THALES: 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.
THALES
Largest movements
- Current investments -€662,458
down €662,458 (-24.2%), from €2.7m to €2.1m
- Cash +€215,438
up €215,438 (+49.0%), from €439,643 to €655,081
mainly Current investments (+€662,458) and Depreciation (+€172,335)
- Tangible fixed assets +€195,953
up €195,953 (+5.7%), from €3.4m to €3.6m
of which Plant, machinery and equipment: +€303,989
- Financial fixed assets +€124,998
up €124,998 (+9.5%), from €1.3m to €1.4m
- Profit (loss) carried forward -€110,054
down €110,054, from €42,659 to -€67,395
- Financial income -€86,803
down €86,803 (-53.0%), from €163,701 to €76,898
- Gross operating margin -€12,470
down €12,470, from €5,071 to -€7,399
- Financial charges -€10,559
down €10,559 (-50.1%), from €21,074 to €10,515
of which Financial charges: -€13,017
- Other operating charges +€4,740
up €4,740 (+25.7%), from €18,423 to €23,164
- Depreciation +€1,365
up €1,365 (+0.8%), from €170,970 to €172,335
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 | €8,120,410 | €7,989,016 | -€131,394 | -1.6% |
| Fixed assets | 21/28 | €4,727,172 | €5,048,122 | +€320,951 | +6.8% |
| Tangible fixed assets | 22/27 | €3,410,540 | €3,606,493 | +€195,953 | +5.7% |
| Land and buildings | 22 | €3,183,076 | €3,084,009 | -€99,067 | -3.1% |
| Plant, machinery and equipment | 23 | €167,983 | €471,972 | +€303,989 | +181.0% |
| Furniture and vehicles | 24 | €40,329 | €16,825 | -€23,504 | -58.3% |
| Other tangible fixed assets | 26 | €19,152 | €33,686 | +€14,534 | +75.9% |
| Financial fixed assets | 28 | €1,316,632 | €1,441,630 | +€124,998 | +9.5% |
| Current assets | 29/58 | €3,393,238 | €2,940,893 | -€452,345 | -13.3% |
| Amounts receivable within one year | 40/41 | €169,944 | €176,263 | +€6,319 | +3.7% |
| Trade receivables | 40 | €15,652 | €3,462 | -€12,190 | -77.9% |
| Other amounts receivable | 41 | €154,292 | €172,801 | +€18,509 | +12.0% |
| Current investments | 50/53 | €2,732,386 | €2,069,928 | -€662,458 | -24.2% |
| Cash at bank and in hand | 54/58 | €439,643 | €655,081 | +€215,438 | +49.0% |
| Deferred charges and accrued income | 490/1 | €51,266 | €39,621 | -€11,644 | -22.7% |
| Total equity and liabilities | 10/49 | €8,120,410 | €7,989,016 | -€131,394 | -1.6% |
| Equity | 10/15 | €7,871,839 | €7,736,347 | -€135,491 | -1.7% |
| Contributions | 10/11 | €334,656 | €334,656 | = | 0.0% |
| Capital | 10 | €334,656 | €334,656 | = | 0.0% |
| Issued capital | 100 | €334,656 | €334,656 | = | 0.0% |
| Reserves | 13 | €7,494,523 | €7,469,086 | -€25,437 | -0.3% |
| Non-distributable reserves | 130/1 | €33,466 | €33,466 | = | 0.0% |
| Legal reserve | 130 | €33,466 | €33,466 | = | 0.0% |
| Tax-exempt reserves | 132 | €547,058 | €521,620 | -€25,437 | -4.6% |
| Distributable reserves | 133 | €6,914,000 | €6,914,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €42,659 | -€67,395 | -€110,054 | |
| Provisions and deferred taxes | 16 | €182,353 | €173,873 | -€8,479 | -4.6% |
| Deferred taxes | 168 | €182,353 | €173,873 | -€8,479 | -4.6% |
| Amounts payable | 17/49 | €66,219 | €78,795 | +€12,576 | +19.0% |
| Amounts payable within one year | 42/48 | €46,205 | €63,232 | +€17,028 | +36.9% |
| Financial debts | 43 | €4,949 | - | -€4,949 | |
| Credit institutions | 430/8 | €4,949 | - | -€4,949 | |
| Trade debts | 44 | €16,366 | €37,749 | +€21,383 | +130.7% |
| Suppliers | 440/4 | €16,366 | €37,749 | +€21,383 | +130.7% |
| Taxes, remuneration and social security | 45 | €9,029 | €14,719 | +€5,690 | +63.0% |
| Taxes | 450/3 | €9,029 | €14,719 | +€5,690 | +63.0% |
| Other amounts payable | 47/48 | €15,860 | €10,764 | -€5,097 | -32.1% |
| Accrued charges and deferred income | 492/3 | €20,014 | €15,563 | -€4,452 | -22.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €170,970 | €172,335 | +€1,365 | +0.8% |
| Other operating charges | 640/8 | €18,423 | €23,164 | +€4,740 | +25.7% |
| Non-recurring operating charges | 66A | - | €5,010 | +€5,010 | |
| Gross operating margin | 9900 | €5,071 | -€7,399 | -€12,470 | |
| Operating profit (loss) | 9901 | -€184,322 | -€207,908 | -€23,586 | -12.8% |
| Financial income | 75/76B | €163,701 | €76,898 | -€86,803 | -53.0% |
| Recurring financial income | 75 | €163,701 | €76,898 | -€86,803 | -53.0% |
| Financial charges | 65/66B | €21,074 | €10,515 | -€10,559 | -50.1% |
| Recurring financial charges | 65 | €21,074 | €8,057 | -€13,017 | -61.8% |
| Non-recurring financial charges | 66B | - | €2,458 | +€2,458 | |
| Profit (loss) for the period before taxes | 9903 | -€41,696 | -€141,525 | -€99,829 | -239.4% |
| Transfer from deferred taxes | 780 | €6,812 | €8,479 | +€1,667 | +24.5% |
| Income taxes | 67/77 | €1,659 | €2,446 | +€786 | +47.4% |
| Profit (loss) for the period | 9904 | -€36,543 | -€135,491 | -€98,948 | -270.8% |
| Transfer from tax-exempt reserves | 789 | €20,435 | €25,437 | +€5,002 | +24.5% |
| Profit (loss) for the period to be appropriated | 9905 | -€16,108 | -€110,054 | -€93,946 | -583.2% |
Source: filed annual accounts (NBB), fiscal years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 6 October 2026 via checked.be.