THENIMAR: 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.
THENIMAR
Largest movements
- Cash -€26,054
down €26,054 (-13.2%), from €196,791 to €170,736
mainly Debts after one year (-€35,000) and Investment in fixed assets (net) (-€13,271)
- Receivables within one year +€5,407
up €5,407 (+15.5%), from €34,900 to €40,307
- Debts after one year -€35,000
down €35,000 (-33.7%), from €104,000 to €69,000
- Tax, wage and social debts +€6,100
up €6,100 (+165.7%), from €3,682 to €9,782
of which Remuneration and social security: +€6,100
- Reserves +€3,500
up €3,500 (+2.4%), from €148,082 to €151,582
of which Distributable reserves: +€3,500
- Gross operating margin -€25,916
down €25,916 (-51.8%), from €50,037 to €24,121
- Taxes -€7,341
down €7,341 (-81.2%), from €9,036 to €1,695
- Depreciation -€3,630
down €3,630 (-21.2%), from €17,108 to €13,478
- Financial income -€841
down €841 (-71.2%), from €1,181 to €340
From the 31-03-2025 result to the 31-12-2025 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 31-03-2025 and 31-12-2025 balance sheets and the 31-12-2025 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 31-03-2025 | 31-12-2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €339,494 | €318,640 | -€20,854 | -6.1% |
| Fixed assets | 21/28 | €107,803 | €107,597 | -€207 | -0.2% |
| Tangible fixed assets | 22/27 | €107,803 | €107,597 | -€207 | -0.2% |
| Land and buildings | 22 | €107,803 | €87,434 | -€20,370 | -18.9% |
| Plant, machinery and equipment | 23 | - | €20,163 | +€20,163 | |
| Current assets | 29/58 | €231,691 | €211,044 | -€20,647 | -8.9% |
| Amounts receivable within one year | 40/41 | €34,900 | €40,307 | +€5,407 | +15.5% |
| Other amounts receivable | 41 | €34,900 | €40,307 | +€5,407 | +15.5% |
| Cash at bank and in hand | 54/58 | €196,791 | €170,736 | -€26,054 | -13.2% |
| Total equity and liabilities | 10/49 | €339,494 | €318,640 | -€20,854 | -6.1% |
| Equity | 10/15 | €211,308 | €214,851 | +€3,543 | +1.7% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €148,082 | €151,582 | +€3,500 | +2.4% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Tax-exempt reserves | 132 | €2,222 | €2,222 | = | 0.0% |
| Distributable reserves | 133 | €144,000 | €147,500 | +€3,500 | +2.4% |
| Profit (loss) carried forward | 14 | €44,626 | €44,669 | +€43 | +0.1% |
| Amounts payable | 17/49 | €128,186 | €103,789 | -€24,397 | -19.0% |
| Amounts payable after more than one year | 17 | €104,000 | €69,000 | -€35,000 | -33.7% |
| Other amounts payable | 178/9 | €104,000 | €69,000 | -€35,000 | -33.7% |
| Amounts payable within one year | 42/48 | €22,831 | €33,869 | +€11,038 | +48.3% |
| Trade debts | 44 | €1,695 | €4,098 | +€2,403 | +141.7% |
| Suppliers | 440/4 | €1,695 | €4,098 | +€2,403 | +141.7% |
| Taxes, remuneration and social security | 45 | €3,682 | €9,782 | +€6,100 | +165.7% |
| Taxes | 450/3 | €3,682 | €3,682 | = | 0.0% |
| Remuneration and social security | 454/9 | - | €6,100 | +€6,100 | |
| Other amounts payable | 47/48 | €17,454 | €19,989 | +€2,535 | +14.5% |
| Accrued charges and deferred income | 492/3 | €1,355 | €920 | -€435 | -32.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €17,108 | €13,478 | -€3,630 | -21.2% |
| Other operating charges | 640/8 | €5,518 | €5,691 | +€174 | +3.2% |
| Gross operating margin | 9900 | €50,037 | €24,121 | -€25,916 | -51.8% |
| Operating profit (loss) | 9901 | €27,411 | €4,951 | -€22,460 | -81.9% |
| Financial income | 75/76B | €1,181 | €340 | -€841 | -71.2% |
| Recurring financial income | 75 | €1,181 | €340 | -€841 | -71.2% |
| Financial charges | 65/66B | €86 | €53 | -€33 | -38.0% |
| Recurring financial charges | 65 | €86 | €53 | -€33 | -38.0% |
| Profit (loss) for the period before taxes | 9903 | €28,506 | €5,238 | -€23,268 | -81.6% |
| Income taxes | 67/77 | €9,036 | €1,695 | -€7,341 | -81.2% |
| Profit (loss) for the period | 9904 | €19,470 | €3,543 | -€15,927 | -81.8% |
| Profit (loss) for the period to be appropriated | 9905 | €19,470 | €3,543 | -€15,927 | -81.8% |
Source: filed annual accounts (NBB), fiscal years ended 31 March 2025 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 2 October 2026 via checked.be.