THICO: 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.
THICO
Largest movements
- Receivables within one year +€308,193
up €308,193 (+163.9%), from €188,087 to €496,280
of which Other amounts receivable: +€261,338
- Cash +€192,010
up €192,010 (+238.7%), from €80,442 to €272,452
mainly Net result for the year (+€291,428) and Trade debts (+€169,465)
- Tangible fixed assets -€33,512
down €33,512 (-18.8%), from €178,491 to €144,979
of which Other tangible fixed assets: -€22,018
- Deferred charges and accrued income +€26,145
up €26,145 (+26.5%), from €98,607 to €124,753
- Trade debts +€169,465
up €169,465 (+97.0%), from €174,634 to €344,099
- Other debts +€151,595
up €151,595 (+191.2%), from €79,280 to €230,875
- Reserves +€141,428
up €141,428 (+98.9%), from €142,974 to €284,403
of which Distributable reserves: +€141,428
- Accrued charges and deferred income +€52,484
up €52,484 (+182.4%), from €28,768 to €81,252
- Debts after one year -€15,755
down €15,755 (-50.0%), from €31,511 to €15,757
- Gross operating margin +€436,278
up €436,278 (+125.2%), from €348,344 to €784,622
- Staff costs +€80,876
up €80,876 (+19.5%), from €413,770 to €494,645
- Financial income +€73,428
up €73,428 (+2157.2%), from €3,404 to €76,831
- Other operating charges -€14,246
down €14,246 (-87.3%), from €16,318 to €2,072
- Depreciation +€13,182
up €13,182 (+32.5%), from €40,518 to €53,700
From the 2023 result to the 2024 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 2023 and 2024 balance sheets and the 2024 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2023 | 2024 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €592,718 | €1,089,435 | +€496,717 | +83.8% |
| Fixed assets | 21/28 | €180,759 | €147,165 | -€33,594 | -18.6% |
| Intangible fixed assets | 21 | €82 | €0 | -€82 | -100.0% |
| Tangible fixed assets | 22/27 | €178,491 | €144,979 | -€33,512 | -18.8% |
| Plant, machinery and equipment | 23 | €52,805 | €56,116 | +€3,311 | +6.3% |
| Furniture and vehicles | 24 | €7,706 | €4,838 | -€2,868 | -37.2% |
| Leasing and similar rights | 25 | €32,476 | €20,539 | -€11,937 | -36.8% |
| Other tangible fixed assets | 26 | €85,504 | €63,486 | -€22,018 | -25.8% |
| Financial fixed assets | 28 | €2,187 | €2,187 | = | 0.0% |
| Current assets | 29/58 | €411,959 | €942,269 | +€530,311 | +128.7% |
| Stocks and contracts in progress | 3 | €44,822 | €48,785 | +€3,963 | +8.8% |
| Stocks | 30/36 | €44,822 | €48,785 | +€3,963 | +8.8% |
| Amounts receivable within one year | 40/41 | €188,087 | €496,280 | +€308,193 | +163.9% |
| Trade receivables | 40 | €115,265 | €162,120 | +€46,855 | +40.6% |
| Other amounts receivable | 41 | €72,822 | €334,160 | +€261,338 | +358.9% |
| Cash at bank and in hand | 54/58 | €80,442 | €272,452 | +€192,010 | +238.7% |
| Deferred charges and accrued income | 490/1 | €98,607 | €124,753 | +€26,145 | +26.5% |
| Total equity and liabilities | 10/49 | €592,718 | €1,089,435 | +€496,717 | +83.8% |
| Equity | 10/15 | €161,574 | €303,003 | +€141,428 | +87.5% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €142,974 | €284,403 | +€141,428 | +98.9% |
| Non-distributable reserves | 130/1 | €0 | - | = | |
| Reserves not available under the articles | 1311 | €0 | - | = | |
| Tax-exempt reserves | 132 | €15,326 | €15,326 | = | 0.0% |
| Distributable reserves | 133 | €127,648 | €269,077 | +€141,428 | +110.8% |
| Profit (loss) carried forward | 14 | - | €0 | = | |
| Amounts payable | 17/49 | €431,144 | €786,432 | +€355,288 | +82.4% |
| Amounts payable after more than one year | 17 | €31,511 | €15,757 | -€15,755 | -50.0% |
| Financial debts | 170/4 | €31,511 | €15,757 | -€15,755 | -50.0% |
| Amounts payable within one year | 42/48 | €370,864 | €689,423 | +€318,559 | +85.9% |
| Current portion of amounts payable after more than one year | 42 | €14,898 | €15,755 | +€857 | +5.8% |
| Financial debts | 43 | €11,264 | €5,235 | -€6,029 | -53.5% |
| Credit institutions | 430/8 | €11,264 | €0 | -€11,264 | -100.0% |
| Other loans | 439 | - | €5,235 | +€5,235 | |
| Trade debts | 44 | €174,634 | €344,099 | +€169,465 | +97.0% |
| Suppliers | 440/4 | €174,634 | €344,099 | +€169,465 | +97.0% |
| Taxes, remuneration and social security | 45 | €90,789 | €93,460 | +€2,671 | +2.9% |
| Taxes | 450/3 | €32,546 | €40,934 | +€8,388 | +25.8% |
| Remuneration and social security | 454/9 | €58,243 | €52,525 | -€5,717 | -9.8% |
| Other amounts payable | 47/48 | €79,280 | €230,875 | +€151,595 | +191.2% |
| Accrued charges and deferred income | 492/3 | €28,768 | €81,252 | +€52,484 | +182.4% |
| Non-recurring operating income | 76A | €0 | - | = | |
| Remuneration, social security and pensions | 62 | €413,770 | €494,645 | +€80,876 | +19.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €40,518 | €53,700 | +€13,182 | +32.5% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | -€5,424 | €0 | +€5,424 | |
| Other operating charges | 640/8 | €16,318 | €2,072 | -€14,246 | -87.3% |
| Gross operating margin | 9900 | €348,344 | €784,622 | +€436,278 | +125.2% |
| Operating profit (loss) | 9901 | -€116,838 | €234,205 | +€351,042 | |
| Financial income | 75/76B | €3,404 | €76,831 | +€73,428 | +2157.2% |
| Recurring financial income | 75 | €3,404 | €76,831 | +€73,428 | +2157.2% |
| Financial charges | 65/66B | €19,892 | €19,608 | -€284 | -1.4% |
| Recurring financial charges | 65 | €19,892 | €19,608 | -€284 | -1.4% |
| Profit (loss) for the period before taxes | 9903 | -€133,326 | €291,428 | +€424,754 | |
| Profit (loss) for the period | 9904 | -€133,326 | €291,428 | +€424,754 | |
| Profit (loss) for the period to be appropriated | 9905 | -€133,326 | €291,428 | +€424,754 |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2023 and 31 December 2024. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 6 October 2026 via checked.be.