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
- Receivables within one year -€71,887
down €71,887 (-15.3%), from €471,035 to €399,149
of which Trade receivables: -€107,749
- Cash +€23,141
up €23,141 (+173.6%), from €13,333 to €36,474
mainly Receivables within one year (+€71,887) and Net result for the year (+€59,041)
- Stocks and contracts -€8,366
down €8,366 (-3.3%), from €251,968 to €243,602
- Tax, wage and social debts -€70,309
down €70,309 (-66.9%), from €105,034 to €34,725
of which Taxes: -€57,251
- Other debts +€10,051
up €10,051 (+9.7%), from €103,881 to €113,932
- Reserves +€9,041
up €9,041 (+27.4%), from €33,030 to €42,072
of which Distributable reserves: +€9,041
- Gross operating margin +€9,987
up €9,987 (+2.0%), from €498,724 to €508,711
- Taxes -€9,448
down €9,448 (-47.6%), from €19,847 to €10,399
- Depreciation +€7,201
up €7,201 (+37.2%), from €19,374 to €26,575
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 | €834,241 | €774,999 | -€59,241 | -7.1% |
| Fixed assets | 21/28 | €88,812 | €87,396 | -€1,416 | -1.6% |
| Tangible fixed assets | 22/27 | €86,558 | €85,142 | -€1,416 | -1.6% |
| Plant, machinery and equipment | 23 | €30,419 | €37,309 | +€6,890 | +22.7% |
| Furniture and vehicles | 24 | €30,392 | €16,324 | -€14,068 | -46.3% |
| Other tangible fixed assets | 26 | €25,748 | €31,509 | +€5,762 | +22.4% |
| Financial fixed assets | 28 | €2,254 | €2,254 | = | 0.0% |
| Current assets | 29/58 | €745,429 | €687,604 | -€57,825 | -7.8% |
| Stocks and contracts in progress | 3 | €251,968 | €243,602 | -€8,366 | -3.3% |
| Stocks | 30/36 | €251,968 | €243,602 | -€8,366 | -3.3% |
| Amounts receivable within one year | 40/41 | €471,035 | €399,149 | -€71,887 | -15.3% |
| Trade receivables | 40 | €430,934 | €323,185 | -€107,749 | -25.0% |
| Other amounts receivable | 41 | €40,101 | €75,963 | +€35,863 | +89.4% |
| Cash at bank and in hand | 54/58 | €13,333 | €36,474 | +€23,141 | +173.6% |
| Deferred charges and accrued income | 490/1 | €9,093 | €8,379 | -€714 | -7.8% |
| Total equity and liabilities | 10/49 | €834,241 | €774,999 | -€59,241 | -7.1% |
| Equity | 10/15 | €91,630 | €100,672 | +€9,041 | +9.9% |
| Contributions | 10/11 | €58,600 | €58,600 | = | 0.0% |
| Reserves | 13 | €33,030 | €42,072 | +€9,041 | +27.4% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €31,170 | €40,212 | +€9,041 | +29.0% |
| Amounts payable | 17/49 | €742,610 | €674,328 | -€68,283 | -9.2% |
| Amounts payable after more than one year | 17 | €22,186 | €15,785 | -€6,401 | -28.9% |
| Financial debts | 170/4 | €22,186 | €15,785 | -€6,401 | -28.9% |
| Amounts payable within one year | 42/48 | €719,881 | €655,891 | -€63,990 | -8.9% |
| Current portion of amounts payable after more than one year | 42 | €31,687 | €31,401 | -€286 | -0.9% |
| Financial debts | 43 | €2,194 | - | -€2,194 | |
| Credit institutions | 430/8 | €2,194 | - | -€2,194 | |
| Trade debts | 44 | €477,084 | €475,833 | -€1,251 | -0.3% |
| Suppliers | 440/4 | €477,084 | €475,833 | -€1,251 | -0.3% |
| Taxes, remuneration and social security | 45 | €105,034 | €34,725 | -€70,309 | -66.9% |
| Taxes | 450/3 | €83,748 | €26,498 | -€57,251 | -68.4% |
| Remuneration and social security | 454/9 | €21,286 | €8,227 | -€13,059 | -61.4% |
| Other amounts payable | 47/48 | €103,881 | €113,932 | +€10,051 | +9.7% |
| Accrued charges and deferred income | 492/3 | €544 | €2,652 | +€2,108 | +387.7% |
| Remuneration, social security and pensions | 62 | €371,094 | €366,863 | -€4,231 | -1.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €19,374 | €26,575 | +€7,201 | +37.2% |
| Other operating charges | 640/8 | €13,559 | €14,864 | +€1,305 | +9.6% |
| Non-recurring operating charges | 66A | €105 | €16,689 | +€16,584 | +15794.7% |
| Gross operating margin | 9900 | €498,724 | €508,711 | +€9,987 | +2.0% |
| Operating profit (loss) | 9901 | €94,593 | €83,720 | -€10,873 | -11.5% |
| Financial income | 75/76B | €376 | €1,755 | +€1,379 | +367.1% |
| Recurring financial income | 75 | €103 | €1,210 | +€1,107 | +1076.5% |
| Non-recurring financial income | 76B | €273 | €545 | +€272 | +99.8% |
| Financial charges | 65/66B | €16,003 | €16,035 | +€32 | +0.2% |
| Recurring financial charges | 65 | €16,003 | €16,035 | +€32 | +0.2% |
| Profit (loss) for the period before taxes | 9903 | €78,965 | €69,440 | -€9,525 | -12.1% |
| Income taxes | 67/77 | €19,847 | €10,399 | -€9,448 | -47.6% |
| Profit (loss) for the period | 9904 | €59,118 | €59,041 | -€77 | -0.1% |
| Profit (loss) for the period to be appropriated | 9905 | €59,118 | €59,041 | -€77 | -0.1% |
Source: filed annual accounts (NBB), fiscal years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 5 October 2026 via checked.be.