THICELEX: what changed
Two financial 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.
THICELEX
Largest movements
- Cash +€25,359
up €25,359 (+27.2%), from €93,212 to €118,571
mainly Net result for the year (+€88,924) and Depreciation (+€59,493)
- Debts after one year -€104,756
down €104,756 (-5.6%), from €1.9m to €1.8m
- Reserves +€88,924
up €88,924 (+290%), from €30,710 to €119,635
- Tax, wage and social debts +€22,987
up €22,987 (+158%), from €14,520 to €37,507
- Gross operating margin +€47,716
up €47,716 (+20.4%), from €233,587 to €281,303
- Taxes +€20,905
up €20,905 (+204%), from €10,238 to €31,143
- Depreciation -€18,715
down €18,715 (-23.9%), from €78,209 to €59,493
- Financial charges +€6,851
up €6,851 (+15.6%), from €43,818 to €50,669
- Other operating charges +€4,387
up €4,387 (+9.4%), from €46,771 to €51,158
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.
Derived cash bridge
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 | €2,154,452 | €2,170,507 | +€16,054 | +0.7% |
| Fixed assets | 21/28 | €2,038,911 | €2,017,752 | -€21,159 | -1.0% |
| Tangible fixed assets | 22/27 | €2,038,911 | €2,017,752 | -€21,159 | -1.0% |
| Land and buildings | 22 | €2,038,911 | €2,017,752 | -€21,159 | -1.0% |
| Current assets | 29/58 | €115,542 | €152,755 | +€37,213 | +32.2% |
| Amounts receivable within one year | 40/41 | €19,070 | €30,839 | +€11,769 | +61.7% |
| Trade receivables | 40 | €18,637 | €28,710 | +€10,072 | +54.0% |
| Other amounts receivable | 41 | €433 | €2,129 | +€1,697 | +392% |
| Cash at bank and in hand | 54/58 | €93,212 | €118,571 | +€25,359 | +27.2% |
| Deferred charges and accrued income | 490/1 | €3,259 | €3,344 | +€85 | +2.6% |
| Total equity and liabilities | 10/49 | €2,154,452 | €2,170,507 | +€16,054 | +0.7% |
| Equity | 10/15 | €80,710 | €169,635 | +€88,924 | +110% |
| Contributions | 10/11 | €50,000 | €50,000 | = | 0.0% |
| Reserves | 13 | €30,710 | €119,635 | +€88,924 | +290% |
| Distributable reserves | 133 | €30,710 | €119,635 | +€88,924 | +290% |
| Profit (loss) carried forward | 14 | €0 | - | = | |
| Amounts payable | 17/49 | €2,073,742 | €2,000,872 | -€72,870 | -3.5% |
| Amounts payable after more than one year | 17 | €1,866,131 | €1,761,374 | -€104,756 | -5.6% |
| Financial debts | 170/4 | €1,866,131 | €1,761,374 | -€104,756 | -5.6% |
| Amounts payable within one year | 42/48 | €192,533 | €216,018 | +€23,485 | +12.2% |
| Current portion of amounts payable after more than one year | 42 | €118,716 | €113,182 | -€5,535 | -4.7% |
| Trade debts | 44 | €3,075 | €1,833 | -€1,242 | -40.4% |
| Suppliers | 440/4 | €3,075 | €1,833 | -€1,242 | -40.4% |
| Taxes, remuneration and social security | 45 | €14,520 | €37,507 | +€22,987 | +158% |
| Taxes | 450/3 | €14,520 | €37,507 | +€22,987 | +158% |
| Other amounts payable | 47/48 | €56,221 | €63,497 | +€7,276 | +12.9% |
| Accrued charges and deferred income | 492/3 | €15,078 | €23,480 | +€8,401 | +55.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €78,209 | €59,493 | -€18,715 | -23.9% |
| Other operating charges | 640/8 | €46,771 | €51,158 | +€4,387 | +9.4% |
| Gross operating margin | 9900 | €233,587 | €281,303 | +€47,716 | +20.4% |
| Operating profit (loss) | 9901 | €108,607 | €170,652 | +€62,045 | +57.1% |
| Financial income | 75/76B | €398 | €85 | -€313 | -78.7% |
| Recurring financial income | 75 | €398 | €85 | -€313 | -78.7% |
| Financial charges | 65/66B | €43,818 | €50,669 | +€6,851 | +15.6% |
| Recurring financial charges | 65 | €43,818 | €50,669 | +€6,851 | +15.6% |
| Profit (loss) for the period before taxes | 9903 | €65,187 | €120,067 | +€54,881 | +84.2% |
| Income taxes | 67/77 | €10,238 | €31,143 | +€20,905 | +204% |
| Profit (loss) for the period | 9904 | €54,949 | €88,924 | +€33,975 | +61.8% |
| Profit (loss) for the period to be appropriated | 9905 | €54,949 | €88,924 | +€33,975 | +61.8% |
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 14 October 2026 via checked.be.