THMS: 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.
THMS
Largest movements
- Tangible fixed assets -€12,403
down €12,403 (-22.6%), from €54,819 to €42,416
- Receivables within one year +€7,775
up €7,775 (+145.3%), from €5,350 to €13,125
of which Trade receivables: +€7,671
- Stocks and contracts +€3,409
up €3,409 (+91.2%), from €3,738 to €7,147
- Cash +€3,018
up €3,018 (+107.6%), from €2,804 to €5,822
mainly Depreciation (+€12,403) and Net result for the year (+€10,013)
- Debts after one year -€11,826
down €11,826 (-28.7%), from €41,220 to €29,394
- Profit (loss) carried forward +€10,013
up €10,013 (+44.4%), from -€22,527 to -€12,514
- Trade debts +€9,002
up €9,002 (+356.6%), from €2,524 to €11,526
- Other debts -€4,812
down €4,812 (-18.0%), from €26,771 to €21,959
- Tax, wage and social debts -€2,889
down €2,889 (-96.3%), from €3,000 to €111
- Gross operating margin +€37,473
up €37,473, from -€11,237 to €26,236
- Depreciation +€3,154
up €3,154 (+34.1%), from €9,249 to €12,403
- Financial charges +€325
up €325 (+18.2%), from €1,786 to €2,112
- Other operating charges +€320
up €320 (+125.6%), from €255 to €575
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 | €67,375 | €68,851 | +€1,476 | +2.2% |
| Fixed assets | 21/28 | €54,819 | €42,416 | -€12,403 | -22.6% |
| Tangible fixed assets | 22/27 | €54,819 | €42,416 | -€12,403 | -22.6% |
| Furniture and vehicles | 24 | €54,819 | €42,416 | -€12,403 | -22.6% |
| Current assets | 29/58 | €12,557 | €26,435 | +€13,879 | +110.5% |
| Stocks and contracts in progress | 3 | €3,738 | €7,147 | +€3,409 | +91.2% |
| Stocks | 30/36 | €3,738 | €7,147 | +€3,409 | +91.2% |
| Amounts receivable within one year | 40/41 | €5,350 | €13,125 | +€7,775 | +145.3% |
| Trade receivables | 40 | €4,749 | €12,420 | +€7,671 | +161.5% |
| Other amounts receivable | 41 | €601 | €705 | +€104 | +17.3% |
| Cash at bank and in hand | 54/58 | €2,804 | €5,822 | +€3,018 | +107.6% |
| Deferred charges and accrued income | 490/1 | €665 | €342 | -€323 | -48.5% |
| Total equity and liabilities | 10/49 | €67,375 | €68,851 | +€1,476 | +2.2% |
| Equity | 10/15 | -€17,527 | -€7,514 | +€10,013 | +57.1% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€22,527 | -€12,514 | +€10,013 | +44.4% |
| Amounts payable | 17/49 | €84,903 | €76,365 | -€8,537 | -10.1% |
| Amounts payable after more than one year | 17 | €41,220 | €29,394 | -€11,826 | -28.7% |
| Financial debts | 170/4 | €41,220 | €29,394 | -€11,826 | -28.7% |
| Amounts payable within one year | 42/48 | €43,682 | €46,521 | +€2,838 | +6.5% |
| Current portion of amounts payable after more than one year | 42 | €11,387 | €12,924 | +€1,537 | +13.5% |
| Trade debts | 44 | €2,524 | €11,526 | +€9,002 | +356.6% |
| Suppliers | 440/4 | €2,524 | €11,526 | +€9,002 | +356.6% |
| Taxes, remuneration and social security | 45 | €3,000 | €111 | -€2,889 | -96.3% |
| Taxes | 450/3 | €3,000 | €111 | -€2,889 | -96.3% |
| Other amounts payable | 47/48 | €26,771 | €21,959 | -€4,812 | -18.0% |
| Accrued charges and deferred income | 492/3 | - | €450 | +€450 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €9,249 | €12,403 | +€3,154 | +34.1% |
| Other operating charges | 640/8 | €255 | €575 | +€320 | +125.6% |
| Non-recurring operating charges | 66A | - | €1,265 | +€1,265 | |
| Gross operating margin | 9900 | -€11,237 | €26,236 | +€37,473 | |
| Operating profit (loss) | 9901 | -€20,741 | €11,993 | +€32,734 | |
| Financial income | 75/76B | €0 | €132 | +€132 | +661100.0% |
| Recurring financial income | 75 | €0 | €132 | +€132 | +661100.0% |
| Financial charges | 65/66B | €1,786 | €2,112 | +€325 | +18.2% |
| Recurring financial charges | 65 | €1,786 | €2,112 | +€325 | +18.2% |
| Profit (loss) for the period before taxes | 9903 | -€22,527 | €10,013 | +€32,541 | |
| Profit (loss) for the period | 9904 | -€22,527 | €10,013 | +€32,541 | |
| Profit (loss) for the period to be appropriated | 9905 | -€22,527 | €10,013 | +€32,541 |
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 10 October 2026 via checked.be.