THICARO: 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.
What changed
THICARO
NACE 47.521, Retail sale of hardware, building materials, paint and glass (general range)
fiscal year 2024 against 2025filed annual accounts (NBB)
Net result for the year
€14,077
2024 · €23,017-€8,940
Equity
€723,407
2024 · €709,330+€14,077
Cash
€39,505
2024 · €17,013+€22,492
Balance sheet total
€3.4m
2024 · €3.3m+€86,720
Largest movements
Assets
- Tangible fixed assets +€46,645
up €46,645 (+1.4%), from €3.3m to €3.3m
of which Land and buildings: +€38,708
Equity and liabilities
- Other debts +€97,862
up €97,862 (+328.4%), from €29,796 to €127,658
Income statement
- Depreciation +€11,216
up €11,216 (+12.3%), from €91,063 to €102,278
- Write-downs -€5,694
no longer reported in 2025 (was €5,694)
- Other operating charges +€1,940
up €1,940 (+10.1%), from €19,207 to €21,147
- Gross operating margin -€1,543
down €1,543 (-1.1%), from €139,561 to €138,018
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.
Result 2024
€23,017
Gross operating margin
-€1,543
Depreciation
-€11,216
Write-downs
+€5,694
Other operating charges
-€1,940
Financial income
+€82
Financial charges
+€15
Taxes
-€32
Result 2025
€14,077
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.
From operations
+€171,415
Investment
-€148,923
Financing
€0
Cash 2024
€17,013
From operations (derived)
+€171,415
Net result for the year
+€14,077
Depreciation
+€102,278
Receivables within one year
-€22,393
Deferred charges and accrued income
+€4,810
Trade debts
-€30,402
Tax, wage and social debts
+€1,628
Other debts
+€97,862
Accrued charges and deferred income
+€3,554
Investment (derived)
-€148,923
Investment in fixed assets (net)
-€148,923
Cash 2025
€39,505
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €3,330,035 | €3,416,754 | +€86,720 | +2.6% |
| Fixed assets | 21/28 | €3,294,959 | €3,341,604 | +€46,645 | +1.4% |
| Tangible fixed assets | 22/27 | €3,294,959 | €3,341,604 | +€46,645 | +1.4% |
| Land and buildings | 22 | €3,293,157 | €3,331,865 | +€38,708 | +1.2% |
| Plant, machinery and equipment | 23 | - | €8,184 | +€8,184 | |
| Furniture and vehicles | 24 | €1,803 | €1,555 | -€248 | -13.7% |
| Current assets | 29/58 | €35,075 | €75,151 | +€40,075 | +114.3% |
| Amounts receivable within one year | 40/41 | €12,585 | €34,978 | +€22,393 | +177.9% |
| Trade receivables | 40 | €11,689 | €34,716 | +€23,026 | +197.0% |
| Other amounts receivable | 41 | €895 | €262 | -€633 | -70.7% |
| Cash at bank and in hand | 54/58 | €17,013 | €39,505 | +€22,492 | +132.2% |
| Deferred charges and accrued income | 490/1 | €5,478 | €668 | -€4,810 | -87.8% |
| Total equity and liabilities | 10/49 | €3,330,035 | €3,416,754 | +€86,720 | +2.6% |
| Equity | 10/15 | €709,330 | €723,407 | +€14,077 | +2.0% |
| Contributions | 10/11 | €774,600 | €774,600 | = | 0.0% |
| Revaluation surpluses | 12 | €91,357 | €91,357 | = | 0.0% |
| Reserves | 13 | €26,860 | €26,860 | = | 0.0% |
| Distributable reserves | 133 | €26,860 | €26,860 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€183,487 | -€169,410 | +€14,077 | +7.7% |
| Amounts payable | 17/49 | €2,620,705 | €2,693,347 | +€72,643 | +2.8% |
| Amounts payable after more than one year | 17 | €2,550,000 | €2,550,000 | = | 0.0% |
| Other amounts payable | 178/9 | €2,550,000 | €2,550,000 | = | 0.0% |
| Amounts payable within one year | 42/48 | €70,705 | €139,793 | +€69,089 | +97.7% |
| Trade debts | 44 | €36,480 | €6,078 | -€30,402 | -83.3% |
| Suppliers | 440/4 | €36,480 | €6,078 | -€30,402 | -83.3% |
| Taxes, remuneration and social security | 45 | €4,429 | €6,057 | +€1,628 | +36.8% |
| Taxes | 450/3 | €4,429 | €6,057 | +€1,628 | +36.8% |
| Other amounts payable | 47/48 | €29,796 | €127,658 | +€97,862 | +328.4% |
| Accrued charges and deferred income | 492/3 | - | €3,554 | +€3,554 | |
| Non-recurring operating income | 76A | - | €10,000 | +€10,000 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €91,063 | €102,278 | +€11,216 | +12.3% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €5,694 | - | -€5,694 | |
| Other operating charges | 640/8 | €19,207 | €21,147 | +€1,940 | +10.1% |
| Gross operating margin | 9900 | €139,561 | €138,018 | -€1,543 | -1.1% |
| Operating profit (loss) | 9901 | €23,597 | €14,592 | -€9,005 | -38.2% |
| Financial income | 75/76B | - | €82 | +€82 | |
| Recurring financial income | 75 | - | €82 | +€82 | |
| Financial charges | 65/66B | €90 | €75 | -€15 | -16.9% |
| Recurring financial charges | 65 | €90 | €75 | -€15 | -16.9% |
| Profit (loss) for the period before taxes | 9903 | €23,507 | €14,600 | -€8,908 | -37.9% |
| Income taxes | 67/77 | €491 | €523 | +€32 | +6.5% |
| Profit (loss) for the period | 9904 | €23,017 | €14,077 | -€8,940 | -38.8% |
| Profit (loss) for the period to be appropriated | 9905 | €23,017 | €14,077 | -€8,940 | -38.8% |
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.