THIAX: 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.
THIAX
Largest movements
- Deferred charges and accrued income +€1.2m
up €1.2m (+123568770.0%), from €1 to €1.2m
- Tangible fixed assets -€422,000
no longer reported in 2025 (was €422,000)
- Stocks and contracts +€327,499
up €327,499 (+6.2%), from €5.3m to €5.6m
- Cash -€71,380
down €71,380 (-64.0%), from €111,598 to €40,218
mainly Deferred charges and accrued income (-€1.2m) and Stocks and contracts (-€327,499)
- Debts after one year +€513,536
up €513,536 (+35.4%), from €1.5m to €2.0m
- Reserves +€359,750
up €359,750 (+58.2%), from €617,860 to €977,610
- Profit (loss) carried forward +€200,880
up €200,880, from -€200,612 to €268
- Tax, wage and social debts +€151,180
up €151,180 (+6047.2%), from €2,500 to €153,680
of which Taxes: +€151,180
- Gross operating margin +€885,199
up €885,199 (+1349.3%), from €65,604 to €950,803
- Taxes +€151,180
new in 2025: €151,180
- Other operating charges -€83,576
down €83,576 (-95.7%), from €87,337 to €3,761
- Financial charges -€29,887
down €29,887 (-11.3%), from €265,119 to €235,232
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 | €5,853,126 | €6,905,632 | +€1.1m | +18.0% |
| Fixed assets | 21/28 | €422,000 | - | -€422,000 | |
| Tangible fixed assets | 22/27 | €422,000 | - | -€422,000 | |
| Land and buildings | 22 | €422,000 | - | -€422,000 | |
| Current assets | 29/58 | €5,431,126 | €6,905,632 | +€1.5m | +27.1% |
| Stocks and contracts in progress | 3 | €5,302,227 | €5,629,726 | +€327,499 | +6.2% |
| Stocks | 30/36 | €5,302,227 | €5,629,726 | +€327,499 | +6.2% |
| Amounts receivable within one year | 40/41 | €17,300 | - | -€17,300 | |
| Other amounts receivable | 41 | €17,300 | - | -€17,300 | |
| Cash at bank and in hand | 54/58 | €111,598 | €40,218 | -€71,380 | -64.0% |
| Deferred charges and accrued income | 490/1 | €1 | €1,235,689 | +€1.2m | +123568770.0% |
| Total equity and liabilities | 10/49 | €5,853,126 | €6,905,632 | +€1.1m | +18.0% |
| Equity | 10/15 | €435,848 | €996,478 | +€560,630 | +128.6% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €617,860 | €977,610 | +€359,750 | +58.2% |
| Distributable reserves | 133 | €617,860 | €977,610 | +€359,750 | +58.2% |
| Profit (loss) carried forward | 14 | -€200,612 | €268 | +€200,880 | |
| Amounts payable | 17/49 | €5,417,278 | €5,909,154 | +€491,876 | +9.1% |
| Amounts payable after more than one year | 17 | €1,450,000 | €1,963,536 | +€513,536 | +35.4% |
| Financial debts | 170/4 | €1,450,000 | €1,963,536 | +€513,536 | +35.4% |
| Amounts payable within one year | 42/48 | €3,948,366 | €3,920,733 | -€27,633 | -0.7% |
| Financial debts | 43 | €3,815,999 | €3,756,649 | -€59,350 | -1.6% |
| Credit institutions | 430/8 | €3,815,999 | €3,756,649 | -€59,350 | -1.6% |
| Trade debts | 44 | €35,020 | €998 | -€34,022 | -97.1% |
| Suppliers | 440/4 | €35,020 | €998 | -€34,022 | -97.1% |
| Advances received on contracts in progress | 46 | €42,938 | - | -€42,938 | |
| Taxes, remuneration and social security | 45 | €2,500 | €153,680 | +€151,180 | +6047.2% |
| Taxes | 450/3 | - | €151,180 | +€151,180 | |
| Remuneration and social security | 454/9 | €2,500 | €2,500 | = | 0.0% |
| Other amounts payable | 47/48 | €51,909 | €9,405 | -€42,504 | -81.9% |
| Accrued charges and deferred income | 492/3 | €18,912 | €24,886 | +€5,974 | +31.6% |
| Non-recurring operating income | 76A | - | €628,000 | +€628,000 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €7,167 | - | -€7,167 | |
| Other operating charges | 640/8 | €87,337 | €3,761 | -€83,576 | -95.7% |
| Gross operating margin | 9900 | €65,604 | €950,803 | +€885,199 | +1349.3% |
| Operating profit (loss) | 9901 | -€28,900 | €947,042 | +€975,942 | |
| Financial charges | 65/66B | €265,119 | €235,232 | -€29,887 | -11.3% |
| Recurring financial charges | 65 | €265,119 | €235,232 | -€29,887 | -11.3% |
| Profit (loss) for the period before taxes | 9903 | -€294,019 | €711,810 | +€1.0m | |
| Income taxes | 67/77 | - | €151,180 | +€151,180 | |
| Profit (loss) for the period | 9904 | -€294,019 | €560,630 | +€854,649 | |
| Profit (loss) for the period to be appropriated | 9905 | -€294,019 | €560,630 | +€854,649 |
Source: filed annual accounts (NBB), fiscal years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 8 October 2026 via checked.be.