THILL: 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.
THILL
Largest movements
- Tangible fixed assets +€17,102
up €17,102 (+45.4%), from €37,687 to €54,788
of which Furniture and vehicles: +€18,250
- Cash -€15,461
down €15,461 (-39.0%), from €39,692 to €24,231
mainly Investment in fixed assets (net) (-€32,019) and Current portion of long-term debt (-€14,146)
- Receivables within one year -€14,049
down €14,049 (-15.7%), from €89,745 to €75,697
of which Trade receivables: -€13,901
- Stocks and contracts +€9,442
up €9,442 (+1.9%), from €505,465 to €514,907
- Current portion of long-term debt -€14,146
down €14,146 (-83.1%), from €17,026 to €2,880
- Debts after one year +€13,120
up €13,120 (+12.1%), from €108,880 to €122,000
- Gross operating margin -€24,015
down €24,015 (-12.5%), from €191,873 to €167,858
- Depreciation +€4,069
up €4,069 (+37.5%), from €10,848 to €14,917
- Staff costs -€3,433
down €3,433 (-2.4%), from €141,962 to €138,529
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 | €674,983 | €670,381 | -€4,602 | -0.7% |
| Fixed assets | 21/28 | €38,074 | €55,175 | +€17,102 | +44.9% |
| Tangible fixed assets | 22/27 | €37,687 | €54,788 | +€17,102 | +45.4% |
| Plant, machinery and equipment | 23 | €3,786 | €2,638 | -€1,149 | -30.3% |
| Furniture and vehicles | 24 | €33,900 | €52,151 | +€18,250 | +53.8% |
| Financial fixed assets | 28 | €387 | €387 | = | 0.0% |
| Current assets | 29/58 | €636,909 | €615,205 | -€21,704 | -3.4% |
| Stocks and contracts in progress | 3 | €505,465 | €514,907 | +€9,442 | +1.9% |
| Stocks | 30/36 | €505,465 | €514,907 | +€9,442 | +1.9% |
| Amounts receivable within one year | 40/41 | €89,745 | €75,697 | -€14,049 | -15.7% |
| Trade receivables | 40 | €89,598 | €75,697 | -€13,901 | -15.5% |
| Other amounts receivable | 41 | €147 | - | -€147 | |
| Cash at bank and in hand | 54/58 | €39,692 | €24,231 | -€15,461 | -39.0% |
| Deferred charges and accrued income | 490/1 | €2,006 | €371 | -€1,636 | -81.5% |
| Total equity and liabilities | 10/49 | €674,983 | €670,381 | -€4,602 | -0.7% |
| Equity | 10/15 | €439,337 | €440,947 | +€1,609 | +0.4% |
| Contributions | 10/11 | €538,500 | €538,500 | = | 0.0% |
| Capital | 10 | €538,500 | €538,500 | = | 0.0% |
| Issued capital | 100 | €538,500 | €538,500 | = | 0.0% |
| Reserves | 13 | €75,404 | €75,404 | = | 0.0% |
| Non-distributable reserves | 130/1 | €19,943 | €19,943 | = | 0.0% |
| Legal reserve | 130 | €19,943 | €19,943 | = | 0.0% |
| Distributable reserves | 133 | €55,461 | €55,461 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€174,567 | -€172,957 | +€1,609 | +0.9% |
| Amounts payable | 17/49 | €235,646 | €229,434 | -€6,211 | -2.6% |
| Amounts payable after more than one year | 17 | €108,880 | €122,000 | +€13,120 | +12.1% |
| Financial debts | 170/4 | €108,880 | €122,000 | +€13,120 | +12.1% |
| Amounts payable within one year | 42/48 | €120,766 | €107,390 | -€13,376 | -11.1% |
| Current portion of amounts payable after more than one year | 42 | €17,026 | €2,880 | -€14,146 | -83.1% |
| Trade debts | 44 | €54,364 | €52,756 | -€1,608 | -3.0% |
| Suppliers | 440/4 | €54,364 | €52,756 | -€1,608 | -3.0% |
| Taxes, remuneration and social security | 45 | €45,746 | €41,761 | -€3,985 | -8.7% |
| Taxes | 450/3 | €29,224 | €24,744 | -€4,480 | -15.3% |
| Remuneration and social security | 454/9 | €16,522 | €17,017 | +€495 | +3.0% |
| Other amounts payable | 47/48 | €3,630 | €9,992 | +€6,363 | +175.3% |
| Accrued charges and deferred income | 492/3 | €6,000 | €44 | -€5,956 | -99.3% |
| Remuneration, social security and pensions | 62 | €141,962 | €138,529 | -€3,433 | -2.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €10,848 | €14,917 | +€4,069 | +37.5% |
| Other operating charges | 640/8 | €5,838 | €5,289 | -€549 | -9.4% |
| Gross operating margin | 9900 | €191,873 | €167,858 | -€24,015 | -12.5% |
| Operating profit (loss) | 9901 | €33,225 | €9,122 | -€24,102 | -72.5% |
| Financial income | 75/76B | €616 | €725 | +€109 | +17.8% |
| Recurring financial income | 75 | €616 | €725 | +€109 | +17.8% |
| Financial charges | 65/66B | €8,064 | €8,238 | +€175 | +2.2% |
| Recurring financial charges | 65 | €6,015 | €8,238 | +€2,224 | +37.0% |
| Non-recurring financial charges | 66B | €2,049 | - | -€2,049 | |
| Profit (loss) for the period before taxes | 9903 | €25,777 | €1,609 | -€24,168 | -93.8% |
| Profit (loss) for the period | 9904 | €25,777 | €1,609 | -€24,168 | -93.8% |
| Profit (loss) for the period to be appropriated | 9905 | €25,777 | €1,609 | -€24,168 | -93.8% |
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.