THIELS TIM: 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.
THIELS TIM
Largest movements
- Receivables within one year +€96,075
up €96,075 (+30.0%), from €320,653 to €416,728
of which Other amounts receivable: +€86,267
- Reserves +€73,054
up €73,054 (+10.0%), from €727,694 to €800,749
- Short-term financial debts +€14,761
new in 2025: €14,761
- Gross operating margin +€35,453
up €35,453 (+39.3%), from €90,251 to €125,704
- Taxes +€10,455
up €10,455 (+61.6%), from €16,970 to €27,425
- Financial charges -€2,865
down €2,865 (-10.6%), from €26,913 to €24,048
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 | €1,094,651 | €1,194,440 | +€99,789 | +9.1% |
| Fixed assets | 21/28 | €695,000 | €695,000 | = | 0.0% |
| Financial fixed assets | 28 | €695,000 | €695,000 | = | 0.0% |
| Current assets | 29/58 | €399,651 | €499,440 | +€99,789 | +25.0% |
| Amounts receivable within one year | 40/41 | €320,653 | €416,728 | +€96,075 | +30.0% |
| Trade receivables | 40 | €840 | €10,648 | +€9,808 | +1167.2% |
| Other amounts receivable | 41 | €319,813 | €406,080 | +€86,267 | +27.0% |
| Cash at bank and in hand | 54/58 | €78,998 | €82,712 | +€3,714 | +4.7% |
| Total equity and liabilities | 10/49 | €1,094,651 | €1,194,440 | +€99,789 | +9.1% |
| Equity | 10/15 | €740,094 | €813,149 | +€73,054 | +9.9% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €727,694 | €800,749 | +€73,054 | +10.0% |
| Distributable reserves | 133 | €727,694 | €800,749 | +€73,054 | +10.0% |
| Amounts payable | 17/49 | €354,556 | €381,291 | +€26,735 | +7.5% |
| Amounts payable within one year | 42/48 | €351,794 | €379,282 | +€27,489 | +7.8% |
| Financial debts | 43 | - | €14,761 | +€14,761 | |
| Credit institutions | 430/8 | - | €14,761 | +€14,761 | |
| Trade debts | 44 | €0 | €810 | +€810 | |
| Suppliers | 440/4 | €0 | €810 | +€810 | |
| Taxes, remuneration and social security | 45 | €9,608 | €11,467 | +€1,859 | +19.3% |
| Taxes | 450/3 | €9,608 | €11,467 | +€1,859 | +19.3% |
| Other amounts payable | 47/48 | €342,185 | €352,244 | +€10,059 | +2.9% |
| Accrued charges and deferred income | 492/3 | €2,763 | €2,009 | -€754 | -27.3% |
| Other operating charges | 640/8 | €1,155 | €1,175 | +€21 | +1.8% |
| Gross operating margin | 9900 | €90,251 | €125,704 | +€35,453 | +39.3% |
| Operating profit (loss) | 9901 | €89,096 | €124,528 | +€35,432 | +39.8% |
| Financial income | 75/76B | €40 | €0 | -€40 | -100.0% |
| Recurring financial income | 75 | €40 | €0 | -€40 | -100.0% |
| Financial charges | 65/66B | €26,913 | €24,048 | -€2,865 | -10.6% |
| Recurring financial charges | 65 | €26,913 | €24,048 | -€2,865 | -10.6% |
| Profit (loss) for the period before taxes | 9903 | €62,223 | €100,480 | +€38,256 | +61.5% |
| Income taxes | 67/77 | €16,970 | €27,425 | +€10,455 | +61.6% |
| Profit (loss) for the period | 9904 | €45,253 | €73,054 | +€27,801 | +61.4% |
| Profit (loss) for the period to be appropriated | 9905 | €45,253 | €73,054 | +€27,801 | +61.4% |
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 5 October 2026 via checked.be.