Thiger: 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.
Thiger
Largest movements
- Cash +€60,776
up €60,776 (+57.4%), from €105,840 to €166,616
mainly Net result for the year (+€80,863) and Tax, wage and social debts (+€33,046)
- Tangible fixed assets +€23,735
up €23,735 (+13.3%), from €178,778 to €202,513
- Reserves +€80,863
up €80,863 (+65.5%), from €123,537 to €204,400
- Tax, wage and social debts +€33,046
up €33,046 (+102.4%), from €32,281 to €65,327
- Debts after one year -€24,000
down €24,000 (-33.3%), from €72,000 to €48,000
- Trade debts -€10,227
down €10,227 (-91.0%), from €11,236 to €1,009
- Depreciation +€2,247
up €2,247 (+25.2%), from €8,905 to €11,153
- Gross operating margin +€2,062
up €2,062 (+1.6%), from €127,695 to €129,757
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 | €299,731 | €383,164 | +€83,433 | +27.8% |
| Fixed assets | 21/28 | €178,778 | €202,513 | +€23,735 | +13.3% |
| Tangible fixed assets | 22/27 | €178,778 | €202,513 | +€23,735 | +13.3% |
| Land and buildings | 22 | €178,778 | €202,513 | +€23,735 | +13.3% |
| Current assets | 29/58 | €120,953 | €180,652 | +€59,698 | +49.4% |
| Amounts receivable within one year | 40/41 | €15,032 | €13,952 | -€1,079 | -7.2% |
| Trade receivables | 40 | €13,690 | €13,952 | +€262 | +1.9% |
| Other amounts receivable | 41 | €1,341 | - | -€1,341 | |
| Cash at bank and in hand | 54/58 | €105,840 | €166,616 | +€60,776 | +57.4% |
| Deferred charges and accrued income | 490/1 | €82 | €84 | +€2 | +2.0% |
| Total equity and liabilities | 10/49 | €299,731 | €383,164 | +€83,433 | +27.8% |
| Equity | 10/15 | €133,537 | €214,400 | +€80,863 | +60.6% |
| Contributions | 10/11 | €10,000 | €10,000 | = | 0.0% |
| Reserves | 13 | €123,537 | €204,400 | +€80,863 | +65.5% |
| Distributable reserves | 133 | €123,537 | €204,400 | +€80,863 | +65.5% |
| Amounts payable | 17/49 | €166,194 | €168,764 | +€2,570 | +1.5% |
| Amounts payable after more than one year | 17 | €72,000 | €48,000 | -€24,000 | -33.3% |
| Financial debts | 170/4 | €72,000 | €48,000 | -€24,000 | -33.3% |
| Amounts payable within one year | 42/48 | €94,194 | €120,764 | +€26,570 | +28.2% |
| Current portion of amounts payable after more than one year | 42 | €24,000 | €24,000 | = | 0.0% |
| Trade debts | 44 | €11,236 | €1,009 | -€10,227 | -91.0% |
| Suppliers | 440/4 | €11,236 | €1,009 | -€10,227 | -91.0% |
| Taxes, remuneration and social security | 45 | €32,281 | €65,327 | +€33,046 | +102.4% |
| Taxes | 450/3 | €32,281 | €65,327 | +€33,046 | +102.4% |
| Other amounts payable | 47/48 | €26,676 | €30,428 | +€3,752 | +14.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €8,905 | €11,153 | +€2,247 | +25.2% |
| Other operating charges | 640/8 | €692 | €712 | +€20 | +2.8% |
| Gross operating margin | 9900 | €127,695 | €129,757 | +€2,062 | +1.6% |
| Operating profit (loss) | 9901 | €118,098 | €117,893 | -€205 | -0.2% |
| Financial income | 75/76B | €296 | €33 | -€263 | -88.8% |
| Recurring financial income | 75 | €296 | €33 | -€263 | -88.8% |
| Financial charges | 65/66B | €5,478 | €4,656 | -€823 | -15.0% |
| Recurring financial charges | 65 | €5,478 | €4,656 | -€823 | -15.0% |
| Profit (loss) for the period before taxes | 9903 | €112,916 | €113,270 | +€354 | +0.3% |
| Income taxes | 67/77 | €32,281 | €32,407 | +€126 | +0.4% |
| Profit (loss) for the period | 9904 | €80,635 | €80,863 | +€229 | +0.3% |
| Profit (loss) for the period to be appropriated | 9905 | €80,635 | €80,863 | +€229 | +0.3% |
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 29 September 2026 via checked.be.