THALISA: 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.
THALISA
Largest movements
- Current investments -€100,000
down €100,000 (-100.0%), from €100,000 to €0
- Cash +€46,540
up €46,540 (+445.1%), from €10,456 to €56,996
mainly Current investments (+€100,000) and Net result for the year (+€44,337)
- Reserves +€44,337
up €44,337 (+20.8%), from €213,305 to €257,642
of which Distributable reserves: +€44,337
- Short-term financial debts -€40,000
down €40,000 (-100.0%), from €40,000 to €0
- Debts after one year -€24,905
down €24,905 (-45.9%), from €54,311 to €29,406
- Other debts -€17,221
down €17,221 (-3.4%), from €507,383 to €490,162
- Gross operating margin -€79,227
down €79,227 (-36.1%), from €219,743 to €140,517
- Taxes -€52,761
down €52,761 (-75.2%), from €70,170 to €17,409
- Other operating charges +€7,513
up €7,513 (+152.4%), from €4,930 to €12,443
- Depreciation +€5,241
up €5,241 (+19.2%), from €27,290 to €32,530
- Financial income +€3,717
up €3,717 (+590.2%), from €630 to €4,347
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 | €1,407,891 | €1,355,645 | -€52,247 | -3.7% |
| Fixed assets | 21/28 | €1,257,567 | €1,269,770 | +€12,203 | +1.0% |
| Tangible fixed assets | 22/27 | €600,967 | €613,170 | +€12,203 | +2.0% |
| Land and buildings | 22 | €578,889 | €589,358 | +€10,469 | +1.8% |
| Plant, machinery and equipment | 23 | €2,790 | €8,561 | +€5,771 | +206.8% |
| Furniture and vehicles | 24 | €19,287 | €15,251 | -€4,037 | -20.9% |
| Financial fixed assets | 28 | €656,600 | €656,600 | = | 0.0% |
| Current assets | 29/58 | €150,324 | €85,875 | -€64,449 | -42.9% |
| Amounts receivable within one year | 40/41 | €29,040 | €17,112 | -€11,928 | -41.1% |
| Trade receivables | 40 | €29,040 | €14,520 | -€14,520 | -50.0% |
| Other amounts receivable | 41 | - | €2,592 | +€2,592 | |
| Current investments | 50/53 | €100,000 | €0 | -€100,000 | -100.0% |
| Cash at bank and in hand | 54/58 | €10,456 | €56,996 | +€46,540 | +445.1% |
| Deferred charges and accrued income | 490/1 | €10,828 | €11,767 | +€938 | +8.7% |
| Total equity and liabilities | 10/49 | €1,407,891 | €1,355,645 | -€52,247 | -3.7% |
| Equity | 10/15 | €741,008 | €785,345 | +€44,337 | +6.0% |
| Contributions | 10/11 | €160,000 | €160,000 | = | 0.0% |
| Reserves | 13 | €213,305 | €257,642 | +€44,337 | +20.8% |
| Tax-exempt reserves | 132 | €50,520 | €50,520 | = | 0.0% |
| Distributable reserves | 133 | €162,785 | €207,122 | +€44,337 | +27.2% |
| Profit (loss) carried forward | 14 | €367,703 | €367,703 | = | 0.0% |
| Provisions and deferred taxes | 16 | €0 | - | = | |
| Deferred taxes | 168 | €0 | - | = | |
| Amounts payable | 17/49 | €666,883 | €570,299 | -€96,584 | -14.5% |
| Amounts payable after more than one year | 17 | €54,311 | €29,406 | -€24,905 | -45.9% |
| Financial debts | 170/4 | €54,311 | €29,406 | -€24,905 | -45.9% |
| Amounts payable within one year | 42/48 | €606,225 | €539,946 | -€66,280 | -10.9% |
| Current portion of amounts payable after more than one year | 42 | €24,506 | €24,905 | +€399 | +1.6% |
| Financial debts | 43 | €40,000 | €0 | -€40,000 | -100.0% |
| Credit institutions | 430/8 | €40,000 | €0 | -€40,000 | -100.0% |
| Trade debts | 44 | €8,026 | €8,190 | +€164 | +2.0% |
| Suppliers | 440/4 | €8,026 | €8,190 | +€164 | +2.0% |
| Taxes, remuneration and social security | 45 | €26,311 | €16,688 | -€9,622 | -36.6% |
| Taxes | 450/3 | €22,191 | €16,688 | -€5,503 | -24.8% |
| Remuneration and social security | 454/9 | €4,120 | €0 | -€4,120 | -100.0% |
| Other amounts payable | 47/48 | €507,383 | €490,162 | -€17,221 | -3.4% |
| Accrued charges and deferred income | 492/3 | €6,347 | €947 | -€5,399 | -85.1% |
| Non-recurring operating income | 76A | €88,452 | €0 | -€88,452 | -100.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €27,290 | €32,530 | +€5,241 | +19.2% |
| Other operating charges | 640/8 | €4,930 | €12,443 | +€7,513 | +152.4% |
| Gross operating margin | 9900 | €219,743 | €140,517 | -€79,227 | -36.1% |
| Operating profit (loss) | 9901 | €187,523 | €95,543 | -€91,980 | -49.1% |
| Financial income | 75/76B | €630 | €4,347 | +€3,717 | +590.2% |
| Recurring financial income | 75 | €630 | €4,347 | +€3,717 | +590.2% |
| Financial charges | 65/66B | €35,076 | €38,144 | +€3,068 | +8.7% |
| Recurring financial charges | 65 | €35,076 | €38,144 | +€3,068 | +8.7% |
| Profit (loss) for the period before taxes | 9903 | €153,077 | €61,747 | -€91,331 | -59.7% |
| Transfer from deferred taxes | 780 | €21,538 | €0 | -€21,538 | -100.0% |
| Income taxes | 67/77 | €70,170 | €17,409 | -€52,761 | -75.2% |
| Profit (loss) for the period | 9904 | €104,445 | €44,337 | -€60,108 | -57.5% |
| Transfer from tax-exempt reserves | 789 | €65,733 | €0 | -€65,733 | -100.0% |
| Transfer to tax-exempt reserves | 689 | €50,520 | €0 | -€50,520 | -100.0% |
| Profit (loss) for the period to be appropriated | 9905 | €119,658 | €44,337 | -€75,320 | -62.9% |
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 4 October 2026 via checked.be.