Thalec: what changed
Two fiscal 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.
Thalec
Largest movements
- Cash -€40,468
down €40,468 (-93.6%), from €43,255 to €2,787
mainly Net result for the year (-€38,094) and Trade debts (-€11,673)
- Tangible fixed assets -€4,198
down €4,198 (-10.3%), from €40,800 to €36,602
- Deferred charges and accrued income +€1,316
new in 2025: €1,316
- Receivables within one year +€1,315
up €1,315 (+10.4%), from €12,632 to €13,947
of which Trade receivables: +€6,760
- Profit (loss) carried forward -€38,094
new in 2025: -€38,094
- Other debts +€12,896
up €12,896 (+334.5%), from €3,855 to €16,751
- Trade debts -€11,673
down €11,673 (-81.1%), from €14,396 to €2,723
- Tax, wage and social debts -€5,164
down €5,164 (-47.4%), from €10,889 to €5,725
of which Taxes: -€2,729
- Gross operating margin -€43,557
down €43,557, from €12,088 to -€31,468
- Depreciation +€3,126
up €3,126 (+291.4%), from €1,073 to €4,198
- Taxes -€2,902
down €2,902 (-94.9%), from €3,057 to €155
- Other operating charges +€465
up €465 (+394.2%), from €118 to €583
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 | €96,687 | €54,652 | -€42,035 | -43.5% |
| Fixed assets | 21/28 | €40,800 | €36,602 | -€4,198 | -10.3% |
| Tangible fixed assets | 22/27 | €40,800 | €36,602 | -€4,198 | -10.3% |
| Other tangible fixed assets | 26 | €40,800 | €36,602 | -€4,198 | -10.3% |
| Current assets | 29/58 | €55,887 | €18,050 | -€37,837 | -67.7% |
| Amounts receivable within one year | 40/41 | €12,632 | €13,947 | +€1,315 | +10.4% |
| Trade receivables | 40 | €7,175 | €13,934 | +€6,760 | +94.2% |
| Other amounts receivable | 41 | €5,457 | €13 | -€5,445 | -99.8% |
| Cash at bank and in hand | 54/58 | €43,255 | €2,787 | -€40,468 | -93.6% |
| Deferred charges and accrued income | 490/1 | - | €1,316 | +€1,316 | |
| Total equity and liabilities | 10/49 | €96,687 | €54,652 | -€42,035 | -43.5% |
| Equity | 10/15 | €67,548 | €29,454 | -€38,094 | -56.4% |
| Contributions | 10/11 | €2,500 | €2,500 | = | 0.0% |
| Reserves | 13 | €65,048 | €65,048 | = | 0.0% |
| Distributable reserves | 133 | €65,048 | €65,048 | = | 0.0% |
| Profit (loss) carried forward | 14 | - | -€38,094 | -€38,094 | |
| Amounts payable | 17/49 | €29,139 | €25,198 | -€3,941 | -13.5% |
| Amounts payable within one year | 42/48 | €29,139 | €25,198 | -€3,941 | -13.5% |
| Trade debts | 44 | €14,396 | €2,723 | -€11,673 | -81.1% |
| Suppliers | 440/4 | €14,396 | €2,723 | -€11,673 | -81.1% |
| Taxes, remuneration and social security | 45 | €10,889 | €5,725 | -€5,164 | -47.4% |
| Taxes | 450/3 | €8,454 | €5,725 | -€2,729 | -32.3% |
| Remuneration and social security | 454/9 | €2,435 | - | -€2,435 | |
| Other amounts payable | 47/48 | €3,855 | €16,751 | +€12,896 | +334.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,073 | €4,198 | +€3,126 | +291.4% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | €250 | +€250 | |
| Other operating charges | 640/8 | €118 | €583 | +€465 | +394.2% |
| Gross operating margin | 9900 | €12,088 | -€31,468 | -€43,557 | |
| Operating profit (loss) | 9901 | €10,898 | -€36,500 | -€47,398 | |
| Financial income | 75/76B | - | €0 | +€0 | |
| Recurring financial income | 75 | - | €0 | +€0 | |
| Financial charges | 65/66B | €1,378 | €1,439 | +€61 | +4.4% |
| Recurring financial charges | 65 | €1,378 | €1,439 | +€61 | +4.4% |
| Profit (loss) for the period before taxes | 9903 | €9,520 | -€37,939 | -€47,458 | |
| Income taxes | 67/77 | €3,057 | €155 | -€2,902 | -94.9% |
| Profit (loss) for the period | 9904 | €6,463 | -€38,094 | -€44,557 | |
| Profit (loss) for the period to be appropriated | 9905 | €6,463 | -€38,094 | -€44,557 |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 9 October 2026 via checked.be.