THL: 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.
THL
Largest movements
- Current investments +€268,661
up €268,661 (+12.2%), from €2.2m to €2.5m
- Cash -€157,396
down €157,396 (-46.5%), from €338,635 to €181,240
mainly Current investments (-€268,661) and Accrued charges and deferred income (-€4,734)
- Reserves +€64,849
up €64,849 (+2.8%), from €2.3m to €2.4m
- Tax, wage and social debts +€33,930
up €33,930 (+15.7%), from €216,015 to €249,945
- Gross operating margin -€3.0m
down €3.0m (-98.3%), from €3.0m to €50,550
- Taxes -€933,604
down €933,604 (-96.3%), from €969,424 to €35,821
- Financial income +€57,936
up €57,936 (+395.3%), from €14,655 to €72,591
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 | €2,629,422 | €2,726,021 | +€96,599 | +3.7% |
| Current assets | 29/58 | €2,629,422 | €2,726,021 | +€96,599 | +3.7% |
| Amounts receivable after more than one year | 29 | €65,000 | €65,000 | = | 0.0% |
| Other amounts receivable | 291 | €65,000 | €65,000 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €9,854 | - | -€9,854 | |
| Other amounts receivable | 41 | €9,854 | - | -€9,854 | |
| Current investments | 50/53 | €2,200,631 | €2,469,292 | +€268,661 | +12.2% |
| Cash at bank and in hand | 54/58 | €338,635 | €181,240 | -€157,396 | -46.5% |
| Deferred charges and accrued income | 490/1 | €15,302 | €10,489 | -€4,812 | -31.4% |
| Total equity and liabilities | 10/49 | €2,629,422 | €2,726,021 | +€96,599 | +3.7% |
| Equity | 10/15 | €2,399,385 | €2,464,234 | +€64,849 | +2.7% |
| Contributions | 10/11 | €18,592 | €18,592 | = | 0.0% |
| Reserves | 13 | €2,291,579 | €2,356,428 | +€64,849 | +2.8% |
| Distributable reserves | 133 | €2,291,579 | €2,356,428 | +€64,849 | +2.8% |
| Profit (loss) carried forward | 14 | €89,214 | €89,214 | = | 0.0% |
| Amounts payable | 17/49 | €230,037 | €261,787 | +€31,750 | +13.8% |
| Amounts payable after more than one year | 17 | €5,000 | €5,000 | = | 0.0% |
| Financial debts | 170/4 | €5,000 | €5,000 | = | 0.0% |
| Amounts payable within one year | 42/48 | €217,190 | €253,674 | +€36,484 | +16.8% |
| Trade debts | 44 | €126 | €2,353 | +€2,227 | +1767.8% |
| Suppliers | 440/4 | €126 | €2,353 | +€2,227 | +1767.8% |
| Taxes, remuneration and social security | 45 | €216,015 | €249,945 | +€33,930 | +15.7% |
| Taxes | 450/3 | €216,015 | €249,945 | +€33,930 | +15.7% |
| Other amounts payable | 47/48 | €1,049 | €1,375 | +€327 | +31.1% |
| Accrued charges and deferred income | 492/3 | €7,847 | €3,113 | -€4,734 | -60.3% |
| Non-recurring operating income | 76A | €2,979,861 | - | -€3.0m | |
| Other operating charges | 640/8 | €11,059 | €3,232 | -€7,827 | -70.8% |
| Gross operating margin | 9900 | €3,046,785 | €50,550 | -€3.0m | -98.3% |
| Operating profit (loss) | 9901 | €3,035,725 | €47,318 | -€3.0m | -98.4% |
| Financial income | 75/76B | €14,655 | €72,591 | +€57,936 | +395.3% |
| Recurring financial income | 75 | €14,655 | €72,591 | +€57,936 | +395.3% |
| Financial charges | 65/66B | €3,619 | €19,239 | +€15,621 | +431.7% |
| Recurring financial charges | 65 | €3,619 | €19,239 | +€15,621 | +431.7% |
| Profit (loss) for the period before taxes | 9903 | €3,046,762 | €100,669 | -€2.9m | -96.7% |
| Income taxes | 67/77 | €969,424 | €35,821 | -€933,604 | -96.3% |
| Profit (loss) for the period | 9904 | €2,077,338 | €64,849 | -€2.0m | -96.9% |
| Profit (loss) for the period to be appropriated | 9905 | €2,077,338 | €64,849 | -€2.0m | -96.9% |
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 28 September 2026 via checked.be.