THALOS: 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.
THALOS
Largest movements
- Tangible fixed assets +€39,827
up €39,827 (+118.5%), from €33,623 to €73,450
of which Furniture and vehicles: +€41,505
- Cash +€19,879
up €19,879 (+24.4%), from €81,323 to €101,203
mainly Debts after one year (+€32,878) and Depreciation (+€31,724)
- Receivables within one year -€11,550
down €11,550 (-34.9%), from €33,123 to €21,573
of which Trade receivables: -€10,913
- Intangible fixed assets -€4,838
down €4,838 (-25.0%), from €19,354 to €14,515
- Debts after one year +€32,878
new in 2025: €32,878
- Reserves +€9,492
up €9,492 (+7.6%), from €125,554 to €135,047
of which Distributable reserves: +€9,492
- Other debts +€3,386
up €3,386 (+41.3%), from €8,198 to €11,584
- Current portion of long-term debt -€3,001
down €3,001 (-25.5%), from €11,752 to €8,751
- Gross operating margin +€34,587
up €34,587 (+92.0%), from €37,608 to €72,195
- Taxes +€8,237
up €8,237 (+164.6%), from €5,006 to €13,243
- Depreciation +€4,701
up €4,701 (+17.4%), from €27,023 to €31,724
- Financial charges -€1,001
down €1,001 (-40.7%), from €2,459 to €1,459
- Other operating charges +€791
up €791 (+65.5%), from €1,208 to €1,999
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 | €168,504 | €211,822 | +€43,318 | +25.7% |
| Fixed assets | 21/28 | €52,976 | €87,965 | +€34,989 | +66.0% |
| Intangible fixed assets | 21 | €19,354 | €14,515 | -€4,838 | -25.0% |
| Tangible fixed assets | 22/27 | €33,623 | €73,450 | +€39,827 | +118.5% |
| Land and buildings | 22 | €1,925 | €1,130 | -€794 | -41.3% |
| Plant, machinery and equipment | 23 | €1,452 | €968 | -€484 | -33.3% |
| Furniture and vehicles | 24 | €29,046 | €70,551 | +€41,505 | +142.9% |
| Other tangible fixed assets | 26 | €1,200 | €800 | -€400 | -33.3% |
| Current assets | 29/58 | €115,528 | €123,857 | +€8,329 | +7.2% |
| Stocks and contracts in progress | 3 | €1,081 | €1,081 | = | 0.0% |
| Stocks | 30/36 | €1,081 | €1,081 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €33,123 | €21,573 | -€11,550 | -34.9% |
| Trade receivables | 40 | €32,129 | €21,216 | -€10,913 | -34.0% |
| Other amounts receivable | 41 | €994 | €357 | -€637 | -64.1% |
| Cash at bank and in hand | 54/58 | €81,323 | €101,203 | +€19,879 | +24.4% |
| Total equity and liabilities | 10/49 | €168,504 | €211,822 | +€43,318 | +25.7% |
| Equity | 10/15 | €133,274 | €142,767 | +€9,492 | +7.1% |
| Contributions | 10/11 | €7,720 | €7,720 | = | 0.0% |
| Reserves | 13 | €125,554 | €135,047 | +€9,492 | +7.6% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €123,694 | €133,187 | +€9,492 | +7.7% |
| Amounts payable | 17/49 | €35,230 | €69,055 | +€33,826 | +96.0% |
| Amounts payable after more than one year | 17 | - | €32,878 | +€32,878 | |
| Financial debts | 170/4 | - | €32,878 | +€32,878 | |
| Amounts payable within one year | 42/48 | €35,230 | €36,177 | +€948 | +2.7% |
| Current portion of amounts payable after more than one year | 42 | €11,752 | €8,751 | -€3,001 | -25.5% |
| Trade debts | 44 | €918 | €2,523 | +€1,606 | +175.0% |
| Suppliers | 440/4 | €918 | €2,523 | +€1,606 | +175.0% |
| Taxes, remuneration and social security | 45 | €14,363 | €13,319 | -€1,044 | -7.3% |
| Taxes | 450/3 | €14,360 | €13,316 | -€1,044 | -7.3% |
| Remuneration and social security | 454/9 | €3 | €3 | = | 0.0% |
| Other amounts payable | 47/48 | €8,198 | €11,584 | +€3,386 | +41.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €27,023 | €31,724 | +€4,701 | +17.4% |
| Other operating charges | 640/8 | €1,208 | €1,999 | +€791 | +65.5% |
| Gross operating margin | 9900 | €37,608 | €72,195 | +€34,587 | +92.0% |
| Operating profit (loss) | 9901 | €9,378 | €38,472 | +€29,095 | +310.3% |
| Financial income | 75/76B | €11 | €7 | -€3 | -31.8% |
| Recurring financial income | 75 | €11 | €7 | -€3 | -31.8% |
| Financial charges | 65/66B | €2,459 | €1,459 | -€1,001 | -40.7% |
| Recurring financial charges | 65 | €2,459 | €1,459 | -€1,001 | -40.7% |
| Profit (loss) for the period before taxes | 9903 | €6,929 | €37,021 | +€30,092 | +434.3% |
| Income taxes | 67/77 | €5,006 | €13,243 | +€8,237 | +164.6% |
| Profit (loss) for the period | 9904 | €1,923 | €23,778 | +€21,855 | +1136.6% |
| Profit (loss) for the period to be appropriated | 9905 | €1,923 | €23,778 | +€21,855 | +1136.6% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 28 September 2026 via checked.be.