THG MALMEDY: 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 MALMEDY
Largest movements
- Receivables within one year -€45,813
down €45,813 (-24.4%), from €188,051 to €142,238
- Cash +€17,601
up €17,601 (+455%), from €3,866 to €21,467
mainly Receivables within one year (+€45,813) and Net result for the year (+€27,985)
- Tangible fixed assets -€7,067
down €7,067 (-37.7%), from €18,761 to €11,694
- Debts after one year -€26,870
down €26,870 (-16.6%), from €161,644 to €134,774
- Trade debts -€13,509
down €13,509 (-35.3%), from €38,242 to €24,733
- Reserves +€10,000
up €10,000 (+4.8%), from €208,000 to €218,000
of which Distributable reserves: +€10,000
- Staff costs +€10,561
up €10,561 (+14.4%), from €73,439 to €84,000
- Gross operating margin -€5,999
down €5,999 (-4.5%), from €132,954 to €126,955
- Other operating charges -€5,884
down €5,884 (-93.5%), from €6,290 to €406
- Write-downs -€4,043
no longer reported in 2025 (was €4,043)
- Depreciation +€2,475
up €2,475 (+53.9%), from €4,592 to €7,067
From the 31-12-2024 result to the 31-12-2025 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 31-12-2024 and 31-12-2025 balance sheets and the 31-12-2025 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 31-12-2024 | 31-12-2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €633,438 | €600,703 | -€32,736 | -5.2% |
| Fixed assets | 21/28 | €368,761 | €361,694 | -€7,067 | -1.9% |
| Tangible fixed assets | 22/27 | €18,761 | €11,694 | -€7,067 | -37.7% |
| Plant, machinery and equipment | 23 | €2,972 | €2,100 | -€871 | -29.3% |
| Furniture and vehicles | 24 | €8,598 | €5,534 | -€3,064 | -35.6% |
| Other tangible fixed assets | 26 | €7,191 | €4,059 | -€3,132 | -43.6% |
| Financial fixed assets | 28 | €350,000 | €350,000 | = | 0.0% |
| Current assets | 29/58 | €264,677 | €239,009 | -€25,668 | -9.7% |
| Amounts receivable within one year | 40/41 | €188,051 | €142,238 | -€45,813 | -24.4% |
| Trade receivables | 40 | €188,051 | €142,238 | -€45,813 | -24.4% |
| Current investments | 50/53 | €69,500 | €69,500 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €3,866 | €21,467 | +€17,601 | +455% |
| Deferred charges and accrued income | 490/1 | €3,261 | €5,804 | +€2,543 | +78.0% |
| Total equity and liabilities | 10/49 | €633,438 | €600,703 | -€32,736 | -5.2% |
| Equity | 10/15 | €319,418 | €332,403 | +€12,985 | +4.1% |
| Contributions | 10/11 | €110,000 | €110,000 | = | 0.0% |
| Reserves | 13 | €208,000 | €218,000 | +€10,000 | +4.8% |
| Non-distributable reserves | 130/1 | €38,000 | €38,000 | = | 0.0% |
| Own shares acquired | 1312 | €38,000 | €38,000 | = | 0.0% |
| Distributable reserves | 133 | €170,000 | €180,000 | +€10,000 | +5.9% |
| Profit (loss) carried forward | 14 | €1,418 | €4,403 | +€2,985 | +211% |
| Amounts payable | 17/49 | €314,021 | €268,300 | -€45,721 | -14.6% |
| Amounts payable after more than one year | 17 | €161,644 | €134,774 | -€26,870 | -16.6% |
| Financial debts | 170/4 | €161,644 | €134,774 | -€26,870 | -16.6% |
| Amounts payable within one year | 42/48 | €152,377 | €133,526 | -€18,851 | -12.4% |
| Current portion of amounts payable after more than one year | 42 | €26,531 | €26,870 | +€338 | +1.3% |
| Trade debts | 44 | €38,242 | €24,733 | -€13,509 | -35.3% |
| Suppliers | 440/4 | €38,242 | €24,733 | -€13,509 | -35.3% |
| Taxes, remuneration and social security | 45 | €33,439 | €30,393 | -€3,046 | -9.1% |
| Taxes | 450/3 | €19,201 | €16,283 | -€2,918 | -15.2% |
| Remuneration and social security | 454/9 | €14,238 | €14,111 | -€128 | -0.9% |
| Other amounts payable | 47/48 | €54,164 | €51,529 | -€2,635 | -4.9% |
| Remuneration, social security and pensions | 62 | €73,439 | €84,000 | +€10,561 | +14.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €4,592 | €7,067 | +€2,475 | +53.9% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €4,043 | - | -€4,043 | |
| Other operating charges | 640/8 | €6,290 | €406 | -€5,884 | -93.5% |
| Gross operating margin | 9900 | €132,954 | €126,955 | -€5,999 | -4.5% |
| Operating profit (loss) | 9901 | €44,590 | €35,482 | -€9,108 | -20.4% |
| Financial charges | 65/66B | €2,766 | €2,408 | -€358 | -12.9% |
| Recurring financial charges | 65 | €2,766 | €2,408 | -€358 | -12.9% |
| Profit (loss) for the period before taxes | 9903 | €41,824 | €33,073 | -€8,751 | -20.9% |
| Income taxes | 67/77 | €7,049 | €5,088 | -€1,961 | -27.8% |
| Profit (loss) for the period | 9904 | €34,775 | €27,985 | -€6,789 | -19.5% |
| Profit (loss) for the period to be appropriated | 9905 | €34,775 | €27,985 | -€6,789 | -19.5% |
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 30 October 2026 via checked.be.