THIEM: 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.
THIEM
Largest movements
- Financial fixed assets +€1.2m
up €1.2m (+96.6%), from €1.2m to €2.4m
- Debts after one year +€865,631
up €865,631 (+124.8%), from €693,775 to €1.6m
- Reserves +€203,832
up €203,832 (+46.1%), from €442,346 to €646,178
- Current portion of long-term debt +€106,299
up €106,299 (+81.2%), from €130,886 to €237,185
- Tax, wage and social debts +€42,097
up €42,097 (+105.8%), from €39,807 to €81,904
of which Taxes: +€38,347
- Gross operating margin +€200,618
up €200,618 (+409.4%), from €48,998 to €249,616
- Financial income -€64,417
down €64,417 (-46.0%), from €140,000 to €75,583
- Taxes +€48,844
up €48,844 (+218.7%), from €22,338 to €71,182
- Financial charges +€29,004
up €29,004 (+337.3%), from €8,599 to €37,602
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 | €1,329,143 | €2,541,501 | +€1.2m | +91.2% |
| Fixed assets | 21/28 | €1,252,911 | €2,419,903 | +€1.2m | +93.1% |
| Tangible fixed assets | 22/27 | €32,911 | €21,704 | -€11,207 | -34.1% |
| Plant, machinery and equipment | 23 | €19,917 | €17,710 | -€2,207 | -11.1% |
| Furniture and vehicles | 24 | €12,995 | €3,995 | -€9,000 | -69.3% |
| Financial fixed assets | 28 | €1,220,000 | €2,398,199 | +€1.2m | +96.6% |
| Current assets | 29/58 | €76,232 | €121,598 | +€45,366 | +59.5% |
| Amounts receivable within one year | 40/41 | €7,662 | €25,874 | +€18,212 | +237.7% |
| Other amounts receivable | 41 | €7,662 | €25,874 | +€18,212 | +237.7% |
| Current investments | 50/53 | €18,000 | €26,999 | +€9,000 | +50.0% |
| Cash at bank and in hand | 54/58 | €50,570 | €68,724 | +€18,154 | +35.9% |
| Deferred charges and accrued income | 490/1 | €0 | - | = | |
| Total equity and liabilities | 10/49 | €1,329,143 | €2,541,501 | +€1.2m | +91.2% |
| Equity | 10/15 | €452,346 | €656,178 | +€203,832 | +45.1% |
| Contributions | 10/11 | €10,000 | €10,000 | = | 0.0% |
| Reserves | 13 | €442,346 | €646,178 | +€203,832 | +46.1% |
| Distributable reserves | 133 | €442,346 | €646,178 | +€203,832 | +46.1% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €876,797 | €1,885,324 | +€1.0m | +115.0% |
| Amounts payable after more than one year | 17 | €693,775 | €1,559,407 | +€865,631 | +124.8% |
| Financial debts | 170/4 | €693,775 | €1,559,407 | +€865,631 | +124.8% |
| Amounts payable within one year | 42/48 | €183,022 | €325,917 | +€142,895 | +78.1% |
| Current portion of amounts payable after more than one year | 42 | €130,886 | €237,185 | +€106,299 | +81.2% |
| Trade debts | 44 | €12,329 | €6,828 | -€5,501 | -44.6% |
| Suppliers | 440/4 | €12,329 | €6,828 | -€5,501 | -44.6% |
| Taxes, remuneration and social security | 45 | €39,807 | €81,904 | +€42,097 | +105.8% |
| Taxes | 450/3 | €39,807 | €78,154 | +€38,347 | +96.3% |
| Remuneration and social security | 454/9 | - | €3,750 | +€3,750 | |
| Accrued charges and deferred income | 492/3 | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €11,207 | €11,207 | = | 0.0% |
| Other operating charges | 640/8 | €1,274 | €1,377 | +€103 | +8.1% |
| Gross operating margin | 9900 | €48,998 | €249,616 | +€200,618 | +409.4% |
| Operating profit (loss) | 9901 | €36,517 | €237,032 | +€200,515 | +549.1% |
| Financial income | 75/76B | €140,000 | €75,583 | -€64,417 | -46.0% |
| Recurring financial income | 75 | €140,000 | €75,583 | -€64,417 | -46.0% |
| Financial charges | 65/66B | €8,599 | €37,602 | +€29,004 | +337.3% |
| Recurring financial charges | 65 | €8,599 | €37,602 | +€29,004 | +337.3% |
| Profit (loss) for the period before taxes | 9903 | €167,919 | €275,013 | +€107,095 | +63.8% |
| Income taxes | 67/77 | €22,338 | €71,182 | +€48,844 | +218.7% |
| Profit (loss) for the period | 9904 | €145,581 | €203,832 | +€58,251 | +40.0% |
| Profit (loss) for the period to be appropriated | 9905 | €145,581 | €203,832 | +€58,251 | +40.0% |
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.