Thines Horizon: what changed
What changed
Thines Horizon
NACE 68.121, Development of residential building projects
filed annual accounts (NBB)
Net result for the year
-€3.4m
2024 · -€24,993-€3.4m
Equity
-€1.1m
2024 · €2.3m-€3.4m
Cash
€169,836
2024 · €33,491+€136,345
Balance sheet total
€14.3m
2024 · €18.8m-€4.5m
Largest movements
Assets
- Receivables after one year -€5.6m
no longer reported in 2025 (was €5.6m)
- Stocks and contracts +€951,764
up €951,764 (+7.2%), from €13.2m to €14.1m
Equity and liabilities
- Profit (loss) carried forward -€3.4m
down €3.4m (-1,604%), from -€213,365 to -€3.6m
- Debts after one year -€930,773
down €930,773 (-35.5%), from €2.6m to €1.7m
Income statement
- Financial charges -€192,319
down €192,319 (-88.1%), from €218,239 to €25,920
- Financial income -€192,319
down €192,319 (-87.5%), from €219,739 to €27,420
- Gross operating margin +€52,913
up €52,913, from -€22,588 to €30,325
- Other operating charges -€1,539
no longer reported in 2025 (was €1,539)
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.
Result 2024
-€24,993
Gross operating margin
+€52,913
Depreciation
+€279
Other operating charges
+€1,539
Other operating items
-€3.5m
Financial income
-€192,319
Financial charges
+€192,319
Result 2025
-€3.4m
raises the resultlowers the resultnot broken down further in the accounts
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.
From operations
+€1.1m
Investment
€0
Financing
-€932,273
Cash 2024
€33,491
From operations (derived)
+€1.1m
Net result for the year
-€3.4m
Depreciation
+€2,588
Receivables after one year
+€5.6m
Stocks and contracts
-€951,764
Receivables within one year
+€25,310
Smaller working-capital items
-€908
Trade debts
-€139,381
Accrued charges and deferred income
-€32,083
Financing
-€932,273
Debts after one year
-€930,773
Contributions, distributions and other
-€1,500
Cash 2025
€169,836
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €18,839,532 | €14,313,878 | -€4.5m | -24.0% |
| Fixed assets | 21/28 | €17,898 | €15,310 | -€2,588 | -14.5% |
| Intangible fixed assets | 21 | €17,898 | €15,310 | -€2,588 | -14.5% |
| Current assets | 29/58 | €18,821,635 | €14,298,568 | -€4.5m | -24.0% |
| Amounts receivable after more than one year | 29 | €5,586,273 | - | -€5.6m | |
| Other amounts receivable | 291 | €5,586,273 | - | -€5.6m | |
| Stocks and contracts in progress | 3 | €13,151,188 | €14,102,952 | +€951,764 | +7.2% |
| Stocks | 30/36 | €13,151,188 | €14,102,952 | +€951,764 | +7.2% |
| Amounts receivable within one year | 40/41 | €50,683 | €25,373 | -€25,310 | -49.9% |
| Trade receivables | 40 | - | €15,218 | +€15,218 | |
| Other amounts receivable | 41 | €50,683 | €10,155 | -€40,528 | -80.0% |
| Cash at bank and in hand | 54/58 | €33,491 | €169,836 | +€136,345 | +407% |
| Deferred charges and accrued income | 490/1 | - | €408 | +€408 | |
| Total equity and liabilities | 10/49 | €18,839,532 | €14,313,878 | -€4.5m | -24.0% |
| Equity | 10/15 | €2,291,450 | -€1,131,467 | -€3.4m | |
| Contributions | 10/11 | €2,500,000 | €2,500,000 | = | 0.0% |
| Capital | 10 | €2,500,000 | €2,500,000 | = | 0.0% |
| Issued capital | 100 | €2,500,000 | €2,500,000 | = | 0.0% |
| Reserves | 13 | €1,815 | €1,815 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,815 | €1,815 | = | 0.0% |
| Legal reserve | 130 | €1,815 | €1,815 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€213,365 | -€3,634,782 | -€3.4m | -1,604% |
| Investment grants | 15 | €3,000 | €1,500 | -€1,500 | -50.0% |
| Provisions and deferred taxes | 16 | €1,000 | €500 | -€500 | -50.0% |
| Deferred taxes | 168 | €1,000 | €500 | -€500 | -50.0% |
| Amounts payable | 17/49 | €16,547,082 | €15,444,845 | -€1.1m | -6.7% |
| Amounts payable after more than one year | 17 | €2,623,734 | €1,692,961 | -€930,773 | -35.5% |
| Other amounts payable | 178/9 | €2,623,734 | €1,692,961 | -€930,773 | -35.5% |
| Amounts payable within one year | 42/48 | €13,891,265 | €13,751,884 | -€139,381 | -1.0% |
| Current portion of amounts payable after more than one year | 42 | €13,750,000 | €13,750,000 | = | 0.0% |
| Trade debts | 44 | €141,265 | €1,884 | -€139,381 | -98.7% |
| Suppliers | 440/4 | €141,265 | €1,884 | -€139,381 | -98.7% |
| Accrued charges and deferred income | 492/3 | €32,083 | - | -€32,083 | |
| Non-recurring operating income | 76A | - | €361 | +€361 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,866 | €2,588 | -€279 | -9.7% |
| Other operating charges | 640/8 | €1,539 | - | -€1,539 | |
| Non-recurring operating charges | 66A | - | €3,451,155 | +€3.5m | |
| Gross operating margin | 9900 | -€22,588 | €30,325 | +€52,913 | |
| Operating profit (loss) | 9901 | -€26,993 | -€3,423,418 | -€3.4m | -12,582% |
| Financial income | 75/76B | €219,739 | €27,420 | -€192,319 | -87.5% |
| Recurring financial income | 75 | €219,739 | €27,420 | -€192,319 | -87.5% |
| Financial charges | 65/66B | €218,239 | €25,920 | -€192,319 | -88.1% |
| Recurring financial charges | 65 | €218,239 | €25,920 | -€192,319 | -88.1% |
| Profit (loss) for the period before taxes | 9903 | -€25,493 | -€3,421,917 | -€3.4m | -13,323% |
| Transfer from deferred taxes | 780 | €500 | €500 | = | 0.0% |
| Profit (loss) for the period | 9904 | -€24,993 | -€3,421,417 | -€3.4m | -13,589% |
| Profit (loss) for the period to be appropriated | 9905 | -€24,993 | -€3,421,417 | -€3.4m | -13,589% |
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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 8 November 2026 via checked.be.