TLH 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.
TLH Construct
Largest movements
- Tangible fixed assets +€460,529
up €460,529 (+170%), from €270,579 to €731,108
of which Assets under construction and advance payments: +€459,887
- Stocks and contracts +€190,852
up €190,852 (+34.8%), from €548,399 to €739,251
- Cash -€30,055
down €30,055 (-99.9%), from €30,092 to €37
mainly Investment in fixed assets (net) (-€489,611) and Stocks and contracts (-€190,852)
- Debts after one year +€303,778
up €303,778 (+6,439%), from €4,718 to €308,496
- Short-term financial debts +€282,199
up €282,199 (+80.2%), from €352,013 to €634,212
- Other debts +€216,422
up €216,422 (+54.8%), from €394,712 to €611,134
- Profit (loss) carried forward -€110,886
down €110,886, from €3,065 to -€107,821
- Tax, wage and social debts -€38,462
down €38,462 (-92.7%), from €41,512 to €3,050
of which Taxes: -€38,462
- Gross operating margin -€97,240
down €97,240, from €54,819 to -€42,421
- Financial charges -€14,097
down €14,097 (-28.1%), from €50,240 to €36,143
- Depreciation +€10,451
up €10,451 (+56.2%), from €18,603 to €29,054
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 | €850,543 | €1,483,818 | +€633,276 | +74.5% |
| Fixed assets | 21/28 | €270,685 | €731,242 | +€460,556 | +170% |
| Tangible fixed assets | 22/27 | €270,579 | €731,108 | +€460,529 | +170% |
| Land and buildings | 22 | €150,000 | €150,000 | = | 0.0% |
| Plant, machinery and equipment | 23 | €68,681 | €86,213 | +€17,532 | +25.5% |
| Furniture and vehicles | 24 | €51,897 | €35,007 | -€16,890 | -32.5% |
| Assets under construction and advance payments | 27 | - | €459,887 | +€459,887 | |
| Financial fixed assets | 28 | €107 | €134 | +€27 | +25.3% |
| Current assets | 29/58 | €579,857 | €752,577 | +€172,720 | +29.8% |
| Stocks and contracts in progress | 3 | €548,399 | €739,251 | +€190,852 | +34.8% |
| Stocks | 30/36 | €548,399 | €739,251 | +€190,852 | +34.8% |
| Amounts receivable within one year | 40/41 | €124 | €13,288 | +€13,164 | +10,602% |
| Trade receivables | 40 | - | €4,155 | +€4,155 | |
| Other amounts receivable | 41 | €124 | €9,133 | +€9,009 | +7,256% |
| Cash at bank and in hand | 54/58 | €30,092 | €37 | -€30,055 | -99.9% |
| Deferred charges and accrued income | 490/1 | €1,241 | - | -€1,241 | |
| Total equity and liabilities | 10/49 | €850,543 | €1,483,818 | +€633,276 | +74.5% |
| Equity | 10/15 | €10,565 | -€100,321 | -€110,886 | |
| Contributions | 10/11 | €7,500 | €7,500 | = | 0.0% |
| Profit (loss) carried forward | 14 | €3,065 | -€107,821 | -€110,886 | |
| Amounts payable | 17/49 | €839,977 | €1,584,139 | +€744,162 | +88.6% |
| Amounts payable after more than one year | 17 | €4,718 | €308,496 | +€303,778 | +6,439% |
| Financial debts | 170/4 | €4,718 | €308,496 | +€303,778 | +6,439% |
| Amounts payable within one year | 42/48 | €835,259 | €1,275,643 | +€440,384 | +52.7% |
| Current portion of amounts payable after more than one year | 42 | €2,413 | €2,525 | +€112 | +4.6% |
| Financial debts | 43 | €352,013 | €634,212 | +€282,199 | +80.2% |
| Credit institutions | 430/8 | €352,013 | €634,212 | +€282,199 | +80.2% |
| Trade debts | 44 | €44,609 | €24,723 | -€19,887 | -44.6% |
| Suppliers | 440/4 | €44,609 | €24,723 | -€19,887 | -44.6% |
| Taxes, remuneration and social security | 45 | €41,512 | €3,050 | -€38,462 | -92.7% |
| Taxes | 450/3 | €40,312 | €1,850 | -€38,462 | -95.4% |
| Remuneration and social security | 454/9 | €1,200 | €1,200 | = | 0.0% |
| Other amounts payable | 47/48 | €394,712 | €611,134 | +€216,422 | +54.8% |
| Non-recurring operating income | 76A | €3,855 | €7,570 | +€3,715 | +96.4% |
| Remuneration, social security and pensions | 62 | €163 | €170 | +€7 | +4.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €18,603 | €29,054 | +€10,451 | +56.2% |
| Other operating charges | 640/8 | €361 | €831 | +€470 | +130% |
| Non-recurring operating charges | 66A | €2,140 | €2,148 | +€8 | +0.4% |
| Gross operating margin | 9900 | €54,819 | -€42,421 | -€97,240 | |
| Operating profit (loss) | 9901 | €33,552 | -€74,624 | -€108,176 | |
| Financial income | 75/76B | €12 | €5 | -€7 | -58.0% |
| Recurring financial income | 75 | €12 | €5 | -€7 | -58.0% |
| Financial charges | 65/66B | €50,240 | €36,143 | -€14,097 | -28.1% |
| Recurring financial charges | 65 | €50,240 | €36,143 | -€14,097 | -28.1% |
| Profit (loss) for the period before taxes | 9903 | -€16,677 | -€110,762 | -€94,086 | -564% |
| Income taxes | 67/77 | - | €124 | +€124 | |
| Profit (loss) for the period | 9904 | -€16,677 | -€110,886 | -€94,209 | -565% |
| Profit (loss) for the period to be appropriated | 9905 | -€16,677 | -€110,886 | -€94,209 | -565% |
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 16 October 2026 via checked.be.