THIMAX: 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.
THIMAX
Largest movements
- Current investments +€36,782
up €36,782 (+42.6%), from €86,254 to €123,035
- Cash +€28,446
up €28,446 (+262.9%), from €10,819 to €39,264
mainly Net result for the year (+€76,005) and Other debts (+€33,389)
- Tangible fixed assets -€8,558
down €8,558 (-1.8%), from €484,092 to €475,534
of which Land and buildings: -€16,365
- Other debts +€33,389
up €33,389 (+47.7%), from €69,963 to €103,352
- Debts after one year -€29,752
down €29,752 (-13.2%), from €224,604 to €194,852
- Reserves +€26,005
up €26,005 (+10.6%), from €244,578 to €270,582
- Accrued charges and deferred income +€12,251
up €12,251 (+82.5%), from €14,852 to €27,103
- Short-term financial debts +€6,732
new in 2025: €6,732
- Gross operating margin +€16,307
up €16,307 (+15.4%), from €105,972 to €122,279
- Taxes +€2,990
up €2,990 (+16.9%), from €17,675 to €20,665
- Depreciation +€2,025
up €2,025 (+12.8%), from €15,807 to €17,833
- Financial charges -€1,820
down €1,820 (-21.0%), from €8,657 to €6,837
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 | €612,331 | €666,989 | +€54,659 | +8.9% |
| Fixed assets | 21/28 | €484,092 | €475,534 | -€8,558 | -1.8% |
| Tangible fixed assets | 22/27 | €484,092 | €475,534 | -€8,558 | -1.8% |
| Land and buildings | 22 | €466,474 | €450,109 | -€16,365 | -3.5% |
| Plant, machinery and equipment | 23 | €3,972 | €7,407 | +€3,435 | +86.5% |
| Furniture and vehicles | 24 | €13,646 | €13,218 | -€427 | -3.1% |
| Other tangible fixed assets | 26 | - | €4,800 | +€4,800 | |
| Current assets | 29/58 | €128,239 | €191,455 | +€63,216 | +49.3% |
| Amounts receivable within one year | 40/41 | €29,337 | €27,033 | -€2,304 | -7.9% |
| Trade receivables | 40 | €26,523 | €27,026 | +€503 | +1.9% |
| Other amounts receivable | 41 | €2,814 | €8 | -€2,807 | -99.7% |
| Current investments | 50/53 | €86,254 | €123,035 | +€36,782 | +42.6% |
| Cash at bank and in hand | 54/58 | €10,819 | €39,264 | +€28,446 | +262.9% |
| Deferred charges and accrued income | 490/1 | €1,829 | €2,122 | +€293 | +16.0% |
| Total equity and liabilities | 10/49 | €612,331 | €666,989 | +€54,659 | +8.9% |
| Equity | 10/15 | €263,178 | €289,182 | +€26,005 | +9.9% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €244,578 | €270,582 | +€26,005 | +10.6% |
| Distributable reserves | 133 | €244,578 | €270,582 | +€26,005 | +10.6% |
| Amounts payable | 17/49 | €349,153 | €377,807 | +€28,654 | +8.2% |
| Amounts payable after more than one year | 17 | €224,604 | €194,852 | -€29,752 | -13.2% |
| Financial debts | 170/4 | €224,604 | €194,852 | -€29,752 | -13.2% |
| Amounts payable within one year | 42/48 | €109,696 | €155,851 | +€46,155 | +42.1% |
| Current portion of amounts payable after more than one year | 42 | €28,946 | €29,752 | +€806 | +2.8% |
| Financial debts | 43 | - | €6,732 | +€6,732 | |
| Credit institutions | 430/8 | - | €6,732 | +€6,732 | |
| Trade debts | 44 | €3,185 | €3,173 | -€12 | -0.4% |
| Suppliers | 440/4 | €3,185 | €3,173 | -€12 | -0.4% |
| Taxes, remuneration and social security | 45 | €7,603 | €12,843 | +€5,240 | +68.9% |
| Taxes | 450/3 | €7,603 | €12,843 | +€5,240 | +68.9% |
| Other amounts payable | 47/48 | €69,963 | €103,352 | +€33,389 | +47.7% |
| Accrued charges and deferred income | 492/3 | €14,852 | €27,103 | +€12,251 | +82.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €15,807 | €17,833 | +€2,025 | +12.8% |
| Other operating charges | 640/8 | €262 | €1,241 | +€979 | +373.2% |
| Non-recurring operating charges | 66A | - | €591 | +€591 | |
| Gross operating margin | 9900 | €105,972 | €122,279 | +€16,307 | +15.4% |
| Operating profit (loss) | 9901 | €89,902 | €102,614 | +€12,712 | +14.1% |
| Financial income | 75/76B | €561 | €892 | +€331 | +59.0% |
| Recurring financial income | 75 | €561 | €892 | +€331 | +59.0% |
| Financial charges | 65/66B | €8,657 | €6,837 | -€1,820 | -21.0% |
| Recurring financial charges | 65 | €8,657 | €6,837 | -€1,820 | -21.0% |
| Profit (loss) for the period before taxes | 9903 | €81,807 | €96,670 | +€14,863 | +18.2% |
| Income taxes | 67/77 | €17,675 | €20,665 | +€2,990 | +16.9% |
| Profit (loss) for the period | 9904 | €64,132 | €76,005 | +€11,873 | +18.5% |
| Profit (loss) for the period to be appropriated | 9905 | €64,132 | €76,005 | +€11,873 | +18.5% |
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 8 October 2026 via checked.be.