TLH Construct: what changed
What changed
TLH Construct
NACE 43.410, Roofing work
filed annual accounts (NBB)
Net result for the year
-€110,886
2024 · -€16,677-€94,209
Equity
-€100,321
2024 · €10,565-€110,886
Cash
€37
2024 · €30,092-€30,055
Balance sheet total
€1.5m
2024 · €850,543+€633,276
Largest movements
Assets
- 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)
Equity and liabilities
- 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
Income statement
- 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
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Result 2024
-€16,677
Gross operating margin
-€97,240
Staff costs
-€7
Depreciation
-€10,451
Other operating charges
-€470
Other operating items
-€8
Financial income
-€7
Financial charges
+€14,097
Taxes
-€124
Result 2025
-€110,886
raises the resultlowers the resultnot broken down further in the accounts
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
From operations
-€126,533
Investment
-€489,611
Financing
+€586,089
Cash 2024
€30,092
From operations (derived)
-€126,533
Net result for the year
-€110,886
Depreciation
+€29,054
Stocks and contracts
-€190,852
Receivables within one year
-€13,164
Deferred charges and accrued income
+€1,241
Trade debts
-€19,887
Tax, wage and social debts
-€38,462
Other debts
+€216,422
Investment (derived)
-€489,611
Investment in fixed assets (net)
-€489,611
Financing
+€586,089
Debts after one year
+€303,778
Current portion of long-term debt
+€112
Short-term financial debts
+€282,199
Cash 2025
€37
brings cash intakes cash out
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% |
Next steps
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Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 4 November 2026 via checked.be.