THIMAX: 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.
THIMAX
Largest movements
- Receivables within one year -€1,266
down €1,266 (-13.8%), from €9,188 to €7,922
of which Trade receivables: -€1,283
- Tangible fixed assets -€801
down €801 (-12.9%), from €6,202 to €5,401
- Other debts +€7,663
up €7,663 (+150.8%), from €5,081 to €12,744
- Profit (loss) carried forward -€5,201
down €5,201 (-17.4%), from -€29,889 to -€35,090
- Trade debts -€4,429
down €4,429 (-96.1%), from €4,607 to €178
- Tax, wage and social debts -€604
down €604 (-44.8%), from €1,348 to €744
- Short-term financial debts +€505
up €505 (+12.5%), from €4,032 to €4,537
of which Credit institutions: +€4,537
- Taxes -€321
down €321 (-86.0%), from €374 to €52
- Other operating charges -€311
down €311 (-19.6%), from €1,588 to €1,277
- Gross operating margin -€215
down €215 (-8.7%), from -€2,458 to -€2,672
- Financial charges -€47
down €47 (-10.6%), from €445 to €398
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
Cash or the result is not a separate line in both sets of accounts; the cash flow cannot be derived from them.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €15,639 | €13,573 | -€2,067 | -13.2% |
| Fixed assets | 21/28 | €6,452 | €5,651 | -€801 | -12.4% |
| Tangible fixed assets | 22/27 | €6,202 | €5,401 | -€801 | -12.9% |
| Land and buildings | 22 | €6,202 | €5,401 | -€801 | -12.9% |
| Financial fixed assets | 28 | €250 | €250 | = | 0.0% |
| Current assets | 29/58 | €9,188 | €7,922 | -€1,266 | -13.8% |
| Amounts receivable within one year | 40/41 | €9,188 | €7,922 | -€1,266 | -13.8% |
| Trade receivables | 40 | €9,188 | €7,905 | -€1,283 | -14.0% |
| Other amounts receivable | 41 | - | €17 | +€17 | |
| Total equity and liabilities | 10/49 | €15,639 | €13,573 | -€2,067 | -13.2% |
| Equity | 10/15 | €571 | -€4,630 | -€5,201 | |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €11,860 | €11,860 | = | 0.0% |
| Distributable reserves | 133 | €11,860 | €11,860 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€29,889 | -€35,090 | -€5,201 | -17.4% |
| Amounts payable | 17/49 | €15,069 | €18,203 | +€3,134 | +20.8% |
| Amounts payable within one year | 42/48 | €15,069 | €18,203 | +€3,134 | +20.8% |
| Financial debts | 43 | €4,032 | €4,537 | +€505 | +12.5% |
| Credit institutions | 430/8 | - | €4,537 | +€4,537 | |
| Other loans | 439 | €4,032 | - | -€4,032 | |
| Trade debts | 44 | €4,607 | €178 | -€4,429 | -96.1% |
| Suppliers | 440/4 | €4,607 | €178 | -€4,429 | -96.1% |
| Taxes, remuneration and social security | 45 | €1,348 | €744 | -€604 | -44.8% |
| Taxes | 450/3 | €1,348 | €744 | -€604 | -44.8% |
| Other amounts payable | 47/48 | €5,081 | €12,744 | +€7,663 | +150.8% |
| Non-recurring operating income | 76A | €750 | - | -€750 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €801 | €801 | -€0 | 0.0% |
| Other operating charges | 640/8 | €1,588 | €1,277 | -€311 | -19.6% |
| Gross operating margin | 9900 | -€2,458 | -€2,672 | -€215 | -8.7% |
| Operating profit (loss) | 9901 | -€4,847 | -€4,751 | +€96 | +2.0% |
| Financial charges | 65/66B | €445 | €398 | -€47 | -10.6% |
| Recurring financial charges | 65 | €445 | €398 | -€47 | -10.6% |
| Profit (loss) for the period before taxes | 9903 | -€5,292 | -€5,149 | +€144 | +2.7% |
| Income taxes | 67/77 | €374 | €52 | -€321 | -86.0% |
| Profit (loss) for the period | 9904 | -€5,666 | -€5,201 | +€465 | +8.2% |
| Profit (loss) for the period to be appropriated | 9905 | -€5,666 | -€5,201 | +€465 | +8.2% |
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 11 October 2026 via checked.be.