THALASSA: 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.
THALASSA
Largest movements
- Cash +€82,490
up €82,490 (+88.1%), from €93,649 to €176,139
mainly Depreciation (+€53,589) and Net result for the year (+€35,817)
- Tangible fixed assets -€53,589
down €53,589 (-9.4%), from €567,898 to €514,309
of which Other tangible fixed assets: -€27,797
- Stocks and contracts +€15,313
up €15,313 (+46.5%), from €32,909 to €48,222
- Reserves +€35,817
up €35,817 (+5.6%), from €634,079 to €669,896
of which Distributable reserves: +€41,780
- Gross operating margin +€12,786
up €12,786 (+12.0%), from €106,175 to €118,961
- Depreciation -€3,865
down €3,865 (-6.7%), from €57,454 to €53,589
- Taxes +€2,978
up €2,978 (+27.0%), from €11,028 to €14,006
- Financial charges -€2,651
down €2,651 (-20.8%), from €12,759 to €10,108
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.
Cash bridge derived
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 | €852,876 | €897,962 | +€45,086 | +5.3% |
| Fixed assets | 21/28 | €567,898 | €514,309 | -€53,589 | -9.4% |
| Tangible fixed assets | 22/27 | €567,898 | €514,309 | -€53,589 | -9.4% |
| Land and buildings | 22 | €500,272 | €480,633 | -€19,639 | -3.9% |
| Furniture and vehicles | 24 | €20,166 | €14,011 | -€6,154 | -30.5% |
| Other tangible fixed assets | 26 | €47,461 | €19,664 | -€27,797 | -58.6% |
| Current assets | 29/58 | €284,978 | €383,653 | +€98,675 | +34.6% |
| Stocks and contracts in progress | 3 | €32,909 | €48,222 | +€15,313 | +46.5% |
| Stocks | 30/36 | €32,909 | €48,222 | +€15,313 | +46.5% |
| Amounts receivable within one year | 40/41 | €648 | €1,697 | +€1,050 | +162.1% |
| Other amounts receivable | 41 | €648 | €1,697 | +€1,050 | +162.1% |
| Current investments | 50/53 | €153,943 | €154,960 | +€1,017 | +0.7% |
| Cash at bank and in hand | 54/58 | €93,649 | €176,139 | +€82,490 | +88.1% |
| Deferred charges and accrued income | 490/1 | €3,829 | €2,635 | -€1,195 | -31.2% |
| Total equity and liabilities | 10/49 | €852,876 | €897,962 | +€45,086 | +5.3% |
| Equity | 10/15 | €652,679 | €688,496 | +€35,817 | +5.5% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €634,079 | €669,896 | +€35,817 | +5.6% |
| Tax-exempt reserves | 132 | €94,502 | €88,538 | -€5,963 | -6.3% |
| Distributable reserves | 133 | €539,577 | €581,358 | +€41,780 | +7.7% |
| Provisions and deferred taxes | 16 | €9,563 | €8,072 | -€1,491 | -15.6% |
| Deferred taxes | 168 | €9,563 | €8,072 | -€1,491 | -15.6% |
| Amounts payable | 17/49 | €190,634 | €201,394 | +€10,760 | +5.6% |
| Amounts payable within one year | 42/48 | €189,705 | €201,394 | +€11,690 | +6.2% |
| Trade debts | 44 | €4,975 | €1,567 | -€3,408 | -68.5% |
| Suppliers | 440/4 | €4,975 | €1,567 | -€3,408 | -68.5% |
| Taxes, remuneration and social security | 45 | €20,779 | €29,677 | +€8,898 | +42.8% |
| Taxes | 450/3 | €18,204 | €27,102 | +€8,898 | +48.9% |
| Remuneration and social security | 454/9 | €2,575 | €2,575 | = | 0.0% |
| Other amounts payable | 47/48 | €163,951 | €170,150 | +€6,200 | +3.8% |
| Accrued charges and deferred income | 492/3 | €930 | €0 | -€930 | -100.0% |
| Non-recurring operating income | 76A | €0 | €25,665 | +€25,665 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €57,454 | €53,589 | -€3,865 | -6.7% |
| Other operating charges | 640/8 | €13,671 | €13,133 | -€538 | -3.9% |
| Gross operating margin | 9900 | €106,175 | €118,961 | +€12,786 | +12.0% |
| Operating profit (loss) | 9901 | €35,050 | €52,238 | +€17,189 | +49.0% |
| Financial income | 75/76B | €6,293 | €6,202 | -€91 | -1.4% |
| Recurring financial income | 75 | €6,293 | €6,202 | -€91 | -1.4% |
| Financial charges | 65/66B | €12,759 | €10,108 | -€2,651 | -20.8% |
| Recurring financial charges | 65 | €12,759 | €10,108 | -€2,651 | -20.8% |
| Profit (loss) for the period before taxes | 9903 | €28,584 | €48,332 | +€19,749 | +69.1% |
| Transfer from deferred taxes | 780 | €1,935 | €1,491 | -€444 | -23.0% |
| Income taxes | 67/77 | €11,028 | €14,006 | +€2,978 | +27.0% |
| Profit (loss) for the period | 9904 | €19,491 | €35,817 | +€16,326 | +83.8% |
| Transfer from tax-exempt reserves | 789 | €7,741 | €5,963 | -€1,778 | -23.0% |
| Profit (loss) for the period to be appropriated | 9905 | €27,232 | €41,780 | +€14,548 | +53.4% |
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 12 October 2026 via checked.be.