THEMKA: 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.
THEMKA
Largest movements
- Tangible fixed assets -€26,859
down €26,859 (-3.3%), from €825,169 to €798,310
of which Land and buildings: -€24,478
- Receivables within one year +€23,387
up €23,387 (+12798.9%), from €183 to €23,570
of which Trade receivables: +€22,607
- Cash -€20,831
down €20,831 (-16.3%), from €127,441 to €106,610
mainly Debts after one year (-€38,922) and Tax, wage and social debts (-€26,360)
- Reserves +€43,752
up €43,752 (+112.6%), from €38,844 to €82,596
- Debts after one year -€38,922
down €38,922 (-6.6%), from €588,933 to €550,011
- Tax, wage and social debts -€26,360
down €26,360 (-89.8%), from €29,358 to €2,998
of which Taxes: -€26,512
- Financial charges -€6,609
down €6,609 (-28.1%), from €23,490 to €16,882
- Gross operating margin +€2,881
up €2,881 (+2.7%), from €106,742 to €109,623
- Taxes +€2,643
up €2,643 (+21.3%), from €12,414 to €15,058
- Depreciation +€1,221
up €1,221 (+4.3%), from €28,084 to €29,304
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 | €956,844 | €932,260 | -€24,584 | -2.6% |
| Fixed assets | 21/28 | €825,169 | €798,310 | -€26,859 | -3.3% |
| Tangible fixed assets | 22/27 | €825,169 | €798,310 | -€26,859 | -3.3% |
| Land and buildings | 22 | €804,886 | €780,408 | -€24,478 | -3.0% |
| Plant, machinery and equipment | 23 | €16,652 | €16,992 | +€340 | +2.0% |
| Furniture and vehicles | 24 | €3,631 | €910 | -€2,721 | -74.9% |
| Current assets | 29/58 | €131,675 | €133,951 | +€2,276 | +1.7% |
| Amounts receivable within one year | 40/41 | €183 | €23,570 | +€23,387 | +12798.9% |
| Trade receivables | 40 | €0 | €22,607 | +€22,607 | |
| Other amounts receivable | 41 | €183 | €963 | +€780 | +427.0% |
| Cash at bank and in hand | 54/58 | €127,441 | €106,610 | -€20,831 | -16.3% |
| Deferred charges and accrued income | 490/1 | €4,052 | €3,771 | -€280 | -6.9% |
| Total equity and liabilities | 10/49 | €956,844 | €932,260 | -€24,584 | -2.6% |
| Equity | 10/15 | €50,844 | €94,596 | +€43,752 | +86.1% |
| Contributions | 10/11 | €12,000 | €12,000 | = | 0.0% |
| Reserves | 13 | €38,844 | €82,596 | +€43,752 | +112.6% |
| Distributable reserves | 133 | €38,844 | €82,596 | +€43,752 | +112.6% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €906,000 | €837,664 | -€68,335 | -7.5% |
| Amounts payable after more than one year | 17 | €588,933 | €550,011 | -€38,922 | -6.6% |
| Financial debts | 170/4 | €588,933 | €550,011 | -€38,922 | -6.6% |
| Amounts payable within one year | 42/48 | €311,135 | €287,653 | -€23,482 | -7.5% |
| Current portion of amounts payable after more than one year | 42 | €37,926 | €38,922 | +€996 | +2.6% |
| Trade debts | 44 | €11,199 | €5,983 | -€5,216 | -46.6% |
| Suppliers | 440/4 | €11,199 | €5,983 | -€5,216 | -46.6% |
| Taxes, remuneration and social security | 45 | €29,358 | €2,998 | -€26,360 | -89.8% |
| Taxes | 450/3 | €27,310 | €798 | -€26,512 | -97.1% |
| Remuneration and social security | 454/9 | €2,048 | €2,200 | +€152 | +7.4% |
| Other amounts payable | 47/48 | €232,652 | €239,751 | +€7,099 | +3.1% |
| Accrued charges and deferred income | 492/3 | €5,932 | €0 | -€5,932 | -100.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €28,084 | €29,304 | +€1,221 | +4.3% |
| Other operating charges | 640/8 | €3,930 | €4,791 | +€861 | +21.9% |
| Gross operating margin | 9900 | €106,742 | €109,623 | +€2,881 | +2.7% |
| Operating profit (loss) | 9901 | €74,728 | €75,528 | +€800 | +1.1% |
| Financial income | 75/76B | €21 | €163 | +€143 | +689.0% |
| Recurring financial income | 75 | €21 | €163 | +€143 | +689.0% |
| Financial charges | 65/66B | €23,490 | €16,882 | -€6,609 | -28.1% |
| Recurring financial charges | 65 | €23,490 | €16,882 | -€6,609 | -28.1% |
| Profit (loss) for the period before taxes | 9903 | €51,258 | €58,809 | +€7,551 | +14.7% |
| Income taxes | 67/77 | €12,414 | €15,058 | +€2,643 | +21.3% |
| Profit (loss) for the period | 9904 | €38,844 | €43,752 | +€4,907 | +12.6% |
| Profit (loss) for the period to be appropriated | 9905 | €38,844 | €43,752 | +€4,907 | +12.6% |
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.