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
- Tangible fixed assets +€20,881
up €20,881 (+84.5%), from €24,721 to €45,602
of which Furniture and vehicles: +€29,722
- Receivables within one year -€11,237
down €11,237 (-71.9%), from €15,634 to €4,397
of which Trade receivables: -€11,232
- Stocks and contracts +€8,951
up €8,951 (+61.5%), from €14,549 to €23,500
- Intangible fixed assets -€2,000
down €2,000 (-13.3%), from €15,014 to €13,014
- Cash +€1,541
up €1,541 (+72.0%), from €2,140 to €3,681
mainly Debts after one year (+€17,063) and Depreciation (+€13,136)
- Debts after one year +€17,063
new in 2025: €17,063
- Current portion of long-term debt +€10,912
new in 2025: €10,912
- Other debts -€8,306
down €8,306 (-27.8%), from €29,884 to €21,578
- Trade debts +€7,740
up €7,740 (+61.5%), from €12,580 to €20,320
- Advances received -€7,352
no longer reported in 2025 (was €7,352)
- Gross operating margin -€4,145
down €4,145 (-6.3%), from €66,137 to €61,992
- Other operating charges -€1,298
down €1,298 (-28.7%), from €4,529 to €3,231
- Financial charges +€686
up €686 (+21.0%), from €3,270 to €3,956
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.
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.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €73,142 | €91,154 | +€18,012 | +24.6% |
| Formation expenses | 20 | €791 | €592 | -€199 | -25.2% |
| Fixed assets | 21/28 | €39,813 | €58,693 | +€18,880 | +47.4% |
| Intangible fixed assets | 21 | €15,014 | €13,014 | -€2,000 | -13.3% |
| Tangible fixed assets | 22/27 | €24,721 | €45,602 | +€20,881 | +84.5% |
| Plant, machinery and equipment | 23 | €21,949 | €13,542 | -€8,407 | -38.3% |
| Furniture and vehicles | 24 | €1,014 | €30,736 | +€29,722 | +2,931% |
| Other tangible fixed assets | 26 | €1,758 | €1,324 | -€434 | -24.7% |
| Financial fixed assets | 28 | €78 | €78 | -€0 | -0.5% |
| Current assets | 29/58 | €32,538 | €31,869 | -€669 | -2.1% |
| Stocks and contracts in progress | 3 | €14,549 | €23,500 | +€8,951 | +61.5% |
| Stocks | 30/36 | €14,549 | €23,500 | +€8,951 | +61.5% |
| Amounts receivable within one year | 40/41 | €15,634 | €4,397 | -€11,237 | -71.9% |
| Trade receivables | 40 | €15,629 | €4,397 | -€11,232 | -71.9% |
| Other amounts receivable | 41 | €5 | - | -€5 | |
| Cash at bank and in hand | 54/58 | €2,140 | €3,681 | +€1,541 | +72.0% |
| Deferred charges and accrued income | 490/1 | €215 | €290 | +€75 | +35.1% |
| Total equity and liabilities | 10/49 | €73,142 | €91,154 | +€18,012 | +24.6% |
| Equity | 10/15 | €8,057 | €9,987 | +€1,930 | +24.0% |
| Contributions | 10/11 | €43,600 | €43,600 | = | 0.0% |
| Contributions outside capital | 11 | €43,600 | - | -€43,600 | |
| Other | 1109/19 | €43,600 | - | -€43,600 | |
| Profit (loss) carried forward | 14 | -€35,543 | -€33,613 | +€1,930 | +5.4% |
| Amounts payable | 17/49 | €65,085 | €81,167 | +€16,082 | +24.7% |
| Amounts payable after more than one year | 17 | - | €17,063 | +€17,063 | |
| Financial debts | 170/4 | - | €17,063 | +€17,063 | |
| Amounts payable within one year | 42/48 | €65,085 | €64,104 | -€981 | -1.5% |
| Current portion of amounts payable after more than one year | 42 | - | €10,912 | +€10,912 | |
| Financial debts | 43 | €3,901 | - | -€3,901 | |
| Credit institutions | 430/8 | €3,901 | - | -€3,901 | |
| Trade debts | 44 | €12,580 | €20,320 | +€7,740 | +61.5% |
| Suppliers | 440/4 | €12,580 | €20,320 | +€7,740 | +61.5% |
| Advances received on contracts in progress | 46 | €7,352 | - | -€7,352 | |
| Taxes, remuneration and social security | 45 | €11,368 | €11,295 | -€73 | -0.6% |
| Taxes | 450/3 | €4,207 | €7,731 | +€3,524 | +83.8% |
| Remuneration and social security | 454/9 | €7,161 | €3,564 | -€3,597 | -50.2% |
| Other amounts payable | 47/48 | €29,884 | €21,578 | -€8,306 | -27.8% |
| Remuneration, social security and pensions | 62 | €38,636 | €38,560 | -€76 | -0.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €12,576 | €13,136 | +€560 | +4.5% |
| Other operating charges | 640/8 | €4,529 | €3,231 | -€1,298 | -28.7% |
| Gross operating margin | 9900 | €66,137 | €61,992 | -€4,145 | -6.3% |
| Operating profit (loss) | 9901 | €10,396 | €7,065 | -€3,331 | -32.0% |
| Financial income | 75/76B | €176 | €1 | -€175 | -99.5% |
| Recurring financial income | 75 | €176 | €1 | -€175 | -99.5% |
| Financial charges | 65/66B | €3,270 | €3,956 | +€686 | +21.0% |
| Recurring financial charges | 65 | €3,270 | €3,956 | +€686 | +21.0% |
| Profit (loss) for the period before taxes | 9903 | €7,302 | €3,110 | -€4,192 | -57.4% |
| Income taxes | 67/77 | €950 | €1,179 | +€229 | +24.2% |
| Profit (loss) for the period | 9904 | €6,352 | €1,931 | -€4,421 | -69.6% |
| Profit (loss) for the period to be appropriated | 9905 | €6,352 | €1,931 | -€4,421 | -69.6% |
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 21 October 2026 via checked.be.