THIMAX: what changed
What changed
THIMAX
NACE 68.203, Renting and operating of own or leased non-residential real estate, excluding land
filed annual accounts (NBB)
Net result for the year
€3,918
2024 · €5,824-€1,905
Equity
€176,288
2024 · €172,370+€3,918
Cash
€172,810
2024 · €147,887+€24,923
Balance sheet total
€406,544
2024 · €385,916+€20,629
Largest movements
Assets
- Cash +€24,923
up €24,923 (+16.9%), from €147,887 to €172,810
mainly Advances received (+€10,000) and Other debts (+€8,543)
Equity and liabilities
- Advances received +€10,000
new in 2025: €10,000
- Other debts +€8,543
up €8,543 (+4.1%), from €205,886 to €214,428
Income statement
- Gross operating margin +€3,731
up €3,731 (+16.1%), from €23,145 to €26,876
- Write-downs +€3,099
new in 2025: €3,099
- Financial income -€2,018
down €2,018 (-69.6%), from €2,898 to €880
- Financial charges -€1,140
down €1,140 (-8.5%), from €13,386 to €12,246
- Taxes +€1,072
up €1,072 (+270%), from €397 to €1,469
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Result 2024
€5,824
Gross operating margin
+€3,731
Write-downs
-€3,099
Other operating charges
-€587
Financial income
-€2,018
Financial charges
+€1,140
Taxes
-€1,072
Result 2025
€3,918
raises the resultlowers the result
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
From operations
+€24,923
Investment
€0
Financing
€0
Cash 2024
€147,887
From operations (derived)
+€24,923
Net result for the year
+€3,918
Depreciation
+€410
Receivables within one year
+€3,885
Trade debts
-€1,617
Tax, wage and social debts
-€215
Advances received
+€10,000
Other debts
+€8,543
Cash 2025
€172,810
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €385,916 | €406,544 | +€20,629 | +5.3% |
| Fixed assets | 21/28 | €232,940 | €232,530 | -€410 | -0.2% |
| Tangible fixed assets | 22/27 | €232,940 | €232,530 | -€410 | -0.2% |
| Land and buildings | 22 | €232,120 | €232,120 | = | 0.0% |
| Plant, machinery and equipment | 23 | €820 | €410 | -€410 | -50.0% |
| Current assets | 29/58 | €152,976 | €174,014 | +€21,038 | +13.8% |
| Amounts receivable within one year | 40/41 | €5,089 | €1,204 | -€3,885 | -76.3% |
| Trade receivables | 40 | €3,885 | €0 | -€3,885 | -100% |
| Other amounts receivable | 41 | €1,204 | €1,204 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €147,887 | €172,810 | +€24,923 | +16.9% |
| Total equity and liabilities | 10/49 | €385,916 | €406,544 | +€20,629 | +5.3% |
| Equity | 10/15 | €172,370 | €176,288 | +€3,918 | +2.3% |
| Contributions | 10/11 | €77,789 | €77,789 | = | 0.0% |
| Contributions outside capital | 11 | €77,789 | - | -€77,789 | |
| Share premium | 1100/10 | €77,789 | - | -€77,789 | |
| Reserves | 13 | €94,581 | €98,499 | +€3,918 | +4.1% |
| Distributable reserves | 133 | €94,581 | €98,499 | +€3,918 | +4.1% |
| Amounts payable | 17/49 | €213,546 | €230,256 | +€16,710 | +7.8% |
| Amounts payable within one year | 42/48 | €213,546 | €230,256 | +€16,710 | +7.8% |
| Trade debts | 44 | €2,325 | €708 | -€1,617 | -69.6% |
| Suppliers | 440/4 | €2,325 | €708 | -€1,617 | -69.6% |
| Advances received on contracts in progress | 46 | - | €10,000 | +€10,000 | |
| Taxes, remuneration and social security | 45 | €5,336 | €5,121 | -€215 | -4.0% |
| Taxes | 450/3 | €5,336 | €5,121 | -€215 | -4.0% |
| Other amounts payable | 47/48 | €205,886 | €214,428 | +€8,543 | +4.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €410 | €410 | = | 0.0% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | €3,099 | +€3,099 | |
| Other operating charges | 640/8 | €6,027 | €6,614 | +€587 | +9.7% |
| Gross operating margin | 9900 | €23,145 | €26,876 | +€3,731 | +16.1% |
| Operating profit (loss) | 9901 | €16,708 | €16,754 | +€46 | +0.3% |
| Financial income | 75/76B | €2,898 | €880 | -€2,018 | -69.6% |
| Recurring financial income | 75 | €2,898 | €880 | -€2,018 | -69.6% |
| Financial charges | 65/66B | €13,386 | €12,246 | -€1,140 | -8.5% |
| Recurring financial charges | 65 | €13,386 | €12,246 | -€1,140 | -8.5% |
| Profit (loss) for the period before taxes | 9903 | €6,221 | €5,388 | -€833 | -13.4% |
| Income taxes | 67/77 | €397 | €1,469 | +€1,072 | +270% |
| Profit (loss) for the period | 9904 | €5,824 | €3,918 | -€1,905 | -32.7% |
| Profit (loss) for the period to be appropriated | 9905 | €5,824 | €3,918 | -€1,905 | -32.7% |
Next steps
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Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 8 November 2026 via checked.be.