THEMCA: what changed
THEMCA
Largest movements
- Receivables within one year +€37,079
up €37,079 (+122%), from €30,471 to €67,549
of which Other amounts receivable: +€40,580
- Cash -€14,003
down €14,003 (-89.6%), from €15,635 to €1,632
mainly Receivables within one year (-€37,079) and Short-term financial debts (-€13,630)
- Tangible fixed assets -€6,814
down €6,814 (-12.5%), from €54,413 to €47,599
of which Furniture and vehicles: -€3,951
- Financial fixed assets -€2,550
down €2,550 (-3.6%), from €70,050 to €67,500
- Reserves +€14,721
up €14,721 (+12.5%), from €117,345 to €132,067
of which Distributable reserves: +€14,721
- Short-term financial debts -€13,630
down €13,630 (-100%), from €13,630 to €0
- Trade debts +€8,676
up €8,676 (+217%), from €3,999 to €12,675
- Advances received +€5,779
up €5,779 (+318%), from €1,815 to €7,594
- Current portion of long-term debt -€5,075
down €5,075 (-100%), from €5,075 to €0
- Provisions -€25,000
down €25,000 (-100%), from €25,000 to €0
- Gross operating margin -€22,127
down €22,127 (-41.4%), from €53,400 to €31,273
- Depreciation -€1,735
down €1,735 (-20.3%), from €8,549 to €6,814
- Other operating charges -€750
down €750 (-26.6%), from €2,825 to €2,074
- Taxes -€641
down €641 (-8.0%), from €8,031 to €7,390
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.
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.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €171,359 | €186,438 | +€15,080 | +8.8% |
| Fixed assets | 21/28 | €124,463 | €115,099 | -€9,364 | -7.5% |
| Tangible fixed assets | 22/27 | €54,413 | €47,599 | -€6,814 | -12.5% |
| Land and buildings | 22 | €40,313 | €38,063 | -€2,250 | -5.6% |
| Plant, machinery and equipment | 23 | €259 | €93 | -€165 | -63.9% |
| Furniture and vehicles | 24 | €10,367 | €6,416 | -€3,951 | -38.1% |
| Other tangible fixed assets | 26 | €3,474 | €3,027 | -€447 | -12.9% |
| Financial fixed assets | 28 | €70,050 | €67,500 | -€2,550 | -3.6% |
| Current assets | 29/58 | €46,896 | €71,339 | +€24,443 | +52.1% |
| Amounts receivable within one year | 40/41 | €30,471 | €67,549 | +€37,079 | +122% |
| Trade receivables | 40 | €14,822 | €11,322 | -€3,501 | -23.6% |
| Other amounts receivable | 41 | €15,648 | €56,228 | +€40,580 | +259% |
| Cash at bank and in hand | 54/58 | €15,635 | €1,632 | -€14,003 | -89.6% |
| Deferred charges and accrued income | 490/1 | €791 | €2,158 | +€1,367 | +173% |
| Total equity and liabilities | 10/49 | €171,359 | €186,438 | +€15,080 | +8.8% |
| Equity | 10/15 | €129,745 | €144,467 | +€14,721 | +11.3% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €117,345 | €132,067 | +€14,721 | +12.5% |
| Non-distributable reserves | 130/1 | €0 | - | = | |
| Reserves not available under the articles | 1311 | €0 | - | = | |
| Distributable reserves | 133 | €117,345 | €132,067 | +€14,721 | +12.5% |
| Amounts payable | 17/49 | €41,613 | €41,972 | +€359 | +0.9% |
| Amounts payable after more than one year | 17 | €0 | - | = | |
| Financial debts | 170/4 | €0 | - | = | |
| Amounts payable within one year | 42/48 | €41,613 | €40,025 | -€1,589 | -3.8% |
| Current portion of amounts payable after more than one year | 42 | €5,075 | €0 | -€5,075 | -100% |
| Financial debts | 43 | €13,630 | €0 | -€13,630 | -100% |
| Credit institutions | 430/8 | €13,630 | €0 | -€13,630 | -100% |
| Trade debts | 44 | €3,999 | €12,675 | +€8,676 | +217% |
| Suppliers | 440/4 | €3,999 | €12,675 | +€8,676 | +217% |
| Advances received on contracts in progress | 46 | €1,815 | €7,594 | +€5,779 | +318% |
| Taxes, remuneration and social security | 45 | €14,733 | €16,798 | +€2,066 | +14.0% |
| Taxes | 450/3 | €14,733 | €16,798 | +€2,066 | +14.0% |
| Other amounts payable | 47/48 | €2,362 | €2,958 | +€596 | +25.2% |
| Accrued charges and deferred income | 492/3 | - | €1,947 | +€1,947 | |
| Remuneration, social security and pensions | 62 | €827 | €1,121 | +€294 | +35.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €8,549 | €6,814 | -€1,735 | -20.3% |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | €25,000 | €0 | -€25,000 | -100% |
| Other operating charges | 640/8 | €2,825 | €2,074 | -€750 | -26.6% |
| Gross operating margin | 9900 | €53,400 | €31,273 | -€22,127 | -41.4% |
| Operating profit (loss) | 9901 | €16,200 | €21,264 | +€5,064 | +31.3% |
| Financial income | 75/76B | €1,914 | €1,567 | -€347 | -18.1% |
| Recurring financial income | 75 | €1,914 | €1,567 | -€347 | -18.1% |
| Financial charges | 65/66B | €607 | €720 | +€113 | +18.6% |
| Recurring financial charges | 65 | €607 | €720 | +€113 | +18.6% |
| Profit (loss) for the period before taxes | 9903 | €17,507 | €22,111 | +€4,604 | +26.3% |
| Income taxes | 67/77 | €8,031 | €7,390 | -€641 | -8.0% |
| Profit (loss) for the period | 9904 | €9,476 | €14,721 | +€5,246 | +55.4% |
| Profit (loss) for the period to be appropriated | 9905 | €9,476 | €14,721 | +€5,246 | +55.4% |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 March 2024 and 31 March 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 4 November 2026 via checked.be.