THIPI: 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.
THIPI
Largest movements
- Tangible fixed assets -€27,531
down €27,531 (-9.1%), from €303,851 to €276,320
of which Land and buildings: -€17,534
- Cash +€11,450
up €11,450 (+35.6%), from €32,141 to €43,591
mainly Net result for the year (+€36,221) and Depreciation (+€27,531)
- Profit (loss) carried forward +€36,221
up €36,221 (+23.7%), from -€152,961 to -€116,740
- Debts after one year -€26,294
down €26,294 (-20.1%), from €130,803 to €104,510
- Other debts -€19,428
down €19,428 (-13.8%), from €140,930 to €121,502
- Accrued charges and deferred income -€8,492
down €8,492 (-95.5%), from €8,894 to €402
- Trade debts -€4,154
down €4,154 (-12.4%), from €33,430 to €29,275
- Gross operating margin +€24,994
up €24,994 (+38.6%), from €64,778 to €89,772
- Financial charges -€1,291
down €1,291 (-18.9%), from €6,830 to €5,538
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 | €362,591 | €340,444 | -€22,147 | -6.1% |
| Fixed assets | 21/28 | €303,851 | €276,320 | -€27,531 | -9.1% |
| Tangible fixed assets | 22/27 | €303,851 | €276,320 | -€27,531 | -9.1% |
| Land and buildings | 22 | €222,881 | €205,347 | -€17,534 | -7.9% |
| Plant, machinery and equipment | 23 | €80,873 | €70,973 | -€9,900 | -12.2% |
| Furniture and vehicles | 24 | €97 | €0 | -€97 | -100.0% |
| Current assets | 29/58 | €58,740 | €64,124 | +€5,384 | +9.2% |
| Amounts receivable within one year | 40/41 | €2,968 | €0 | -€2,968 | -100.0% |
| Other amounts receivable | 41 | €2,968 | €0 | -€2,968 | -100.0% |
| Current investments | 50/53 | €43 | €43 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €32,141 | €43,591 | +€11,450 | +35.6% |
| Deferred charges and accrued income | 490/1 | €23,588 | €20,490 | -€3,098 | -13.1% |
| Total equity and liabilities | 10/49 | €362,591 | €340,444 | -€22,147 | -6.1% |
| Equity | 10/15 | €22,239 | €58,460 | +€36,221 | +162.9% |
| Contributions | 10/11 | €175,200 | €175,200 | = | 0.0% |
| Capital | 10 | €175,200 | €175,200 | = | 0.0% |
| Issued capital | 100 | €175,200 | €175,200 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€152,961 | -€116,740 | +€36,221 | +23.7% |
| Amounts payable | 17/49 | €340,352 | €281,983 | -€58,368 | -17.1% |
| Amounts payable after more than one year | 17 | €130,803 | €104,510 | -€26,294 | -20.1% |
| Financial debts | 170/4 | €130,803 | €104,510 | -€26,294 | -20.1% |
| Amounts payable within one year | 42/48 | €200,654 | €177,071 | -€23,582 | -11.8% |
| Current portion of amounts payable after more than one year | 42 | €26,294 | €26,294 | = | 0.0% |
| Trade debts | 44 | €33,430 | €29,275 | -€4,154 | -12.4% |
| Suppliers | 440/4 | €33,430 | €29,275 | -€4,154 | -12.4% |
| Other amounts payable | 47/48 | €140,930 | €121,502 | -€19,428 | -13.8% |
| Accrued charges and deferred income | 492/3 | €8,894 | €402 | -€8,492 | -95.5% |
| Non-recurring operating income | 76A | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €27,534 | €27,531 | -€3 | 0.0% |
| Other operating charges | 640/8 | €19,846 | €20,481 | +€635 | +3.2% |
| Non-recurring operating charges | 66A | €0 | - | = | |
| Gross operating margin | 9900 | €64,778 | €89,772 | +€24,994 | +38.6% |
| Operating profit (loss) | 9901 | €17,397 | €41,759 | +€24,362 | +140.0% |
| Financial income | 75/76B | €1 | €0 | -€1 | -100.0% |
| Recurring financial income | 75 | €1 | €0 | -€1 | -100.0% |
| Financial charges | 65/66B | €6,830 | €5,538 | -€1,291 | -18.9% |
| Recurring financial charges | 65 | €6,830 | €5,538 | -€1,291 | -18.9% |
| Profit (loss) for the period before taxes | 9903 | €10,568 | €36,221 | +€25,653 | +242.7% |
| Income taxes | 67/77 | €0 | €0 | -€0 | -100.0% |
| Profit (loss) for the period | 9904 | €10,568 | €36,221 | +€25,653 | +242.7% |
| Profit (loss) for the period to be appropriated | 9905 | €10,568 | €36,221 | +€25,653 | +242.7% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 3 October 2026 via checked.be.