THIMO: 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.
THIMO
Largest movements
- Financial fixed assets -€1.5m
down €1.5m (-26.8%), from €5.6m to €4.1m
- Current investments +€1.3m
up €1.3m (+4.1%), from €31.6m to €32.9m
- Tangible fixed assets +€701,822
up €701,822 (+17.3%), from €4.0m to €4.8m
of which Land and buildings: +€710,127
- Reserves +€707,353
up €707,353 (+1.9%), from €36.3m to €37.0m
of which Distributable reserves: +€766,353
- Financial income +€470,259
up €470,259 (+54.1%), from €869,993 to €1.3m
- Taxes +€184,042
up €184,042 (+213%), from €86,535 to €270,577
- Financial charges +€15,824
up €15,824 (+25.3%), from €62,491 to €78,315
of which Financial charges: +€20,504
- Gross operating margin -€12,148
down €12,148 (-9.0%), from -€134,513 to -€146,661
- Depreciation -€6,442
down €6,442 (-4.1%), from €157,268 to €150,826
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 | €41,776,776 | €42,470,706 | +€693,930 | +1.7% |
| Fixed assets | 21/28 | €9,637,197 | €8,839,019 | -€798,178 | -8.3% |
| Tangible fixed assets | 22/27 | €4,048,197 | €4,750,019 | +€701,822 | +17.3% |
| Land and buildings | 22 | €3,992,804 | €4,702,931 | +€710,127 | +17.8% |
| Plant, machinery and equipment | 23 | €55,393 | €47,088 | -€8,305 | -15.0% |
| Financial fixed assets | 28 | €5,589,000 | €4,089,000 | -€1.5m | -26.8% |
| Current assets | 29/58 | €32,139,579 | €33,631,687 | +€1.5m | +4.6% |
| Amounts receivable within one year | 40/41 | €51,307 | €124,019 | +€72,712 | +142% |
| Trade receivables | 40 | €1,307 | - | -€1,307 | |
| Other amounts receivable | 41 | €50,000 | €124,019 | +€74,019 | +148% |
| Current investments | 50/53 | €31,612,614 | €32,911,597 | +€1.3m | +4.1% |
| Cash at bank and in hand | 54/58 | €444,124 | €575,228 | +€131,103 | +29.5% |
| Deferred charges and accrued income | 490/1 | €31,534 | €20,844 | -€10,690 | -33.9% |
| Total equity and liabilities | 10/49 | €41,776,776 | €42,470,706 | +€693,930 | +1.7% |
| Equity | 10/15 | €41,348,181 | €42,055,535 | +€707,353 | +1.7% |
| Contributions | 10/11 | €5,065,000 | €5,065,000 | = | 0.0% |
| Capital | 10 | €5,065,000 | €5,065,000 | = | 0.0% |
| Issued capital | 100 | €5,065,000 | €5,065,000 | = | 0.0% |
| Reserves | 13 | €36,283,181 | €36,990,535 | +€707,353 | +1.9% |
| Non-distributable reserves | 130/1 | €1,218,800 | €1,218,800 | = | 0.0% |
| Legal reserve | 130 | €1,218,800 | €1,218,800 | = | 0.0% |
| Tax-exempt reserves | 132 | €1,130,867 | €1,071,868 | -€58,999 | -5.2% |
| Distributable reserves | 133 | €33,933,514 | €34,699,867 | +€766,353 | +2.3% |
| Provisions and deferred taxes | 16 | €376,956 | €357,289 | -€19,666 | -5.2% |
| Deferred taxes | 168 | €376,956 | €357,289 | -€19,666 | -5.2% |
| Amounts payable | 17/49 | €51,639 | €57,882 | +€6,243 | +12.1% |
| Amounts payable within one year | 42/48 | €51,639 | €57,882 | +€6,243 | +12.1% |
| Trade debts | 44 | €7,849 | €35,604 | +€27,755 | +354% |
| Suppliers | 440/4 | €7,849 | €35,604 | +€27,755 | +354% |
| Taxes, remuneration and social security | 45 | €43,161 | €21,649 | -€21,512 | -49.8% |
| Taxes | 450/3 | €43,161 | €21,649 | -€21,512 | -49.8% |
| Other amounts payable | 47/48 | €629 | €629 | = | 0.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €157,268 | €150,826 | -€6,442 | -4.1% |
| Other operating charges | 640/8 | €5,801 | €6,186 | +€385 | +6.6% |
| Gross operating margin | 9900 | -€134,513 | -€146,661 | -€12,148 | -9.0% |
| Operating profit (loss) | 9901 | -€297,583 | -€303,674 | -€6,091 | -2.0% |
| Financial income | 75/76B | €869,993 | €1,340,253 | +€470,259 | +54.1% |
| Recurring financial income | 75 | €869,993 | €1,340,253 | +€470,259 | +54.1% |
| Financial charges | 65/66B | €62,491 | €78,315 | +€15,824 | +25.3% |
| Recurring financial charges | 65 | €57,812 | €78,315 | +€20,504 | +35.5% |
| Non-recurring financial charges | 66B | €4,679 | - | -€4,679 | |
| Profit (loss) for the period before taxes | 9903 | €509,920 | €958,264 | +€448,344 | +87.9% |
| Transfer from deferred taxes | 780 | €19,666 | €19,666 | = | 0.0% |
| Income taxes | 67/77 | €86,535 | €270,577 | +€184,042 | +213% |
| Profit (loss) for the period | 9904 | €443,052 | €707,353 | +€264,302 | +59.7% |
| Transfer from tax-exempt reserves | 789 | €58,999 | €58,999 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €502,051 | €766,353 | +€264,302 | +52.6% |
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 22 October 2026 via checked.be.