THICOP: 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.
THICOP
Largest movements
- Cash +€102,225
up €102,225 (+157.6%), from €64,854 to €167,079
mainly Current investments (+€70,000) and Net result for the year (+€28,359)
- Current investments -€70,000
down €70,000 (-100.0%), from €70,000 to €0
- Receivables within one year +€2,840
up €2,840 (+26.8%), from €10,577 to €13,417
of which Other amounts receivable: +€4,236
- Deferred charges and accrued income -€2,486
down €2,486 (-50.0%), from €4,972 to €2,486
- Reserves +€28,359
up €28,359 (+21.7%), from €130,839 to €159,198
of which Distributable reserves: +€28,359
- Advances received +€8,639
new in 2025: €8,639
- Other debts -€3,741
down €3,741 (-48.0%), from €7,799 to €4,058
- Tax, wage and social debts -€1,849
down €1,849 (-41.7%), from €4,437 to €2,588
- Gross operating margin -€10,450
down €10,450 (-18.6%), from €56,144 to €45,694
- Taxes -€3,328
down €3,328 (-18.6%), from €17,908 to €14,579
- Financial income -€623
down €623 (-58.4%), from €1,067 to €444
- Financial charges -€584
down €584 (-32.1%), from €1,820 to €1,236
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 | €151,949 | €183,282 | +€31,333 | +20.6% |
| Fixed assets | 21/28 | €1,545 | €300 | -€1,245 | -80.6% |
| Tangible fixed assets | 22/27 | €1,545 | €300 | -€1,245 | -80.6% |
| Plant, machinery and equipment | 23 | €1,545 | €300 | -€1,245 | -80.6% |
| Current assets | 29/58 | €150,404 | €182,982 | +€32,578 | +21.7% |
| Amounts receivable within one year | 40/41 | €10,577 | €13,417 | +€2,840 | +26.8% |
| Trade receivables | 40 | €10,577 | €9,181 | -€1,396 | -13.2% |
| Other amounts receivable | 41 | €0 | €4,236 | +€4,236 | |
| Current investments | 50/53 | €70,000 | €0 | -€70,000 | -100.0% |
| Cash at bank and in hand | 54/58 | €64,854 | €167,079 | +€102,225 | +157.6% |
| Deferred charges and accrued income | 490/1 | €4,972 | €2,486 | -€2,486 | -50.0% |
| Total equity and liabilities | 10/49 | €151,949 | €183,282 | +€31,333 | +20.6% |
| Equity | 10/15 | €137,039 | €165,398 | +€28,359 | +20.7% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €130,839 | €159,198 | +€28,359 | +21.7% |
| Non-distributable reserves | 130/1 | €0 | - | = | |
| Reserves not available under the articles | 1311 | €0 | - | = | |
| Distributable reserves | 133 | €130,839 | €159,198 | +€28,359 | +21.7% |
| Amounts payable | 17/49 | €14,910 | €17,884 | +€2,974 | +19.9% |
| Amounts payable within one year | 42/48 | €14,910 | €17,884 | +€2,974 | +19.9% |
| Trade debts | 44 | €2,674 | €2,599 | -€76 | -2.8% |
| Suppliers | 440/4 | €2,674 | €2,599 | -€76 | -2.8% |
| Advances received on contracts in progress | 46 | - | €8,639 | +€8,639 | |
| Taxes, remuneration and social security | 45 | €4,437 | €2,588 | -€1,849 | -41.7% |
| Taxes | 450/3 | €4,437 | €2,588 | -€1,849 | -41.7% |
| Other amounts payable | 47/48 | €7,799 | €4,058 | -€3,741 | -48.0% |
| Non-recurring operating income | 76A | - | €2,500 | +€2,500 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €336 | €825 | +€489 | +145.7% |
| Other operating charges | 640/8 | €633 | €717 | +€84 | +13.3% |
| Non-recurring operating charges | 66A | - | €420 | +€420 | |
| Gross operating margin | 9900 | €56,144 | €45,694 | -€10,450 | -18.6% |
| Operating profit (loss) | 9901 | €55,175 | €43,731 | -€11,444 | -20.7% |
| Financial income | 75/76B | €1,067 | €444 | -€623 | -58.4% |
| Recurring financial income | 75 | €1,067 | €444 | -€623 | -58.4% |
| Financial charges | 65/66B | €1,820 | €1,236 | -€584 | -32.1% |
| Recurring financial charges | 65 | €1,820 | €1,236 | -€584 | -32.1% |
| Profit (loss) for the period before taxes | 9903 | €54,422 | €42,939 | -€11,483 | -21.1% |
| Income taxes | 67/77 | €17,908 | €14,579 | -€3,328 | -18.6% |
| Profit (loss) for the period | 9904 | €36,515 | €28,359 | -€8,155 | -22.3% |
| Profit (loss) for the period to be appropriated | 9905 | €36,515 | €28,359 | -€8,155 | -22.3% |
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 4 October 2026 via checked.be.