THIELIM: 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.
THIELIM
Largest movements
- Receivables after one year +€200,000
new in 2025: €200,000
- Cash +€39,668
up €39,668 (+74.0%), from €53,608 to €93,275
mainly Other debts (+€260,625) and Debts after one year (+€97,368)
- Receivables within one year +€26,080
up €26,080 (+104.8%), from €24,876 to €50,956
of which Other amounts receivable: +€35,500
- Other debts +€260,625
up €260,625 (+115.4%), from €225,922 to €486,546
- Current portion of long-term debt -€157,080
down €157,080 (-78.2%), from €200,769 to €43,689
- Debts after one year +€97,368
up €97,368 (+24.2%), from €402,777 to €500,145
of which Financial debts: +€147,368
- Profit (loss) carried forward +€46,775
up €46,775 (+20.4%), from -€229,315 to -€182,540
- Gross operating margin -€121,887
down €121,887 (-50.8%), from €239,783 to €117,896
- Taxes +€17,515
up €17,515 (+332988.2%), from €5 to €17,520
- Financial charges +€8,189
up €8,189 (+159.1%), from €5,147 to €13,336
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 | €1,941,865 | €2,205,454 | +€263,589 | +13.6% |
| Fixed assets | 21/28 | €1,863,382 | €1,861,223 | -€2,159 | -0.1% |
| Tangible fixed assets | 22/27 | €1,541,887 | €1,535,193 | -€6,694 | -0.4% |
| Land and buildings | 22 | €1,541,887 | €1,535,193 | -€6,694 | -0.4% |
| Financial fixed assets | 28 | €321,495 | €326,029 | +€4,534 | +1.4% |
| Current assets | 29/58 | €78,483 | €344,231 | +€265,748 | +338.6% |
| Amounts receivable after more than one year | 29 | - | €200,000 | +€200,000 | |
| Other amounts receivable | 291 | - | €200,000 | +€200,000 | |
| Amounts receivable within one year | 40/41 | €24,876 | €50,956 | +€26,080 | +104.8% |
| Trade receivables | 40 | €13,192 | €3,772 | -€9,420 | -71.4% |
| Other amounts receivable | 41 | €11,684 | €47,184 | +€35,500 | +303.8% |
| Cash at bank and in hand | 54/58 | €53,608 | €93,275 | +€39,668 | +74.0% |
| Total equity and liabilities | 10/49 | €1,941,865 | €2,205,454 | +€263,589 | +13.6% |
| Equity | 10/15 | €1,110,841 | €1,157,615 | +€46,775 | +4.2% |
| Contributions | 10/11 | €247,357 | €247,357 | = | 0.0% |
| Capital | 10 | €247,357 | €247,357 | = | 0.0% |
| Issued capital | 100 | €247,357 | €247,357 | = | 0.0% |
| Revaluation surpluses | 12 | €1,086,751 | €1,086,751 | = | 0.0% |
| Reserves | 13 | €6,047 | €6,047 | = | 0.0% |
| Non-distributable reserves | 130/1 | €6,047 | €6,047 | = | 0.0% |
| Legal reserve | 130 | €6,047 | €6,047 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€229,315 | -€182,540 | +€46,775 | +20.4% |
| Amounts payable | 17/49 | €831,024 | €1,047,839 | +€216,814 | +26.1% |
| Amounts payable after more than one year | 17 | €402,777 | €500,145 | +€97,368 | +24.2% |
| Financial debts | 170/4 | €332,777 | €480,145 | +€147,368 | +44.3% |
| Other amounts payable | 178/9 | €70,000 | €20,000 | -€50,000 | -71.4% |
| Amounts payable within one year | 42/48 | €428,247 | €547,694 | +€119,447 | +27.9% |
| Current portion of amounts payable after more than one year | 42 | €200,769 | €43,689 | -€157,080 | -78.2% |
| Trade debts | 44 | €1,556 | - | -€1,556 | |
| Suppliers | 440/4 | €1,556 | - | -€1,556 | |
| Taxes, remuneration and social security | 45 | - | €17,458 | +€17,458 | |
| Taxes | 450/3 | - | €17,458 | +€17,458 | |
| Other amounts payable | 47/48 | €225,922 | €486,546 | +€260,625 | +115.4% |
| Non-recurring operating income | 76A | €9,093 | - | -€9,093 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €18,064 | €20,370 | +€2,306 | +12.8% |
| Other operating charges | 640/8 | €20,067 | €20,340 | +€273 | +1.4% |
| Non-recurring operating charges | 66A | - | €50 | +€50 | |
| Gross operating margin | 9900 | €239,783 | €117,896 | -€121,887 | -50.8% |
| Operating profit (loss) | 9901 | €201,652 | €77,136 | -€124,516 | -61.7% |
| Financial income | 75/76B | €2,118 | €496 | -€1,622 | -76.6% |
| Recurring financial income | 75 | €2,118 | €496 | -€1,622 | -76.6% |
| Financial charges | 65/66B | €5,147 | €13,336 | +€8,189 | +159.1% |
| Recurring financial charges | 65 | €5,147 | €13,336 | +€8,189 | +159.1% |
| Profit (loss) for the period before taxes | 9903 | €198,622 | €64,295 | -€134,327 | -67.6% |
| Income taxes | 67/77 | €5 | €17,520 | +€17,515 | +332988.2% |
| Profit (loss) for the period | 9904 | €198,617 | €46,775 | -€151,842 | -76.4% |
| Profit (loss) for the period to be appropriated | 9905 | €198,617 | €46,775 | -€151,842 | -76.4% |
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 10 October 2026 via checked.be.