THEMICO: 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.
THEMICO
Largest movements
- Cash +€165,085
up €165,085 (+63.9%), from €258,335 to €423,420
mainly Net result for the year (+€530,910) and Other debts (+€231,914)
- Receivables within one year +€60,260
up €60,260 (+43.0%), from €140,023 to €200,283
of which Trade receivables: +€64,751
- Intangible fixed assets -€30,000
down €30,000 (-24.5%), from €122,500 to €92,500
- Other debts +€231,914
up €231,914 (+94.8%), from €244,749 to €476,663
- Reserves -€71,590
down €71,590 (-36.2%), from €197,787 to €126,197
- Trade debts +€51,207
up €51,207 (+175.1%), from €29,237 to €80,443
- Tax, wage and social debts -€13,078
down €13,078 (-32.9%), from €39,803 to €26,725
of which Remuneration and social security: -€15,831
- Gross operating margin +€307,251
up €307,251 (+37.1%), from €828,525 to €1.1m
- Financial charges -€269,698
down €269,698 (-97.5%), from €276,667 to €6,969
of which Non-recurring financial charges: -€267,847
- Staff costs +€66,253
up €66,253 (+19.4%), from €342,292 to €408,545
- Taxes +€42,617
up €42,617 (+40.9%), from €104,136 to €146,754
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 | €530,176 | €728,629 | +€198,453 | +37.4% |
| Fixed assets | 21/28 | €128,647 | €104,926 | -€23,721 | -18.4% |
| Intangible fixed assets | 21 | €122,500 | €92,500 | -€30,000 | -24.5% |
| Tangible fixed assets | 22/27 | €6,147 | €12,426 | +€6,279 | +102.2% |
| Plant, machinery and equipment | 23 | €2,365 | €1,051 | -€1,314 | -55.6% |
| Furniture and vehicles | 24 | €3,782 | €11,375 | +€7,594 | +200.8% |
| Financial fixed assets | 28 | €0 | - | = | |
| Current assets | 29/58 | €401,529 | €623,703 | +€222,174 | +55.3% |
| Amounts receivable within one year | 40/41 | €140,023 | €200,283 | +€60,260 | +43.0% |
| Trade receivables | 40 | €94,471 | €159,222 | +€64,751 | +68.5% |
| Other amounts receivable | 41 | €45,552 | €41,061 | -€4,491 | -9.9% |
| Cash at bank and in hand | 54/58 | €258,335 | €423,420 | +€165,085 | +63.9% |
| Deferred charges and accrued income | 490/1 | €3,171 | €0 | -€3,171 | -100.0% |
| Total equity and liabilities | 10/49 | €530,176 | €728,629 | +€198,453 | +37.4% |
| Equity | 10/15 | €216,387 | €144,797 | -€71,590 | -33.1% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €197,787 | €126,197 | -€71,590 | -36.2% |
| Distributable reserves | 133 | €197,787 | €126,197 | -€71,590 | -36.2% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €313,789 | €583,831 | +€270,043 | +86.1% |
| Amounts payable after more than one year | 17 | €0 | - | = | |
| Other amounts payable | 178/9 | €0 | - | = | |
| Amounts payable within one year | 42/48 | €313,789 | €583,831 | +€270,043 | +86.1% |
| Current portion of amounts payable after more than one year | 42 | €0 | - | = | |
| Trade debts | 44 | €29,237 | €80,443 | +€51,207 | +175.1% |
| Suppliers | 440/4 | €29,237 | €80,443 | +€51,207 | +175.1% |
| Taxes, remuneration and social security | 45 | €39,803 | €26,725 | -€13,078 | -32.9% |
| Taxes | 450/3 | €0 | €2,754 | +€2,754 | +27535200.0% |
| Remuneration and social security | 454/9 | €39,803 | €23,971 | -€15,831 | -39.8% |
| Other amounts payable | 47/48 | €244,749 | €476,663 | +€231,914 | +94.8% |
| Remuneration, social security and pensions | 62 | €342,292 | €408,545 | +€66,253 | +19.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €33,390 | €39,788 | +€6,398 | +19.2% |
| Other operating charges | 640/8 | €1,438 | €1,512 | +€74 | +5.2% |
| Non-recurring operating charges | 66A | - | €1,378 | +€1,378 | |
| Gross operating margin | 9900 | €828,525 | €1,135,776 | +€307,251 | +37.1% |
| Operating profit (loss) | 9901 | €451,405 | €684,553 | +€233,148 | +51.6% |
| Financial income | 75/76B | €1,639 | €80 | -€1,559 | -95.1% |
| Recurring financial income | 75 | €1,639 | €80 | -€1,559 | -95.1% |
| Financial charges | 65/66B | €276,667 | €6,969 | -€269,698 | -97.5% |
| Recurring financial charges | 65 | €8,820 | €6,969 | -€1,851 | -21.0% |
| Non-recurring financial charges | 66B | €267,847 | €0 | -€267,847 | -100.0% |
| Profit (loss) for the period before taxes | 9903 | €176,377 | €677,664 | +€501,287 | +284.2% |
| Income taxes | 67/77 | €104,136 | €146,754 | +€42,617 | +40.9% |
| Profit (loss) for the period | 9904 | €72,241 | €530,910 | +€458,669 | +634.9% |
| Profit (loss) for the period to be appropriated | 9905 | €72,241 | €530,910 | +€458,669 | +634.9% |
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 8 October 2026 via checked.be.