THARA: 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.
THARA
Largest movements
- Tangible fixed assets -€52,947
down €52,947 (-22.1%), from €239,473 to €186,526
of which Land and buildings: -€35,000
- Stocks and contracts -€44,255
down €44,255 (-18.7%), from €237,282 to €193,027
- Receivables within one year -€35,859
down €35,859 (-64.5%), from €55,556 to €19,697
of which Trade receivables: -€29,463
- Cash +€35,074
up €35,074 (+44.7%), from €78,441 to €113,515
mainly Depreciation (+€52,947) and Stocks and contracts (+€44,255)
- Trade debts -€47,888
down €47,888 (-31.4%), from €152,703 to €104,815
- Debts after one year -€42,490
down €42,490 (-15.2%), from €278,904 to €236,415
- Current portion of long-term debt -€15,206
down €15,206 (-26.4%), from €57,696 to €42,490
- Tax, wage and social debts +€8,679
up €8,679 (+16.3%), from €53,329 to €62,008
of which Remuneration and social security: +€21,862
- Gross operating margin -€58,839
down €58,839 (-12.5%), from €472,411 to €413,572
- Depreciation -€26,487
down €26,487 (-33.3%), from €79,434 to €52,947
- Staff costs -€20,936
down €20,936 (-6.0%), from €346,694 to €325,758
- Other operating charges -€15,682
down €15,682 (-41.2%), from €38,052 to €22,370
- Financial income -€13,683
down €13,683 (-66.3%), from €20,641 to €6,958
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 | €614,209 | €518,134 | -€96,074 | -15.6% |
| Fixed assets | 21/28 | €239,797 | €186,850 | -€52,947 | -22.1% |
| Tangible fixed assets | 22/27 | €239,473 | €186,526 | -€52,947 | -22.1% |
| Land and buildings | 22 | €210,000 | €175,000 | -€35,000 | -16.7% |
| Plant, machinery and equipment | 23 | €14,191 | €7,096 | -€7,096 | -50.0% |
| Furniture and vehicles | 24 | €2,026 | €3,421 | +€1,395 | +68.9% |
| Leasing and similar rights | 25 | €7,047 | - | -€7,047 | |
| Other tangible fixed assets | 26 | €6,209 | €1,009 | -€5,199 | -83.7% |
| Financial fixed assets | 28 | €324 | €324 | = | 0.0% |
| Current assets | 29/58 | €374,412 | €331,284 | -€43,128 | -11.5% |
| Stocks and contracts in progress | 3 | €237,282 | €193,027 | -€44,255 | -18.7% |
| Stocks | 30/36 | €237,282 | €193,027 | -€44,255 | -18.7% |
| Amounts receivable within one year | 40/41 | €55,556 | €19,697 | -€35,859 | -64.5% |
| Trade receivables | 40 | €36,939 | €7,476 | -€29,463 | -79.8% |
| Other amounts receivable | 41 | €18,617 | €12,221 | -€6,396 | -34.4% |
| Cash at bank and in hand | 54/58 | €78,441 | €113,515 | +€35,074 | +44.7% |
| Deferred charges and accrued income | 490/1 | €3,134 | €5,046 | +€1,912 | +61.0% |
| Total equity and liabilities | 10/49 | €614,209 | €518,134 | -€96,074 | -15.6% |
| Equity | 10/15 | €67,466 | €72,407 | +€4,941 | +7.3% |
| Contributions | 10/11 | €176,130 | €176,130 | = | 0.0% |
| Capital | 10 | €176,130 | €176,130 | = | 0.0% |
| Issued capital | 100 | €176,130 | €176,130 | = | 0.0% |
| Reserves | 13 | €67,145 | €67,145 | = | 0.0% |
| Non-distributable reserves | 130/1 | €5,000 | €5,000 | = | 0.0% |
| Legal reserve | 130 | €5,000 | €5,000 | = | 0.0% |
| Distributable reserves | 133 | €62,145 | €62,145 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€175,809 | -€170,868 | +€4,941 | +2.8% |
| Amounts payable | 17/49 | €546,743 | €445,728 | -€101,015 | -18.5% |
| Amounts payable after more than one year | 17 | €278,904 | €236,415 | -€42,490 | -15.2% |
| Financial debts | 170/4 | €278,904 | €236,415 | -€42,490 | -15.2% |
| Amounts payable within one year | 42/48 | €263,728 | €209,313 | -€54,415 | -20.6% |
| Current portion of amounts payable after more than one year | 42 | €57,696 | €42,490 | -€15,206 | -26.4% |
| Trade debts | 44 | €152,703 | €104,815 | -€47,888 | -31.4% |
| Suppliers | 440/4 | €152,703 | €104,815 | -€47,888 | -31.4% |
| Taxes, remuneration and social security | 45 | €53,329 | €62,008 | +€8,679 | +16.3% |
| Taxes | 450/3 | €18,205 | €5,023 | -€13,183 | -72.4% |
| Remuneration and social security | 454/9 | €35,123 | €56,985 | +€21,862 | +62.2% |
| Accrued charges and deferred income | 492/3 | €4,110 | - | -€4,110 | |
| Remuneration, social security and pensions | 62 | €346,694 | €325,758 | -€20,936 | -6.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €79,434 | €52,947 | -€26,487 | -33.3% |
| Other operating charges | 640/8 | €38,052 | €22,370 | -€15,682 | -41.2% |
| Gross operating margin | 9900 | €472,411 | €413,572 | -€58,839 | -12.5% |
| Operating profit (loss) | 9901 | €8,232 | €12,497 | +€4,265 | +51.8% |
| Financial income | 75/76B | €20,641 | €6,958 | -€13,683 | -66.3% |
| Recurring financial income | 75 | €20,641 | €6,958 | -€13,683 | -66.3% |
| Financial charges | 65/66B | €15,946 | €14,199 | -€1,746 | -11.0% |
| Recurring financial charges | 65 | €15,946 | €14,199 | -€1,746 | -11.0% |
| Profit (loss) for the period before taxes | 9903 | €12,927 | €5,256 | -€7,671 | -59.3% |
| Income taxes | 67/77 | €330 | €315 | -€15 | -4.5% |
| Profit (loss) for the period | 9904 | €12,596 | €4,941 | -€7,656 | -60.8% |
| Profit (loss) for the period to be appropriated | 9905 | €12,596 | €4,941 | -€7,656 | -60.8% |
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 21 October 2026 via checked.be.