Thimaro: 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.
Thimaro
Largest movements
- Cash -€234,448
down €234,448 (-51.0%), from €459,257 to €224,809
- Tangible fixed assets +€54,778
up €54,778 (+13.0%), from €420,777 to €475,555
of which Other tangible fixed assets: +€57,550
- Receivables within one year -€44,942
down €44,942 (-60.8%), from €73,914 to €28,972
of which Other amounts receivable: -€41,240
- Reserves -€128,816
down €128,816 (-18.2%), from €707,705 to €578,889
of which Distributable reserves: -€128,816
- Other debts -€88,015
down €88,015 (-50.1%), from €175,816 to €87,801
- Trade debts -€13,414
down €13,414 (-95.2%), from €14,098 to €683
- Gross operating margin +€60,469
up €60,469 (+95.7%), from -€63,156 to -€2,688
- Financial income -€8,670
no longer reported in 2025 (was €8,670)
of which Non-recurring financial income: -€8,670
- Depreciation -€5,500
down €5,500 (-100.0%), from €5,500 to €0
- Other operating charges -€1,410
down €1,410 (-64.8%), from €2,175 to €765
- Financial charges -€825
down €825 (-95.1%), from €868 to €42
From the 2023 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
A cash bridge needs two consecutive fiscal years: one year's result and depreciation cannot explain a change over several years. Pick two years that follow each other.
Every line side by side
| Line | Code | 2023 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €959,619 | €729,373 | -€230,246 | -24.0% |
| Fixed assets | 21/28 | €420,814 | €475,592 | +€54,778 | +13.0% |
| Tangible fixed assets | 22/27 | €420,777 | €475,555 | +€54,778 | +13.0% |
| Plant, machinery and equipment | 23 | €2,420 | - | -€2,420 | |
| Furniture and vehicles | 24 | €353 | - | -€353 | |
| Other tangible fixed assets | 26 | €418,005 | €475,555 | +€57,550 | +13.8% |
| Financial fixed assets | 28 | €37 | €37 | = | 0.0% |
| Current assets | 29/58 | €538,805 | €253,781 | -€285,024 | -52.9% |
| Amounts receivable within one year | 40/41 | €73,914 | €28,972 | -€44,942 | -60.8% |
| Trade receivables | 40 | €30,938 | €27,236 | -€3,702 | -12.0% |
| Other amounts receivable | 41 | €42,976 | €1,736 | -€41,240 | -96.0% |
| Cash at bank and in hand | 54/58 | €459,257 | €224,809 | -€234,448 | -51.0% |
| Deferred charges and accrued income | 490/1 | €5,634 | - | -€5,634 | |
| Total equity and liabilities | 10/49 | €959,619 | €729,373 | -€230,246 | -24.0% |
| Equity | 10/15 | €769,705 | €640,889 | -€128,816 | -16.7% |
| Contributions | 10/11 | €62,000 | €62,000 | = | 0.0% |
| Capital | 10 | €62,000 | €62,000 | = | 0.0% |
| Issued capital | 100 | €62,000 | €62,000 | = | 0.0% |
| Reserves | 13 | €707,705 | €578,889 | -€128,816 | -18.2% |
| Non-distributable reserves | 130/1 | €6,200 | €6,200 | = | 0.0% |
| Legal reserve | 130 | €6,200 | €6,200 | = | 0.0% |
| Tax-exempt reserves | 132 | €325,386 | €325,386 | = | 0.0% |
| Distributable reserves | 133 | €376,120 | €247,303 | -€128,816 | -34.2% |
| Provisions and deferred taxes | 16 | €0 | - | = | |
| Deferred taxes | 168 | €0 | - | = | |
| Amounts payable | 17/49 | €189,914 | €88,484 | -€101,430 | -53.4% |
| Amounts payable within one year | 42/48 | €189,914 | €88,484 | -€101,430 | -53.4% |
| Current portion of amounts payable after more than one year | 42 | €0 | - | = | |
| Trade debts | 44 | €14,098 | €683 | -€13,414 | -95.2% |
| Suppliers | 440/4 | €14,098 | €683 | -€13,414 | -95.2% |
| Taxes, remuneration and social security | 45 | €0 | - | = | |
| Taxes | 450/3 | €0 | - | = | |
| Other amounts payable | 47/48 | €175,816 | €87,801 | -€88,015 | -50.1% |
| Non-recurring operating income | 76A | €0 | €7,000 | +€7,000 | |
| Remuneration, social security and pensions | 62 | €795 | €395 | -€399 | -50.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €5,500 | €0 | -€5,500 | -100.0% |
| Other operating charges | 640/8 | €2,175 | €765 | -€1,410 | -64.8% |
| Non-recurring operating charges | 66A | €0 | - | = | |
| Gross operating margin | 9900 | -€63,156 | -€2,688 | +€60,469 | +95.7% |
| Operating profit (loss) | 9901 | -€71,626 | -€3,849 | +€67,777 | +94.6% |
| Financial income | 75/76B | €8,670 | - | -€8,670 | |
| Recurring financial income | 75 | €0 | - | = | |
| Non-recurring financial income | 76B | €8,670 | - | -€8,670 | |
| Financial charges | 65/66B | €868 | €42 | -€825 | -95.1% |
| Recurring financial charges | 65 | €868 | €42 | -€825 | -95.1% |
| Profit (loss) for the period before taxes | 9903 | -€63,823 | -€3,891 | +€59,932 | +93.9% |
| Transfer to deferred taxes | 680 | €0 | - | = | |
| Income taxes | 67/77 | €0 | €0 | = | |
| Profit (loss) for the period | 9904 | -€63,823 | -€3,891 | +€59,932 | +93.9% |
| Transfer to tax-exempt reserves | 689 | €0 | - | = | |
| Profit (loss) for the period to be appropriated | 9905 | -€63,823 | -€3,891 | +€59,932 | +93.9% |
Source: filed annual accounts (NBB), fiscal years ended 30 June 2023 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 5 October 2026 via checked.be.