149
- Cash +€7,814
up €7,814 (+2,877%), from €272 to €8,086
mainly Receivables within one year (+€49,861) and Depreciation (+€10,524)
- Trade debts -€40,019
down €40,019 (-73.7%), from €54,330 to €14,311
- Other debts -€27,200
no longer reported in 2025 (was €27,200)
- Profit (loss) carried forward +€10,513
up €10,513 (+54.2%), from €19,401 to €29,914
- Tax, wage and social debts +€3,546
up €3,546 (+56.6%), from €6,264 to €9,810
- Gross operating margin +€8,792
up €8,792 (+48.3%), from €18,187 to €26,979
- Depreciation +€5,332
up €5,332 (+103%), from €5,192 to €10,524
- Taxes +€1,451
up €1,451 (+34.7%), from €4,180 to €5,631
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.
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.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €113,628 | €60,370 | -€53,257 | -46.9% |
| Fixed assets | 21/28 | €54,959 | €44,435 | -€10,524 | -19.1% |
| Intangible fixed assets | 21 | €24,743 | €15,149 | -€9,594 | -38.8% |
| Tangible fixed assets | 22/27 | €30,216 | €29,286 | -€930 | -3.1% |
| Plant, machinery and equipment | 23 | €1,914 | €984 | -€930 | -48.6% |
| Furniture and vehicles | 24 | €28,302 | €28,302 | = | 0.0% |
| Current assets | 29/58 | €58,669 | €15,936 | -€42,733 | -72.8% |
| Amounts receivable within one year | 40/41 | €57,387 | €7,526 | -€49,861 | -86.9% |
| Trade receivables | 40 | €39,106 | - | -€39,106 | |
| Other amounts receivable | 41 | €18,281 | €7,526 | -€10,755 | -58.8% |
| Cash at bank and in hand | 54/58 | €272 | €8,086 | +€7,814 | +2,877% |
| Deferred charges and accrued income | 490/1 | €1,011 | €324 | -€686 | -67.9% |
| Total equity and liabilities | 10/49 | €113,628 | €60,370 | -€53,257 | -46.9% |
| Equity | 10/15 | €25,610 | €36,123 | +€10,513 | +41.1% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €9 | €9 | = | 0.0% |
| Non-distributable reserves | 130/1 | €9 | €9 | = | 0.0% |
| Reserves not available under the articles | 1311 | €9 | €9 | = | 0.0% |
| Profit (loss) carried forward | 14 | €19,401 | €29,914 | +€10,513 | +54.2% |
| Amounts payable | 17/49 | €88,018 | €24,248 | -€63,770 | -72.5% |
| Amounts payable within one year | 42/48 | €87,794 | €24,121 | -€63,673 | -72.5% |
| Trade debts | 44 | €54,330 | €14,311 | -€40,019 | -73.7% |
| Suppliers | 440/4 | €54,330 | €14,311 | -€40,019 | -73.7% |
| Taxes, remuneration and social security | 45 | €6,264 | €9,810 | +€3,546 | +56.6% |
| Taxes | 450/3 | €6,264 | €9,810 | +€3,546 | +56.6% |
| Other amounts payable | 47/48 | €27,200 | - | -€27,200 | |
| Accrued charges and deferred income | 492/3 | €224 | €126 | -€97 | -43.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €5,192 | €10,524 | +€5,332 | +103% |
| Other operating charges | 640/8 | €387 | €400 | +€12 | +3.2% |
| Gross operating margin | 9900 | €18,187 | €26,979 | +€8,792 | +48.3% |
| Operating profit (loss) | 9901 | €12,607 | €16,055 | +€3,448 | +27.3% |
| Financial income | 75/76B | €310 | €275 | -€36 | -11.5% |
| Recurring financial income | 75 | €310 | €275 | -€36 | -11.5% |
| Financial charges | 65/66B | €292 | €186 | -€106 | -36.4% |
| Recurring financial charges | 65 | €292 | €186 | -€106 | -36.4% |
| Profit (loss) for the period before taxes | 9903 | €12,625 | €16,144 | +€3,518 | +27.9% |
| Income taxes | 67/77 | €4,180 | €5,631 | +€1,451 | +34.7% |
| Profit (loss) for the period | 9904 | €8,445 | €10,513 | +€2,068 | +24.5% |
| Profit (loss) for the period to be appropriated | 9905 | €8,445 | €10,513 | +€2,068 | +24.5% |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 1 November 2026 via checked.be.