THALES MANAGEMENT: what changed
THALES MANAGEMENT
Largest movements
- Cash +€71,497
up €71,497 (+86.6%), from €82,528 to €154,025
mainly Net result for the year (+€162,048) and Other debts (+€67,724)
- Receivables within one year -€65,190
down €65,190 (-48.4%), from €134,603 to €69,413
of which Other amounts receivable: -€66,233
- Current investments -€62,138
down €62,138 (-75.1%), from €82,786 to €20,647
- Deferred charges and accrued income -€13,482
down €13,482 (-68.6%), from €19,640 to €6,158
- Profit (loss) carried forward -€105,676
down €105,676 (-100%), from €105,676 to €0
- Other debts +€67,724
up €67,724 (+33.9%), from €200,000 to €267,724
- Debts after one year -€33,258
down €33,258 (-8.7%), from €383,951 to €350,693
- Tax, wage and social debts -€12,666
down €12,666 (-39.6%), from €32,002 to €19,336
- Trade debts +€8,211
up €8,211 (+24.1%), from €34,121 to €42,332
- Gross operating margin -€46,426
down €46,426 (-16.4%), from €282,301 to €235,875
- Financial income +€19,886
up €19,886 (+974%), from €2,043 to €21,928
- Taxes -€10,977
down €10,977 (-18.5%), from €59,404 to €48,427
- Depreciation +€4,104
up €4,104 (+14.7%), from €27,876 to €31,981
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €808,519 | €733,803 | -€74,716 | -9.2% |
| Fixed assets | 21/28 | €486,507 | €480,017 | -€6,490 | -1.3% |
| Tangible fixed assets | 22/27 | €486,507 | €480,017 | -€6,490 | -1.3% |
| Land and buildings | 22 | €475,723 | €458,591 | -€17,132 | -3.6% |
| Furniture and vehicles | 24 | €10,784 | €21,426 | +€10,642 | +98.7% |
| Current assets | 29/58 | €322,013 | €253,787 | -€68,226 | -21.2% |
| Stocks and contracts in progress | 3 | €2,457 | €3,544 | +€1,087 | +44.2% |
| Stocks | 30/36 | €2,457 | €3,544 | +€1,087 | +44.2% |
| Amounts receivable within one year | 40/41 | €134,603 | €69,413 | -€65,190 | -48.4% |
| Trade receivables | 40 | €37,252 | €38,295 | +€1,043 | +2.8% |
| Other amounts receivable | 41 | €97,350 | €31,118 | -€66,233 | -68.0% |
| Current investments | 50/53 | €82,786 | €20,647 | -€62,138 | -75.1% |
| Cash at bank and in hand | 54/58 | €82,528 | €154,025 | +€71,497 | +86.6% |
| Deferred charges and accrued income | 490/1 | €19,640 | €6,158 | -€13,482 | -68.6% |
| Total equity and liabilities | 10/49 | €808,519 | €733,803 | -€74,716 | -9.2% |
| Equity | 10/15 | €126,136 | €20,460 | -€105,676 | -83.8% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €1,860 | €1,860 | = | 0.0% |
| Profit (loss) carried forward | 14 | €105,676 | €0 | -€105,676 | -100% |
| Amounts payable | 17/49 | €682,384 | €713,343 | +€30,960 | +4.5% |
| Amounts payable after more than one year | 17 | €383,951 | €350,693 | -€33,258 | -8.7% |
| Financial debts | 170/4 | €383,951 | €350,693 | -€33,258 | -8.7% |
| Amounts payable within one year | 42/48 | €298,432 | €362,650 | +€64,218 | +21.5% |
| Current portion of amounts payable after more than one year | 42 | €32,309 | €33,258 | +€949 | +2.9% |
| Trade debts | 44 | €34,121 | €42,332 | +€8,211 | +24.1% |
| Suppliers | 440/4 | €34,121 | €42,332 | +€8,211 | +24.1% |
| Taxes, remuneration and social security | 45 | €32,002 | €19,336 | -€12,666 | -39.6% |
| Taxes | 450/3 | €32,002 | €19,336 | -€12,666 | -39.6% |
| Other amounts payable | 47/48 | €200,000 | €267,724 | +€67,724 | +33.9% |
| Accrued charges and deferred income | 492/3 | €0 | - | = | |
| Non-recurring operating income | 76A | €30,038 | €0 | -€30,038 | -100% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €27,876 | €31,981 | +€4,104 | +14.7% |
| Other operating charges | 640/8 | €3,988 | €4,546 | +€558 | +14.0% |
| Gross operating margin | 9900 | €282,301 | €235,875 | -€46,426 | -16.4% |
| Operating profit (loss) | 9901 | €250,437 | €199,348 | -€51,088 | -20.4% |
| Financial income | 75/76B | €2,043 | €21,928 | +€19,886 | +974% |
| Recurring financial income | 75 | €2,043 | €21,928 | +€19,886 | +974% |
| Financial charges | 65/66B | €11,862 | €10,801 | -€1,061 | -8.9% |
| Recurring financial charges | 65 | €11,862 | €10,801 | -€1,061 | -8.9% |
| Profit (loss) for the period before taxes | 9903 | €240,617 | €210,475 | -€30,142 | -12.5% |
| Income taxes | 67/77 | €59,404 | €48,427 | -€10,977 | -18.5% |
| Profit (loss) for the period | 9904 | €181,213 | €162,048 | -€19,165 | -10.6% |
| Profit (loss) for the period to be appropriated | 9905 | €181,213 | €162,048 | -€19,165 | -10.6% |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 3 November 2026 via checked.be.