THIMACO: 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.
THIMACO
Largest movements
- Tangible fixed assets -€54,010
down €54,010 (-5.8%), from €937,490 to €883,480
of which Land and buildings: -€48,280
- Cash +€23,737
up €23,737 (+66.4%), from €35,759 to €59,496
mainly Depreciation (+€57,221) and Trade debts (+€42,248)
- Stocks and contracts +€16,059
up €16,059 (+63.6%), from €25,256 to €41,315
- Receivables within one year +€15,501
up €15,501 (+14.7%), from €105,117 to €120,617
of which Other amounts receivable: +€21,601
- Debts after one year -€42,784
down €42,784 (-6.9%), from €619,042 to €576,258
- Trade debts +€42,248
up €42,248 (+65.9%), from €64,075 to €106,323
- Advances received -€15,799
down €15,799 (-100.0%), from €15,799 to €0
- Other debts +€15,462
up €15,462 (+28.5%), from €54,308 to €69,770
- Reserves +€15,348
up €15,348 (+4.8%), from €320,679 to €336,028
- Gross operating margin -€43,483
down €43,483 (-15.1%), from €288,571 to €245,088
- Taxes -€16,613
down €16,613 (-68.3%), from €24,321 to €7,708
- Staff costs +€11,504
up €11,504 (+8.9%), from €129,109 to €140,613
- Financial income -€10,740
down €10,740 (-96.3%), from €11,151 to €410
of which Non-recurring financial income: -€10,863
- Depreciation -€4,491
down €4,491 (-7.3%), from €61,713 to €57,221
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 | €1,151,982 | €1,164,498 | +€12,516 | +1.1% |
| Fixed assets | 21/28 | €985,851 | €943,070 | -€42,781 | -4.3% |
| Intangible fixed assets | 21 | - | €10,829 | +€10,829 | |
| Tangible fixed assets | 22/27 | €937,490 | €883,480 | -€54,010 | -5.8% |
| Land and buildings | 22 | €919,160 | €870,880 | -€48,280 | -5.3% |
| Plant, machinery and equipment | 23 | €4,023 | €4,152 | +€129 | +3.2% |
| Furniture and vehicles | 24 | €14,307 | €8,448 | -€5,859 | -41.0% |
| Other tangible fixed assets | 26 | €0 | - | = | |
| Financial fixed assets | 28 | €48,361 | €48,761 | +€400 | +0.8% |
| Current assets | 29/58 | €166,132 | €221,429 | +€55,297 | +33.3% |
| Stocks and contracts in progress | 3 | €25,256 | €41,315 | +€16,059 | +63.6% |
| Stocks | 30/36 | €25,256 | €41,315 | +€16,059 | +63.6% |
| Amounts receivable within one year | 40/41 | €105,117 | €120,617 | +€15,501 | +14.7% |
| Trade receivables | 40 | €91,507 | €85,406 | -€6,101 | -6.7% |
| Other amounts receivable | 41 | €13,610 | €35,211 | +€21,601 | +158.7% |
| Cash at bank and in hand | 54/58 | €35,759 | €59,496 | +€23,737 | +66.4% |
| Deferred charges and accrued income | 490/1 | €0 | - | = | |
| Total equity and liabilities | 10/49 | €1,151,982 | €1,164,498 | +€12,516 | +1.1% |
| Equity | 10/15 | €326,879 | €342,228 | +€15,348 | +4.7% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €320,679 | €336,028 | +€15,348 | +4.8% |
| Distributable reserves | 133 | €320,679 | €336,028 | +€15,348 | +4.8% |
| Amounts payable | 17/49 | €825,103 | €822,271 | -€2,832 | -0.3% |
| Amounts payable after more than one year | 17 | €619,042 | €576,258 | -€42,784 | -6.9% |
| Financial debts | 170/4 | €619,042 | €576,258 | -€42,784 | -6.9% |
| Amounts payable within one year | 42/48 | €199,098 | €238,752 | +€39,654 | +19.9% |
| Current portion of amounts payable after more than one year | 42 | €43,316 | €42,784 | -€532 | -1.2% |
| Financial debts | 43 | €12,299 | €15,343 | +€3,044 | +24.8% |
| Credit institutions | 430/8 | €12,299 | €15,343 | +€3,044 | +24.8% |
| Trade debts | 44 | €64,075 | €106,323 | +€42,248 | +65.9% |
| Suppliers | 440/4 | €64,075 | €106,323 | +€42,248 | +65.9% |
| Advances received on contracts in progress | 46 | €15,799 | €0 | -€15,799 | -100.0% |
| Taxes, remuneration and social security | 45 | €9,301 | €4,531 | -€4,770 | -51.3% |
| Taxes | 450/3 | €9,301 | €4,531 | -€4,770 | -51.3% |
| Other amounts payable | 47/48 | €54,308 | €69,770 | +€15,462 | +28.5% |
| Accrued charges and deferred income | 492/3 | €6,963 | €7,261 | +€298 | +4.3% |
| Remuneration, social security and pensions | 62 | €129,109 | €140,613 | +€11,504 | +8.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €61,713 | €57,221 | -€4,491 | -7.3% |
| Other operating charges | 640/8 | €8,583 | €10,757 | +€2,174 | +25.3% |
| Non-recurring operating charges | 66A | €2,181 | €0 | -€2,181 | -100.0% |
| Gross operating margin | 9900 | €288,571 | €245,088 | -€43,483 | -15.1% |
| Operating profit (loss) | 9901 | €86,986 | €36,496 | -€50,490 | -58.0% |
| Financial income | 75/76B | €11,151 | €410 | -€10,740 | -96.3% |
| Recurring financial income | 75 | €288 | €410 | +€123 | +42.7% |
| Non-recurring financial income | 76B | €10,863 | €0 | -€10,863 | -100.0% |
| Financial charges | 65/66B | €10,980 | €13,851 | +€2,870 | +26.1% |
| Recurring financial charges | 65 | €10,980 | €13,851 | +€2,870 | +26.1% |
| Profit (loss) for the period before taxes | 9903 | €87,156 | €23,056 | -€64,100 | -73.5% |
| Income taxes | 67/77 | €24,321 | €7,708 | -€16,613 | -68.3% |
| Profit (loss) for the period | 9904 | €62,835 | €15,348 | -€47,487 | -75.6% |
| Profit (loss) for the period to be appropriated | 9905 | €62,835 | €15,348 | -€47,487 | -75.6% |
Source: filed annual accounts (NBB), fiscal years ended 31 March 2024 and 31 March 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 3 October 2026 via checked.be.