THIELEMANS: 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.
THIELEMANS
Largest movements
- Receivables within one year +€133,516
up €133,516 (+602%), from €22,163 to €155,679
of which Other amounts receivable: +€133,772
- Cash -€79,420
down €79,420 (-15.2%), from €523,150 to €443,730
mainly Receivables within one year (-€133,516) and Other debts (-€38,092)
- Tangible fixed assets -€47,891
down €47,891 (-16.9%), from €283,021 to €235,130
of which Land and buildings: -€27,463
- Reserves +€43,000
up €43,000 (+6.9%), from €626,600 to €669,600
- Other debts -€38,092
down €38,092 (-36.7%), from €103,691 to €65,599
- Gross operating margin +€37,426
up €37,426 (+20.5%), from €182,747 to €220,173
- Financial income -€17,423
down €17,423 (-93.8%), from €18,567 to €1,144
- Staff costs +€5,268
up €5,268 (+5.5%), from €96,292 to €101,560
- Taxes +€4,230
up €4,230 (+24.6%), from €17,168 to €21,398
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 | €855,640 | €858,608 | +€2,968 | +0.3% |
| Fixed assets | 21/28 | €301,208 | €253,317 | -€47,891 | -15.9% |
| Tangible fixed assets | 22/27 | €283,021 | €235,130 | -€47,891 | -16.9% |
| Land and buildings | 22 | €190,150 | €162,687 | -€27,463 | -14.4% |
| Plant, machinery and equipment | 23 | €26,941 | €19,427 | -€7,515 | -27.9% |
| Furniture and vehicles | 24 | €65,929 | €53,016 | -€12,913 | -19.6% |
| Financial fixed assets | 28 | €18,187 | €18,187 | = | 0.0% |
| Current assets | 29/58 | €554,432 | €605,292 | +€50,859 | +9.2% |
| Amounts receivable within one year | 40/41 | €22,163 | €155,679 | +€133,516 | +602% |
| Trade receivables | 40 | €256 | - | -€256 | |
| Other amounts receivable | 41 | €21,907 | €155,679 | +€133,772 | +611% |
| Cash at bank and in hand | 54/58 | €523,150 | €443,730 | -€79,420 | -15.2% |
| Deferred charges and accrued income | 490/1 | €9,119 | €5,882 | -€3,237 | -35.5% |
| Total equity and liabilities | 10/49 | €855,640 | €858,608 | +€2,968 | +0.3% |
| Equity | 10/15 | €727,631 | €770,908 | +€43,277 | +5.9% |
| Contributions | 10/11 | €100,000 | €100,000 | = | 0.0% |
| Reserves | 13 | €626,600 | €669,600 | +€43,000 | +6.9% |
| Distributable reserves | 133 | €626,600 | €669,600 | +€43,000 | +6.9% |
| Profit (loss) carried forward | 14 | €1,031 | €1,308 | +€277 | +26.9% |
| Amounts payable | 17/49 | €128,009 | €87,700 | -€40,309 | -31.5% |
| Amounts payable within one year | 42/48 | €128,009 | €87,700 | -€40,309 | -31.5% |
| Trade debts | 44 | €2,590 | €1,355 | -€1,235 | -47.7% |
| Suppliers | 440/4 | €2,590 | €1,355 | -€1,235 | -47.7% |
| Taxes, remuneration and social security | 45 | €21,727 | €20,746 | -€981 | -4.5% |
| Taxes | 450/3 | €8,772 | €3,300 | -€5,472 | -62.4% |
| Remuneration and social security | 454/9 | €12,955 | €17,446 | +€4,491 | +34.7% |
| Other amounts payable | 47/48 | €103,691 | €65,599 | -€38,092 | -36.7% |
| Remuneration, social security and pensions | 62 | €96,292 | €101,560 | +€5,268 | +5.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €49,908 | €47,891 | -€2,017 | -4.0% |
| Other operating charges | 640/8 | €7,575 | €6,743 | -€832 | -11.0% |
| Gross operating margin | 9900 | €182,747 | €220,173 | +€37,426 | +20.5% |
| Operating profit (loss) | 9901 | €28,972 | €63,979 | +€35,007 | +121% |
| Financial income | 75/76B | €18,567 | €1,144 | -€17,423 | -93.8% |
| Recurring financial income | 75 | €18,567 | €1,144 | -€17,423 | -93.8% |
| Financial charges | 65/66B | €360 | €449 | +€88 | +24.5% |
| Recurring financial charges | 65 | €360 | €449 | +€88 | +24.5% |
| Profit (loss) for the period before taxes | 9903 | €47,178 | €64,675 | +€17,497 | +37.1% |
| Income taxes | 67/77 | €17,168 | €21,398 | +€4,230 | +24.6% |
| Profit (loss) for the period | 9904 | €30,010 | €43,277 | +€13,267 | +44.2% |
| Profit (loss) for the period to be appropriated | 9905 | €30,010 | €43,277 | +€13,267 | +44.2% |
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 24 October 2026 via checked.be.