THIMAT: 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.
THIMAT
Largest movements
- Tangible fixed assets -€48,545
down €48,545 (-12.1%), from €402,175 to €353,630
of which Land and buildings: -€33,140
- Cash +€7,396
up €7,396 (+12.3%), from €60,377 to €67,774
mainly Depreciation (+€49,330) and Other debts (+€15,087)
- Debts after one year -€39,129
down €39,129 (-21.7%), from €179,996 to €140,868
- Reserves -€23,697
down €23,697 (-22.0%), from €107,730 to €84,033
of which Distributable reserves: -€21,117
- Other debts +€15,087
up €15,087 (+1343.2%), from €1,123 to €16,210
- Tax, wage and social debts +€5,191
up €5,191 (+112.9%), from €4,597 to €9,788
- Gross operating margin -€24,258
down €24,258 (-23.0%), from €105,686 to €81,428
- Other operating charges +€9,953
up €9,953 (+374.1%), from €2,661 to €12,614
- Taxes -€7,451
down €7,451 (-63.2%), from €11,787 to €4,336
- Depreciation -€4,935
down €4,935 (-9.1%), from €54,265 to €49,330
- Financial charges +€1,664
up €1,664 (+18.8%), from €8,839 to €10,503
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 | €491,930 | €451,229 | -€40,701 | -8.3% |
| Fixed assets | 21/28 | €402,325 | €353,780 | -€48,545 | -12.1% |
| Tangible fixed assets | 22/27 | €402,175 | €353,630 | -€48,545 | -12.1% |
| Land and buildings | 22 | €348,635 | €315,494 | -€33,140 | -9.5% |
| Plant, machinery and equipment | 23 | €41,192 | €38,136 | -€3,056 | -7.4% |
| Furniture and vehicles | 24 | €12,348 | €0 | -€12,348 | -100.0% |
| Financial fixed assets | 28 | €150 | €150 | = | 0.0% |
| Current assets | 29/58 | €89,606 | €97,449 | +€7,844 | +8.8% |
| Amounts receivable after more than one year | 29 | €0 | - | = | |
| Other amounts receivable | 291 | €0 | - | = | |
| Amounts receivable within one year | 40/41 | €27,106 | €27,699 | +€593 | +2.2% |
| Trade receivables | 40 | €19,863 | €15,781 | -€4,082 | -20.5% |
| Other amounts receivable | 41 | €7,243 | €11,918 | +€4,675 | +64.5% |
| Cash at bank and in hand | 54/58 | €60,377 | €67,774 | +€7,396 | +12.3% |
| Deferred charges and accrued income | 490/1 | €2,122 | €1,976 | -€146 | -6.9% |
| Total equity and liabilities | 10/49 | €491,930 | €451,229 | -€40,701 | -8.3% |
| Equity | 10/15 | €257,730 | €234,033 | -€23,697 | -9.2% |
| Contributions | 10/11 | €150,000 | €150,000 | = | 0.0% |
| Reserves | 13 | €107,730 | €84,033 | -€23,697 | -22.0% |
| Tax-exempt reserves | 132 | €2,580 | €0 | -€2,580 | -100.0% |
| Distributable reserves | 133 | €105,150 | €84,033 | -€21,117 | -20.1% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €234,200 | €217,196 | -€17,004 | -7.3% |
| Amounts payable after more than one year | 17 | €179,996 | €140,868 | -€39,129 | -21.7% |
| Financial debts | 170/4 | €179,996 | €140,868 | -€39,129 | -21.7% |
| Amounts payable within one year | 42/48 | €54,183 | €76,293 | +€22,110 | +40.8% |
| Current portion of amounts payable after more than one year | 42 | €37,636 | €39,129 | +€1,493 | +4.0% |
| Financial debts | 43 | €4,732 | €4,757 | +€25 | +0.5% |
| Credit institutions | 430/8 | €4,732 | €4,757 | +€25 | +0.5% |
| Trade debts | 44 | €6,095 | €6,410 | +€315 | +5.2% |
| Suppliers | 440/4 | €6,095 | €6,410 | +€315 | +5.2% |
| Taxes, remuneration and social security | 45 | €4,597 | €9,788 | +€5,191 | +112.9% |
| Taxes | 450/3 | €4,597 | €9,788 | +€5,191 | +112.9% |
| Other amounts payable | 47/48 | €1,123 | €16,210 | +€15,087 | +1343.2% |
| Accrued charges and deferred income | 492/3 | €21 | €35 | +€14 | +68.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €54,265 | €49,330 | -€4,935 | -9.1% |
| Other operating charges | 640/8 | €2,661 | €12,614 | +€9,953 | +374.1% |
| Gross operating margin | 9900 | €105,686 | €81,428 | -€24,258 | -23.0% |
| Operating profit (loss) | 9901 | €48,760 | €19,485 | -€29,276 | -60.0% |
| Financial income | 75/76B | €217 | €123 | -€94 | -43.4% |
| Recurring financial income | 75 | €217 | €123 | -€94 | -43.4% |
| Financial charges | 65/66B | €8,839 | €10,503 | +€1,664 | +18.8% |
| Recurring financial charges | 65 | €8,839 | €10,503 | +€1,664 | +18.8% |
| Profit (loss) for the period before taxes | 9903 | €40,138 | €9,104 | -€31,034 | -77.3% |
| Income taxes | 67/77 | €11,787 | €4,336 | -€7,451 | -63.2% |
| Profit (loss) for the period | 9904 | €28,351 | €4,769 | -€23,583 | -83.2% |
| Transfer from tax-exempt reserves | 789 | - | €2,580 | +€2,580 | |
| Profit (loss) for the period to be appropriated | 9905 | €28,351 | €7,349 | -€21,003 | -74.1% |
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 7 October 2026 via checked.be.