Galerij Thiels: 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.
Galerij Thiels
Largest movements
- Cash +€64,119
up €64,119 (+54.8%), from €116,967 to €181,086
mainly Net result for the year (+€102,514) and Tax, wage and social debts (+€9,392)
- Receivables within one year +€26,684
up €26,684 (+135%), from €19,753 to €46,437
of which Other amounts receivable: +€34,732
- Stocks and contracts +€13,791
up €13,791 (+21.8%), from €63,294 to €77,085
- Reserves +€102,514
up €102,514 (+149%), from €68,610 to €171,125
- Debts after one year -€15,000
down €15,000 (-30.0%), from €50,000 to €35,000
- Tax, wage and social debts +€9,392
up €9,392 (+23.1%), from €40,716 to €50,108
- Trade debts +€7,252
up €7,252 (+4,946%), from €147 to €7,399
- Gross operating margin +€44,617
up €44,617 (+51.1%), from €87,397 to €132,013
- Taxes +€10,720
up €10,720 (+61.1%), from €17,545 to €28,265
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 | €200,014 | €306,780 | +€106,766 | +53.4% |
| Current assets | 29/58 | €200,014 | €306,780 | +€106,766 | +53.4% |
| Stocks and contracts in progress | 3 | €63,294 | €77,085 | +€13,791 | +21.8% |
| Stocks | 30/36 | €63,294 | €77,085 | +€13,791 | +21.8% |
| Amounts receivable within one year | 40/41 | €19,753 | €46,437 | +€26,684 | +135% |
| Trade receivables | 40 | €19,753 | €11,705 | -€8,049 | -40.7% |
| Other amounts receivable | 41 | - | €34,732 | +€34,732 | |
| Cash at bank and in hand | 54/58 | €116,967 | €181,086 | +€64,119 | +54.8% |
| Deferred charges and accrued income | 490/1 | - | €2,173 | +€2,173 | |
| Total equity and liabilities | 10/49 | €200,014 | €306,780 | +€106,766 | +53.4% |
| Equity | 10/15 | €88,610 | €191,125 | +€102,514 | +116% |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Reserves | 13 | €68,610 | €171,125 | +€102,514 | +149% |
| Distributable reserves | 133 | €68,610 | €171,125 | +€102,514 | +149% |
| Amounts payable | 17/49 | €111,404 | €115,656 | +€4,252 | +3.8% |
| Amounts payable after more than one year | 17 | €50,000 | €35,000 | -€15,000 | -30.0% |
| Other amounts payable | 178/9 | €50,000 | €35,000 | -€15,000 | -30.0% |
| Amounts payable within one year | 42/48 | €61,404 | €80,656 | +€19,252 | +31.4% |
| Financial debts | 43 | €15,000 | €15,000 | = | 0.0% |
| Other loans | 439 | €15,000 | €15,000 | = | 0.0% |
| Trade debts | 44 | €147 | €7,399 | +€7,252 | +4,946% |
| Suppliers | 440/4 | €147 | €7,399 | +€7,252 | +4,946% |
| Taxes, remuneration and social security | 45 | €40,716 | €50,108 | +€9,392 | +23.1% |
| Taxes | 450/3 | €40,716 | €50,108 | +€9,392 | +23.1% |
| Other amounts payable | 47/48 | €5,541 | €8,149 | +€2,608 | +47.1% |
| Other operating charges | 640/8 | €1,256 | €956 | -€300 | -23.9% |
| Gross operating margin | 9900 | €87,397 | €132,013 | +€44,617 | +51.1% |
| Operating profit (loss) | 9901 | €86,141 | €131,057 | +€44,917 | +52.1% |
| Financial income | 75/76B | €51 | €73 | +€21 | +41.3% |
| Recurring financial income | 75 | €51 | €73 | +€21 | +41.3% |
| Financial charges | 65/66B | €36 | €351 | +€315 | +868% |
| Recurring financial charges | 65 | €36 | €351 | +€315 | +868% |
| Profit (loss) for the period before taxes | 9903 | €86,156 | €130,779 | +€44,623 | +51.8% |
| Income taxes | 67/77 | €17,545 | €28,265 | +€10,720 | +61.1% |
| Profit (loss) for the period | 9904 | €68,610 | €102,514 | +€33,904 | +49.4% |
| Profit (loss) for the period to be appropriated | 9905 | €68,610 | €102,514 | +€33,904 | +49.4% |
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 18 October 2026 via checked.be.