THALYS SHIPPING: 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.
THALYS SHIPPING
Largest movements
- Tangible fixed assets -€1.1m
down €1.1m (-3.6%), from €30.6m to €29.5m
of which Plant, machinery and equipment: -€1.1m
- Cash +€801,451
up €801,451 (+101%), from €796,895 to €1.6m
mainly Depreciation (+€1.5m) and Current portion of long-term debt (+€922,308)
- Debts after one year -€1.5m
down €1.5m (-8.3%), from €18.2m to €16.7m
- Current portion of long-term debt +€922,308
up €922,308 (+155%), from €595,000 to €1.5m
- Reserves +€384,521
up €384,521 (+3.7%), from €10.3m to €10.7m
of which Distributable reserves: +€823,769
- Gross operating margin +€1.5m
up €1.5m (+111%), from €1.3m to €2.8m
- Taxes +€319,613
up €319,613 (+31,710%), from €1,008 to €320,621
- Depreciation +€237,007
up €237,007 (+18.7%), from €1.3m to €1.5m
- Financial income -€49,891
down €49,891 (-82.5%), from €60,509 to €10,619
- Financial charges +€38,561
up €38,561 (+5.7%), from €677,606 to €716,167
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 | €32,302,786 | €31,996,571 | -€306,215 | -0.9% |
| Fixed assets | 21/28 | €30,572,481 | €29,487,141 | -€1.1m | -3.6% |
| Tangible fixed assets | 22/27 | €30,571,983 | €29,486,643 | -€1.1m | -3.6% |
| Land and buildings | 22 | €3,044,277 | €3,044,277 | = | 0.0% |
| Plant, machinery and equipment | 23 | €27,492,151 | €26,418,974 | -€1.1m | -3.9% |
| Furniture and vehicles | 24 | €35,556 | €23,392 | -€12,164 | -34.2% |
| Financial fixed assets | 28 | €498 | €498 | = | 0.0% |
| Current assets | 29/58 | €1,730,305 | €2,509,431 | +€779,126 | +45.0% |
| Amounts receivable within one year | 40/41 | €188,641 | €160,467 | -€28,175 | -14.9% |
| Trade receivables | 40 | €162,670 | €160,000 | -€2,670 | -1.6% |
| Other amounts receivable | 41 | €25,971 | €467 | -€25,504 | -98.2% |
| Current investments | 50/53 | €737,187 | €744,445 | +€7,258 | +1.0% |
| Cash at bank and in hand | 54/58 | €796,895 | €1,598,346 | +€801,451 | +101% |
| Deferred charges and accrued income | 490/1 | €7,582 | €6,173 | -€1,408 | -18.6% |
| Total equity and liabilities | 10/49 | €32,302,786 | €31,996,571 | -€306,215 | -0.9% |
| Equity | 10/15 | €10,690,611 | €11,075,132 | +€384,521 | +3.6% |
| Contributions | 10/11 | €350,000 | €350,000 | = | 0.0% |
| Capital | 10 | €350,000 | €350,000 | = | 0.0% |
| Issued capital | 100 | €350,000 | €350,000 | = | 0.0% |
| Reserves | 13 | €10,340,611 | €10,725,132 | +€384,521 | +3.7% |
| Non-distributable reserves | 130/1 | €35,000 | €35,000 | = | 0.0% |
| Legal reserve | 130 | €35,000 | €35,000 | = | 0.0% |
| Tax-exempt reserves | 132 | €8,383,204 | €7,943,956 | -€439,248 | -5.2% |
| Distributable reserves | 133 | €1,922,407 | €2,746,176 | +€823,769 | +42.9% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Provisions and deferred taxes | 16 | €2,794,401 | €2,647,985 | -€146,416 | -5.2% |
| Deferred taxes | 168 | €2,794,401 | €2,647,985 | -€146,416 | -5.2% |
| Amounts payable | 17/49 | €18,817,774 | €18,273,454 | -€544,320 | -2.9% |
| Amounts payable after more than one year | 17 | €18,205,000 | €16,687,692 | -€1.5m | -8.3% |
| Financial debts | 170/4 | €18,205,000 | €16,687,692 | -€1.5m | -8.3% |
| Amounts payable within one year | 42/48 | €612,774 | €1,585,762 | +€972,987 | +159% |
| Current portion of amounts payable after more than one year | 42 | €595,000 | €1,517,308 | +€922,308 | +155% |
| Trade debts | 44 | €1,357 | €944 | -€413 | -30.4% |
| Suppliers | 440/4 | €1,357 | €944 | -€413 | -30.4% |
| Taxes, remuneration and social security | 45 | €3,417 | €67,510 | +€64,092 | +1,876% |
| Taxes | 450/3 | €3,417 | €67,510 | +€64,092 | +1,876% |
| Other amounts payable | 47/48 | €13,000 | €0 | -€13,000 | -100% |
| Non-recurring operating income | 76A | €10,380 | €14,527 | +€4,146 | +39.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,270,360 | €1,507,367 | +€237,007 | +18.7% |
| Other operating charges | 640/8 | €8,748 | €5,871 | -€2,877 | -32.9% |
| Non-recurring operating charges | 66A | €0 | - | = | |
| Gross operating margin | 9900 | €1,315,171 | €2,777,513 | +€1.5m | +111% |
| Operating profit (loss) | 9901 | €36,063 | €1,264,275 | +€1.2m | +3,406% |
| Financial income | 75/76B | €60,509 | €10,619 | -€49,891 | -82.5% |
| Recurring financial income | 75 | €60,509 | €10,619 | -€49,891 | -82.5% |
| Financial charges | 65/66B | €677,606 | €716,167 | +€38,561 | +5.7% |
| Recurring financial charges | 65 | €677,606 | €716,167 | +€38,561 | +5.7% |
| Profit (loss) for the period before taxes | 9903 | -€581,034 | €558,727 | +€1.1m | |
| Transfer from deferred taxes | 780 | €109,166 | €146,416 | +€37,250 | +34.1% |
| Income taxes | 67/77 | €1,008 | €320,621 | +€319,613 | +31,710% |
| Profit (loss) for the period | 9904 | -€472,876 | €384,521 | +€857,398 | |
| Transfer from tax-exempt reserves | 789 | €327,497 | €439,248 | +€111,750 | +34.1% |
| Profit (loss) for the period to be appropriated | 9905 | -€145,379 | €823,769 | +€969,148 |
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 27 October 2026 via checked.be.