THMC: 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.
THMC
Largest movements
- Receivables within one year -€21,598
down €21,598 (-68.0%), from €31,760 to €10,162
of which Other amounts receivable: -€28,858
- Tangible fixed assets -€15,077
down €15,077 (-78.4%), from €19,242 to €4,166
of which Leasing and similar rights: -€14,380
- Debts after one year -€79,154
down €79,154 (-20.7%), from €382,032 to €302,877
- Reserves +€57,188
up €57,188 (+8.3%), from €687,777 to €744,965
- Current portion of long-term debt -€35,076
down €35,076 (-30.7%), from €114,231 to €79,154
- Gross operating margin +€12,982
up €12,982 (+13.8%), from €93,861 to €106,843
- Taxes +€3,891
up €3,891 (+21.2%), from €18,357 to €22,248
- Financial charges -€1,197
down €1,197 (-9.4%), from €12,728 to €11,532
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 | €1,224,912 | €1,176,881 | -€48,031 | -3.9% |
| Fixed assets | 21/28 | €1,169,242 | €1,154,166 | -€15,077 | -1.3% |
| Tangible fixed assets | 22/27 | €19,242 | €4,166 | -€15,077 | -78.4% |
| Plant, machinery and equipment | 23 | €1,671 | €974 | -€697 | -41.7% |
| Leasing and similar rights | 25 | €17,571 | €3,191 | -€14,380 | -81.8% |
| Financial fixed assets | 28 | €1,150,000 | €1,150,000 | = | 0.0% |
| Current assets | 29/58 | €55,670 | €22,715 | -€32,954 | -59.2% |
| Amounts receivable within one year | 40/41 | €31,760 | €10,162 | -€21,598 | -68.0% |
| Trade receivables | 40 | - | €7,260 | +€7,260 | |
| Other amounts receivable | 41 | €31,760 | €2,902 | -€28,858 | -90.9% |
| Current investments | 50/53 | €20,000 | €11,444 | -€8,556 | -42.8% |
| Cash at bank and in hand | 54/58 | €3,910 | €93 | -€3,817 | -97.6% |
| Deferred charges and accrued income | 490/1 | - | €1,016 | +€1,016 | |
| Total equity and liabilities | 10/49 | €1,224,912 | €1,176,881 | -€48,031 | -3.9% |
| Equity | 10/15 | €693,977 | €751,165 | +€57,188 | +8.2% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €687,777 | €744,965 | +€57,188 | +8.3% |
| Distributable reserves | 133 | €687,777 | €744,965 | +€57,188 | +8.3% |
| Amounts payable | 17/49 | €530,935 | €425,716 | -€105,219 | -19.8% |
| Amounts payable after more than one year | 17 | €382,032 | €302,877 | -€79,154 | -20.7% |
| Financial debts | 170/4 | €382,032 | €302,877 | -€79,154 | -20.7% |
| Amounts payable within one year | 42/48 | €139,903 | €113,838 | -€26,065 | -18.6% |
| Current portion of amounts payable after more than one year | 42 | €114,231 | €79,154 | -€35,076 | -30.7% |
| Financial debts | 43 | - | €8,475 | +€8,475 | |
| Credit institutions | 430/8 | - | €8,475 | +€8,475 | |
| Trade debts | 44 | €2,208 | €1,418 | -€790 | -35.8% |
| Suppliers | 440/4 | €2,208 | €1,418 | -€790 | -35.8% |
| Taxes, remuneration and social security | 45 | €10,357 | €5,270 | -€5,087 | -49.1% |
| Taxes | 450/3 | €7,857 | €5,270 | -€2,587 | -32.9% |
| Remuneration and social security | 454/9 | €2,500 | - | -€2,500 | |
| Other amounts payable | 47/48 | €13,107 | €19,520 | +€6,413 | +48.9% |
| Accrued charges and deferred income | 492/3 | €9,000 | €9,000 | = | 0.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €15,076 | €15,077 | +€1 | 0.0% |
| Other operating charges | 640/8 | €1,255 | €1,133 | -€121 | -9.7% |
| Gross operating margin | 9900 | €93,861 | €106,843 | +€12,982 | +13.8% |
| Operating profit (loss) | 9901 | €77,530 | €90,633 | +€13,102 | +16.9% |
| Financial income | 75/76B | €0 | €335 | +€335 | +558316.7% |
| Recurring financial income | 75 | €0 | €335 | +€335 | +558316.7% |
| Financial charges | 65/66B | €12,728 | €11,532 | -€1,197 | -9.4% |
| Recurring financial charges | 65 | €12,728 | €11,532 | -€1,197 | -9.4% |
| Profit (loss) for the period before taxes | 9903 | €64,802 | €79,436 | +€14,634 | +22.6% |
| Income taxes | 67/77 | €18,357 | €22,248 | +€3,891 | +21.2% |
| Profit (loss) for the period | 9904 | €46,445 | €57,188 | +€10,743 | +23.1% |
| Profit (loss) for the period to be appropriated | 9905 | €46,445 | €57,188 | +€10,743 | +23.1% |
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 5 October 2026 via checked.be.