THL-CONSULT: 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-CONSULT
Largest movements
- Cash +€254,995
up €254,995 (+149.9%), from €170,066 to €425,060
mainly Current investments (+€224,220) and Net result for the year (+€189,088)
- Current investments -€224,220
down €224,220 (-34.1%), from €658,000 to €433,780
- Receivables within one year +€54,686
up €54,686 (+105.1%), from €52,032 to €106,717
of which Trade receivables: +€54,700
- Tangible fixed assets +€23,764
up €23,764 (+43.5%), from €54,601 to €78,365
of which Furniture and vehicles: +€25,850
- Reserves +€62,148
up €62,148 (+8.0%), from €778,406 to €840,553
- Advances received +€60,500
new in 2025: €60,500
- Other debts -€12,209
down €12,209 (-8.8%), from €139,521 to €127,312
- Gross operating margin -€6,676
down €6,676 (-2.4%), from €283,177 to €276,501
- Depreciation -€3,939
down €3,939 (-19.0%), from €20,714 to €16,776
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 | €937,087 | €1,045,206 | +€108,119 | +11.5% |
| Fixed assets | 21/28 | €54,601 | €78,365 | +€23,764 | +43.5% |
| Tangible fixed assets | 22/27 | €54,601 | €78,365 | +€23,764 | +43.5% |
| Plant, machinery and equipment | 23 | €5,831 | €3,746 | -€2,086 | -35.8% |
| Furniture and vehicles | 24 | €48,770 | €74,620 | +€25,850 | +53.0% |
| Current assets | 29/58 | €882,486 | €966,841 | +€84,355 | +9.6% |
| Amounts receivable within one year | 40/41 | €52,032 | €106,717 | +€54,686 | +105.1% |
| Trade receivables | 40 | €52,005 | €106,704 | +€54,700 | +105.2% |
| Other amounts receivable | 41 | €27 | €13 | -€14 | -51.1% |
| Current investments | 50/53 | €658,000 | €433,780 | -€224,220 | -34.1% |
| Cash at bank and in hand | 54/58 | €170,066 | €425,060 | +€254,995 | +149.9% |
| Deferred charges and accrued income | 490/1 | €2,388 | €1,283 | -€1,105 | -46.3% |
| Total equity and liabilities | 10/49 | €937,087 | €1,045,206 | +€108,119 | +11.5% |
| Equity | 10/15 | €778,406 | €840,553 | +€62,148 | +8.0% |
| Reserves | 13 | €778,406 | €840,553 | +€62,148 | +8.0% |
| Distributable reserves | 133 | €778,406 | €840,553 | +€62,148 | +8.0% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €158,682 | €204,653 | +€45,971 | +29.0% |
| Amounts payable within one year | 42/48 | €158,682 | €204,653 | +€45,971 | +29.0% |
| Trade debts | 44 | €81 | €4,125 | +€4,043 | +4963.4% |
| Suppliers | 440/4 | €81 | €4,125 | +€4,043 | +4963.4% |
| Advances received on contracts in progress | 46 | - | €60,500 | +€60,500 | |
| Taxes, remuneration and social security | 45 | €19,079 | €12,717 | -€6,363 | -33.3% |
| Taxes | 450/3 | €19,079 | €12,717 | -€6,363 | -33.3% |
| Other amounts payable | 47/48 | €139,521 | €127,312 | -€12,209 | -8.8% |
| Non-recurring operating income | 76A | - | €5,783 | +€5,783 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €20,714 | €16,776 | -€3,939 | -19.0% |
| Other operating charges | 640/8 | €440 | €1,383 | +€943 | +214.3% |
| Gross operating margin | 9900 | €283,177 | €276,501 | -€6,676 | -2.4% |
| Operating profit (loss) | 9901 | €262,022 | €258,342 | -€3,680 | -1.4% |
| Financial income | 75/76B | €17,698 | €15,906 | -€1,792 | -10.1% |
| Recurring financial income | 75 | €17,698 | €15,906 | -€1,792 | -10.1% |
| Financial charges | 65/66B | €850 | €1,794 | +€944 | +111.0% |
| Recurring financial charges | 65 | €850 | €1,794 | +€944 | +111.0% |
| Profit (loss) for the period before taxes | 9903 | €278,870 | €272,454 | -€6,416 | -2.3% |
| Income taxes | 67/77 | €84,539 | €83,367 | -€1,172 | -1.4% |
| Profit (loss) for the period | 9904 | €194,331 | €189,088 | -€5,244 | -2.7% |
| Profit (loss) for the period to be appropriated | 9905 | €194,331 | €189,088 | -€5,244 | -2.7% |
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 1 October 2026 via checked.be.