THL: what changed
THL
Largest movements
- Cash -€45,809
down €45,809 (-24.7%), from €185,166 to €139,358
mainly Tax, wage and social debts (-€37,110) and Other debts (-€25,000)
- Tangible fixed assets -€7,772
down €7,772 (-76.3%), from €10,189 to €2,418
- Receivables within one year -€6,436
down €6,436 (-7.2%), from €89,612 to €83,176
of which Other amounts receivable: -€16,993
- Tax, wage and social debts -€37,110
down €37,110 (-45.5%), from €81,558 to €44,448
of which Remuneration and social security: -€34,674
- Other debts -€25,000
no longer reported in 2025 (was €25,000)
- Profit (loss) carried forward +€6,344
up €6,344 (+3.9%), from €161,542 to €167,885
- Current portion of long-term debt -€2,948
down €2,948 (-58.0%), from €5,079 to €2,131
- Gross operating margin -€194,233
down €194,233 (-39.2%), from €494,971 to €300,738
- Staff costs -€150,503
down €150,503 (-35.4%), from €425,012 to €274,509
- Taxes -€8,294
down €8,294 (-63.8%), from €13,002 to €4,708
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.
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.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €289,389 | €227,174 | -€62,214 | -21.5% |
| Fixed assets | 21/28 | €10,268 | €2,497 | -€7,772 | -75.7% |
| Tangible fixed assets | 22/27 | €10,189 | €2,418 | -€7,772 | -76.3% |
| Furniture and vehicles | 24 | €10,189 | €2,418 | -€7,772 | -76.3% |
| Financial fixed assets | 28 | €79 | €79 | = | 0.0% |
| Current assets | 29/58 | €279,120 | €224,678 | -€54,442 | -19.5% |
| Amounts receivable within one year | 40/41 | €89,612 | €83,176 | -€6,436 | -7.2% |
| Trade receivables | 40 | €56,874 | €67,431 | +€10,557 | +18.6% |
| Other amounts receivable | 41 | €32,738 | €15,745 | -€16,993 | -51.9% |
| Cash at bank and in hand | 54/58 | €185,166 | €139,358 | -€45,809 | -24.7% |
| Deferred charges and accrued income | 490/1 | €4,342 | €2,144 | -€2,198 | -50.6% |
| Total equity and liabilities | 10/49 | €289,389 | €227,174 | -€62,214 | -21.5% |
| Equity | 10/15 | €174,252 | €180,595 | +€6,344 | +3.6% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €310 | €310 | = | 0.0% |
| Non-distributable reserves | 130/1 | €310 | €310 | = | 0.0% |
| Reserves not available under the articles | 1311 | €310 | €310 | = | 0.0% |
| Profit (loss) carried forward | 14 | €161,542 | €167,885 | +€6,344 | +3.9% |
| Amounts payable | 17/49 | €115,137 | €46,579 | -€68,558 | -59.5% |
| Amounts payable after more than one year | 17 | €2,131 | - | -€2,131 | |
| Financial debts | 170/4 | €2,131 | - | -€2,131 | |
| Amounts payable within one year | 42/48 | €113,006 | €46,579 | -€66,427 | -58.8% |
| Current portion of amounts payable after more than one year | 42 | €5,079 | €2,131 | -€2,948 | -58.0% |
| Trade debts | 44 | €1,370 | - | -€1,370 | |
| Suppliers | 440/4 | €1,370 | - | -€1,370 | |
| Taxes, remuneration and social security | 45 | €81,558 | €44,448 | -€37,110 | -45.5% |
| Taxes | 450/3 | €30,528 | €28,093 | -€2,435 | -8.0% |
| Remuneration and social security | 454/9 | €51,030 | €16,356 | -€34,674 | -67.9% |
| Other amounts payable | 47/48 | €25,000 | - | -€25,000 | |
| Remuneration, social security and pensions | 62 | €425,012 | €274,509 | -€150,503 | -35.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €8,778 | €7,772 | -€1,006 | -11.5% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €1,297 | - | -€1,297 | |
| Other operating charges | 640/8 | €4,918 | €4,317 | -€601 | -12.2% |
| Gross operating margin | 9900 | €494,971 | €300,738 | -€194,233 | -39.2% |
| Operating profit (loss) | 9901 | €54,965 | €14,140 | -€40,826 | -74.3% |
| Financial charges | 65/66B | €1,710 | €3,088 | +€1,377 | +80.5% |
| Recurring financial charges | 65 | €1,710 | €3,088 | +€1,377 | +80.5% |
| Profit (loss) for the period before taxes | 9903 | €53,255 | €11,052 | -€42,203 | -79.2% |
| Income taxes | 67/77 | €13,002 | €4,708 | -€8,294 | -63.8% |
| Profit (loss) for the period | 9904 | €40,253 | €6,344 | -€33,909 | -84.2% |
| Profit (loss) for the period to be appropriated | 9905 | €40,253 | €6,344 | -€33,909 | -84.2% |
Next steps
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 6 November 2026 via checked.be.