THALY: 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.
THALY
Largest movements
- Cash +€1.7m
up €1.7m (+187.9%), from €918,759 to €2.6m
mainly Net result for the year (+€2.1m) and Short-term financial debts (+€406,670)
- Receivables within one year +€599,249
up €599,249 (+6.3%), from €9.5m to €10.1m
of which Other amounts receivable: +€841,743
- Profit (loss) carried forward +€2.1m
up €2.1m (+5.4%), from €39.2m to €41.3m
- Financial income +€1.4m
up €1.4m (+110.5%), from €1.3m to €2.8m
- Gross operating margin +€275,904
up €275,904 (+121.9%), from €226,315 to €502,218
- Financial charges +€139,555
up €139,555 (+37.6%), from €370,989 to €510,544
of which Financial charges: +€178,097
- Taxes +€135,494
up €135,494 (+49.3%), from €275,014 to €410,509
From the 2023 result to the 2024 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 2023 and 2024 balance sheets and the 2024 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2023 | 2024 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €47,136,003 | €49,824,270 | +€2.7m | +5.7% |
| Fixed assets | 21/28 | €13,012,638 | €13,049,879 | +€37,241 | +0.3% |
| Intangible fixed assets | 21 | €3,802 | €3,042 | -€760 | -20.0% |
| Tangible fixed assets | 22/27 | €9,193,825 | €9,145,236 | -€48,589 | -0.5% |
| Land and buildings | 22 | €4,537,915 | €4,601,090 | +€63,174 | +1.4% |
| Furniture and vehicles | 24 | €4,513,227 | €4,401,464 | -€111,763 | -2.5% |
| Other tangible fixed assets | 26 | €142,683 | €142,683 | = | 0.0% |
| Financial fixed assets | 28 | €3,815,011 | €3,901,602 | +€86,591 | +2.3% |
| Current assets | 29/58 | €34,123,365 | €36,774,391 | +€2.7m | +7.8% |
| Amounts receivable within one year | 40/41 | €9,539,968 | €10,139,217 | +€599,249 | +6.3% |
| Trade receivables | 40 | €730,382 | €487,887 | -€242,495 | -33.2% |
| Other amounts receivable | 41 | €8,809,586 | €9,651,330 | +€841,743 | +9.6% |
| Current investments | 50/53 | €23,645,977 | €23,762,440 | +€116,463 | +0.5% |
| Cash at bank and in hand | 54/58 | €918,759 | €2,644,704 | +€1.7m | +187.9% |
| Deferred charges and accrued income | 490/1 | €18,660 | €228,029 | +€209,369 | +1122.0% |
| Total equity and liabilities | 10/49 | €47,136,003 | €49,824,270 | +€2.7m | +5.7% |
| Equity | 10/15 | €39,416,606 | €41,541,564 | +€2.1m | +5.4% |
| Contributions | 10/11 | €176,000 | €176,000 | = | 0.0% |
| Capital | 10 | €176,000 | €176,000 | = | 0.0% |
| Issued capital | 100 | €176,000 | €176,000 | = | 0.0% |
| Reserves | 13 | €29,000 | €29,000 | = | 0.0% |
| Non-distributable reserves | 130/1 | €17,600 | €17,600 | = | 0.0% |
| Legal reserve | 130 | €17,600 | €17,600 | = | 0.0% |
| Distributable reserves | 133 | €11,400 | €11,400 | = | 0.0% |
| Profit (loss) carried forward | 14 | €39,211,606 | €41,336,564 | +€2.1m | +5.4% |
| Amounts payable | 17/49 | €7,719,397 | €8,282,706 | +€563,309 | +7.3% |
| Amounts payable within one year | 42/48 | €7,719,397 | €8,280,298 | +€560,901 | +7.3% |
| Financial debts | 43 | €7,393,330 | €7,800,000 | +€406,670 | +5.5% |
| Credit institutions | 430/8 | €7,393,330 | €7,800,000 | +€406,670 | +5.5% |
| Trade debts | 44 | €321,982 | €279,071 | -€42,911 | -13.3% |
| Suppliers | 440/4 | €321,982 | €279,071 | -€42,911 | -13.3% |
| Taxes, remuneration and social security | 45 | €4,085 | €201,027 | +€196,942 | +4821.5% |
| Taxes | 450/3 | €4,085 | €201,027 | +€196,942 | +4821.5% |
| Other amounts payable | 47/48 | - | €200 | +€200 | |
| Accrued charges and deferred income | 492/3 | - | €2,408 | +€2,408 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €18,362 | €19,789 | +€1,427 | +7.8% |
| Other operating charges | 640/8 | €5,412 | €1,491 | -€3,922 | -72.5% |
| Non-recurring operating charges | 66A | - | €185,182 | +€185,182 | |
| Gross operating margin | 9900 | €226,315 | €502,218 | +€275,904 | +121.9% |
| Operating profit (loss) | 9901 | €202,541 | €295,757 | +€93,216 | +46.0% |
| Financial income | 75/76B | €1,306,446 | €2,750,253 | +€1.4m | +110.5% |
| Recurring financial income | 75 | €1,306,446 | €2,750,253 | +€1.4m | +110.5% |
| Financial charges | 65/66B | €370,989 | €510,544 | +€139,555 | +37.6% |
| Recurring financial charges | 65 | €297,334 | €475,432 | +€178,097 | +59.9% |
| Non-recurring financial charges | 66B | €73,655 | €35,112 | -€38,543 | -52.3% |
| Profit (loss) for the period before taxes | 9903 | €1,137,998 | €2,535,466 | +€1.4m | +122.8% |
| Income taxes | 67/77 | €275,014 | €410,509 | +€135,494 | +49.3% |
| Profit (loss) for the period | 9904 | €862,984 | €2,124,958 | +€1.3m | +146.2% |
| Profit (loss) for the period to be appropriated | 9905 | €862,984 | €2,124,958 | +€1.3m | +146.2% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2023 and 31 December 2024. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 29 September 2026 via checked.be.