THARSEO: 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.
THARSEO
Largest movements
- Intangible fixed assets -€24,000
down €24,000 (-16.3%), from €147,090 to €123,090
- Receivables within one year -€10,467
down €10,467 (-9.0%), from €116,119 to €105,652
of which Trade receivables: -€8,868
- Other debts -€67,152
down €67,152 (-71.3%), from €94,152 to €27,000
- Debts after one year -€35,146
down €35,146 (-32.8%), from €107,099 to €71,953
- Profit (loss) carried forward +€29,141
up €29,141, from €0 to €29,141
- Trade debts +€19,237
up €19,237 (+166.9%), from €11,526 to €30,763
- Tax, wage and social debts +€15,799
up €15,799 (+64.5%), from €24,509 to €40,308
of which Taxes: +€13,198
- Depreciation +€1,932
up €1,932 (+6.9%), from €28,080 to €30,012
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 | €278,100 | €244,860 | -€33,240 | -12.0% |
| Fixed assets | 21/28 | €158,336 | €136,015 | -€22,321 | -14.1% |
| Intangible fixed assets | 21 | €147,090 | €123,090 | -€24,000 | -16.3% |
| Tangible fixed assets | 22/27 | €10,997 | €12,676 | +€1,679 | +15.3% |
| Furniture and vehicles | 24 | €5,836 | €8,253 | +€2,417 | +41.4% |
| Other tangible fixed assets | 26 | €5,161 | €4,423 | -€738 | -14.3% |
| Financial fixed assets | 28 | €248 | €248 | = | 0.0% |
| Current assets | 29/58 | €119,765 | €108,846 | -€10,919 | -9.1% |
| Amounts receivable within one year | 40/41 | €116,119 | €105,652 | -€10,467 | -9.0% |
| Trade receivables | 40 | €37,454 | €28,586 | -€8,868 | -23.7% |
| Other amounts receivable | 41 | €78,665 | €77,065 | -€1,600 | -2.0% |
| Cash at bank and in hand | 54/58 | €0 | €33 | +€33 | |
| Deferred charges and accrued income | 490/1 | €3,646 | €3,161 | -€484 | -13.3% |
| Total equity and liabilities | 10/49 | €278,100 | €244,860 | -€33,240 | -12.0% |
| Equity | 10/15 | €3,000 | €32,141 | +€29,141 | +971.4% |
| Contributions | 10/11 | €3,000 | €3,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €0 | €29,141 | +€29,141 | |
| Amounts payable | 17/49 | €275,100 | €212,720 | -€62,381 | -22.7% |
| Amounts payable after more than one year | 17 | €107,099 | €71,953 | -€35,146 | -32.8% |
| Financial debts | 170/4 | €107,099 | €71,953 | -€35,146 | -32.8% |
| Amounts payable within one year | 42/48 | €168,001 | €139,475 | -€28,526 | -17.0% |
| Current portion of amounts payable after more than one year | 42 | €34,521 | €35,146 | +€625 | +1.8% |
| Financial debts | 43 | €3,293 | €6,258 | +€2,965 | +90.0% |
| Credit institutions | 430/8 | €3,293 | €6,258 | +€2,965 | +90.0% |
| Trade debts | 44 | €11,526 | €30,763 | +€19,237 | +166.9% |
| Suppliers | 440/4 | €11,526 | €30,763 | +€19,237 | +166.9% |
| Taxes, remuneration and social security | 45 | €24,509 | €40,308 | +€15,799 | +64.5% |
| Taxes | 450/3 | €24,450 | €37,647 | +€13,198 | +54.0% |
| Remuneration and social security | 454/9 | €59 | €2,661 | +€2,602 | +4380.1% |
| Other amounts payable | 47/48 | €94,152 | €27,000 | -€67,152 | -71.3% |
| Accrued charges and deferred income | 492/3 | - | €1,291 | +€1,291 | |
| Remuneration, social security and pensions | 62 | €25,680 | €25,687 | +€7 | 0.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €28,080 | €30,012 | +€1,932 | +6.9% |
| Other operating charges | 640/8 | €3,792 | €3,912 | +€119 | +3.1% |
| Gross operating margin | 9900 | €145,870 | €145,030 | -€840 | -0.6% |
| Operating profit (loss) | 9901 | €88,317 | €85,419 | -€2,898 | -3.3% |
| Financial income | 75/76B | €6 | €2 | -€4 | -61.3% |
| Recurring financial income | 75 | €6 | €2 | -€4 | -61.3% |
| Financial charges | 65/66B | €10,623 | €11,441 | +€818 | +7.7% |
| Recurring financial charges | 65 | €10,623 | €11,441 | +€818 | +7.7% |
| Profit (loss) for the period before taxes | 9903 | €77,700 | €73,981 | -€3,719 | -4.8% |
| Income taxes | 67/77 | €18,820 | €17,840 | -€980 | -5.2% |
| Profit (loss) for the period | 9904 | €58,880 | €56,141 | -€2,740 | -4.7% |
| Profit (loss) for the period to be appropriated | 9905 | €58,880 | €56,141 | -€2,740 | -4.7% |
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 30 September 2026 via checked.be.