THIELMAN: 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.
THIELMAN
Largest movements
- Financial fixed assets +€550,000
new in 2025: €550,000
- Stocks and contracts -€368,455
down €368,455 (-58.5%), from €630,000 to €261,545
- Tangible fixed assets -€281,479
down €281,479 (-32.0%), from €880,379 to €598,900
of which Plant, machinery and equipment: -€157,723
- Current investments +€220,000
up €220,000 (+45.8%), from €480,000 to €700,000
- Reserves +€224,111
up €224,111 (+20.9%), from €1.1m to €1.3m
of which Tax-exempt reserves: +€136,226
- Other debts -€211,534
down €211,534 (-53.1%), from €398,152 to €186,617
- Tax, wage and social debts +€141,818
up €141,818 (+278.2%), from €50,977 to €192,795
- Debts after one year -€37,202
down €37,202 (-100.0%), from €37,202 to €0
- Provisions +€34,057
up €34,057 (+946.0%), from €3,600 to €37,657
- Gross operating margin +€244,257
up €244,257 (+41.3%), from €591,929 to €836,186
- Depreciation -€43,684
down €43,684 (-14.4%), from €304,275 to €260,591
- Taxes +€41,834
up €41,834 (+47.5%), from €88,146 to €129,980
- Financial charges -€35,298
down €35,298 (-76.5%), from €46,163 to €10,865
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 | €2,484,104 | €2,573,479 | +€89,376 | +3.6% |
| Fixed assets | 21/28 | €880,379 | €1,148,900 | +€268,521 | +30.5% |
| Tangible fixed assets | 22/27 | €880,379 | €598,900 | -€281,479 | -32.0% |
| Land and buildings | 22 | €449,418 | €391,529 | -€57,890 | -12.9% |
| Plant, machinery and equipment | 23 | €175,956 | €18,233 | -€157,723 | -89.6% |
| Furniture and vehicles | 24 | €255,005 | €189,139 | -€65,866 | -25.8% |
| Financial fixed assets | 28 | - | €550,000 | +€550,000 | |
| Current assets | 29/58 | €1,603,725 | €1,424,580 | -€179,145 | -11.2% |
| Stocks and contracts in progress | 3 | €630,000 | €261,545 | -€368,455 | -58.5% |
| Stocks | 30/36 | €630,000 | €261,545 | -€368,455 | -58.5% |
| Amounts receivable within one year | 40/41 | €371,038 | €360,352 | -€10,686 | -2.9% |
| Trade receivables | 40 | €14,592 | €6,945 | -€7,646 | -52.4% |
| Other amounts receivable | 41 | €356,446 | €353,406 | -€3,040 | -0.9% |
| Current investments | 50/53 | €480,000 | €700,000 | +€220,000 | +45.8% |
| Cash at bank and in hand | 54/58 | €84,979 | €67,739 | -€17,239 | -20.3% |
| Deferred charges and accrued income | 490/1 | €37,708 | €34,943 | -€2,765 | -7.3% |
| Total equity and liabilities | 10/49 | €2,484,104 | €2,573,479 | +€89,376 | +3.6% |
| Equity | 10/15 | €1,864,004 | €2,088,115 | +€224,111 | +12.0% |
| Contributions | 10/11 | €792,960 | €792,960 | = | 0.0% |
| Reserves | 13 | €1,071,044 | €1,295,155 | +€224,111 | +20.9% |
| Tax-exempt reserves | 132 | €14,400 | €150,626 | +€136,226 | +946.0% |
| Distributable reserves | 133 | €1,056,644 | €1,144,529 | +€87,885 | +8.3% |
| Profit (loss) carried forward | 14 | - | €0 | = | |
| Provisions and deferred taxes | 16 | €3,600 | €37,657 | +€34,057 | +946.0% |
| Deferred taxes | 168 | €3,600 | €37,657 | +€34,057 | +946.0% |
| Amounts payable | 17/49 | €616,500 | €447,708 | -€168,792 | -27.4% |
| Amounts payable after more than one year | 17 | €37,202 | €0 | -€37,202 | -100.0% |
| Financial debts | 170/4 | €37,202 | €0 | -€37,202 | -100.0% |
| Amounts payable within one year | 42/48 | €536,353 | €428,725 | -€107,628 | -20.1% |
| Current portion of amounts payable after more than one year | 42 | €68,734 | €37,202 | -€31,532 | -45.9% |
| Trade debts | 44 | €18,490 | €12,110 | -€6,380 | -34.5% |
| Suppliers | 440/4 | €18,490 | €12,110 | -€6,380 | -34.5% |
| Taxes, remuneration and social security | 45 | €50,977 | €192,795 | +€141,818 | +278.2% |
| Taxes | 450/3 | €50,977 | €192,795 | +€141,818 | +278.2% |
| Other amounts payable | 47/48 | €398,152 | €186,617 | -€211,534 | -53.1% |
| Accrued charges and deferred income | 492/3 | €42,944 | €18,982 | -€23,962 | -55.8% |
| Non-recurring operating income | 76A | €6,266 | €325,395 | +€319,130 | +5093.2% |
| Remuneration, social security and pensions | 62 | €229 | €2,561 | +€2,332 | +1018.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €304,275 | €260,591 | -€43,684 | -14.4% |
| Other operating charges | 640/8 | €6,267 | €6,605 | +€339 | +5.4% |
| Non-recurring operating charges | 66A | - | €10,327 | +€10,327 | |
| Gross operating margin | 9900 | €591,929 | €836,186 | +€244,257 | +41.3% |
| Operating profit (loss) | 9901 | €281,158 | €556,102 | +€274,944 | +97.8% |
| Financial income | 75/76B | €39,067 | €34,134 | -€4,933 | -12.6% |
| Recurring financial income | 75 | €39,067 | €34,134 | -€4,933 | -12.6% |
| Financial charges | 65/66B | €46,163 | €10,865 | -€35,298 | -76.5% |
| Recurring financial charges | 65 | €46,163 | €10,865 | -€35,298 | -76.5% |
| Profit (loss) for the period before taxes | 9903 | €274,062 | €579,370 | +€305,308 | +111.4% |
| Transfer from deferred taxes | 780 | €3,600 | €3,675 | +€75 | +2.1% |
| Transfer to deferred taxes | 680 | - | €37,731 | +€37,731 | |
| Income taxes | 67/77 | €88,146 | €129,980 | +€41,834 | +47.5% |
| Profit (loss) for the period | 9904 | €189,516 | €415,334 | +€225,817 | +119.2% |
| Transfer from tax-exempt reserves | 789 | €14,400 | €14,700 | +€300 | +2.1% |
| Transfer to tax-exempt reserves | 689 | - | €150,926 | +€150,926 | |
| Profit (loss) for the period to be appropriated | 9905 | €203,916 | €279,107 | +€75,191 | +36.9% |
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 6 October 2026 via checked.be.