THIMEO: 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.
THIMEO
Largest movements
- Cash +€140,808
up €140,808 (+86.6%), from €162,632 to €303,441
mainly Net result for the year (+€250,993) and Tax, wage and social debts (+€29,344)
- Current investments +€16,449
up €16,449 (+1.9%), from €847,033 to €863,482
- Reserves +€123,023
up €123,023 (+13.7%), from €896,189 to €1.0m
of which Distributable reserves: +€123,023
- Tax, wage and social debts +€29,344
up €29,344 (+63.0%), from €46,552 to €75,897
- Gross operating margin +€70,859
up €70,859 (+24.4%), from €290,996 to €361,855
- Taxes +€21,231
up €21,231 (+23.6%), from €89,961 to €111,193
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 | €1,066,002 | €1,215,473 | +€149,471 | +14.0% |
| Fixed assets | 21/28 | €20,574 | €15,912 | -€4,662 | -22.7% |
| Tangible fixed assets | 22/27 | €20,324 | €15,662 | -€4,662 | -22.9% |
| Furniture and vehicles | 24 | €3,440 | €2,492 | -€948 | -27.6% |
| Other tangible fixed assets | 26 | €16,884 | €13,170 | -€3,714 | -22.0% |
| Financial fixed assets | 28 | €250 | €250 | = | 0.0% |
| Current assets | 29/58 | €1,045,428 | €1,199,561 | +€154,133 | +14.7% |
| Amounts receivable within one year | 40/41 | €27,869 | €24,522 | -€3,347 | -12.0% |
| Trade receivables | 40 | €27,375 | €24,522 | -€2,853 | -10.4% |
| Other amounts receivable | 41 | €494 | - | -€494 | |
| Current investments | 50/53 | €847,033 | €863,482 | +€16,449 | +1.9% |
| Cash at bank and in hand | 54/58 | €162,632 | €303,441 | +€140,808 | +86.6% |
| Deferred charges and accrued income | 490/1 | €7,893 | €8,117 | +€223 | +2.8% |
| Total equity and liabilities | 10/49 | €1,066,002 | €1,215,473 | +€149,471 | +14.0% |
| Equity | 10/15 | €1,007,470 | €1,130,493 | +€123,023 | +12.2% |
| Contributions | 10/11 | €6,300 | €6,300 | = | 0.0% |
| Reserves | 13 | €896,189 | €1,019,212 | +€123,023 | +13.7% |
| 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 | €894,329 | €1,017,352 | +€123,023 | +13.8% |
| Profit (loss) carried forward | 14 | €104,981 | €104,981 | = | 0.0% |
| Amounts payable | 17/49 | €58,532 | €84,980 | +€26,448 | +45.2% |
| Amounts payable within one year | 42/48 | €58,532 | €84,980 | +€26,448 | +45.2% |
| Trade debts | 44 | €9,603 | €5,980 | -€3,623 | -37.7% |
| Suppliers | 440/4 | €9,603 | €5,980 | -€3,623 | -37.7% |
| Taxes, remuneration and social security | 45 | €46,552 | €75,897 | +€29,344 | +63.0% |
| Taxes | 450/3 | €46,552 | €75,897 | +€29,344 | +63.0% |
| Other amounts payable | 47/48 | €2,377 | €3,104 | +€727 | +30.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €4,596 | €4,662 | +€66 | +1.4% |
| Gross operating margin | 9900 | €290,996 | €361,855 | +€70,859 | +24.4% |
| Operating profit (loss) | 9901 | €286,400 | €357,193 | +€70,793 | +24.7% |
| Financial income | 75/76B | €10,647 | €7,270 | -€3,377 | -31.7% |
| Recurring financial income | 75 | €10,647 | €7,270 | -€3,377 | -31.7% |
| Financial charges | 65/66B | €438 | €2,277 | +€1,839 | +420% |
| Recurring financial charges | 65 | €438 | €2,277 | +€1,839 | +420% |
| Profit (loss) for the period before taxes | 9903 | €296,609 | €362,186 | +€65,577 | +22.1% |
| Income taxes | 67/77 | €89,961 | €111,193 | +€21,231 | +23.6% |
| Profit (loss) for the period | 9904 | €206,648 | €250,993 | +€44,345 | +21.5% |
| Profit (loss) for the period to be appropriated | 9905 | €206,648 | €250,993 | +€44,345 | +21.5% |
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 15 October 2026 via checked.be.