THAGASTE: 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.
THAGASTE
Largest movements
- Receivables within one year +€23,545
up €23,545 (+19.5%), from €120,486 to €144,030
of which Trade receivables: +€40,500
- Cash -€9,035
down €9,035 (-18.4%), from €49,016 to €39,980
mainly Trade debts (-€35,223) and Receivables within one year (-€23,545)
- Trade debts -€35,223
down €35,223 (-39.6%), from €88,974 to €53,752
- Profit (loss) carried forward +€20,003
up €20,003, from -€20,003 to €0
- Reserves +€14,589
up €14,589 (+733%), from €1,989 to €16,577
of which Distributable reserves: +€14,589
- Accrued charges and deferred income +€13,758
up €13,758, from €0 to €13,758
- Gross operating margin +€56,623
up €56,623 (+643%), from €8,805 to €65,428
- Other operating charges +€15,658
up €15,658 (+1,995%), from €785 to €16,443
- Taxes +€14,245
new in 2025: €14,245
- Depreciation -€3,106
down €3,106 (-100%), from €3,106 to €0
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 | €171,268 | €185,167 | +€13,898 | +8.1% |
| Fixed assets | 21/28 | €1,767 | €0 | -€1,767 | -100% |
| Tangible fixed assets | 22/27 | €1,767 | €0 | -€1,767 | -100% |
| Plant, machinery and equipment | 23 | €0 | - | = | |
| Furniture and vehicles | 24 | €1,767 | €0 | -€1,767 | -100% |
| Current assets | 29/58 | €169,501 | €185,167 | +€15,665 | +9.2% |
| Amounts receivable within one year | 40/41 | €120,486 | €144,030 | +€23,545 | +19.5% |
| Trade receivables | 40 | €51,635 | €92,135 | +€40,500 | +78.4% |
| Other amounts receivable | 41 | €68,851 | €51,895 | -€16,956 | -24.6% |
| Cash at bank and in hand | 54/58 | €49,016 | €39,980 | -€9,035 | -18.4% |
| Deferred charges and accrued income | 490/1 | €0 | €1,156 | +€1,156 | |
| Total equity and liabilities | 10/49 | €171,268 | €185,167 | +€13,898 | +8.1% |
| Equity | 10/15 | €81,986 | €116,577 | +€34,592 | +42.2% |
| Contributions | 10/11 | €100,000 | €100,000 | = | 0.0% |
| Reserves | 13 | €1,989 | €16,577 | +€14,589 | +733% |
| Non-distributable reserves | 130/1 | €1,989 | €1,989 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,989 | €1,989 | = | 0.0% |
| Distributable reserves | 133 | - | €14,589 | +€14,589 | |
| Profit (loss) carried forward | 14 | -€20,003 | €0 | +€20,003 | |
| Amounts payable | 17/49 | €89,283 | €68,589 | -€20,694 | -23.2% |
| Amounts payable within one year | 42/48 | €89,283 | €54,831 | -€34,452 | -38.6% |
| Trade debts | 44 | €88,974 | €53,752 | -€35,223 | -39.6% |
| Suppliers | 440/4 | €88,974 | €53,752 | -€35,223 | -39.6% |
| Taxes, remuneration and social security | 45 | €308 | €1,079 | +€771 | +250% |
| Taxes | 450/3 | €308 | €1,079 | +€771 | +250% |
| Accrued charges and deferred income | 492/3 | €0 | €13,758 | +€13,758 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €3,106 | €0 | -€3,106 | -100% |
| Other operating charges | 640/8 | €785 | €16,443 | +€15,658 | +1,995% |
| Gross operating margin | 9900 | €8,805 | €65,428 | +€56,623 | +643% |
| Operating profit (loss) | 9901 | €4,915 | €48,985 | +€44,070 | +897% |
| Financial income | 75/76B | €150 | €450 | +€299 | +199% |
| Recurring financial income | 75 | €150 | €450 | +€299 | +199% |
| Financial charges | 65/66B | €159 | €598 | +€438 | +275% |
| Recurring financial charges | 65 | €159 | €598 | +€438 | +275% |
| Profit (loss) for the period before taxes | 9903 | €4,906 | €48,837 | +€43,931 | +895% |
| Income taxes | 67/77 | - | €14,245 | +€14,245 | |
| Profit (loss) for the period | 9904 | €4,906 | €34,592 | +€29,686 | +605% |
| Profit (loss) for the period to be appropriated | 9905 | €4,906 | €34,592 | +€29,686 | +605% |
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 15 October 2026 via checked.be.