THALES BRUSSELS: 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.
THALES BRUSSELS
Largest movements
- Receivables within one year +€265,981
up €265,981 (+24.8%), from €1.1m to €1.3m
of which Trade receivables: +€260,531
- Cash +€67,829
up €67,829 (+33.3%), from €203,852 to €271,681
mainly Net result for the year (+€1.1m) and Other debts (+€152,461)
- Other debts +€152,461
up €152,461 (+16.6%), from €916,334 to €1.1m
- Trade debts +€96,728
up €96,728 (+25.4%), from €380,166 to €476,894
- Tax, wage and social debts +€66,755
up €66,755 (+167%), from €40,062 to €106,817
of which Taxes: +€73,816
- Gross operating margin +€171,403
up €171,403 (+14.9%), from €1.2m to €1.3m
- Other operating charges +€26,749
up €26,749 (+703%), from €3,803 to €30,553
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 | €1,342,714 | €1,656,932 | +€314,218 | +23.4% |
| Fixed assets | 21/28 | €51,577 | €37,835 | -€13,741 | -26.6% |
| Tangible fixed assets | 22/27 | €47,207 | €33,465 | -€13,741 | -29.1% |
| Furniture and vehicles | 24 | €14,848 | €12,893 | -€1,955 | -13.2% |
| Leasing and similar rights | 25 | €6,719 | €3,135 | -€3,583 | -53.3% |
| Other tangible fixed assets | 26 | €25,640 | €17,437 | -€8,203 | -32.0% |
| Financial fixed assets | 28 | €4,370 | €4,370 | = | 0.0% |
| Current assets | 29/58 | €1,291,137 | €1,619,097 | +€327,960 | +25.4% |
| Amounts receivable within one year | 40/41 | €1,073,265 | €1,339,246 | +€265,981 | +24.8% |
| Trade receivables | 40 | €1,072,586 | €1,333,117 | +€260,531 | +24.3% |
| Other amounts receivable | 41 | €679 | €6,129 | +€5,450 | +803% |
| Cash at bank and in hand | 54/58 | €203,852 | €271,681 | +€67,829 | +33.3% |
| Deferred charges and accrued income | 490/1 | €14,020 | €8,170 | -€5,850 | -41.7% |
| Total equity and liabilities | 10/49 | €1,342,714 | €1,656,932 | +€314,218 | +23.4% |
| Equity | 10/15 | €600 | €600 | = | 0.0% |
| Contributions | 10/11 | €600 | €600 | = | 0.0% |
| Amounts payable | 17/49 | €1,342,114 | €1,656,332 | +€314,218 | +23.4% |
| Amounts payable after more than one year | 17 | €3,826 | €1,954 | -€1,871 | -48.9% |
| Financial debts | 170/4 | €3,826 | €1,954 | -€1,871 | -48.9% |
| Amounts payable within one year | 42/48 | €1,338,288 | €1,654,378 | +€316,090 | +23.6% |
| Current portion of amounts payable after more than one year | 42 | €1,726 | €1,871 | +€146 | +8.4% |
| Trade debts | 44 | €380,166 | €476,894 | +€96,728 | +25.4% |
| Suppliers | 440/4 | €380,166 | €476,894 | +€96,728 | +25.4% |
| Taxes, remuneration and social security | 45 | €40,062 | €106,817 | +€66,755 | +167% |
| Taxes | 450/3 | €17,069 | €90,885 | +€73,816 | +432% |
| Remuneration and social security | 454/9 | €22,993 | €15,932 | -€7,061 | -30.7% |
| Other amounts payable | 47/48 | €916,334 | €1,068,795 | +€152,461 | +16.6% |
| Remuneration, social security and pensions | 62 | €198,762 | €199,621 | +€859 | +0.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €20,682 | €20,016 | -€666 | -3.2% |
| Other operating charges | 640/8 | €3,803 | €30,553 | +€26,749 | +703% |
| Gross operating margin | 9900 | €1,150,710 | €1,322,114 | +€171,403 | +14.9% |
| Operating profit (loss) | 9901 | €927,463 | €1,071,924 | +€144,461 | +15.6% |
| Financial income | 75/76B | €28 | €5 | -€23 | -82.7% |
| Recurring financial income | 75 | €28 | €5 | -€23 | -82.7% |
| Financial charges | 65/66B | €530 | €1,133 | +€603 | +114% |
| Recurring financial charges | 65 | €530 | €1,133 | +€603 | +114% |
| Profit (loss) for the period before taxes | 9903 | €926,961 | €1,070,796 | +€143,835 | +15.5% |
| Income taxes | 67/77 | €11,420 | €11,451 | +€31 | +0.3% |
| Profit (loss) for the period | 9904 | €915,541 | €1,059,345 | +€143,804 | +15.7% |
| Profit (loss) for the period to be appropriated | 9905 | €915,541 | €1,059,345 | +€143,804 | +15.7% |
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 16 October 2026 via checked.be.