THM: 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.
THM
Largest movements
- Receivables within one year +€1,128
up €1,128, from €0 to €1,128
- Stocks and contracts -€909
down €909 (-13.0%), from €6,993 to €6,084
- Tangible fixed assets +€715
up €715 (+8.3%), from €8,627 to €9,342
of which Plant, machinery and equipment: +€2,452
- Profit (loss) carried forward +€11,389
up €11,389 (+8.5%), from -€134,126 to -€122,738
- Other debts -€10,289
down €10,289 (-10.0%), from €102,574 to €92,285
- Short-term financial debts -€232
down €232 (-4.2%), from €5,567 to €5,336
- Gross operating margin +€7,636
up €7,636 (+87.5%), from €8,730 to €16,366
- Depreciation +€601
up €601 (+34.9%), from €1,721 to €2,322
- Financial charges +€210
up €210 (+33.3%), from €630 to €840
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 | €16,226 | €17,160 | +€934 | +5.8% |
| Fixed assets | 21/28 | €9,222 | €9,937 | +€715 | +7.8% |
| Tangible fixed assets | 22/27 | €8,627 | €9,342 | +€715 | +8.3% |
| Plant, machinery and equipment | 23 | €1,455 | €3,908 | +€2,452 | +168.6% |
| Furniture and vehicles | 24 | €1,772 | €1,280 | -€492 | -27.8% |
| Other tangible fixed assets | 26 | €5,399 | €4,154 | -€1,245 | -23.1% |
| Financial fixed assets | 28 | €595 | €595 | = | 0.0% |
| Current assets | 29/58 | €7,004 | €7,223 | +€219 | +3.1% |
| Stocks and contracts in progress | 3 | €6,993 | €6,084 | -€909 | -13.0% |
| Stocks | 30/36 | €6,993 | €6,084 | -€909 | -13.0% |
| Amounts receivable within one year | 40/41 | €0 | €1,128 | +€1,128 | |
| Trade receivables | 40 | €0 | €1,128 | +€1,128 | |
| Cash at bank and in hand | 54/58 | €11 | €11 | = | 0.0% |
| Total equity and liabilities | 10/49 | €16,226 | €17,160 | +€934 | +5.8% |
| Equity | 10/15 | -€98,955 | -€87,566 | +€11,389 | +11.5% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €28,971 | €28,971 | = | 0.0% |
| Distributable reserves | 133 | €28,971 | €28,971 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€134,126 | -€122,738 | +€11,389 | +8.5% |
| Amounts payable | 17/49 | €115,182 | €104,727 | -€10,455 | -9.1% |
| Amounts payable within one year | 42/48 | €115,182 | €104,727 | -€10,455 | -9.1% |
| Financial debts | 43 | €5,567 | €5,336 | -€232 | -4.2% |
| Credit institutions | 430/8 | €5,567 | €5,336 | -€232 | -4.2% |
| Trade debts | 44 | €1,903 | €2,030 | +€127 | +6.7% |
| Suppliers | 440/4 | €1,903 | €2,030 | +€127 | +6.7% |
| Advances received on contracts in progress | 46 | €1,768 | €1,768 | = | 0.0% |
| Taxes, remuneration and social security | 45 | €3,369 | €3,307 | -€62 | -1.8% |
| Taxes | 450/3 | €369 | €1,307 | +€938 | +254.6% |
| Remuneration and social security | 454/9 | €3,000 | €2,000 | -€1,000 | -33.3% |
| Other amounts payable | 47/48 | €102,574 | €92,285 | -€10,289 | -10.0% |
| Accrued charges and deferred income | 492/3 | €0 | - | = | |
| Remuneration, social security and pensions | 62 | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,721 | €2,322 | +€601 | +34.9% |
| Other operating charges | 640/8 | €1,404 | €1,461 | +€58 | +4.1% |
| Gross operating margin | 9900 | €8,730 | €16,366 | +€7,636 | +87.5% |
| Operating profit (loss) | 9901 | €5,605 | €12,582 | +€6,977 | +124.5% |
| Financial income | 75/76B | €0 | €75 | +€75 | +107042.9% |
| Recurring financial income | 75 | €0 | €75 | +€75 | +107042.9% |
| Financial charges | 65/66B | €630 | €840 | +€210 | +33.3% |
| Recurring financial charges | 65 | €630 | €840 | +€210 | +33.3% |
| Profit (loss) for the period before taxes | 9903 | €4,975 | €11,817 | +€6,843 | +137.5% |
| Income taxes | 67/77 | €419 | €428 | +€9 | +2.3% |
| Profit (loss) for the period | 9904 | €4,556 | €11,389 | +€6,833 | +150.0% |
| Profit (loss) for the period to be appropriated | 9905 | €4,556 | €11,389 | +€6,833 | +150.0% |
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 3 October 2026 via checked.be.