THELIMAR: 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.
THELIMAR
Largest movements
- Cash +€188,956
up €188,956 (+203.5%), from €92,873 to €281,829
mainly Net result for the year (+€373,784) and Depreciation (+€66,965)
- Tangible fixed assets -€63,316
down €63,316 (-3.8%), from €1.7m to €1.6m
of which Land and buildings: -€50,875
- Deferred charges and accrued income -€61,939
down €61,939 (-85.7%), from €72,271 to €10,332
- Reserves +€373,784
up €373,784 (+67.7%), from €552,153 to €925,937
- Other debts -€177,932
down €177,932 (-25.1%), from €709,215 to €531,283
- Debts after one year -€141,409
down €141,409 (-9.8%), from €1.4m to €1.3m
- Trade debts -€41,656
down €41,656 (-78.0%), from €53,403 to €11,747
- Tax, wage and social debts +€31,332
up €31,332 (+415541.6%), from €8 to €31,339
- Gross operating margin +€90,030
up €90,030 (+32.4%), from €277,855 to €367,886
- Financial charges +€19,006
up €19,006 (+44.7%), from €42,523 to €61,529
- Taxes +€17,427
up €17,427 (+51.4%), from €33,933 to €51,360
- Depreciation +€4,739
up €4,739 (+7.6%), from €62,226 to €66,965
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 | €2,894,107 | €2,954,743 | +€60,636 | +2.1% |
| Fixed assets | 21/28 | €2,683,502 | €2,620,186 | -€63,316 | -2.4% |
| Tangible fixed assets | 22/27 | €1,683,502 | €1,620,186 | -€63,316 | -3.8% |
| Land and buildings | 22 | €1,598,584 | €1,547,709 | -€50,875 | -3.2% |
| Plant, machinery and equipment | 23 | €48,567 | €47,094 | -€1,472 | -3.0% |
| Furniture and vehicles | 24 | €36,351 | €25,382 | -€10,969 | -30.2% |
| Financial fixed assets | 28 | €1,000,000 | €1,000,000 | = | 0.0% |
| Current assets | 29/58 | €210,605 | €334,557 | +€123,952 | +58.9% |
| Amounts receivable within one year | 40/41 | €45,462 | €42,397 | -€3,065 | -6.7% |
| Trade receivables | 40 | €2,425 | €42,229 | +€39,803 | +1641.1% |
| Other amounts receivable | 41 | €43,037 | €168 | -€42,868 | -99.6% |
| Cash at bank and in hand | 54/58 | €92,873 | €281,829 | +€188,956 | +203.5% |
| Deferred charges and accrued income | 490/1 | €72,271 | €10,332 | -€61,939 | -85.7% |
| Total equity and liabilities | 10/49 | €2,894,107 | €2,954,743 | +€60,636 | +2.1% |
| Equity | 10/15 | €557,153 | €930,937 | +€373,784 | +67.1% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Reserves | 13 | €552,153 | €925,937 | +€373,784 | +67.7% |
| Distributable reserves | 133 | €552,153 | €925,937 | +€373,784 | +67.7% |
| Amounts payable | 17/49 | €2,336,954 | €2,023,806 | -€313,148 | -13.4% |
| Amounts payable after more than one year | 17 | €1,436,053 | €1,294,644 | -€141,409 | -9.8% |
| Financial debts | 170/4 | €1,436,053 | €1,294,644 | -€141,409 | -9.8% |
| Amounts payable within one year | 42/48 | €900,901 | €715,778 | -€185,122 | -20.5% |
| Current portion of amounts payable after more than one year | 42 | €138,275 | €141,409 | +€3,134 | +2.3% |
| Trade debts | 44 | €53,403 | €11,747 | -€41,656 | -78.0% |
| Suppliers | 440/4 | €53,403 | €11,747 | -€41,656 | -78.0% |
| Taxes, remuneration and social security | 45 | €8 | €31,339 | +€31,332 | +415541.6% |
| Taxes | 450/3 | €8 | €31,339 | +€31,332 | +415541.6% |
| Other amounts payable | 47/48 | €709,215 | €531,283 | -€177,932 | -25.1% |
| Accrued charges and deferred income | 492/3 | - | €13,383 | +€13,383 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €62,226 | €66,965 | +€4,739 | +7.6% |
| Other operating charges | 640/8 | €14,252 | €14,248 | -€4 | 0.0% |
| Non-recurring operating charges | 66A | €0 | - | = | |
| Gross operating margin | 9900 | €277,855 | €367,886 | +€90,030 | +32.4% |
| Operating profit (loss) | 9901 | €201,378 | €286,673 | +€85,295 | +42.4% |
| Financial income | 75/76B | €200,000 | €200,000 | = | 0.0% |
| Recurring financial income | 75 | €200,000 | €200,000 | = | 0.0% |
| Financial charges | 65/66B | €42,523 | €61,529 | +€19,006 | +44.7% |
| Recurring financial charges | 65 | €42,523 | €61,529 | +€19,006 | +44.7% |
| Profit (loss) for the period before taxes | 9903 | €358,854 | €425,143 | +€66,289 | +18.5% |
| Income taxes | 67/77 | €33,933 | €51,360 | +€17,427 | +51.4% |
| Profit (loss) for the period | 9904 | €324,922 | €373,784 | +€48,862 | +15.0% |
| Profit (loss) for the period to be appropriated | 9905 | €324,922 | €373,784 | +€48,862 | +15.0% |
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.