Thiemann: 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.
Thiemann
Largest movements
- Tangible fixed assets +€391,246
up €391,246 (+169%), from €231,936 to €623,182
of which Land and buildings: +€400,689
- Current investments +€344,770
up €344,770 (+124%), from €278,294 to €623,064
- Receivables within one year -€141,833
down €141,833 (-45.7%), from €310,564 to €168,730
of which Trade receivables: -€144,615
- Cash +€28,320
up €28,320 (+4.0%), from €710,820 to €739,140
mainly Debts after one year (+€598,172) and Net result for the year (+€203,994)
- Debts after one year +€598,172
up €598,172 (+392%), from €152,745 to €750,917
of which Financial debts: +€361,318
- Reserves +€203,994
up €203,994 (+35.6%), from €573,727 to €777,721
of which Distributable reserves: +€119,794
- Trade debts -€173,395
down €173,395 (-45.0%), from €385,130 to €211,735
- Other debts -€36,524
down €36,524 (-13.3%), from €275,389 to €238,865
- Current portion of long-term debt +€33,372
new in 2025: €33,372
- Gross operating margin +€91,145
up €91,145 (+10.7%), from €849,601 to €940,746
- Staff costs +€56,917
up €56,917 (+10.9%), from €524,365 to €581,282
- Depreciation +€15,940
up €15,940 (+29.0%), from €55,040 to €70,980
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 | €2,103,812 | €2,738,955 | +€635,142 | +30.2% |
| Fixed assets | 21/28 | €295,142 | €667,225 | +€372,084 | +126% |
| Intangible fixed assets | 21 | €54,395 | €40,232 | -€14,163 | -26.0% |
| Tangible fixed assets | 22/27 | €231,936 | €623,182 | +€391,246 | +169% |
| Land and buildings | 22 | €188,463 | €589,153 | +€400,689 | +213% |
| Plant, machinery and equipment | 23 | €1,377 | €7,039 | +€5,662 | +411% |
| Furniture and vehicles | 24 | €42,095 | €26,990 | -€15,105 | -35.9% |
| Financial fixed assets | 28 | €8,811 | €3,811 | -€5,000 | -56.7% |
| Current assets | 29/58 | €1,808,671 | €2,071,729 | +€263,059 | +14.5% |
| Stocks and contracts in progress | 3 | €508,080 | €535,299 | +€27,219 | +5.4% |
| Stocks | 30/36 | €508,080 | €535,299 | +€27,219 | +5.4% |
| Amounts receivable within one year | 40/41 | €310,564 | €168,730 | -€141,833 | -45.7% |
| Trade receivables | 40 | €271,407 | €126,792 | -€144,615 | -53.3% |
| Other amounts receivable | 41 | €39,157 | €41,939 | +€2,782 | +7.1% |
| Current investments | 50/53 | €278,294 | €623,064 | +€344,770 | +124% |
| Cash at bank and in hand | 54/58 | €710,820 | €739,140 | +€28,320 | +4.0% |
| Deferred charges and accrued income | 490/1 | €913 | €5,495 | +€4,583 | +502% |
| Total equity and liabilities | 10/49 | €2,103,812 | €2,738,955 | +€635,142 | +30.2% |
| Equity | 10/15 | €1,118,908 | €1,322,903 | +€203,994 | +18.2% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €573,727 | €777,721 | +€203,994 | +35.6% |
| Tax-exempt reserves | 132 | - | €84,200 | +€84,200 | |
| Distributable reserves | 133 | €573,727 | €693,521 | +€119,794 | +20.9% |
| Profit (loss) carried forward | 14 | €526,581 | €526,581 | = | 0.0% |
| Provisions and deferred taxes | 16 | €13,393 | €8,400 | -€4,993 | -37.3% |
| Provisions for liabilities and charges | 160/5 | €13,393 | €8,400 | -€4,993 | -37.3% |
| Taxes | 161 | €5,693 | - | -€5,693 | |
| Other liabilities and charges | 164/5 | €7,700 | €8,400 | +€700 | +9.1% |
| Amounts payable | 17/49 | €971,511 | €1,407,652 | +€436,141 | +44.9% |
| Amounts payable after more than one year | 17 | €152,745 | €750,917 | +€598,172 | +392% |
| Financial debts | 170/4 | - | €361,318 | +€361,318 | |
| Other amounts payable | 178/9 | €152,745 | €389,599 | +€236,854 | +155% |
| Amounts payable within one year | 42/48 | €808,707 | €649,510 | -€159,197 | -19.7% |
| Current portion of amounts payable after more than one year | 42 | - | €33,372 | +€33,372 | |
| Trade debts | 44 | €385,130 | €211,735 | -€173,395 | -45.0% |
| Suppliers | 440/4 | €385,130 | €211,735 | -€173,395 | -45.0% |
| Taxes, remuneration and social security | 45 | €148,189 | €165,539 | +€17,350 | +11.7% |
| Taxes | 450/3 | €77,356 | €92,479 | +€15,123 | +19.6% |
| Remuneration and social security | 454/9 | €70,833 | €73,060 | +€2,227 | +3.1% |
| Other amounts payable | 47/48 | €275,389 | €238,865 | -€36,524 | -13.3% |
| Accrued charges and deferred income | 492/3 | €10,059 | €7,225 | -€2,834 | -28.2% |
| Non-recurring operating income | 76A | €751 | - | -€751 | |
| Remuneration, social security and pensions | 62 | €524,365 | €581,282 | +€56,917 | +10.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €55,040 | €70,980 | +€15,940 | +29.0% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | -€440 | €3,452 | +€3,892 | |
| Other operating charges | 640/8 | €12,001 | €10,955 | -€1,046 | -8.7% |
| Non-recurring operating charges | 66A | €390 | €242 | -€149 | -38.1% |
| Gross operating margin | 9900 | €849,601 | €940,746 | +€91,145 | +10.7% |
| Operating profit (loss) | 9901 | €258,245 | €273,834 | +€15,589 | +6.0% |
| Financial income | 75/76B | €57,469 | €50,839 | -€6,631 | -11.5% |
| Recurring financial income | 75 | €55,176 | €50,839 | -€4,338 | -7.9% |
| Non-recurring financial income | 76B | €2,293 | - | -€2,293 | |
| Financial charges | 65/66B | €39,882 | €33,971 | -€5,911 | -14.8% |
| Recurring financial charges | 65 | €39,882 | €33,971 | -€5,911 | -14.8% |
| Profit (loss) for the period before taxes | 9903 | €275,832 | €290,702 | +€14,870 | +5.4% |
| Income taxes | 67/77 | €91,706 | €86,708 | -€4,999 | -5.5% |
| Profit (loss) for the period | 9904 | €184,126 | €203,994 | +€19,868 | +10.8% |
| Transfer to tax-exempt reserves | 689 | - | €84,200 | +€84,200 | |
| Profit (loss) for the period to be appropriated | 9905 | €184,126 | €119,794 | -€64,332 | -34.9% |
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 26 October 2026 via checked.be.