THALIEN: 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.
THALIEN
Largest movements
- Tangible fixed assets +€50,829
up €50,829 (+35.0%), from €145,228 to €196,057
of which Land and buildings: +€56,104
- Other debts +€25,520
new in 2025: €25,520
- Reserves +€12,531
up €12,531 (+95.2%), from €13,161 to €25,691
of which Distributable reserves: +€12,531
- Debts after one year +€10,049
up €10,049 (+6.5%), from €154,637 to €164,686
- Current portion of long-term debt +€2,969
up €2,969 (+17.7%), from €16,771 to €19,740
- Depreciation -€10,593
down €10,593 (-63.6%), from €16,655 to €6,063
- Other operating charges -€3,082
down €3,082 (-66.3%), from €4,650 to €1,568
- Taxes +€2,900
up €2,900 (+104.0%), from €2,788 to €5,688
- Gross operating margin -€1,420
down €1,420 (-4.5%), from €31,219 to €29,799
- Financial income -€537
down €537 (-74.9%), from €716 to €180
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 | €190,317 | €240,383 | +€50,066 | +26.3% |
| Fixed assets | 21/28 | €145,228 | €196,057 | +€50,829 | +35.0% |
| Tangible fixed assets | 22/27 | €145,228 | €196,057 | +€50,829 | +35.0% |
| Land and buildings | 22 | €127,311 | €183,415 | +€56,104 | +44.1% |
| Furniture and vehicles | 24 | €17,917 | €12,642 | -€5,276 | -29.4% |
| Current assets | 29/58 | €45,089 | €44,326 | -€763 | -1.7% |
| Amounts receivable within one year | 40/41 | €19,074 | €18,215 | -€859 | -4.5% |
| Trade receivables | 40 | €5,909 | €16,290 | +€10,380 | +175.7% |
| Other amounts receivable | 41 | €13,165 | €1,926 | -€11,239 | -85.4% |
| Cash at bank and in hand | 54/58 | €25,429 | €25,990 | +€561 | +2.2% |
| Deferred charges and accrued income | 490/1 | €586 | €121 | -€465 | -79.4% |
| Total equity and liabilities | 10/49 | €190,317 | €240,383 | +€50,066 | +26.3% |
| Equity | 10/15 | €16,361 | €28,891 | +€12,531 | +76.6% |
| Contributions | 10/11 | €3,200 | €3,200 | = | 0.0% |
| Reserves | 13 | €13,161 | €25,691 | +€12,531 | +95.2% |
| Tax-exempt reserves | 132 | €1,066 | €1,066 | = | 0.0% |
| Distributable reserves | 133 | €12,094 | €24,625 | +€12,531 | +103.6% |
| Amounts payable | 17/49 | €173,957 | €211,492 | +€37,535 | +21.6% |
| Amounts payable after more than one year | 17 | €154,637 | €164,686 | +€10,049 | +6.5% |
| Financial debts | 170/4 | €154,637 | €164,686 | +€10,049 | +6.5% |
| Amounts payable within one year | 42/48 | €18,433 | €46,806 | +€28,373 | +153.9% |
| Current portion of amounts payable after more than one year | 42 | €16,771 | €19,740 | +€2,969 | +17.7% |
| Trade debts | 44 | €388 | €271 | -€117 | -30.1% |
| Suppliers | 440/4 | €388 | €271 | -€117 | -30.1% |
| Taxes, remuneration and social security | 45 | €1,275 | €1,275 | = | 0.0% |
| Remuneration and social security | 454/9 | €1,275 | €1,275 | = | 0.0% |
| Other amounts payable | 47/48 | - | €25,520 | +€25,520 | |
| Accrued charges and deferred income | 492/3 | €887 | €0 | -€887 | -100.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €16,655 | €6,063 | -€10,593 | -63.6% |
| Other operating charges | 640/8 | €4,650 | €1,568 | -€3,082 | -66.3% |
| Gross operating margin | 9900 | €31,219 | €29,799 | -€1,420 | -4.5% |
| Operating profit (loss) | 9901 | €9,913 | €22,168 | +€12,254 | +123.6% |
| Financial income | 75/76B | €716 | €180 | -€537 | -74.9% |
| Recurring financial income | 75 | €716 | €180 | -€537 | -74.9% |
| Financial charges | 65/66B | €3,976 | €4,129 | +€153 | +3.9% |
| Recurring financial charges | 65 | €3,976 | €4,129 | +€153 | +3.9% |
| Profit (loss) for the period before taxes | 9903 | €6,654 | €18,219 | +€11,565 | +173.8% |
| Income taxes | 67/77 | €2,788 | €5,688 | +€2,900 | +104.0% |
| Profit (loss) for the period | 9904 | €3,866 | €12,531 | +€8,665 | +224.1% |
| Profit (loss) for the period to be appropriated | 9905 | €3,866 | €12,531 | +€8,665 | +224.1% |
Source: filed annual accounts (NBB), fiscal years ended 31 March 2024 and 31 March 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 2 October 2026 via checked.be.