THG HR & PAY: what changed
Two financial 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.
THG HR & PAY
Largest movements
- Cash +€54,187
up €54,187 (+55.7%), from €97,347 to €151,534
mainly Net result for the year (+€197,353) and Other debts (+€30,000)
- Receivables within one year +€32,264
up €32,264 (+32.9%), from €98,055 to €130,319
of which Trade receivables: +€25,465
- Financial fixed assets +€13,000
new in 2025: €13,000
- Tangible fixed assets -€7,333
down €7,333 (-48.0%), from €15,278 to €7,944
- Profit (loss) carried forward +€47,353
up €47,353 (+110%), from €42,903 to €90,255
- Other debts +€30,000
up €30,000 (+25.0%), from €120,072 to €150,072
- Trade debts +€7,105
up €7,105 (+27.6%), from €25,767 to €32,871
- Accrued charges and deferred income +€5,510
new in 2025: €5,510
- Staff costs -€46,534
down €46,534 (-36.6%), from €127,033 to €80,499
- Gross operating margin +€24,813
up €24,813 (+8.3%), from €298,882 to €323,694
- Taxes +€18,683
up €18,683 (+319%), from €5,857 to €24,541
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.
Derived cash bridge
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 | €214,105 | €307,167 | +€93,062 | +43.5% |
| Fixed assets | 21/28 | €15,278 | €20,944 | +€5,667 | +37.1% |
| Tangible fixed assets | 22/27 | €15,278 | €7,944 | -€7,333 | -48.0% |
| Furniture and vehicles | 24 | €15,278 | €7,944 | -€7,333 | -48.0% |
| Financial fixed assets | 28 | - | €13,000 | +€13,000 | |
| Current assets | 29/58 | €198,827 | €286,223 | +€87,396 | +44.0% |
| Amounts receivable within one year | 40/41 | €98,055 | €130,319 | +€32,264 | +32.9% |
| Trade receivables | 40 | €98,055 | €123,521 | +€25,465 | +26.0% |
| Other amounts receivable | 41 | - | €6,798 | +€6,798 | |
| Cash at bank and in hand | 54/58 | €97,347 | €151,534 | +€54,187 | +55.7% |
| Deferred charges and accrued income | 490/1 | €3,425 | €4,370 | +€945 | +27.6% |
| Total equity and liabilities | 10/49 | €214,105 | €307,167 | +€93,062 | +43.5% |
| Equity | 10/15 | €60,903 | €108,255 | +€47,353 | +77.8% |
| Contributions | 10/11 | €18,000 | €18,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €42,903 | €90,255 | +€47,353 | +110% |
| Amounts payable | 17/49 | €153,203 | €198,912 | +€45,710 | +29.8% |
| Amounts payable within one year | 42/48 | €153,203 | €193,402 | +€40,199 | +26.2% |
| Current portion of amounts payable after more than one year | 42 | - | €192 | +€192 | |
| Trade debts | 44 | €25,767 | €32,871 | +€7,105 | +27.6% |
| Suppliers | 440/4 | €25,767 | €32,871 | +€7,105 | +27.6% |
| Taxes, remuneration and social security | 45 | €7,364 | €10,267 | +€2,903 | +39.4% |
| Taxes | 450/3 | €879 | €3,592 | +€2,713 | +309% |
| Remuneration and social security | 454/9 | €6,485 | €6,675 | +€190 | +2.9% |
| Other amounts payable | 47/48 | €120,072 | €150,072 | +€30,000 | +25.0% |
| Accrued charges and deferred income | 492/3 | - | €5,510 | +€5,510 | |
| Remuneration, social security and pensions | 62 | €127,033 | €80,499 | -€46,534 | -36.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €6,722 | €7,333 | +€611 | +9.1% |
| Other operating charges | 640/8 | €5,437 | €3,171 | -€2,266 | -41.7% |
| Non-recurring operating charges | 66A | - | €10,510 | +€10,510 | |
| Gross operating margin | 9900 | €298,882 | €323,694 | +€24,813 | +8.3% |
| Operating profit (loss) | 9901 | €159,689 | €222,181 | +€62,491 | +39.1% |
| Financial income | 75/76B | €35 | €315 | +€280 | +802% |
| Recurring financial income | 75 | €35 | €315 | +€280 | +802% |
| Financial charges | 65/66B | €578 | €602 | +€24 | +4.1% |
| Recurring financial charges | 65 | €578 | €602 | +€24 | +4.1% |
| Profit (loss) for the period before taxes | 9903 | €159,146 | €221,893 | +€62,747 | +39.4% |
| Income taxes | 67/77 | €5,857 | €24,541 | +€18,683 | +319% |
| Profit (loss) for the period | 9904 | €153,289 | €197,353 | +€44,064 | +28.7% |
| Profit (loss) for the period to be appropriated | 9905 | €153,289 | €197,353 | +€44,064 | +28.7% |
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 13 October 2026 via checked.be.