THALAMUS: 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.
THALAMUS
Largest movements
- Receivables within one year +€228,961
up €228,961 (+13.3%), from €1.7m to €1.9m
- Current investments -€201,918
down €201,918 (-100.0%), from €201,991 to €73
- Cash -€35,122
down €35,122 (-93.1%), from €37,733 to €2,611
mainly Receivables within one year (-€228,961) and Debts after one year (-€93,254)
- Tangible fixed assets -€25,917
down €25,917 (-32.0%), from €80,890 to €54,973
of which Furniture and vehicles: -€17,157
- Debts after one year -€93,254
down €93,254 (-80.4%), from €116,050 to €22,796
of which Financial debts: -€90,164
- Tax, wage and social debts +€63,673
up €63,673 (+147%), from €43,385 to €107,057
- Reserves -€26,726
down €26,726 (-1.5%), from €1.8m to €1.8m
of which Tax-exempt reserves: -€141,726
- Gross operating margin -€81,771
down €81,771 (-45.7%), from €179,081 to €97,310
- Taxes -€18,884
down €18,884 (-38.9%), from €48,546 to €29,662
- Financial income -€6,303
down €6,303 (-67.2%), from €9,380 to €3,077
- Financial charges -€3,789
down €3,789 (-54.2%), from €6,990 to €3,201
- Other operating charges +€2,167
up €2,167 (+51.1%), from €4,241 to €6,408
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 | €2,108,202 | €2,073,883 | -€34,319 | -1.6% |
| Fixed assets | 21/28 | €80,890 | €54,973 | -€25,917 | -32.0% |
| Tangible fixed assets | 22/27 | €80,890 | €54,973 | -€25,917 | -32.0% |
| Land and buildings | 22 | €14,130 | €14,130 | = | 0.0% |
| Plant, machinery and equipment | 23 | €38,082 | €29,321 | -€8,761 | -23.0% |
| Furniture and vehicles | 24 | €28,678 | €11,521 | -€17,157 | -59.8% |
| Current assets | 29/58 | €2,027,312 | €2,018,911 | -€8,401 | -0.4% |
| Amounts receivable after more than one year | 29 | €70,175 | €70,175 | = | 0.0% |
| Other amounts receivable | 291 | €70,175 | €70,175 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €1,715,801 | €1,944,762 | +€228,961 | +13.3% |
| Other amounts receivable | 41 | €1,715,801 | €1,944,762 | +€228,961 | +13.3% |
| Current investments | 50/53 | €201,991 | €73 | -€201,918 | -100.0% |
| Cash at bank and in hand | 54/58 | €37,733 | €2,611 | -€35,122 | -93.1% |
| Deferred charges and accrued income | 490/1 | €1,612 | €1,289 | -€323 | -20.0% |
| Total equity and liabilities | 10/49 | €2,108,202 | €2,073,883 | -€34,319 | -1.6% |
| Equity | 10/15 | €1,854,772 | €1,846,040 | -€8,732 | -0.5% |
| Contributions | 10/11 | €30,992 | €30,992 | = | 0.0% |
| Reserves | 13 | €1,820,312 | €1,793,586 | -€26,726 | -1.5% |
| Non-distributable reserves | 130/1 | €3,728 | €3,728 | = | 0.0% |
| Reserves not available under the articles | 1311 | €3,728 | €3,728 | = | 0.0% |
| Tax-exempt reserves | 132 | €160,476 | €18,750 | -€141,726 | -88.3% |
| Distributable reserves | 133 | €1,656,108 | €1,771,108 | +€115,000 | +6.9% |
| Profit (loss) carried forward | 14 | €3,469 | €21,463 | +€17,994 | +519% |
| Amounts payable | 17/49 | €253,430 | €227,843 | -€25,587 | -10.1% |
| Amounts payable after more than one year | 17 | €116,050 | €22,796 | -€93,254 | -80.4% |
| Financial debts | 170/4 | €112,960 | €22,796 | -€90,164 | -79.8% |
| Other amounts payable | 178/9 | €3,090 | €0 | -€3,090 | -100% |
| Amounts payable within one year | 42/48 | €137,380 | €198,844 | +€61,464 | +44.7% |
| Current portion of amounts payable after more than one year | 42 | €88,557 | €90,164 | +€1,607 | +1.8% |
| Trade debts | 44 | €5,438 | €1,622 | -€3,816 | -70.2% |
| Suppliers | 440/4 | €5,438 | €1,622 | -€3,816 | -70.2% |
| Taxes, remuneration and social security | 45 | €43,385 | €107,057 | +€63,673 | +147% |
| Taxes | 450/3 | €43,385 | €107,057 | +€63,673 | +147% |
| Accrued charges and deferred income | 492/3 | - | €6,203 | +€6,203 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €26,332 | €25,917 | -€415 | -1.6% |
| Other operating charges | 640/8 | €4,241 | €6,408 | +€2,167 | +51.1% |
| Gross operating margin | 9900 | €179,081 | €97,310 | -€81,771 | -45.7% |
| Operating profit (loss) | 9901 | €148,508 | €64,985 | -€83,523 | -56.2% |
| Financial income | 75/76B | €9,380 | €3,077 | -€6,303 | -67.2% |
| Recurring financial income | 75 | €9,380 | €3,077 | -€6,303 | -67.2% |
| Financial charges | 65/66B | €6,990 | €3,201 | -€3,789 | -54.2% |
| Recurring financial charges | 65 | €6,990 | €3,201 | -€3,789 | -54.2% |
| Profit (loss) for the period before taxes | 9903 | €150,898 | €64,861 | -€86,037 | -57.0% |
| Income taxes | 67/77 | €48,546 | €29,662 | -€18,884 | -38.9% |
| Profit (loss) for the period | 9904 | €102,352 | €35,200 | -€67,152 | -65.6% |
| Transfer from tax-exempt reserves | 789 | €10,000 | - | -€10,000 | |
| Profit (loss) for the period to be appropriated | 9905 | €112,352 | €35,200 | -€77,152 | -68.7% |
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 25 October 2026 via checked.be.