THIMAVA: 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.
What changed
THIMAVA
NACE 64.210, Activities of holding companies
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€231,527
2024 · €197,333+€34,194
Equity
€2.6m
2024 · €2.3m+€229,527
Cash
€73,069
2024 · €37,927+€35,142
Balance sheet total
€5.7m
2024 · €5.5m+€175,801
Largest movements
Assets
- Current investments +€191,877
up €191,877 (+8.4%), from €2.3m to €2.5m
Equity and liabilities
- Profit (loss) carried forward +€229,527
up €229,527 (+13.7%), from €1.7m to €1.9m
- Other debts +€109,503
up €109,503 (+9.0%), from €1.2m to €1.3m
- Current portion of long-term debt -€102,221
down €102,221 (-14.1%), from €723,610 to €621,389
- Debts after one year -€62,725
down €62,725 (-5.2%), from €1.2m to €1.2m
Income statement
- Gross operating margin +€47,952
up €47,952 (+10.7%), from €446,665 to €494,617
- Financial income +€22,032
up €22,032 (+18.2%), from €121,388 to €143,420
- Financial charges +€19,750
up €19,750 (+19.1%), from €103,580 to €123,331
- Taxes +€9,643
up €9,643 (+14.5%), from €66,299 to €75,942
- Depreciation +€8,925
up €8,925 (+4.9%), from €181,493 to €190,418
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.
Result 2024
€197,333
Gross operating margin
+€47,952
Depreciation
-€8,925
Other operating charges
-€1,954
Other operating items
+€4,483
Financial income
+€22,032
Financial charges
-€19,750
Taxes
-€9,643
Result 2025
€231,527
raises the resultlowers the resultnot broken down further in the accounts
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.
From operations
+€544,416
Investment
-€342,328
Financing
-€166,946
Cash 2024
€37,927
From operations (derived)
+€544,416
Net result for the year
+€231,527
Depreciation
+€190,418
Receivables within one year
+€11,459
Smaller working-capital items
-€291
Trade debts
-€1,168
Tax, wage and social debts
+€2,967
Other debts
+€109,503
Investment (derived)
-€342,328
Investment in fixed assets (net)
-€150,451
Current investments
-€191,877
Financing
-€166,946
Debts after one year
-€62,725
Current portion of long-term debt
-€102,221
Contributions, distributions and other
-€2,000
Cash 2025
€73,069
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €5,483,281 | €5,659,082 | +€175,801 | +3.2% |
| Fixed assets | 21/28 | €3,146,397 | €3,106,431 | -€39,967 | -1.3% |
| Tangible fixed assets | 22/27 | €3,145,222 | €3,105,256 | -€39,967 | -1.3% |
| Land and buildings | 22 | €3,060,793 | €3,035,722 | -€25,071 | -0.8% |
| Plant, machinery and equipment | 23 | €23,917 | €22,046 | -€1,871 | -7.8% |
| Furniture and vehicles | 24 | €60,513 | €47,488 | -€13,025 | -21.5% |
| Financial fixed assets | 28 | €1,175 | €1,175 | = | 0.0% |
| Current assets | 29/58 | €2,336,884 | €2,552,651 | +€215,768 | +9.2% |
| Amounts receivable within one year | 40/41 | €17,503 | €6,044 | -€11,459 | -65.5% |
| Trade receivables | 40 | €1,815 | €217 | -€1,598 | -88.0% |
| Other amounts receivable | 41 | €15,688 | €5,827 | -€9,861 | -62.9% |
| Current investments | 50/53 | €2,279,305 | €2,471,182 | +€191,877 | +8.4% |
| Cash at bank and in hand | 54/58 | €37,927 | €73,069 | +€35,142 | +92.7% |
| Deferred charges and accrued income | 490/1 | €2,148 | €2,356 | +€208 | +9.7% |
| Total equity and liabilities | 10/49 | €5,483,281 | €5,659,082 | +€175,801 | +3.2% |
| Equity | 10/15 | €2,327,703 | €2,557,230 | +€229,527 | +9.9% |
| Contributions | 10/11 | €618,600 | €618,600 | = | 0.0% |
| Reserves | 13 | €30,354 | €30,354 | = | 0.0% |
| Distributable reserves | 133 | €30,354 | €30,354 | = | 0.0% |
| Profit (loss) carried forward | 14 | €1,678,749 | €1,908,276 | +€229,527 | +13.7% |
| Amounts payable | 17/49 | €3,155,579 | €3,101,852 | -€53,726 | -1.7% |
| Amounts payable after more than one year | 17 | €1,216,145 | €1,153,420 | -€62,725 | -5.2% |
| Financial debts | 170/4 | €1,216,145 | €1,153,420 | -€62,725 | -5.2% |
| Amounts payable within one year | 42/48 | €1,937,760 | €1,946,842 | +€9,082 | +0.5% |
| Current portion of amounts payable after more than one year | 42 | €723,610 | €621,389 | -€102,221 | -14.1% |
| Trade debts | 44 | €1,441 | €274 | -€1,168 | -81.0% |
| Suppliers | 440/4 | €1,441 | €274 | -€1,168 | -81.0% |
| Taxes, remuneration and social security | 45 | €894 | €3,861 | +€2,967 | +332% |
| Taxes | 450/3 | €894 | €3,861 | +€2,967 | +332% |
| Other amounts payable | 47/48 | €1,211,815 | €1,321,319 | +€109,503 | +9.0% |
| Accrued charges and deferred income | 492/3 | €1,674 | €1,591 | -€83 | -5.0% |
| Non-recurring operating income | 76A | €9,512 | €51,264 | +€41,752 | +439% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €181,493 | €190,418 | +€8,925 | +4.9% |
| Other operating charges | 640/8 | €14,864 | €16,818 | +€1,954 | +13.1% |
| Non-recurring operating charges | 66A | €4,483 | - | -€4,483 | |
| Gross operating margin | 9900 | €446,665 | €494,617 | +€47,952 | +10.7% |
| Operating profit (loss) | 9901 | €245,826 | €287,381 | +€41,555 | +16.9% |
| Financial income | 75/76B | €121,388 | €143,420 | +€22,032 | +18.2% |
| Recurring financial income | 75 | €121,388 | €143,420 | +€22,032 | +18.2% |
| Financial charges | 65/66B | €103,580 | €123,331 | +€19,750 | +19.1% |
| Recurring financial charges | 65 | €103,580 | €123,331 | +€19,750 | +19.1% |
| Profit (loss) for the period before taxes | 9903 | €263,633 | €307,469 | +€43,836 | +16.6% |
| Income taxes | 67/77 | €66,299 | €75,942 | +€9,643 | +14.5% |
| Profit (loss) for the period | 9904 | €197,333 | €231,527 | +€34,194 | +17.3% |
| Profit (loss) for the period to be appropriated | 9905 | €197,333 | €231,527 | +€34,194 | +17.3% |
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 14 October 2026 via checked.be.