TH: 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.
TH
Largest movements
- Current investments -€300,000
down €300,000 (-33.3%), from €900,000 to €600,000
- Deferred charges and accrued income +€148,337
up €148,337 (+3,221%), from €4,606 to €152,942
- Cash +€143,205
up €143,205 (+54.6%), from €262,334 to €405,539
mainly Net result for the year (+€363,085) and Other debts (+€362,866)
- Receivables within one year +€132,130
up €132,130 (+40.6%), from €325,244 to €457,373
of which Trade receivables: +€226,642
- Tangible fixed assets +€23,856
up €23,856 (+11.0%), from €217,289 to €241,144
of which Furniture and vehicles: +€62,865
- Profit (loss) carried forward -€501,915
down €501,915 (-95.9%), from €523,320 to €21,405
- Other debts +€362,866
up €362,866, from €0 to €362,866
- Advances received +€332,399
up €332,399 (+45.3%), from €734,154 to €1.1m
- Debts after one year -€93,371
down €93,371 (-33.8%), from €276,457 to €183,086
- Tax, wage and social debts +€24,600
up €24,600 (+16.1%), from €152,391 to €176,991
of which Taxes: +€18,707
- Gross operating margin +€145,612
up €145,612 (+24.0%), from €605,478 to €751,090
- Staff costs +€30,169
up €30,169 (+13.4%), from €225,429 to €255,598
- Taxes +€24,470
up €24,470 (+27.2%), from €90,063 to €114,533
- Depreciation +€8,058
up €8,058 (+9.6%), from €83,792 to €91,851
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 | €1,934,624 | €2,072,921 | +€138,298 | +7.1% |
| Formation expenses | 20 | €0 | €0 | = | |
| Fixed assets | 21/28 | €256,596 | €268,848 | +€12,252 | +4.8% |
| Intangible fixed assets | 21 | €21,582 | €9,978 | -€11,603 | -53.8% |
| Tangible fixed assets | 22/27 | €217,289 | €241,144 | +€23,856 | +11.0% |
| Plant, machinery and equipment | 23 | €101,529 | €62,520 | -€39,009 | -38.4% |
| Furniture and vehicles | 24 | €115,760 | €178,625 | +€62,865 | +54.3% |
| Financial fixed assets | 28 | €17,726 | €17,726 | = | 0.0% |
| Current assets | 29/58 | €1,678,028 | €1,804,073 | +€126,045 | +7.5% |
| Stocks and contracts in progress | 3 | €185,845 | €188,219 | +€2,374 | +1.3% |
| Stocks | 30/36 | €185,845 | €188,219 | +€2,374 | +1.3% |
| Amounts receivable within one year | 40/41 | €325,244 | €457,373 | +€132,130 | +40.6% |
| Trade receivables | 40 | €225,732 | €452,373 | +€226,642 | +100% |
| Other amounts receivable | 41 | €99,512 | €5,000 | -€94,512 | -95.0% |
| Current investments | 50/53 | €900,000 | €600,000 | -€300,000 | -33.3% |
| Cash at bank and in hand | 54/58 | €262,334 | €405,539 | +€143,205 | +54.6% |
| Deferred charges and accrued income | 490/1 | €4,606 | €152,942 | +€148,337 | +3,221% |
| Total equity and liabilities | 10/49 | €1,934,624 | €2,072,921 | +€138,298 | +7.1% |
| Equity | 10/15 | €623,320 | €121,405 | -€501,915 | -80.5% |
| Contributions | 10/11 | €100,000 | €100,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €523,320 | €21,405 | -€501,915 | -95.9% |
| Amounts payable | 17/49 | €1,311,304 | €1,951,517 | +€640,212 | +48.8% |
| Amounts payable after more than one year | 17 | €276,457 | €183,086 | -€93,371 | -33.8% |
| Financial debts | 170/4 | €276,457 | €183,086 | -€93,371 | -33.8% |
| Amounts payable within one year | 42/48 | €1,032,848 | €1,768,265 | +€735,418 | +71.2% |
| Current portion of amounts payable after more than one year | 42 | €107,722 | €104,102 | -€3,621 | -3.4% |
| Trade debts | 44 | €38,580 | €57,754 | +€19,174 | +49.7% |
| Suppliers | 440/4 | €38,580 | €57,754 | +€19,174 | +49.7% |
| Advances received on contracts in progress | 46 | €734,154 | €1,066,552 | +€332,399 | +45.3% |
| Taxes, remuneration and social security | 45 | €152,391 | €176,991 | +€24,600 | +16.1% |
| Taxes | 450/3 | €106,835 | €125,542 | +€18,707 | +17.5% |
| Remuneration and social security | 454/9 | €45,556 | €51,449 | +€5,893 | +12.9% |
| Other amounts payable | 47/48 | €0 | €362,866 | +€362,866 | |
| Accrued charges and deferred income | 492/3 | €2,000 | €165 | -€1,835 | -91.7% |
| Remuneration, social security and pensions | 62 | €225,429 | €255,598 | +€30,169 | +13.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €83,792 | €91,851 | +€8,058 | +9.6% |
| Other operating charges | 640/8 | €15,697 | €12,900 | -€2,796 | -17.8% |
| Gross operating margin | 9900 | €605,478 | €751,090 | +€145,612 | +24.0% |
| Operating profit (loss) | 9901 | €280,560 | €390,741 | +€110,181 | +39.3% |
| Financial income | 75/76B | €93,502 | €95,148 | +€1,646 | +1.8% |
| Recurring financial income | 75 | €93,502 | €95,148 | +€1,646 | +1.8% |
| Financial charges | 65/66B | €6,592 | €8,271 | +€1,679 | +25.5% |
| Recurring financial charges | 65 | €6,592 | €8,271 | +€1,679 | +25.5% |
| Profit (loss) for the period before taxes | 9903 | €367,470 | €477,618 | +€110,149 | +30.0% |
| Income taxes | 67/77 | €90,063 | €114,533 | +€24,470 | +27.2% |
| Profit (loss) for the period | 9904 | €277,406 | €363,085 | +€85,679 | +30.9% |
| Profit (loss) for the period to be appropriated | 9905 | €277,406 | €363,085 | +€85,679 | +30.9% |
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 30 October 2026 via checked.be.