THK Thomas Vanhecke: 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 Thomas Vanhecke
Largest movements
- Cash +€40,017
up €40,017 (+45.8%), from €87,374 to €127,391
mainly Net result for the year (+€56,374) and Tax, wage and social debts (+€9,258)
- Tangible fixed assets -€7,473
down €7,473 (-70.5%), from €10,605 to €3,131
of which Furniture and vehicles: -€6,807
- Receivables within one year +€1,454
up €1,454 (+28.6%), from €5,077 to €6,531
of which Trade receivables: +€3,535
- Reserves +€27,053
up €27,053 (+28.0%), from €96,605 to €123,658
- Tax, wage and social debts +€9,258
up €9,258, from €0 to €9,258
of which Taxes: +€9,258
- Current portion of long-term debt -€6,048
down €6,048 (-100%), from €6,048 to €0
- Trade debts +€3,494
up €3,494 (+378%), from €925 to €4,419
- Gross operating margin +€29,142
up €29,142 (+57.7%), from €50,489 to €79,631
- Taxes +€6,681
up €6,681 (+81.7%), from €8,179 to €14,860
- Depreciation -€4,303
down €4,303 (-36.5%), from €11,777 to €7,473
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 | €104,577 | €138,403 | +€33,826 | +32.3% |
| Fixed assets | 21/28 | €10,605 | €3,131 | -€7,473 | -70.5% |
| Tangible fixed assets | 22/27 | €10,605 | €3,131 | -€7,473 | -70.5% |
| Plant, machinery and equipment | 23 | €1,355 | €689 | -€667 | -49.2% |
| Furniture and vehicles | 24 | €9,249 | €2,443 | -€6,807 | -73.6% |
| Current assets | 29/58 | €93,973 | €135,272 | +€41,300 | +43.9% |
| Amounts receivable within one year | 40/41 | €5,077 | €6,531 | +€1,454 | +28.6% |
| Trade receivables | 40 | - | €3,535 | +€3,535 | |
| Other amounts receivable | 41 | €5,077 | €2,996 | -€2,081 | -41.0% |
| Cash at bank and in hand | 54/58 | €87,374 | €127,391 | +€40,017 | +45.8% |
| Deferred charges and accrued income | 490/1 | €1,521 | €1,350 | -€171 | -11.3% |
| Total equity and liabilities | 10/49 | €104,577 | €138,403 | +€33,826 | +32.3% |
| Equity | 10/15 | €97,605 | €124,658 | +€27,053 | +27.7% |
| Contributions | 10/11 | €1,000 | €1,000 | = | 0.0% |
| Reserves | 13 | €96,605 | €123,658 | +€27,053 | +28.0% |
| Distributable reserves | 133 | €96,605 | €123,658 | +€27,053 | +28.0% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €6,973 | €13,746 | +€6,773 | +97.1% |
| Amounts payable after more than one year | 17 | €0 | - | = | |
| Financial debts | 170/4 | €0 | - | = | |
| Amounts payable within one year | 42/48 | €6,973 | €13,677 | +€6,704 | +96.1% |
| Current portion of amounts payable after more than one year | 42 | €6,048 | €0 | -€6,048 | -100% |
| Trade debts | 44 | €925 | €4,419 | +€3,494 | +378% |
| Suppliers | 440/4 | €925 | €4,419 | +€3,494 | +378% |
| Taxes, remuneration and social security | 45 | €0 | €9,258 | +€9,258 | |
| Taxes | 450/3 | - | €9,258 | +€9,258 | |
| Remuneration and social security | 454/9 | €0 | - | = | |
| Accrued charges and deferred income | 492/3 | - | €69 | +€69 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €11,777 | €7,473 | -€4,303 | -36.5% |
| Other operating charges | 640/8 | €919 | €788 | -€131 | -14.2% |
| Gross operating margin | 9900 | €50,489 | €79,631 | +€29,142 | +57.7% |
| Operating profit (loss) | 9901 | €37,793 | €71,370 | +€33,577 | +88.8% |
| Financial income | 75/76B | €0 | - | = | |
| Recurring financial income | 75 | €0 | - | = | |
| Financial charges | 65/66B | €293 | €136 | -€157 | -53.7% |
| Recurring financial charges | 65 | €293 | €136 | -€157 | -53.7% |
| Profit (loss) for the period before taxes | 9903 | €37,500 | €71,234 | +€33,734 | +90.0% |
| Income taxes | 67/77 | €8,179 | €14,860 | +€6,681 | +81.7% |
| Profit (loss) for the period | 9904 | €29,321 | €56,374 | +€27,053 | +92.3% |
| Profit (loss) for the period to be appropriated | 9905 | €29,321 | €56,374 | +€27,053 | +92.3% |
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 26 October 2026 via checked.be.