THPE: 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.
THPE
Largest movements
- Deferred charges and accrued income +€14,398
up €14,398 (+1,160%), from €1,241 to €15,639
- Cash -€5,436
down €5,436 (-7.4%), from €73,198 to €67,762
mainly Deferred charges and accrued income (-€14,398) and Debts after one year (-€8,047)
- Tangible fixed assets -€2,724
down €2,724 (-3.2%), from €85,422 to €82,698
of which Land and buildings: -€3,534
- Reserves +€13,850
up €13,850 (+745%), from €1,860 to €15,710
- Debts after one year -€8,047
down €8,047 (-16.1%), from €49,939 to €41,892
- Provisions -€26,909
down €26,909 (-97.6%), from €27,577 to €668
- Financial charges +€22,428
up €22,428 (+1,282%), from €1,749 to €24,177
of which Financial charges: +€22,329
- Gross operating margin +€13,277
up €13,277 (+36.5%), from €36,384 to €49,661
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.
Derived cash bridge
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 | €198,385 | €203,721 | +€5,336 | +2.7% |
| Formation expenses | 20 | €9,762 | €9,353 | -€409 | -4.2% |
| Fixed assets | 21/28 | €85,422 | €82,698 | -€2,724 | -3.2% |
| Tangible fixed assets | 22/27 | €85,422 | €82,698 | -€2,724 | -3.2% |
| Land and buildings | 22 | €85,422 | €81,888 | -€3,534 | -4.1% |
| Furniture and vehicles | 24 | - | €810 | +€810 | |
| Current assets | 29/58 | €103,201 | €111,670 | +€8,469 | +8.2% |
| Amounts receivable within one year | 40/41 | €8,762 | €8,269 | -€493 | -5.6% |
| Trade receivables | 40 | €1,094 | - | -€1,094 | |
| Other amounts receivable | 41 | €7,668 | €8,269 | +€601 | +7.8% |
| Current investments | 50/53 | €20,000 | €20,000 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €73,198 | €67,762 | -€5,436 | -7.4% |
| Deferred charges and accrued income | 490/1 | €1,241 | €15,639 | +€14,398 | +1,160% |
| Total equity and liabilities | 10/49 | €198,385 | €203,721 | +€5,336 | +2.7% |
| Equity | 10/15 | €108,725 | €121,893 | +€13,168 | +12.1% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €1,860 | €15,710 | +€13,850 | +745% |
| Distributable reserves | 133 | €1,860 | €15,710 | +€13,850 | +745% |
| Profit (loss) carried forward | 14 | €100,665 | €99,983 | -€682 | -0.7% |
| Provisions and deferred taxes | 16 | €27,577 | €28,245 | +€668 | +2.4% |
| Provisions for liabilities and charges | 160/5 | €27,577 | €28,245 | +€668 | +2.4% |
| Other liabilities and charges | 164/5 | €27,577 | €28,245 | +€668 | +2.4% |
| Amounts payable | 17/49 | €62,083 | €53,583 | -€8,500 | -13.7% |
| Amounts payable after more than one year | 17 | €49,939 | €41,892 | -€8,047 | -16.1% |
| Financial debts | 170/4 | €49,939 | €41,892 | -€8,047 | -16.1% |
| Amounts payable within one year | 42/48 | €12,101 | €11,170 | -€931 | -7.7% |
| Current portion of amounts payable after more than one year | 42 | €7,846 | €8,047 | +€201 | +2.6% |
| Trade debts | 44 | €1,591 | €1,711 | +€120 | +7.5% |
| Suppliers | 440/4 | €1,591 | €1,711 | +€120 | +7.5% |
| Taxes, remuneration and social security | 45 | €1,831 | €579 | -€1,252 | -68.4% |
| Taxes | 450/3 | €1,831 | €579 | -€1,252 | -68.4% |
| Other amounts payable | 47/48 | €833 | €833 | = | 0.0% |
| Accrued charges and deferred income | 492/3 | €43 | €521 | +€478 | +1,112% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €3,942 | €4,088 | +€146 | +3.7% |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | €27,577 | €668 | -€26,909 | -97.6% |
| Other operating charges | 640/8 | €978 | €1,131 | +€153 | +15.6% |
| Gross operating margin | 9900 | €36,384 | €49,661 | +€13,277 | +36.5% |
| Operating profit (loss) | 9901 | €3,887 | €43,774 | +€39,887 | +1,026% |
| Financial income | 75/76B | €726 | €1,001 | +€275 | +37.9% |
| Recurring financial income | 75 | €726 | €1,001 | +€275 | +37.9% |
| Financial charges | 65/66B | €1,749 | €24,177 | +€22,428 | +1,282% |
| Recurring financial charges | 65 | €1,749 | €24,078 | +€22,329 | +1,277% |
| Non-recurring financial charges | 66B | - | €99 | +€99 | |
| Profit (loss) for the period before taxes | 9903 | €2,864 | €20,598 | +€17,734 | +619% |
| Income taxes | 67/77 | €7,092 | €6,597 | -€495 | -7.0% |
| Profit (loss) for the period | 9904 | -€4,228 | €14,001 | +€18,229 | |
| Profit (loss) for the period to be appropriated | 9905 | -€4,228 | €14,001 | +€18,229 |
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 20 October 2026 via checked.be.