TIHON & CIE: what changed
TIHON & CIE
Largest movements
- Stocks and contracts +€26,238
up €26,238 (+35.8%), from €73,216 to €99,454
- Tangible fixed assets -€18,725
down €18,725 (-21.9%), from €85,598 to €66,872
of which Plant, machinery and equipment: -€10,368
- Receivables within one year -€13,478
down €13,478 (-67.3%), from €20,030 to €6,552
of which Trade receivables: -€13,481
- Cash +€3,711
up €3,711 (+69.5%), from €5,340 to €9,051
mainly Trade debts (+€67,909) and Other debts (+€54,000)
- Financial fixed assets -€2,800
down €2,800 (-83.0%), from €3,373 to €573
- Profit (loss) carried forward -€89,476
down €89,476 (-34.5%), from -€259,291 to -€348,767
- Trade debts +€67,909
up €67,909 (+99.1%), from €68,496 to €136,405
- Other debts +€54,000
up €54,000 (+92.2%), from €58,573 to €112,573
- Debts after one year -€44,612
down €44,612 (-43.6%), from €102,352 to €57,740
- Tax, wage and social debts +€8,340
up €8,340 (+121%), from €6,906 to €15,246
of which Taxes: +€11,901
- Gross operating margin -€55,655
down €55,655, from €9,671 to -€45,984
- Financial charges -€14,603
down €14,603 (-44.5%), from €32,801 to €18,197
- Other operating charges -€3,458
no longer reported in 2025 (was €3,458)
- Depreciation -€842
down €842 (-4.1%), from €20,542 to €19,700
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €203,527 | €195,458 | -€8,069 | -4.0% |
| Fixed assets | 21/28 | €103,636 | €79,583 | -€24,052 | -23.2% |
| Intangible fixed assets | 21 | €14,665 | €12,138 | -€2,527 | -17.2% |
| Tangible fixed assets | 22/27 | €85,598 | €66,872 | -€18,725 | -21.9% |
| Plant, machinery and equipment | 23 | €61,816 | €51,449 | -€10,368 | -16.8% |
| Furniture and vehicles | 24 | €17,959 | €12,587 | -€5,372 | -29.9% |
| Leasing and similar rights | 25 | €5,822 | €2,836 | -€2,985 | -51.3% |
| Financial fixed assets | 28 | €3,373 | €573 | -€2,800 | -83.0% |
| Current assets | 29/58 | €99,891 | €115,874 | +€15,983 | +16.0% |
| Stocks and contracts in progress | 3 | €73,216 | €99,454 | +€26,238 | +35.8% |
| Stocks | 30/36 | €73,216 | €99,454 | +€26,238 | +35.8% |
| Amounts receivable within one year | 40/41 | €20,030 | €6,552 | -€13,478 | -67.3% |
| Trade receivables | 40 | €20,030 | €6,550 | -€13,481 | -67.3% |
| Other amounts receivable | 41 | - | €2 | +€2 | |
| Cash at bank and in hand | 54/58 | €5,340 | €9,051 | +€3,711 | +69.5% |
| Deferred charges and accrued income | 490/1 | €1,306 | €818 | -€488 | -37.4% |
| Total equity and liabilities | 10/49 | €203,527 | €195,458 | -€8,069 | -4.0% |
| Equity | 10/15 | -€81,641 | -€171,117 | -€89,476 | -110% |
| Contributions | 10/11 | €171,400 | €171,400 | = | 0.0% |
| Capital | 10 | €171,400 | €171,400 | = | 0.0% |
| Issued capital | 100 | €171,400 | €171,400 | = | 0.0% |
| Reserves | 13 | €6,250 | €6,250 | = | 0.0% |
| Non-distributable reserves | 130/1 | €6,250 | €6,250 | = | 0.0% |
| Legal reserve | 130 | €6,250 | €6,250 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€259,291 | -€348,767 | -€89,476 | -34.5% |
| Amounts payable | 17/49 | €285,168 | €366,575 | +€81,407 | +28.5% |
| Amounts payable after more than one year | 17 | €102,352 | €57,740 | -€44,612 | -43.6% |
| Financial debts | 170/4 | €102,352 | €57,740 | -€44,612 | -43.6% |
| Amounts payable within one year | 42/48 | €182,816 | €308,835 | +€126,019 | +68.9% |
| Current portion of amounts payable after more than one year | 42 | €48,842 | €44,612 | -€4,230 | -8.7% |
| Trade debts | 44 | €68,496 | €136,405 | +€67,909 | +99.1% |
| Suppliers | 440/4 | €68,496 | €136,405 | +€67,909 | +99.1% |
| Taxes, remuneration and social security | 45 | €6,906 | €15,246 | +€8,340 | +121% |
| Taxes | 450/3 | €3,345 | €15,246 | +€11,901 | +356% |
| Remuneration and social security | 454/9 | €3,561 | - | -€3,561 | |
| Other amounts payable | 47/48 | €58,573 | €112,573 | +€54,000 | +92.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €20,542 | €19,700 | -€842 | -4.1% |
| Other operating charges | 640/8 | €3,458 | - | -€3,458 | |
| Non-recurring operating charges | 66A | €2,708 | €5,595 | +€2,888 | +107% |
| Gross operating margin | 9900 | €9,671 | -€45,984 | -€55,655 | |
| Operating profit (loss) | 9901 | -€17,036 | -€71,279 | -€54,243 | -318% |
| Financial income | 75/76B | €125 | - | -€125 | |
| Recurring financial income | 75 | €125 | - | -€125 | |
| Financial charges | 65/66B | €32,801 | €18,197 | -€14,603 | -44.5% |
| Recurring financial charges | 65 | €32,801 | €18,197 | -€14,603 | -44.5% |
| Profit (loss) for the period before taxes | 9903 | -€49,712 | -€89,476 | -€39,764 | -80.0% |
| Profit (loss) for the period | 9904 | -€49,712 | -€89,476 | -€39,764 | -80.0% |
| Profit (loss) for the period to be appropriated | 9905 | -€49,712 | -€89,476 | -€39,764 | -80.0% |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 5 November 2026 via checked.be.