THOPAVIMA: 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.
THOPAVIMA
Largest movements
- Tangible fixed assets -€40,682
down €40,682 (-5.5%), from €744,245 to €703,563
of which Land and buildings: -€40,283
- Cash +€20,317
up €20,317 (+47.6%), from €42,721 to €63,039
mainly Depreciation (+€40,682) and Net result for the year (+€25,954)
- Debts after one year -€49,043
down €49,043 (-10.3%), from €474,482 to €425,439
- Reserves +€25,954
up €25,954 (+26.5%), from €98,010 to €123,964
of which Distributable reserves: +€25,954
- Gross operating margin +€5,254
up €5,254 (+5.6%), from €94,409 to €99,663
- Taxes +€4,699
new in 2025: €4,699
- Depreciation -€1,888
down €1,888 (-4.4%), from €42,570 to €40,682
- Financial charges +€1,561
up €1,561 (+7.6%), from €20,417 to €21,977
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 | €795,134 | €773,123 | -€22,012 | -2.8% |
| Fixed assets | 21/28 | €744,245 | €703,563 | -€40,682 | -5.5% |
| Tangible fixed assets | 22/27 | €744,245 | €703,563 | -€40,682 | -5.5% |
| Land and buildings | 22 | €740,534 | €700,251 | -€40,283 | -5.4% |
| Plant, machinery and equipment | 23 | €3,711 | €3,313 | -€399 | -10.7% |
| Current assets | 29/58 | €50,889 | €69,560 | +€18,670 | +36.7% |
| Amounts receivable within one year | 40/41 | €5,391 | €3,364 | -€2,028 | -37.6% |
| Trade receivables | 40 | €5,391 | €1,063 | -€4,329 | -80.3% |
| Other amounts receivable | 41 | - | €2,301 | +€2,301 | |
| Cash at bank and in hand | 54/58 | €42,721 | €63,039 | +€20,317 | +47.6% |
| Deferred charges and accrued income | 490/1 | €2,777 | €3,157 | +€380 | +13.7% |
| Total equity and liabilities | 10/49 | €795,134 | €773,123 | -€22,012 | -2.8% |
| Equity | 10/15 | €244,749 | €270,703 | +€25,954 | +10.6% |
| Contributions | 10/11 | €146,739 | €146,739 | = | 0.0% |
| Reserves | 13 | €98,010 | €123,964 | +€25,954 | +26.5% |
| Non-distributable reserves | 130/1 | €14,674 | €14,674 | = | 0.0% |
| Reserves not available under the articles | 1311 | €14,674 | €14,674 | = | 0.0% |
| Distributable reserves | 133 | €83,336 | €109,290 | +€25,954 | +31.1% |
| Amounts payable | 17/49 | €550,386 | €502,420 | -€47,966 | -8.7% |
| Amounts payable after more than one year | 17 | €474,482 | €425,439 | -€49,043 | -10.3% |
| Financial debts | 170/4 | €474,482 | €425,439 | -€49,043 | -10.3% |
| Amounts payable within one year | 42/48 | €74,349 | €76,481 | +€2,133 | +2.9% |
| Current portion of amounts payable after more than one year | 42 | €47,761 | €49,043 | +€1,283 | +2.7% |
| Trade debts | 44 | €10,116 | €7,185 | -€2,931 | -29.0% |
| Suppliers | 440/4 | €10,116 | €7,185 | -€2,931 | -29.0% |
| Taxes, remuneration and social security | 45 | €296 | €309 | +€13 | +4.5% |
| Taxes | 450/3 | €296 | €309 | +€13 | +4.5% |
| Other amounts payable | 47/48 | €16,176 | €19,944 | +€3,768 | +23.3% |
| Accrued charges and deferred income | 492/3 | €1,555 | €500 | -€1,055 | -67.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €42,570 | €40,682 | -€1,888 | -4.4% |
| Other operating charges | 640/8 | €7,158 | €6,613 | -€545 | -7.6% |
| Gross operating margin | 9900 | €94,409 | €99,663 | +€5,254 | +5.6% |
| Operating profit (loss) | 9901 | €44,681 | €52,369 | +€7,687 | +17.2% |
| Financial income | 75/76B | - | €262 | +€262 | |
| Recurring financial income | 75 | - | €262 | +€262 | |
| Financial charges | 65/66B | €20,417 | €21,977 | +€1,561 | +7.6% |
| Recurring financial charges | 65 | €20,417 | €21,977 | +€1,561 | +7.6% |
| Profit (loss) for the period before taxes | 9903 | €24,265 | €30,653 | +€6,388 | +26.3% |
| Income taxes | 67/77 | - | €4,699 | +€4,699 | |
| Profit (loss) for the period | 9904 | €24,265 | €25,954 | +€1,689 | +7.0% |
| Profit (loss) for the period to be appropriated | 9905 | €24,265 | €25,954 | +€1,689 | +7.0% |
Source: filed annual accounts (NBB), fiscal years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 6 October 2026 via checked.be.