Thales & Comenius: 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 & Comenius
Largest movements
- Receivables within one year -€16,008
down €16,008 (-39.9%), from €40,110 to €24,102
of which Trade receivables: -€12,312
- Cash -€15,093
down €15,093 (-15.1%), from €99,984 to €84,890
mainly Contributions, distributions and other (-€28,540) and Other debts (-€18,891)
- Tangible fixed assets -€12,539
down €12,539 (-33.5%), from €37,391 to €24,853
of which Furniture and vehicles: -€9,407
- Deferred charges and accrued income +€6,583
up €6,583 (+38.7%), from €17,028 to €23,611
- Other debts -€18,891
down €18,891 (-39.8%), from €47,431 to €28,540
- Tax, wage and social debts -€6,369
down €6,369 (-28.5%), from €22,379 to €16,010
- Trade debts -€6,155
down €6,155 (-62.5%), from €9,840 to €3,685
- Current portion of long-term debt -€5,719
down €5,719 (-83.3%), from €6,869 to €1,149
- Gross operating margin -€45,861
down €45,861 (-45.8%), from €100,223 to €54,362
- Other operating charges -€20,640
down €20,640 (-94.8%), from €21,779 to €1,140
- Taxes -€4,059
down €4,059 (-23.9%), from €16,978 to €12,920
- Depreciation -€3,190
down €3,190 (-20.3%), from €15,728 to €12,539
- Financial charges -€1,583
down €1,583 (-71.3%), from €2,220 to €637
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 | €254,514 | €217,456 | -€37,057 | -14.6% |
| Fixed assets | 21/28 | €37,391 | €24,853 | -€12,539 | -33.5% |
| Tangible fixed assets | 22/27 | €37,391 | €24,853 | -€12,539 | -33.5% |
| Land and buildings | 22 | €16,690 | €14,267 | -€2,422 | -14.5% |
| Plant, machinery and equipment | 23 | €404 | €27 | -€377 | -93.3% |
| Furniture and vehicles | 24 | €11,054 | €1,647 | -€9,407 | -85.1% |
| Other tangible fixed assets | 26 | €9,244 | €8,911 | -€333 | -3.6% |
| Current assets | 29/58 | €217,122 | €192,603 | -€24,519 | -11.3% |
| Amounts receivable after more than one year | 29 | €60,000 | €60,000 | = | 0.0% |
| Other amounts receivable | 291 | €60,000 | €60,000 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €40,110 | €24,102 | -€16,008 | -39.9% |
| Trade receivables | 40 | €24,914 | €12,602 | -€12,312 | -49.4% |
| Other amounts receivable | 41 | €15,196 | €11,500 | -€3,696 | -24.3% |
| Cash at bank and in hand | 54/58 | €99,984 | €84,890 | -€15,093 | -15.1% |
| Deferred charges and accrued income | 490/1 | €17,028 | €23,611 | +€6,583 | +38.7% |
| Total equity and liabilities | 10/49 | €254,514 | €217,456 | -€37,057 | -14.6% |
| Equity | 10/15 | €159,013 | €160,948 | +€1,934 | +1.2% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €140,413 | €142,348 | +€1,934 | +1.4% |
| Distributable reserves | 133 | €140,413 | €142,348 | +€1,934 | +1.4% |
| Amounts payable | 17/49 | €95,501 | €56,509 | -€38,992 | -40.8% |
| Amounts payable after more than one year | 17 | €1,149 | - | -€1,149 | |
| Financial debts | 170/4 | €1,149 | - | -€1,149 | |
| Amounts payable within one year | 42/48 | €94,351 | €56,509 | -€37,843 | -40.1% |
| Current portion of amounts payable after more than one year | 42 | €6,869 | €1,149 | -€5,719 | -83.3% |
| Financial debts | 43 | €7,832 | €7,124 | -€708 | -9.0% |
| Credit institutions | 430/8 | €7,832 | €7,124 | -€708 | -9.0% |
| Trade debts | 44 | €9,840 | €3,685 | -€6,155 | -62.5% |
| Suppliers | 440/4 | €9,840 | €3,685 | -€6,155 | -62.5% |
| Taxes, remuneration and social security | 45 | €22,379 | €16,010 | -€6,369 | -28.5% |
| Taxes | 450/3 | €22,379 | €16,010 | -€6,369 | -28.5% |
| Other amounts payable | 47/48 | €47,431 | €28,540 | -€18,891 | -39.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €15,728 | €12,539 | -€3,190 | -20.3% |
| Other operating charges | 640/8 | €21,779 | €1,140 | -€20,640 | -94.8% |
| Non-recurring operating charges | 66A | €592 | - | -€592 | |
| Gross operating margin | 9900 | €100,223 | €54,362 | -€45,861 | -45.8% |
| Operating profit (loss) | 9901 | €62,123 | €40,684 | -€21,439 | -34.5% |
| Financial income | 75/76B | €4,710 | €3,347 | -€1,363 | -28.9% |
| Recurring financial income | 75 | €4,710 | €3,347 | -€1,363 | -28.9% |
| Financial charges | 65/66B | €2,220 | €637 | -€1,583 | -71.3% |
| Recurring financial charges | 65 | €2,220 | €637 | -€1,583 | -71.3% |
| Profit (loss) for the period before taxes | 9903 | €64,613 | €43,394 | -€21,219 | -32.8% |
| Income taxes | 67/77 | €16,978 | €12,920 | -€4,059 | -23.9% |
| Profit (loss) for the period | 9904 | €47,635 | €30,475 | -€17,160 | -36.0% |
| Profit (loss) for the period to be appropriated | 9905 | €47,635 | €30,475 | -€17,160 | -36.0% |
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 10 October 2026 via checked.be.