TH Global Services: 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.
TH Global Services
Largest movements
- Tangible fixed assets -€8,803
down €8,803 (-3.2%), from €272,644 to €263,841
of which Land and buildings: -€6,787
- Debts after one year -€48,087
down €48,087 (-11.7%), from €411,896 to €363,809
- Other debts +€30,937
up €30,937 (+11.1%), from €278,012 to €308,949
- Profit (loss) carried forward +€9,124
up €9,124 (+19.3%), from €47,384 to €56,509
- Gross operating margin -€4,747
down €4,747 (-12.0%), from €39,681 to €34,935
- Financial charges +€3,562
up €3,562 (+29.4%), from €12,109 to €15,671
- Depreciation -€1,078
down €1,078 (-10.9%), from €9,881 to €8,803
- Taxes +€1,059
up €1,059, from -€1,000 to €59
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 | €793,111 | €785,090 | -€8,021 | -1.0% |
| Fixed assets | 21/28 | €772,644 | €763,841 | -€8,803 | -1.1% |
| Tangible fixed assets | 22/27 | €272,644 | €263,841 | -€8,803 | -3.2% |
| Land and buildings | 22 | €263,748 | €256,961 | -€6,787 | -2.6% |
| Plant, machinery and equipment | 23 | €0 | - | = | |
| Furniture and vehicles | 24 | €8,896 | €6,880 | -€2,016 | -22.7% |
| Financial fixed assets | 28 | €500,000 | €500,000 | = | 0.0% |
| Current assets | 29/58 | €20,467 | €21,249 | +€782 | +3.8% |
| Amounts receivable within one year | 40/41 | €14,750 | €13,724 | -€1,026 | -7.0% |
| Trade receivables | 40 | €4,750 | €3,724 | -€1,026 | -21.6% |
| Other amounts receivable | 41 | €10,000 | €10,000 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €5,685 | €7,290 | +€1,605 | +28.2% |
| Deferred charges and accrued income | 490/1 | €32 | €235 | +€203 | +630.3% |
| Total equity and liabilities | 10/49 | €793,111 | €785,090 | -€8,021 | -1.0% |
| Equity | 10/15 | €52,384 | €61,509 | +€9,124 | +17.4% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €47,384 | €56,509 | +€9,124 | +19.3% |
| Amounts payable | 17/49 | €740,727 | €723,581 | -€17,146 | -2.3% |
| Amounts payable after more than one year | 17 | €411,896 | €363,809 | -€48,087 | -11.7% |
| Financial debts | 170/4 | €411,896 | €363,809 | -€48,087 | -11.7% |
| Amounts payable within one year | 42/48 | €328,831 | €359,772 | +€30,941 | +9.4% |
| Current portion of amounts payable after more than one year | 42 | €46,383 | €48,087 | +€1,703 | +3.7% |
| Trade debts | 44 | €1,013 | €1,252 | +€239 | +23.6% |
| Suppliers | 440/4 | €1,013 | €1,252 | +€239 | +23.6% |
| Taxes, remuneration and social security | 45 | €3,423 | €1,484 | -€1,938 | -56.6% |
| Taxes | 450/3 | €3,423 | €1,484 | -€1,938 | -56.6% |
| Other amounts payable | 47/48 | €278,012 | €308,949 | +€30,937 | +11.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €9,881 | €8,803 | -€1,078 | -10.9% |
| Other operating charges | 640/8 | €1,336 | €1,276 | -€60 | -4.5% |
| Gross operating margin | 9900 | €39,681 | €34,935 | -€4,747 | -12.0% |
| Operating profit (loss) | 9901 | €28,464 | €24,855 | -€3,609 | -12.7% |
| Financial income | 75/76B | €0 | €0 | -€0 | -100.0% |
| Recurring financial income | 75 | €0 | €0 | -€0 | -100.0% |
| Financial charges | 65/66B | €12,109 | €15,671 | +€3,562 | +29.4% |
| Recurring financial charges | 65 | €12,109 | €15,671 | +€3,562 | +29.4% |
| Profit (loss) for the period before taxes | 9903 | €16,355 | €9,184 | -€7,171 | -43.8% |
| Income taxes | 67/77 | -€1,000 | €59 | +€1,059 | |
| Profit (loss) for the period | 9904 | €17,355 | €9,124 | -€8,231 | -47.4% |
| Profit (loss) for the period to be appropriated | 9905 | €17,355 | €9,124 | -€8,231 | -47.4% |
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 2 October 2026 via checked.be.