THIMAQ: 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.
THIMAQ
Largest movements
- Cash +€21,036
up €21,036 (+8.6%), from €243,931 to €264,967
mainly Net result for the year (+€94,604) and Other debts (+€49,110)
- Tangible fixed assets +€13,650
up €13,650 (+3.6%), from €376,543 to €390,193
of which Land and buildings: +€10,498
- Receivables within one year +€12,821
up €12,821 (+4.4%), from €288,554 to €301,375
of which Other amounts receivable: +€21,582
- Reserves +€60,512
up €60,512 (+16.5%), from €367,060 to €427,572
- Trade debts -€49,433
down €49,433 (-42.0%), from €117,818 to €68,385
- Other debts +€49,110
up €49,110 (+15.3%), from €320,223 to €369,334
- Debts after one year -€14,851
down €14,851 (-29.8%), from €49,868 to €35,017
- Financial charges +€5,259
up €5,259 (+27.7%), from €19,009 to €24,267
- Gross operating margin +€4,045
up €4,045 (+2.3%), from €179,558 to €183,603
- Depreciation +€2,612
up €2,612 (+11.9%), from €22,004 to €24,616
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 | €910,047 | €957,079 | +€47,032 | +5.2% |
| Fixed assets | 21/28 | €376,820 | €390,470 | +€13,650 | +3.6% |
| Tangible fixed assets | 22/27 | €376,543 | €390,193 | +€13,650 | +3.6% |
| Land and buildings | 22 | €352,699 | €363,197 | +€10,498 | +3.0% |
| Plant, machinery and equipment | 23 | €23,844 | €25,508 | +€1,665 | +7.0% |
| Furniture and vehicles | 24 | - | €1,488 | +€1,488 | |
| Financial fixed assets | 28 | €277 | €277 | = | 0.0% |
| Current assets | 29/58 | €533,228 | €566,609 | +€33,381 | +6.3% |
| Amounts receivable within one year | 40/41 | €288,554 | €301,375 | +€12,821 | +4.4% |
| Trade receivables | 40 | €282,082 | €273,321 | -€8,761 | -3.1% |
| Other amounts receivable | 41 | €6,472 | €28,054 | +€21,582 | +333.5% |
| Cash at bank and in hand | 54/58 | €243,931 | €264,967 | +€21,036 | +8.6% |
| Deferred charges and accrued income | 490/1 | €742 | €267 | -€475 | -64.0% |
| Total equity and liabilities | 10/49 | €910,047 | €957,079 | +€47,032 | +5.2% |
| Equity | 10/15 | €388,534 | €449,046 | +€60,512 | +15.6% |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Reserves | 13 | €367,060 | €427,572 | +€60,512 | +16.5% |
| Distributable reserves | 133 | €367,060 | €427,572 | +€60,512 | +16.5% |
| Profit (loss) carried forward | 14 | €1,474 | €1,474 | = | 0.0% |
| Amounts payable | 17/49 | €521,514 | €508,033 | -€13,481 | -2.6% |
| Amounts payable after more than one year | 17 | €49,868 | €35,017 | -€14,851 | -29.8% |
| Financial debts | 170/4 | €49,868 | €35,017 | -€14,851 | -29.8% |
| Amounts payable within one year | 42/48 | €471,645 | €473,016 | +€1,371 | +0.3% |
| Current portion of amounts payable after more than one year | 42 | €14,675 | €14,851 | +€176 | +1.2% |
| Trade debts | 44 | €117,818 | €68,385 | -€49,433 | -42.0% |
| Suppliers | 440/4 | €117,818 | €68,385 | -€49,433 | -42.0% |
| Taxes, remuneration and social security | 45 | €18,929 | €20,446 | +€1,517 | +8.0% |
| Taxes | 450/3 | €18,929 | €20,446 | +€1,517 | +8.0% |
| Other amounts payable | 47/48 | €320,223 | €369,334 | +€49,110 | +15.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €22,004 | €24,616 | +€2,612 | +11.9% |
| Other operating charges | 640/8 | €3,012 | €3,128 | +€116 | +3.8% |
| Non-recurring operating charges | 66A | €1,619 | - | -€1,619 | |
| Gross operating margin | 9900 | €179,558 | €183,603 | +€4,045 | +2.3% |
| Operating profit (loss) | 9901 | €152,923 | €155,859 | +€2,936 | +1.9% |
| Financial income | 75/76B | €1 | €1 | +€0 | +12.0% |
| Recurring financial income | 75 | €1 | €1 | +€0 | +12.0% |
| Financial charges | 65/66B | €19,009 | €24,267 | +€5,259 | +27.7% |
| Recurring financial charges | 65 | €19,009 | €24,267 | +€5,259 | +27.7% |
| Profit (loss) for the period before taxes | 9903 | €133,915 | €131,592 | -€2,323 | -1.7% |
| Income taxes | 67/77 | €38,021 | €36,988 | -€1,033 | -2.7% |
| Profit (loss) for the period | 9904 | €95,894 | €94,604 | -€1,290 | -1.3% |
| Profit (loss) for the period to be appropriated | 9905 | €95,894 | €94,604 | -€1,290 | -1.3% |
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 4 October 2026 via checked.be.