Thicam: 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.
Thicam
Largest movements
- Tangible fixed assets +€130,392
up €130,392 (+225.9%), from €57,725 to €188,117
of which Land and buildings: +€148,688
- Receivables within one year -€5,437
down €5,437 (-10.5%), from €51,882 to €46,445
of which Other amounts receivable: -€6,738
- Debts after one year +€109,334
up €109,334 (+47.5%), from €230,000 to €339,334
- Profit (loss) carried forward +€31,646
up €31,646 (+21.0%), from -€150,585 to -€118,939
- Other debts -€21,142
no longer reported in 2025 (was €21,142)
- Current portion of long-term debt +€6,196
new in 2025: €6,196
- Trade debts -€3,055
down €3,055 (-7.0%), from €43,664 to €40,609
- Gross operating margin +€75,252
up €75,252, from -€8,979 to €66,273
- Depreciation +€8,724
up €8,724 (+47.7%), from €18,294 to €27,018
- Financial charges +€4,330
up €4,330 (+2862.9%), from €151 to €4,481
- Other operating charges +€1,607
up €1,607 (+122.2%), from €1,315 to €2,922
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 | €164,988 | €290,255 | +€125,268 | +75.9% |
| Fixed assets | 21/28 | €57,975 | €188,367 | +€130,392 | +224.9% |
| Tangible fixed assets | 22/27 | €57,725 | €188,117 | +€130,392 | +225.9% |
| Land and buildings | 22 | - | €148,688 | +€148,688 | |
| Plant, machinery and equipment | 23 | €18,943 | €12,075 | -€6,869 | -36.3% |
| Furniture and vehicles | 24 | €38,782 | €27,354 | -€11,428 | -29.5% |
| Financial fixed assets | 28 | €250 | €250 | = | 0.0% |
| Current assets | 29/58 | €107,012 | €101,888 | -€5,124 | -4.8% |
| Stocks and contracts in progress | 3 | €47,732 | €47,732 | = | 0.0% |
| Stocks | 30/36 | €47,732 | €47,732 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €51,882 | €46,445 | -€5,437 | -10.5% |
| Trade receivables | 40 | €36,932 | €38,233 | +€1,301 | +3.5% |
| Other amounts receivable | 41 | €14,950 | €8,212 | -€6,738 | -45.1% |
| Cash at bank and in hand | 54/58 | €6,702 | €7,260 | +€558 | +8.3% |
| Deferred charges and accrued income | 490/1 | €695 | €451 | -€245 | -35.2% |
| Total equity and liabilities | 10/49 | €164,988 | €290,255 | +€125,268 | +75.9% |
| Equity | 10/15 | -€130,125 | -€98,479 | +€31,646 | +24.3% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €1,860 | €1,860 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€150,585 | -€118,939 | +€31,646 | +21.0% |
| Amounts payable | 17/49 | €295,112 | €388,735 | +€93,622 | +31.7% |
| Amounts payable after more than one year | 17 | €230,000 | €339,334 | +€109,334 | +47.5% |
| Financial debts | 170/4 | €230,000 | €339,334 | +€109,334 | +47.5% |
| Amounts payable within one year | 42/48 | €65,112 | €49,401 | -€15,711 | -24.1% |
| Current portion of amounts payable after more than one year | 42 | - | €6,196 | +€6,196 | |
| Trade debts | 44 | €43,664 | €40,609 | -€3,055 | -7.0% |
| Suppliers | 440/4 | €43,664 | €40,609 | -€3,055 | -7.0% |
| Taxes, remuneration and social security | 45 | €306 | €2,595 | +€2,289 | +747.1% |
| Taxes | 450/3 | €306 | €2,595 | +€2,289 | +747.1% |
| Other amounts payable | 47/48 | €21,142 | - | -€21,142 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €18,294 | €27,018 | +€8,724 | +47.7% |
| Other operating charges | 640/8 | €1,315 | €2,922 | +€1,607 | +122.2% |
| Gross operating margin | 9900 | -€8,979 | €66,273 | +€75,252 | |
| Operating profit (loss) | 9901 | -€28,588 | €36,333 | +€64,921 | |
| Financial income | 75/76B | €27 | €0 | -€27 | -100.0% |
| Recurring financial income | 75 | €27 | €0 | -€27 | -100.0% |
| Financial charges | 65/66B | €151 | €4,481 | +€4,330 | +2862.9% |
| Recurring financial charges | 65 | €151 | €4,481 | +€4,330 | +2862.9% |
| Profit (loss) for the period before taxes | 9903 | -€28,712 | €31,851 | +€60,563 | |
| Income taxes | 67/77 | €230 | €206 | -€24 | -10.5% |
| Profit (loss) for the period | 9904 | -€28,942 | €31,646 | +€60,587 | |
| Profit (loss) for the period to be appropriated | 9905 | -€28,942 | €31,646 | +€60,587 |
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 6 October 2026 via checked.be.