THR Construct: 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.
THR Construct
Largest movements
- Receivables within one year -€68,497
down €68,497 (-31.9%), from €214,796 to €146,299
of which Trade receivables: -€43,719
- Stocks and contracts -€15,216
down €15,216 (-20.3%), from €74,917 to €59,701
- Cash +€14,552
up €14,552 (+361.6%), from €4,025 to €18,577
mainly Receivables within one year (+€68,497) and Stocks and contracts (+€15,216)
- Trade debts -€64,397
down €64,397 (-79.5%), from €80,988 to €16,591
- Other debts -€12,817
down €12,817 (-13.6%), from €94,311 to €81,494
- Profit (loss) carried forward +€12,039
up €12,039 (+12.1%), from €99,809 to €111,848
- Gross operating margin +€100,120
up €100,120, from -€82,926 to €17,194
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 | €293,738 | €228,563 | -€65,175 | -22.2% |
| Fixed assets | 21/28 | - | €1,559 | +€1,559 | |
| Tangible fixed assets | 22/27 | - | €1,559 | +€1,559 | |
| Furniture and vehicles | 24 | - | €1,559 | +€1,559 | |
| Current assets | 29/58 | €293,738 | €227,004 | -€66,733 | -22.7% |
| Stocks and contracts in progress | 3 | €74,917 | €59,701 | -€15,216 | -20.3% |
| Stocks | 30/36 | €74,917 | €59,701 | -€15,216 | -20.3% |
| Amounts receivable within one year | 40/41 | €214,796 | €146,299 | -€68,497 | -31.9% |
| Trade receivables | 40 | €75,801 | €32,082 | -€43,719 | -57.7% |
| Other amounts receivable | 41 | €138,995 | €114,217 | -€24,778 | -17.8% |
| Cash at bank and in hand | 54/58 | €4,025 | €18,577 | +€14,552 | +361.6% |
| Deferred charges and accrued income | 490/1 | - | €2,427 | +€2,427 | |
| Total equity and liabilities | 10/49 | €293,738 | €228,563 | -€65,175 | -22.2% |
| Equity | 10/15 | €118,409 | €130,448 | +€12,039 | +10.2% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Profit (loss) carried forward | 14 | €99,809 | €111,848 | +€12,039 | +12.1% |
| Amounts payable | 17/49 | €175,329 | €98,115 | -€77,214 | -44.0% |
| Amounts payable within one year | 42/48 | €175,329 | €98,115 | -€77,214 | -44.0% |
| Trade debts | 44 | €80,988 | €16,591 | -€64,397 | -79.5% |
| Suppliers | 440/4 | €80,988 | €16,591 | -€64,397 | -79.5% |
| Taxes, remuneration and social security | 45 | €29 | €29 | -€0 | 0.0% |
| Taxes | 450/3 | €29 | €29 | -€0 | 0.0% |
| Other amounts payable | 47/48 | €94,311 | €81,494 | -€12,817 | -13.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | - | €578 | +€578 | |
| Other operating charges | 640/8 | €3,073 | €2,405 | -€668 | -21.7% |
| Gross operating margin | 9900 | -€82,926 | €17,194 | +€100,120 | |
| Operating profit (loss) | 9901 | -€85,999 | €14,211 | +€100,210 | |
| Financial income | 75/76B | €2 | €263 | +€261 | +13025.0% |
| Recurring financial income | 75 | €2 | €263 | +€261 | +13025.0% |
| Financial charges | 65/66B | €2,647 | €2,434 | -€213 | -8.0% |
| Recurring financial charges | 65 | €2,647 | €2,434 | -€213 | -8.0% |
| Profit (loss) for the period before taxes | 9903 | -€88,644 | €12,039 | +€100,683 | |
| Profit (loss) for the period | 9904 | -€88,644 | €12,039 | +€100,683 | |
| Profit (loss) for the period to be appropriated | 9905 | -€88,644 | €12,039 | +€100,683 |
Source: filed annual accounts (NBB), financial years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 11 October 2026 via checked.be.