TLH PROJECTS: what changed
Two fiscal 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 PROJECTS
Largest movements
- Tangible fixed assets -€51,624
down €51,624 (-53.9%), from €95,772 to €44,149
of which Furniture and vehicles: -€49,224
- Receivables within one year -€5,898
down €5,898 (-45.1%), from €13,089 to €7,192
of which Trade receivables: -€3,060
- Cash -€3,868
down €3,868 (-24.3%), from €15,918 to €12,050
mainly Other debts (-€36,853) and Net result for the year (-€21,379)
- Other debts -€36,853
down €36,853 (-38.4%), from €96,042 to €59,189
- Profit (loss) carried forward -€21,379
down €21,379 (-118.4%), from -€18,064 to -€39,444
- Tax, wage and social debts -€5,085
down €5,085 (-51.5%), from €9,882 to €4,797
- Advances received +€1,615
new in 2025: €1,615
- Other operating charges +€5,646
up €5,646 (+91.3%), from €6,184 to €11,830
- Gross operating margin -€3,862
down €3,862, from €344 to -€3,518
- Taxes -€3,435
down €3,435 (-57.1%), from €6,013 to €2,578
- Financial charges -€2,748
down €2,748 (-94.8%), from €2,898 to €150
- Financial income +€149
up €149 (+371875.0%), from €0 to €149
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 | €126,149 | €63,516 | -€62,633 | -49.7% |
| Fixed assets | 21/28 | €95,897 | €44,274 | -€51,624 | -53.8% |
| Tangible fixed assets | 22/27 | €95,772 | €44,149 | -€51,624 | -53.9% |
| Land and buildings | 22 | €42,615 | €40,215 | -€2,400 | -5.6% |
| Furniture and vehicles | 24 | €53,158 | €3,934 | -€49,224 | -92.6% |
| Financial fixed assets | 28 | €125 | €125 | = | 0.0% |
| Current assets | 29/58 | €30,251 | €19,242 | -€11,010 | -36.4% |
| Amounts receivable within one year | 40/41 | €13,089 | €7,192 | -€5,898 | -45.1% |
| Trade receivables | 40 | €6,265 | €3,205 | -€3,060 | -48.8% |
| Other amounts receivable | 41 | €6,825 | €3,987 | -€2,837 | -41.6% |
| Cash at bank and in hand | 54/58 | €15,918 | €12,050 | -€3,868 | -24.3% |
| Deferred charges and accrued income | 490/1 | €1,244 | - | -€1,244 | |
| Total equity and liabilities | 10/49 | €126,149 | €63,516 | -€62,633 | -49.7% |
| Equity | 10/15 | €17,272 | -€4,108 | -€21,379 | |
| Contributions | 10/11 | €18,550 | €18,550 | = | 0.0% |
| Reserves | 13 | €16,786 | €16,786 | = | 0.0% |
| Distributable reserves | 133 | €16,786 | €16,786 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€18,064 | -€39,444 | -€21,379 | -118.4% |
| Amounts payable | 17/49 | €108,877 | €67,623 | -€41,254 | -37.9% |
| Amounts payable within one year | 42/48 | €108,877 | €67,623 | -€41,254 | -37.9% |
| Trade debts | 44 | €2,953 | €2,023 | -€930 | -31.5% |
| Suppliers | 440/4 | €2,953 | €2,023 | -€930 | -31.5% |
| Advances received on contracts in progress | 46 | - | €1,615 | +€1,615 | |
| Taxes, remuneration and social security | 45 | €9,882 | €4,797 | -€5,085 | -51.5% |
| Taxes | 450/3 | €9,882 | €4,797 | -€5,085 | -51.5% |
| Other amounts payable | 47/48 | €96,042 | €59,189 | -€36,853 | -38.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €3,314 | €3,452 | +€138 | +4.2% |
| Other operating charges | 640/8 | €6,184 | €11,830 | +€5,646 | +91.3% |
| Gross operating margin | 9900 | €344 | -€3,518 | -€3,862 | |
| Operating profit (loss) | 9901 | -€9,153 | -€18,800 | -€9,647 | -105.4% |
| Financial income | 75/76B | €0 | €149 | +€149 | +371875.0% |
| Recurring financial income | 75 | €0 | €149 | +€149 | +371875.0% |
| Financial charges | 65/66B | €2,898 | €150 | -€2,748 | -94.8% |
| Recurring financial charges | 65 | €2,898 | €150 | -€2,748 | -94.8% |
| Profit (loss) for the period before taxes | 9903 | -€12,051 | -€18,802 | -€6,751 | -56.0% |
| Income taxes | 67/77 | €6,013 | €2,578 | -€3,435 | -57.1% |
| Profit (loss) for the period | 9904 | -€18,064 | -€21,379 | -€3,315 | -18.4% |
| Profit (loss) for the period to be appropriated | 9905 | -€18,064 | -€21,379 | -€3,315 | -18.4% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 3 October 2026 via checked.be.