THK: 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.
THK
Largest movements
- Stocks and contracts -€49,899
down €49,899 (-21.1%), from €236,256 to €186,357
- Tangible fixed assets -€48,026
down €48,026 (-40.6%), from €118,202 to €70,176
of which Furniture and vehicles: -€44,691
- Receivables after one year +€45,876
up €45,876 (+37.6%), from €121,959 to €167,835
- Receivables within one year +€24,111
up €24,111 (+21.2%), from €113,523 to €137,634
of which Trade receivables: +€24,388
- Cash +€17,283
up €17,283 (+255%), from €6,788 to €24,071
mainly Trade debts (+€71,368) and Stocks and contracts (+€49,899)
- Trade debts +€71,368
up €71,368 (+87.6%), from €81,485 to €152,853
- Profit (loss) carried forward -€38,191
down €38,191 (-23.2%), from -€164,967 to -€203,158
- Current portion of long-term debt -€25,042
down €25,042 (-60.5%), from €41,382 to €16,340
- Debts after one year -€16,340
down €16,340 (-7.9%), from €206,572 to €190,233
- Tax, wage and social debts +€7,777
up €7,777 (+15.3%), from €50,823 to €58,600
of which Remuneration and social security: +€7,246
- Gross operating margin -€66,998
down €66,998 (-18.5%), from €361,810 to €294,812
- Staff costs -€38,966
down €38,966 (-12.0%), from €325,129 to €286,163
- Depreciation -€23,184
down €23,184 (-47.9%), from €48,358 to €25,174
- Financial charges -€5,104
down €5,104 (-26.7%), from €19,140 to €14,036
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 | €645,016 | €643,568 | -€1,449 | -0.2% |
| Fixed assets | 21/28 | €122,275 | €82,942 | -€39,333 | -32.2% |
| Intangible fixed assets | 21 | €754 | €2,247 | +€1,493 | +198% |
| Tangible fixed assets | 22/27 | €118,202 | €70,176 | -€48,026 | -40.6% |
| Plant, machinery and equipment | 23 | €4,639 | €4,189 | -€450 | -9.7% |
| Furniture and vehicles | 24 | €48,574 | €3,882 | -€44,691 | -92.0% |
| Leasing and similar rights | 25 | €55,804 | €40,307 | -€15,497 | -27.8% |
| Other tangible fixed assets | 26 | €9,185 | €21,798 | +€12,613 | +137% |
| Financial fixed assets | 28 | €3,319 | €10,519 | +€7,200 | +217% |
| Current assets | 29/58 | €522,741 | €560,625 | +€37,884 | +7.2% |
| Amounts receivable after more than one year | 29 | €121,959 | €167,835 | +€45,876 | +37.6% |
| Other amounts receivable | 291 | €121,959 | €167,835 | +€45,876 | +37.6% |
| Stocks and contracts in progress | 3 | €236,256 | €186,357 | -€49,899 | -21.1% |
| Stocks | 30/36 | €236,256 | €186,357 | -€49,899 | -21.1% |
| Amounts receivable within one year | 40/41 | €113,523 | €137,634 | +€24,111 | +21.2% |
| Trade receivables | 40 | €83,450 | €107,838 | +€24,388 | +29.2% |
| Other amounts receivable | 41 | €30,073 | €29,796 | -€277 | -0.9% |
| Cash at bank and in hand | 54/58 | €6,788 | €24,071 | +€17,283 | +255% |
| Deferred charges and accrued income | 490/1 | €44,215 | €44,728 | +€512 | +1.2% |
| Total equity and liabilities | 10/49 | €645,016 | €643,568 | -€1,449 | -0.2% |
| Equity | 10/15 | €263,733 | €225,542 | -€38,191 | -14.5% |
| Contributions | 10/11 | €300,000 | €300,000 | = | 0.0% |
| Reserves | 13 | €128,700 | €128,700 | = | 0.0% |
| Tax-exempt reserves | 132 | €126,300 | €84,200 | -€42,100 | -33.3% |
| Distributable reserves | 133 | €2,400 | €44,500 | +€42,100 | +1,754% |
| Profit (loss) carried forward | 14 | -€164,967 | -€203,158 | -€38,191 | -23.2% |
| Amounts payable | 17/49 | €381,283 | €418,025 | +€36,742 | +9.6% |
| Amounts payable after more than one year | 17 | €206,572 | €190,233 | -€16,340 | -7.9% |
| Financial debts | 170/4 | €206,572 | €190,233 | -€16,340 | -7.9% |
| Amounts payable within one year | 42/48 | €174,711 | €227,793 | +€53,082 | +30.4% |
| Current portion of amounts payable after more than one year | 42 | €41,382 | €16,340 | -€25,042 | -60.5% |
| Trade debts | 44 | €81,485 | €152,853 | +€71,368 | +87.6% |
| Suppliers | 440/4 | €81,485 | €152,853 | +€71,368 | +87.6% |
| Advances received on contracts in progress | 46 | €0 | - | = | |
| Taxes, remuneration and social security | 45 | €50,823 | €58,600 | +€7,777 | +15.3% |
| Taxes | 450/3 | €20,116 | €20,648 | +€532 | +2.6% |
| Remuneration and social security | 454/9 | €30,707 | €37,952 | +€7,246 | +23.6% |
| Other amounts payable | 47/48 | €1,022 | €0 | -€1,022 | -100% |
| Non-recurring operating income | 76A | €0 | €33,229 | +€33,229 | |
| Remuneration, social security and pensions | 62 | €325,129 | €286,163 | -€38,966 | -12.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €48,358 | €25,174 | -€23,184 | -47.9% |
| Other operating charges | 640/8 | €14,537 | €13,382 | -€1,155 | -7.9% |
| Non-recurring operating charges | 66A | €0 | - | = | |
| Gross operating margin | 9900 | €361,810 | €294,812 | -€66,998 | -18.5% |
| Operating profit (loss) | 9901 | -€26,214 | -€29,906 | -€3,692 | -14.1% |
| Financial income | 75/76B | €8,282 | €5,966 | -€2,316 | -28.0% |
| Recurring financial income | 75 | €8,282 | €5,966 | -€2,316 | -28.0% |
| Financial charges | 65/66B | €19,140 | €14,036 | -€5,104 | -26.7% |
| Recurring financial charges | 65 | €19,140 | €14,036 | -€5,104 | -26.7% |
| Profit (loss) for the period before taxes | 9903 | -€37,072 | -€37,976 | -€905 | -2.4% |
| Income taxes | 67/77 | €204 | €214 | +€11 | +5.2% |
| Profit (loss) for the period | 9904 | -€37,275 | -€38,191 | -€915 | -2.5% |
| Transfer from tax-exempt reserves | 789 | - | €42,100 | +€42,100 | |
| Profit (loss) for the period to be appropriated | 9905 | -€37,275 | €3,909 | +€41,185 |
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 28 October 2026 via checked.be.