Thallos Equestrian: 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.
Thallos Equestrian
Largest movements
- Cash -€52,784
down €52,784 (-50.2%), from €105,095 to €52,311
mainly Net result for the year (-€39,324) and Investment in fixed assets (net) (-€22,425)
- Tangible fixed assets +€14,632
up €14,632 (+88.3%), from €16,561 to €31,193
of which Other tangible fixed assets: +€18,958
- Receivables within one year -€2,907
down €2,907 (-29.2%), from €9,950 to €7,043
of which Trade receivables: -€2,997
- Profit (loss) carried forward -€39,324
down €39,324 (-68.1%), from -€57,766 to -€97,091
- Financial charges -€19,656
down €19,656 (-94.3%), from €20,839 to €1,183
- Gross operating margin -€10,902
down €10,902 (-51.1%), from -€21,353 to -€32,255
- Depreciation +€2,960
up €2,960 (+61.3%), from €4,833 to €7,793
- Other operating charges +€1,053
up €1,053 (+141%), from €748 to €1,801
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 | €202,773 | €161,713 | -€41,060 | -20.2% |
| Fixed assets | 21/28 | €16,561 | €31,193 | +€14,632 | +88.3% |
| Tangible fixed assets | 22/27 | €16,561 | €31,193 | +€14,632 | +88.3% |
| Plant, machinery and equipment | 23 | €16,561 | €12,234 | -€4,327 | -26.1% |
| Other tangible fixed assets | 26 | - | €18,958 | +€18,958 | |
| Current assets | 29/58 | €186,212 | €130,520 | -€55,691 | -29.9% |
| Amounts receivable within one year | 40/41 | €9,950 | €7,043 | -€2,907 | -29.2% |
| Trade receivables | 40 | €2,997 | - | -€2,997 | |
| Other amounts receivable | 41 | €6,953 | €7,043 | +€90 | +1.3% |
| Current investments | 50/53 | €71,167 | €71,167 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €105,095 | €52,311 | -€52,784 | -50.2% |
| Total equity and liabilities | 10/49 | €202,773 | €161,713 | -€41,060 | -20.2% |
| Equity | 10/15 | -€39,166 | -€78,491 | -€39,324 | -100% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€57,766 | -€97,091 | -€39,324 | -68.1% |
| Amounts payable | 17/49 | €241,939 | €240,204 | -€1,735 | -0.7% |
| Amounts payable within one year | 42/48 | €241,939 | €240,204 | -€1,735 | -0.7% |
| Trade debts | 44 | €4,046 | €2,311 | -€1,735 | -42.9% |
| Suppliers | 440/4 | €4,046 | €2,311 | -€1,735 | -42.9% |
| Other amounts payable | 47/48 | €237,893 | €237,893 | = | 0.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €4,833 | €7,793 | +€2,960 | +61.3% |
| Other operating charges | 640/8 | €748 | €1,801 | +€1,053 | +141% |
| Gross operating margin | 9900 | -€21,353 | -€32,255 | -€10,902 | -51.1% |
| Operating profit (loss) | 9901 | -€26,933 | -€41,849 | -€14,916 | -55.4% |
| Financial income | 75/76B | €3,759 | €3,890 | +€131 | +3.5% |
| Recurring financial income | 75 | €3,759 | €3,890 | +€131 | +3.5% |
| Financial charges | 65/66B | €20,839 | €1,183 | -€19,656 | -94.3% |
| Recurring financial charges | 65 | €20,839 | €1,183 | -€19,656 | -94.3% |
| Profit (loss) for the period before taxes | 9903 | -€44,013 | -€39,142 | +€4,871 | +11.1% |
| Income taxes | 67/77 | €228 | €182 | -€46 | -20.0% |
| Profit (loss) for the period | 9904 | -€44,241 | -€39,324 | +€4,917 | +11.1% |
| Profit (loss) for the period to be appropriated | 9905 | -€44,241 | -€39,324 | +€4,917 | +11.1% |
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 17 October 2026 via checked.be.