ThiHan: 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.
ThiHan
Largest movements
- Tangible fixed assets +€183,411
up €183,411 (+13.9%), from €1.3m to €1.5m
- Cash +€40,471
up €40,471 (+241%), from €16,793 to €57,264
mainly Other debts (+€135,000) and Debts after one year (+€61,702)
- Other debts +€135,000
up €135,000 (+83.1%), from €162,500 to €297,500
- Debts after one year +€61,702
up €61,702 (+5.4%), from €1.1m to €1.2m
- Trade debts +€25,522
up €25,522 (+270%), from €9,440 to €34,962
- Financial charges +€18,680
up €18,680 (+139%), from €13,480 to €32,160
- Gross operating margin +€18,451
up €18,451 (+31.0%), from €59,603 to €78,054
- Depreciation -€3,776
down €3,776 (-8.3%), from €45,518 to €41,742
- Other operating charges +€1,156
up €1,156 (+53.8%), from €2,147 to €3,303
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 | €1,430,121 | €1,654,648 | +€224,527 | +15.7% |
| Fixed assets | 21/28 | €1,317,418 | €1,500,829 | +€183,411 | +13.9% |
| Tangible fixed assets | 22/27 | €1,317,418 | €1,500,829 | +€183,411 | +13.9% |
| Land and buildings | 22 | €1,317,418 | €1,500,829 | +€183,411 | +13.9% |
| Current assets | 29/58 | €112,702 | €153,819 | +€41,116 | +36.5% |
| Amounts receivable within one year | 40/41 | €95,583 | €96,555 | +€972 | +1.0% |
| Other amounts receivable | 41 | €95,583 | €96,555 | +€972 | +1.0% |
| Cash at bank and in hand | 54/58 | €16,793 | €57,264 | +€40,471 | +241% |
| Deferred charges and accrued income | 490/1 | €327 | - | -€327 | |
| Total equity and liabilities | 10/49 | €1,430,121 | €1,654,648 | +€224,527 | +15.7% |
| Equity | 10/15 | €43,476 | €44,326 | +€850 | +2.0% |
| Contributions | 10/11 | €10,000 | €10,000 | = | 0.0% |
| Reserves | 13 | €33,476 | €34,326 | +€850 | +2.5% |
| Distributable reserves | 133 | €33,476 | €34,326 | +€850 | +2.5% |
| Amounts payable | 17/49 | €1,386,644 | €1,610,322 | +€223,678 | +16.1% |
| Amounts payable after more than one year | 17 | €1,148,395 | €1,210,098 | +€61,702 | +5.4% |
| Financial debts | 170/4 | €1,148,395 | €1,210,098 | +€61,702 | +5.4% |
| Amounts payable within one year | 42/48 | €236,526 | €397,486 | +€160,960 | +68.1% |
| Current portion of amounts payable after more than one year | 42 | €62,587 | €65,024 | +€2,437 | +3.9% |
| Trade debts | 44 | €9,440 | €34,962 | +€25,522 | +270% |
| Suppliers | 440/4 | €9,440 | €34,962 | +€25,522 | +270% |
| Taxes, remuneration and social security | 45 | €1,999 | - | -€1,999 | |
| Taxes | 450/3 | €1,999 | - | -€1,999 | |
| Other amounts payable | 47/48 | €162,500 | €297,500 | +€135,000 | +83.1% |
| Accrued charges and deferred income | 492/3 | €1,723 | €2,739 | +€1,015 | +58.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €45,518 | €41,742 | -€3,776 | -8.3% |
| Other operating charges | 640/8 | €2,147 | €3,303 | +€1,156 | +53.8% |
| Gross operating margin | 9900 | €59,603 | €78,054 | +€18,451 | +31.0% |
| Operating profit (loss) | 9901 | €11,939 | €33,009 | +€21,071 | +176% |
| Financial charges | 65/66B | €13,480 | €32,160 | +€18,680 | +139% |
| Recurring financial charges | 65 | €13,480 | €32,160 | +€18,680 | +139% |
| Profit (loss) for the period before taxes | 9903 | -€1,541 | €850 | +€2,391 | |
| Profit (loss) for the period | 9904 | -€1,541 | €850 | +€2,391 | |
| Profit (loss) for the period to be appropriated | 9905 | -€1,541 | €850 | +€2,391 |
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.