THOPERMAX: 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.
THOPERMAX
Largest movements
- Tangible fixed assets -€53,966
down €53,966 (-12.1%), from €445,763 to €391,797
- Cash +€13,917
up €13,917 (+44.4%), from €31,320 to €45,237
mainly Depreciation (+€39,572) and Investment in fixed assets (net) (+€14,395)
- Receivables within one year -€11,301
down €11,301 (-15.8%), from €71,584 to €60,282
of which Other amounts receivable: -€55,795
- Other debts -€60,185
down €60,185 (-32.0%), from €187,822 to €127,637
- Profit (loss) carried forward +€24,647
up €24,647 (+88.8%), from -€27,749 to -€3,102
- Debts after one year -€15,982
down €15,982 (-48.8%), from €32,773 to €16,791
- Revaluation surpluses -€13,917
down €13,917 (-6.0%), from €232,832 to €218,916
- Tax, wage and social debts +€6,872
up €6,872 (+144%), from €4,784 to €11,656
- Gross operating margin -€2,267
down €2,267 (-3.0%), from €75,109 to €72,842
- Taxes +€2,005
up €2,005 (+17.9%), from €11,175 to €13,180
- Depreciation -€1,944
down €1,944 (-4.7%), from €41,516 to €39,572
- Other operating charges +€1,706
up €1,706 (+35.4%), from €4,816 to €6,522
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 | €552,145 | €500,940 | -€51,205 | -9.3% |
| Fixed assets | 21/28 | €446,353 | €392,387 | -€53,966 | -12.1% |
| Tangible fixed assets | 22/27 | €445,763 | €391,797 | -€53,966 | -12.1% |
| Land and buildings | 22 | €380,173 | €353,417 | -€26,756 | -7.0% |
| Plant, machinery and equipment | 23 | €36,013 | €29,721 | -€6,292 | -17.5% |
| Furniture and vehicles | 24 | €15,182 | €8,659 | -€6,524 | -43.0% |
| Other tangible fixed assets | 26 | €14,395 | - | -€14,395 | |
| Financial fixed assets | 28 | €590 | €590 | = | 0.0% |
| Current assets | 29/58 | €105,791 | €108,553 | +€2,762 | +2.6% |
| Amounts receivable within one year | 40/41 | €71,584 | €60,282 | -€11,301 | -15.8% |
| Trade receivables | 40 | €15,789 | €60,282 | +€44,493 | +282% |
| Other amounts receivable | 41 | €55,795 | - | -€55,795 | |
| Cash at bank and in hand | 54/58 | €31,320 | €45,237 | +€13,917 | +44.4% |
| Deferred charges and accrued income | 490/1 | €2,888 | €3,034 | +€146 | +5.0% |
| Total equity and liabilities | 10/49 | €552,145 | €500,940 | -€51,205 | -9.3% |
| Equity | 10/15 | €294,835 | €305,565 | +€10,730 | +3.6% |
| Contributions | 10/11 | €87,892 | €87,892 | = | 0.0% |
| Revaluation surpluses | 12 | €232,832 | €218,916 | -€13,917 | -6.0% |
| Reserves | 13 | €1,859 | €1,859 | = | 0.0% |
| Distributable reserves | 133 | €1,859 | €1,859 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€27,749 | -€3,102 | +€24,647 | +88.8% |
| Amounts payable | 17/49 | €257,310 | €195,375 | -€61,935 | -24.1% |
| Amounts payable after more than one year | 17 | €32,773 | €16,791 | -€15,982 | -48.8% |
| Financial debts | 170/4 | €32,773 | €16,791 | -€15,982 | -48.8% |
| Amounts payable within one year | 42/48 | €224,327 | €178,439 | -€45,888 | -20.5% |
| Current portion of amounts payable after more than one year | 42 | €16,446 | €17,279 | +€833 | +5.1% |
| Trade debts | 44 | €15,276 | €21,867 | +€6,591 | +43.1% |
| Suppliers | 440/4 | €15,276 | €21,867 | +€6,591 | +43.1% |
| Taxes, remuneration and social security | 45 | €4,784 | €11,656 | +€6,872 | +144% |
| Taxes | 450/3 | €4,784 | €11,656 | +€6,872 | +144% |
| Other amounts payable | 47/48 | €187,822 | €127,637 | -€60,185 | -32.0% |
| Accrued charges and deferred income | 492/3 | €210 | €145 | -€65 | -30.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €41,516 | €39,572 | -€1,944 | -4.7% |
| Other operating charges | 640/8 | €4,816 | €6,522 | +€1,706 | +35.4% |
| Non-recurring operating charges | 66A | €6,031 | - | -€6,031 | |
| Gross operating margin | 9900 | €75,109 | €72,842 | -€2,267 | -3.0% |
| Operating profit (loss) | 9901 | €22,745 | €26,748 | +€4,003 | +17.6% |
| Financial income | 75/76B | €1 | €0 | -€1 | -99.3% |
| Recurring financial income | 75 | €1 | €0 | -€1 | -99.3% |
| Financial charges | 65/66B | €3,579 | €2,838 | -€741 | -20.7% |
| Recurring financial charges | 65 | €3,579 | €2,838 | -€741 | -20.7% |
| Profit (loss) for the period before taxes | 9903 | €19,168 | €23,910 | +€4,742 | +24.7% |
| Income taxes | 67/77 | €11,175 | €13,180 | +€2,005 | +17.9% |
| Profit (loss) for the period | 9904 | €7,993 | €10,730 | +€2,737 | +34.2% |
| Profit (loss) for the period to be appropriated | 9905 | €7,993 | €10,730 | +€2,737 | +34.2% |
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 20 October 2026 via checked.be.