THALES ENGINEERING: 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 ENGINEERING
Largest movements
- Cash +€11,363
up €11,363 (+39.4%), from €28,840 to €40,202
mainly Net result for the year (+€24,243) and Trade debts (+€869)
- Receivables within one year +€7,601
up €7,601 (+59,199%), from €13 to €7,614
of which Trade receivables: +€7,614
- Profit (loss) carried forward +€24,243
up €24,243 (+184%), from €13,155 to €37,397
- Other debts -€4,274
down €4,274 (-94.5%), from €4,523 to €249
- Tax, wage and social debts -€1,649
down €1,649 (-20.9%), from €7,882 to €6,233
- Trade debts +€869
new in 2025: €869
- Gross operating margin +€15,071
up €15,071 (+89.9%), from €16,769 to €31,840
- Taxes +€3,629
up €3,629 (+112%), from €3,251 to €6,880
- Depreciation +€484
up €484 (+312%), from €155 to €639
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 | €30,560 | €49,749 | +€19,189 | +62.8% |
| Fixed assets | 21/28 | €1,708 | €1,538 | -€169 | -9.9% |
| Tangible fixed assets | 22/27 | €1,708 | €1,538 | -€169 | -9.9% |
| Furniture and vehicles | 24 | €1,708 | €1,538 | -€169 | -9.9% |
| Current assets | 29/58 | €28,853 | €48,211 | +€19,358 | +67.1% |
| Amounts receivable within one year | 40/41 | €13 | €7,614 | +€7,601 | +59,199% |
| Trade receivables | 40 | - | €7,614 | +€7,614 | |
| Other amounts receivable | 41 | €13 | - | -€13 | |
| Cash at bank and in hand | 54/58 | €28,840 | €40,202 | +€11,363 | +39.4% |
| Deferred charges and accrued income | 490/1 | - | €394 | +€394 | |
| Total equity and liabilities | 10/49 | €30,560 | €49,749 | +€19,189 | +62.8% |
| Equity | 10/15 | €18,155 | €42,397 | +€24,243 | +134% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Capital | 10 | €5,000 | €5,000 | = | 0.0% |
| Issued capital | 100 | €5,000 | €5,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €13,155 | €37,397 | +€24,243 | +184% |
| Amounts payable | 17/49 | €12,406 | €7,352 | -€5,054 | -40.7% |
| Amounts payable within one year | 42/48 | €12,406 | €7,352 | -€5,054 | -40.7% |
| Trade debts | 44 | - | €869 | +€869 | |
| Suppliers | 440/4 | - | €869 | +€869 | |
| Taxes, remuneration and social security | 45 | €7,882 | €6,233 | -€1,649 | -20.9% |
| Taxes | 450/3 | €7,882 | €6,233 | -€1,649 | -20.9% |
| Other amounts payable | 47/48 | €4,523 | €249 | -€4,274 | -94.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €155 | €639 | +€484 | +312% |
| Other operating charges | 640/8 | - | €0 | +€0 | |
| Gross operating margin | 9900 | €16,769 | €31,840 | +€15,071 | +89.9% |
| Operating profit (loss) | 9901 | €16,614 | €31,201 | +€14,587 | +87.8% |
| Financial income | 75/76B | - | €2 | +€2 | |
| Recurring financial income | 75 | - | €2 | +€2 | |
| Financial charges | 65/66B | €208 | €80 | -€128 | -61.5% |
| Recurring financial charges | 65 | €208 | €80 | -€128 | -61.5% |
| Profit (loss) for the period before taxes | 9903 | €16,406 | €31,123 | +€14,717 | +89.7% |
| Income taxes | 67/77 | €3,251 | €6,880 | +€3,629 | +112% |
| Profit (loss) for the period | 9904 | €13,155 | €24,243 | +€11,088 | +84.3% |
| Profit (loss) for the period to be appropriated | 9905 | €13,155 | €24,243 | +€11,088 | +84.3% |
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 22 October 2026 via checked.be.