Thico Group: 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.
Thico Group
Largest movements
- Financial fixed assets -€163,885
down €163,885 (-14.5%), from €1.1m to €968,779
- Cash +€117,801
up €117,801 (+10.0%), from €1.2m to €1.3m
mainly Net result for the year (+€434,262) and Investment in fixed assets (net) (+€130,671)
- Receivables within one year +€53,676
up €53,676 (+11.8%), from €453,305 to €506,981
of which Trade receivables: +€64,923
- Debts after one year -€125,487
no longer reported in 2025 (was €125,487)
- Other debts +€59,500
up €59,500 (+16.7%), from €357,000 to €416,500
- Staff costs +€58,525
up €58,525 (+14.8%), from €395,521 to €454,046
- Gross operating margin +€52,726
up €52,726 (+7.8%), from €675,919 to €728,644
- Financial income -€22,569
down €22,569 (-6.5%), from €344,673 to €322,104
- Depreciation +€19,979
up €19,979 (+37.6%), from €53,089 to €73,067
- Taxes -€13,639
down €13,639 (-22.5%), from €60,647 to €47,008
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 | €3,243,783 | €3,208,358 | -€35,425 | -1.1% |
| Fixed assets | 21/28 | €1,343,042 | €1,139,303 | -€203,738 | -15.2% |
| Intangible fixed assets | 21 | €144,081 | €115,265 | -€28,816 | -20.0% |
| Tangible fixed assets | 22/27 | €66,297 | €55,260 | -€11,037 | -16.6% |
| Land and buildings | 22 | €31,622 | €3,607 | -€28,015 | -88.6% |
| Furniture and vehicles | 24 | €34,675 | €51,653 | +€16,978 | +49.0% |
| Financial fixed assets | 28 | €1,132,664 | €968,779 | -€163,885 | -14.5% |
| Current assets | 29/58 | €1,900,741 | €2,069,055 | +€168,314 | +8.9% |
| Amounts receivable within one year | 40/41 | €453,305 | €506,981 | +€53,676 | +11.8% |
| Trade receivables | 40 | €412,453 | €477,376 | +€64,923 | +15.7% |
| Other amounts receivable | 41 | €40,853 | €29,605 | -€11,247 | -27.5% |
| Current investments | 50/53 | €250,000 | €250,000 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €1,175,962 | €1,293,763 | +€117,801 | +10.0% |
| Deferred charges and accrued income | 490/1 | €21,474 | €18,311 | -€3,163 | -14.7% |
| Total equity and liabilities | 10/49 | €3,243,783 | €3,208,358 | -€35,425 | -1.1% |
| Equity | 10/15 | €2,417,080 | €2,434,842 | +€17,762 | +0.7% |
| Contributions | 10/11 | €125,000 | €125,000 | = | 0.0% |
| Capital | 10 | €125,000 | €125,000 | = | 0.0% |
| Issued capital | 100 | €125,000 | €125,000 | = | 0.0% |
| Reserves | 13 | €2,292,080 | €2,309,842 | +€17,762 | +0.8% |
| Non-distributable reserves | 130/1 | €12,500 | €12,500 | = | 0.0% |
| Legal reserve | 130 | €12,500 | €12,500 | = | 0.0% |
| Tax-exempt reserves | 132 | €33,024 | €33,024 | = | 0.0% |
| Distributable reserves | 133 | €2,246,556 | €2,264,318 | +€17,762 | +0.8% |
| Amounts payable | 17/49 | €826,703 | €773,516 | -€53,187 | -6.4% |
| Amounts payable after more than one year | 17 | €125,487 | - | -€125,487 | |
| Financial debts | 170/4 | €125,487 | - | -€125,487 | |
| Amounts payable within one year | 42/48 | €649,735 | €732,142 | +€82,408 | +12.7% |
| Current portion of amounts payable after more than one year | 42 | €120,265 | €125,522 | +€5,257 | +4.4% |
| Financial debts | 43 | €13,498 | €13,460 | -€38 | -0.3% |
| Credit institutions | 430/8 | €13,498 | €13,460 | -€38 | -0.3% |
| Trade debts | 44 | €52,504 | €43,667 | -€8,837 | -16.8% |
| Suppliers | 440/4 | €52,504 | €43,667 | -€8,837 | -16.8% |
| Taxes, remuneration and social security | 45 | €106,468 | €132,993 | +€26,525 | +24.9% |
| Taxes | 450/3 | €18,563 | €25,029 | +€6,466 | +34.8% |
| Remuneration and social security | 454/9 | €87,905 | €107,964 | +€20,060 | +22.8% |
| Other amounts payable | 47/48 | €357,000 | €416,500 | +€59,500 | +16.7% |
| Accrued charges and deferred income | 492/3 | €51,481 | €41,374 | -€10,107 | -19.6% |
| Remuneration, social security and pensions | 62 | €395,521 | €454,046 | +€58,525 | +14.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €53,089 | €73,067 | +€19,979 | +37.6% |
| Other operating charges | 640/8 | €24,110 | €24,388 | +€278 | +1.2% |
| Gross operating margin | 9900 | €675,919 | €728,644 | +€52,726 | +7.8% |
| Operating profit (loss) | 9901 | €203,199 | €177,143 | -€26,056 | -12.8% |
| Financial income | 75/76B | €344,673 | €322,104 | -€22,569 | -6.5% |
| Recurring financial income | 75 | €344,673 | €322,104 | -€22,569 | -6.5% |
| Financial charges | 65/66B | €16,094 | €17,977 | +€1,883 | +11.7% |
| Recurring financial charges | 65 | €16,094 | €17,977 | +€1,883 | +11.7% |
| Profit (loss) for the period before taxes | 9903 | €531,778 | €481,270 | -€50,508 | -9.5% |
| Income taxes | 67/77 | €60,647 | €47,008 | -€13,639 | -22.5% |
| Profit (loss) for the period | 9904 | €471,131 | €434,262 | -€36,869 | -7.8% |
| Profit (loss) for the period to be appropriated | 9905 | €471,131 | €434,262 | -€36,869 | -7.8% |
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 26 October 2026 via checked.be.