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 -€559,677
down €559,677 (-51.3%), from €1.1m to €530,499
mainly Investment in fixed assets (net) (-€461,406) and Current investments (-€410,000)
- Current investments +€410,000
up €410,000 (+30.4%), from €1.4m to €1.8m
- Tangible fixed assets +€390,387
up €390,387 (+167%), from €234,062 to €624,449
of which Land and buildings: +€371,544
- Deferred charges and accrued income +€182,750
up €182,750 (+12.7%), from €1.4m to €1.6m
- Receivables within one year +€172,089
up €172,089 (+386%), from €44,604 to €216,694
of which Trade receivables: +€153,430
- Accrued charges and deferred income +€359,539
up €359,539 (+26.7%), from €1.3m to €1.7m
- Reserves +€286,744
up €286,744 (+33.9%), from €845,947 to €1.1m
of which Distributable reserves: +€368,431
- Advances received -€258,183
down €258,183 (-17.3%), from €1.5m to €1.2m
- Other debts +€135,183
new in 2025: €135,183
- Trade debts +€89,292
up €89,292 (+51.5%), from €173,226 to €262,519
- Gross operating margin +€71,953
up €71,953 (+8.2%), from €882,853 to €954,806
- Depreciation +€58,221
up €58,221 (+437%), from €13,312 to €71,533
- Staff costs +€34,990
up €34,990 (+13.5%), from €259,722 to €294,711
- Financial income +€19,030
up €19,030 (+53.0%), from €35,916 to €54,946
- Taxes +€11,787
up €11,787 (+5.8%), from €203,971 to €215,758
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 | €4,163,219 | €4,758,254 | +€595,035 | +14.3% |
| Fixed assets | 21/28 | €242,093 | €631,965 | +€389,873 | +161% |
| Intangible fixed assets | 21 | €711 | €197 | -€514 | -72.3% |
| Tangible fixed assets | 22/27 | €234,062 | €624,449 | +€390,387 | +167% |
| Land and buildings | 22 | €202,167 | €573,710 | +€371,544 | +184% |
| Plant, machinery and equipment | 23 | €972 | €17,570 | +€16,598 | +1,707% |
| Furniture and vehicles | 24 | €30,924 | €33,169 | +€2,245 | +7.3% |
| Financial fixed assets | 28 | €7,320 | €7,320 | = | 0.0% |
| Current assets | 29/58 | €3,921,127 | €4,126,289 | +€205,162 | +5.2% |
| Amounts receivable within one year | 40/41 | €44,604 | €216,694 | +€172,089 | +386% |
| Trade receivables | 40 | €31,979 | €185,409 | +€153,430 | +480% |
| Other amounts receivable | 41 | €12,625 | €31,285 | +€18,660 | +148% |
| Current investments | 50/53 | €1,350,000 | €1,760,000 | +€410,000 | +30.4% |
| Cash at bank and in hand | 54/58 | €1,090,175 | €530,499 | -€559,677 | -51.3% |
| Deferred charges and accrued income | 490/1 | €1,436,347 | €1,619,097 | +€182,750 | +12.7% |
| Total equity and liabilities | 10/49 | €4,163,219 | €4,758,254 | +€595,035 | +14.3% |
| Equity | 10/15 | €1,062,107 | €1,338,707 | +€276,600 | +26.0% |
| Contributions | 10/11 | €25,786 | €15,642 | -€10,144 | -39.3% |
| Revaluation surpluses | 12 | €150,000 | €150,000 | = | 0.0% |
| Reserves | 13 | €845,947 | €1,132,691 | +€286,744 | +33.9% |
| Tax-exempt reserves | 132 | €120,804 | €39,118 | -€81,687 | -67.6% |
| Distributable reserves | 133 | €725,143 | €1,093,573 | +€368,431 | +50.8% |
| Profit (loss) carried forward | 14 | €40,374 | €40,374 | = | 0.0% |
| Amounts payable | 17/49 | €3,101,113 | €3,419,547 | +€318,435 | +10.3% |
| Amounts payable within one year | 42/48 | €1,753,162 | €1,712,058 | -€41,105 | -2.3% |
| Trade debts | 44 | €173,226 | €262,519 | +€89,292 | +51.5% |
| Suppliers | 440/4 | €173,226 | €262,519 | +€89,292 | +51.5% |
| Advances received on contracts in progress | 46 | €1,489,171 | €1,230,987 | -€258,183 | -17.3% |
| Taxes, remuneration and social security | 45 | €90,765 | €83,368 | -€7,397 | -8.1% |
| Taxes | 450/3 | €60,984 | €49,618 | -€11,366 | -18.6% |
| Remuneration and social security | 454/9 | €29,782 | €33,750 | +€3,969 | +13.3% |
| Other amounts payable | 47/48 | - | €135,183 | +€135,183 | |
| Accrued charges and deferred income | 492/3 | €1,347,950 | €1,707,489 | +€359,539 | +26.7% |
| Remuneration, social security and pensions | 62 | €259,722 | €294,711 | +€34,990 | +13.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €13,312 | €71,533 | +€58,221 | +437% |
| Other operating charges | 640/8 | €7,737 | €8,458 | +€721 | +9.3% |
| Gross operating margin | 9900 | €882,853 | €954,806 | +€71,953 | +8.2% |
| Operating profit (loss) | 9901 | €602,082 | €580,103 | -€21,979 | -3.7% |
| Financial income | 75/76B | €35,916 | €54,946 | +€19,030 | +53.0% |
| Recurring financial income | 75 | €35,916 | €54,946 | +€19,030 | +53.0% |
| Financial charges | 65/66B | €7,325 | €7,507 | +€183 | +2.5% |
| Recurring financial charges | 65 | €7,325 | €7,507 | +€183 | +2.5% |
| Profit (loss) for the period before taxes | 9903 | €630,673 | €627,542 | -€3,131 | -0.5% |
| Income taxes | 67/77 | €203,971 | €215,758 | +€11,787 | +5.8% |
| Profit (loss) for the period | 9904 | €426,702 | €411,784 | -€14,918 | -3.5% |
| Transfer from tax-exempt reserves | 789 | - | €81,687 | +€81,687 | |
| Profit (loss) for the period to be appropriated | 9905 | €426,702 | €493,470 | +€66,769 | +15.6% |
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 16 October 2026 via checked.be.