THGK HOLDING: 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.
THGK HOLDING
Largest movements
- Cash -€121,359
down €121,359 (-91.3%), from €132,947 to €11,588
mainly Investment in fixed assets (net) (-€117,599) and Other debts (-€81,417)
- Tangible fixed assets +€104,875
up €104,875 (+12.3%), from €851,918 to €956,793
of which Land and buildings: +€100,954
- Receivables within one year +€64,790
up €64,790 (+46.3%), from €139,967 to €204,757
of which Trade receivables: +€105,335
- Other debts -€81,417
down €81,417 (-30.7%), from €264,784 to €183,367
- Tax, wage and social debts +€80,854
up €80,854 (+48.9%), from €165,231 to €246,085
of which Taxes: +€81,469
- Trade debts +€72,517
up €72,517 (+928.0%), from €7,814 to €80,332
- Gross operating margin -€63,378
down €63,378 (-68.8%), from €92,174 to €28,796
- Taxes -€33,561
down €33,561 (-92.6%), from €36,242 to €2,681
- Other operating charges -€6,983
down €6,983 (-65.7%), from €10,633 to €3,650
- Depreciation +€6,279
up €6,279 (+97.4%), from €6,445 to €12,724
- Financial income -€3,954
down €3,954 (-100.0%), from €3,954 to €0
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 | €2,511,543 | €2,559,850 | +€48,306 | +1.9% |
| Fixed assets | 21/28 | €2,141,918 | €2,246,793 | +€104,875 | +4.9% |
| Tangible fixed assets | 22/27 | €851,918 | €956,793 | +€104,875 | +12.3% |
| Land and buildings | 22 | €435,997 | €536,951 | +€100,954 | +23.2% |
| Furniture and vehicles | 24 | - | €3,921 | +€3,921 | |
| Other tangible fixed assets | 26 | €25,000 | €25,000 | = | 0.0% |
| Assets under construction and advance payments | 27 | €390,921 | €390,921 | = | 0.0% |
| Financial fixed assets | 28 | €1,290,000 | €1,290,000 | = | 0.0% |
| Current assets | 29/58 | €369,626 | €313,057 | -€56,569 | -15.3% |
| Stocks and contracts in progress | 3 | €93,710 | €93,710 | = | 0.0% |
| Stocks | 30/36 | €93,710 | €93,710 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €139,967 | €204,757 | +€64,790 | +46.3% |
| Trade receivables | 40 | €28,101 | €133,435 | +€105,335 | +374.8% |
| Other amounts receivable | 41 | €111,866 | €71,322 | -€40,545 | -36.2% |
| Current investments | 50/53 | €3,002 | €3,002 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €132,947 | €11,588 | -€121,359 | -91.3% |
| Total equity and liabilities | 10/49 | €2,511,543 | €2,559,850 | +€48,306 | +1.9% |
| Equity | 10/15 | €2,011,143 | €2,019,188 | +€8,044 | +0.4% |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Reserves | 13 | €412,338 | €412,338 | = | 0.0% |
| Non-distributable reserves | 130/1 | €116,100 | €116,100 | = | 0.0% |
| Reserves not available under the articles | 1311 | €116,100 | €116,100 | = | 0.0% |
| Distributable reserves | 133 | €296,238 | €296,238 | = | 0.0% |
| Profit (loss) carried forward | 14 | €1,578,805 | €1,586,850 | +€8,044 | +0.5% |
| Amounts payable | 17/49 | €500,400 | €540,662 | +€40,262 | +8.0% |
| Amounts payable after more than one year | 17 | €12,296 | - | -€12,296 | |
| Financial debts | 170/4 | €12,296 | - | -€12,296 | |
| Amounts payable within one year | 42/48 | €488,104 | €540,662 | +€52,558 | +10.8% |
| Current portion of amounts payable after more than one year | 42 | €50,274 | €30,878 | -€19,396 | -38.6% |
| Trade debts | 44 | €7,814 | €80,332 | +€72,517 | +928.0% |
| Suppliers | 440/4 | €7,814 | €80,332 | +€72,517 | +928.0% |
| Taxes, remuneration and social security | 45 | €165,231 | €246,085 | +€80,854 | +48.9% |
| Taxes | 450/3 | €164,616 | €246,085 | +€81,469 | +49.5% |
| Remuneration and social security | 454/9 | €615 | - | -€615 | |
| Other amounts payable | 47/48 | €264,784 | €183,367 | -€81,417 | -30.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €6,445 | €12,724 | +€6,279 | +97.4% |
| Other operating charges | 640/8 | €10,633 | €3,650 | -€6,983 | -65.7% |
| Gross operating margin | 9900 | €92,174 | €28,796 | -€63,378 | -68.8% |
| Operating profit (loss) | 9901 | €75,096 | €12,423 | -€62,673 | -83.5% |
| Financial income | 75/76B | €3,954 | €0 | -€3,954 | -100.0% |
| Recurring financial income | 75 | €3,954 | €0 | -€3,954 | -100.0% |
| Financial charges | 65/66B | €2,403 | €1,698 | -€705 | -29.4% |
| Recurring financial charges | 65 | €2,403 | €1,698 | -€705 | -29.4% |
| Profit (loss) for the period before taxes | 9903 | €76,648 | €10,726 | -€65,922 | -86.0% |
| Income taxes | 67/77 | €36,242 | €2,681 | -€33,561 | -92.6% |
| Profit (loss) for the period | 9904 | €40,406 | €8,044 | -€32,362 | -80.1% |
| Profit (loss) for the period to be appropriated | 9905 | €40,406 | €8,044 | -€32,362 | -80.1% |
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 8 October 2026 via checked.be.