THIMAC: 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.
THIMAC
Largest movements
- Receivables within one year +€82,962
up €82,962 (+137%), from €60,445 to €143,407
of which Trade receivables: +€57,405
- Intangible fixed assets -€28,836
down €28,836 (-10.9%), from €263,837 to €235,001
- Tangible fixed assets -€20,747
down €20,747 (-13.1%), from €157,912 to €137,165
of which Land and buildings: -€14,992
- Stocks and contracts -€8,454
down €8,454 (-4.4%), from €192,477 to €184,023
- Trade debts +€116,406
up €116,406 (+1,472%), from €7,910 to €124,316
- Debts after one year -€38,607
down €38,607 (-14.8%), from €260,739 to €222,132
- Profit (loss) carried forward -€30,656
down €30,656 (-7.1%), from €430,256 to €399,600
- Current portion of long-term debt -€29,154
down €29,154 (-44.3%), from €65,874 to €36,720
- Tax, wage and social debts +€17,610
up €17,610 (+92.0%), from €19,145 to €36,754
of which Taxes: +€20,744
- Gross operating margin -€65,535
down €65,535 (-36.0%), from €182,029 to €116,494
- Financial charges -€7,769
down €7,769 (-37.2%), from €20,887 to €13,118
- Taxes -€5,907
down €5,907 (-97.3%), from €6,072 to €165
- Staff costs -€4,339
down €4,339 (-4.9%), from €88,185 to €83,846
- Depreciation +€3,587
up €3,587 (+7.5%), from €47,748 to €51,335
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 | €796,808 | €828,878 | +€32,069 | +4.0% |
| Fixed assets | 21/28 | €422,006 | €372,423 | -€49,583 | -11.7% |
| Intangible fixed assets | 21 | €263,837 | €235,001 | -€28,836 | -10.9% |
| Tangible fixed assets | 22/27 | €157,912 | €137,165 | -€20,747 | -13.1% |
| Land and buildings | 22 | €129,720 | €114,727 | -€14,992 | -11.6% |
| Plant, machinery and equipment | 23 | €2,258 | €2,283 | +€24 | +1.1% |
| Furniture and vehicles | 24 | €25,934 | €20,155 | -€5,780 | -22.3% |
| Financial fixed assets | 28 | €257 | €257 | = | 0.0% |
| Current assets | 29/58 | €374,802 | €456,455 | +€81,653 | +21.8% |
| Stocks and contracts in progress | 3 | €192,477 | €184,023 | -€8,454 | -4.4% |
| Stocks | 30/36 | €192,477 | €184,023 | -€8,454 | -4.4% |
| Amounts receivable within one year | 40/41 | €60,445 | €143,407 | +€82,962 | +137% |
| Trade receivables | 40 | €6,100 | €63,505 | +€57,405 | +941% |
| Other amounts receivable | 41 | €54,345 | €79,901 | +€25,557 | +47.0% |
| Cash at bank and in hand | 54/58 | €119,826 | €126,699 | +€6,874 | +5.7% |
| Deferred charges and accrued income | 490/1 | €2,055 | €2,326 | +€271 | +13.2% |
| Total equity and liabilities | 10/49 | €796,808 | €828,878 | +€32,069 | +4.0% |
| Equity | 10/15 | €438,316 | €407,660 | -€30,656 | -7.0% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €1,860 | €1,860 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Profit (loss) carried forward | 14 | €430,256 | €399,600 | -€30,656 | -7.1% |
| Amounts payable | 17/49 | €358,493 | €421,218 | +€62,725 | +17.5% |
| Amounts payable after more than one year | 17 | €260,739 | €222,132 | -€38,607 | -14.8% |
| Financial debts | 170/4 | €260,739 | €222,132 | -€38,607 | -14.8% |
| Amounts payable within one year | 42/48 | €97,753 | €199,085 | +€101,332 | +104% |
| Current portion of amounts payable after more than one year | 42 | €65,874 | €36,720 | -€29,154 | -44.3% |
| Trade debts | 44 | €7,910 | €124,316 | +€116,406 | +1,472% |
| Suppliers | 440/4 | €7,910 | €124,316 | +€116,406 | +1,472% |
| Advances received on contracts in progress | 46 | - | €1,295 | +€1,295 | |
| Taxes, remuneration and social security | 45 | €19,145 | €36,754 | +€17,610 | +92.0% |
| Taxes | 450/3 | €8,659 | €29,403 | +€20,744 | +240% |
| Remuneration and social security | 454/9 | €10,486 | €7,352 | -€3,134 | -29.9% |
| Other amounts payable | 47/48 | €4,825 | - | -€4,825 | |
| Remuneration, social security and pensions | 62 | €88,185 | €83,846 | -€4,339 | -4.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €47,748 | €51,335 | +€3,587 | +7.5% |
| Other operating charges | 640/8 | €3,513 | €1,387 | -€2,126 | -60.5% |
| Gross operating margin | 9900 | €182,029 | €116,494 | -€65,535 | -36.0% |
| Operating profit (loss) | 9901 | €42,584 | -€20,073 | -€62,657 | |
| Financial income | 75/76B | €4,447 | €2,700 | -€1,747 | -39.3% |
| Recurring financial income | 75 | €4,447 | €2,700 | -€1,747 | -39.3% |
| Financial charges | 65/66B | €20,887 | €13,118 | -€7,769 | -37.2% |
| Recurring financial charges | 65 | €20,887 | €13,118 | -€7,769 | -37.2% |
| Profit (loss) for the period before taxes | 9903 | €26,144 | -€30,491 | -€56,635 | |
| Income taxes | 67/77 | €6,072 | €165 | -€5,907 | -97.3% |
| Profit (loss) for the period | 9904 | €20,072 | -€30,656 | -€50,728 | |
| Profit (loss) for the period to be appropriated | 9905 | €20,072 | -€30,656 | -€50,728 |
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 17 October 2026 via checked.be.