THIEMAR: 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.
THIEMAR
Largest movements
- Receivables within one year -€68,639
down €68,639 (-28.1%), from €243,981 to €175,343
of which Other amounts receivable: -€61,708
- Cash -€25,197
down €25,197 (-11.0%), from €228,705 to €203,509
mainly Contributions, distributions and other (-€250,000) and Investment in fixed assets (net) (-€18,128)
- Reserves -€220,000
down €220,000 (-53.4%), from €411,860 to €191,860
of which Distributable reserves: -€220,000
- Other debts +€121,402
up €121,402 (+374.6%), from €32,411 to €153,813
- Gross operating margin -€63,454
down €63,454 (-20.5%), from €308,929 to €245,475
- Taxes -€16,236
down €16,236 (-50.6%), from €32,090 to €15,853
- Staff costs -€3,847
down €3,847 (-2.4%), from €160,376 to €156,530
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 | €793,624 | €697,295 | -€96,329 | -12.1% |
| Fixed assets | 21/28 | €168,251 | €161,880 | -€6,371 | -3.8% |
| Tangible fixed assets | 22/27 | €168,163 | €161,792 | -€6,371 | -3.8% |
| Land and buildings | 22 | €134,393 | €138,425 | +€4,032 | +3.0% |
| Plant, machinery and equipment | 23 | €8,337 | €3,570 | -€4,767 | -57.2% |
| Furniture and vehicles | 24 | €13,266 | €5,947 | -€7,319 | -55.2% |
| Leasing and similar rights | 25 | €12,167 | €13,850 | +€1,683 | +13.8% |
| Financial fixed assets | 28 | €88 | €88 | = | 0.0% |
| Current assets | 29/58 | €625,374 | €535,416 | -€89,958 | -14.4% |
| Stocks and contracts in progress | 3 | €143,451 | €141,873 | -€1,577 | -1.1% |
| Stocks | 30/36 | €143,451 | €141,873 | -€1,577 | -1.1% |
| Amounts receivable within one year | 40/41 | €243,981 | €175,343 | -€68,639 | -28.1% |
| Trade receivables | 40 | €9,132 | €2,202 | -€6,930 | -75.9% |
| Other amounts receivable | 41 | €234,849 | €173,141 | -€61,708 | -26.3% |
| Cash at bank and in hand | 54/58 | €228,705 | €203,509 | -€25,197 | -11.0% |
| Deferred charges and accrued income | 490/1 | €9,236 | €14,691 | +€5,455 | +59.1% |
| Total equity and liabilities | 10/49 | €793,624 | €697,295 | -€96,329 | -12.1% |
| Equity | 10/15 | €551,630 | €335,217 | -€216,413 | -39.2% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Revaluation surpluses | 12 | €100,000 | €100,000 | = | 0.0% |
| Reserves | 13 | €411,860 | €191,860 | -€220,000 | -53.4% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €410,000 | €190,000 | -€220,000 | -53.7% |
| Profit (loss) carried forward | 14 | €33,570 | €37,157 | +€3,587 | +10.7% |
| Amounts payable | 17/49 | €241,994 | €362,079 | +€120,085 | +49.6% |
| Amounts payable within one year | 42/48 | €241,802 | €361,959 | +€120,157 | +49.7% |
| Current portion of amounts payable after more than one year | 42 | €8,209 | €3,375 | -€4,834 | -58.9% |
| Trade debts | 44 | €137,378 | €138,151 | +€773 | +0.6% |
| Suppliers | 440/4 | €137,378 | €138,151 | +€773 | +0.6% |
| Taxes, remuneration and social security | 45 | €63,804 | €66,620 | +€2,816 | +4.4% |
| Taxes | 450/3 | €51,508 | €45,319 | -€6,189 | -12.0% |
| Remuneration and social security | 454/9 | €12,295 | €21,300 | +€9,005 | +73.2% |
| Other amounts payable | 47/48 | €32,411 | €153,813 | +€121,402 | +374.6% |
| Accrued charges and deferred income | 492/3 | €193 | €120 | -€73 | -37.8% |
| Remuneration, social security and pensions | 62 | €160,376 | €156,530 | -€3,847 | -2.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €22,595 | €24,499 | +€1,904 | +8.4% |
| Other operating charges | 640/8 | €8,550 | €7,006 | -€1,543 | -18.1% |
| Gross operating margin | 9900 | €308,929 | €245,475 | -€63,454 | -20.5% |
| Operating profit (loss) | 9901 | €117,408 | €57,440 | -€59,968 | -51.1% |
| Financial income | 75/76B | €114 | €157 | +€42 | +37.0% |
| Recurring financial income | 75 | €114 | €157 | +€42 | +37.0% |
| Financial charges | 65/66B | €5,309 | €8,157 | +€2,848 | +53.6% |
| Recurring financial charges | 65 | €5,309 | €8,157 | +€2,848 | +53.6% |
| Profit (loss) for the period before taxes | 9903 | €112,213 | €49,440 | -€62,773 | -55.9% |
| Income taxes | 67/77 | €32,090 | €15,853 | -€16,236 | -50.6% |
| Profit (loss) for the period | 9904 | €80,123 | €33,587 | -€46,537 | -58.1% |
| Profit (loss) for the period to be appropriated | 9905 | €80,123 | €33,587 | -€46,537 | -58.1% |
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 3 October 2026 via checked.be.