THT: 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.
THT
Largest movements
- Receivables within one year -€76,303
down €76,303 (-23.9%), from €319,093 to €242,790
of which Trade receivables: -€91,798
- Tangible fixed assets -€15,622
down €15,622 (-21.9%), from €71,379 to €55,757
of which Furniture and vehicles: -€16,920
- Cash +€6,233
up €6,233 (+125%), from €4,979 to €11,212
mainly Receivables within one year (+€76,303) and Depreciation (+€20,122)
- Profit (loss) carried forward -€35,177
down €35,177 (-77.6%), from €45,308 to €10,131
- Trade debts -€16,887
down €16,887 (-17.4%), from €97,044 to €80,157
- Debts after one year -€11,155
down €11,155 (-26.0%), from €42,905 to €31,750
- Current portion of long-term debt -€11,083
down €11,083 (-32.7%), from €33,905 to €22,822
- Tax, wage and social debts -€10,700
down €10,700 (-45.7%), from €23,401 to €12,702
of which Remuneration and social security: -€13,892
- Staff costs -€75,727
down €75,727 (-83.1%), from €91,118 to €15,390
- Write-downs +€41,356
new in 2025: €41,356
- Gross operating margin -€31,247
down €31,247 (-39.0%), from €80,120 to €48,873
- Depreciation +€8,316
up €8,316 (+70.4%), from €11,806 to €20,122
- Financial charges -€3,347
down €3,347 (-30.4%), from €11,022 to €7,675
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 | €397,335 | €312,397 | -€84,938 | -21.4% |
| Fixed assets | 21/28 | €71,384 | €55,762 | -€15,622 | -21.9% |
| Tangible fixed assets | 22/27 | €71,379 | €55,757 | -€15,622 | -21.9% |
| Plant, machinery and equipment | 23 | €2,065 | €3,363 | +€1,298 | +62.8% |
| Furniture and vehicles | 24 | €69,314 | €52,394 | -€16,920 | -24.4% |
| Financial fixed assets | 28 | €5 | €5 | = | 0.0% |
| Current assets | 29/58 | €325,951 | €256,635 | -€69,315 | -21.3% |
| Amounts receivable within one year | 40/41 | €319,093 | €242,790 | -€76,303 | -23.9% |
| Trade receivables | 40 | €190,887 | €99,089 | -€91,798 | -48.1% |
| Other amounts receivable | 41 | €128,206 | €143,701 | +€15,495 | +12.1% |
| Cash at bank and in hand | 54/58 | €4,979 | €11,212 | +€6,233 | +125% |
| Deferred charges and accrued income | 490/1 | €1,879 | €2,634 | +€755 | +40.2% |
| Total equity and liabilities | 10/49 | €397,335 | €312,397 | -€84,938 | -21.4% |
| Equity | 10/15 | €150,019 | €114,842 | -€35,177 | -23.4% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €86,111 | €86,111 | = | 0.0% |
| Distributable reserves | 133 | €86,111 | €86,111 | = | 0.0% |
| Profit (loss) carried forward | 14 | €45,308 | €10,131 | -€35,177 | -77.6% |
| Amounts payable | 17/49 | €247,316 | €197,555 | -€49,760 | -20.1% |
| Amounts payable after more than one year | 17 | €42,905 | €31,750 | -€11,155 | -26.0% |
| Financial debts | 170/4 | €42,905 | €31,750 | -€11,155 | -26.0% |
| Amounts payable within one year | 42/48 | €204,351 | €165,681 | -€38,670 | -18.9% |
| Current portion of amounts payable after more than one year | 42 | €33,905 | €22,822 | -€11,083 | -32.7% |
| Financial debts | 43 | €50,000 | €50,000 | = | 0.0% |
| Credit institutions | 430/8 | €50,000 | €50,000 | = | 0.0% |
| Trade debts | 44 | €97,044 | €80,157 | -€16,887 | -17.4% |
| Suppliers | 440/4 | €97,044 | €80,157 | -€16,887 | -17.4% |
| Taxes, remuneration and social security | 45 | €23,401 | €12,702 | -€10,700 | -45.7% |
| Taxes | 450/3 | €7,734 | €10,927 | +€3,192 | +41.3% |
| Remuneration and social security | 454/9 | €15,667 | €1,775 | -€13,892 | -88.7% |
| Other amounts payable | 47/48 | €0 | - | = | |
| Accrued charges and deferred income | 492/3 | €60 | €125 | +€65 | +109% |
| Remuneration, social security and pensions | 62 | €91,118 | €15,390 | -€75,727 | -83.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €11,806 | €20,122 | +€8,316 | +70.4% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | €41,356 | +€41,356 | |
| Other operating charges | 640/8 | €1,628 | €1,958 | +€329 | +20.2% |
| Non-recurring operating charges | 66A | €1,966 | €0 | -€1,966 | -100% |
| Gross operating margin | 9900 | €80,120 | €48,873 | -€31,247 | -39.0% |
| Operating profit (loss) | 9901 | -€26,399 | -€29,953 | -€3,554 | -13.5% |
| Financial income | 75/76B | €1,307 | €2,653 | +€1,346 | +103% |
| Recurring financial income | 75 | €1,307 | €2,653 | +€1,346 | +103% |
| Financial charges | 65/66B | €11,022 | €7,675 | -€3,347 | -30.4% |
| Recurring financial charges | 65 | €11,022 | €7,675 | -€3,347 | -30.4% |
| Profit (loss) for the period before taxes | 9903 | -€36,114 | -€34,974 | +€1,139 | +3.2% |
| Income taxes | 67/77 | €137 | €203 | +€66 | +48.3% |
| Profit (loss) for the period | 9904 | -€36,251 | -€35,177 | +€1,073 | +3.0% |
| Profit (loss) for the period to be appropriated | 9905 | -€36,251 | -€35,177 | +€1,073 | +3.0% |
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 17 October 2026 via checked.be.