Thesla: 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.
What changed
Thesla
NACE 27.320, Manufacture of electrical equipment
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€2.0m
2024 · €1.5m+€547,952
Equity
€12.5m
2024 · €10.5m+€2.0m
Cash
€1.6m
2024 · €1.8m-€208,709
Balance sheet total
€13.6m
2024 · €16.1m-€2.4m
Largest movements
Assets
- Current investments -€2.7m
no longer reported in 2025 (was €2.7m)
- Receivables within one year +€907,149
up €907,149 (+34.0%), from €2.7m to €3.6m
of which Trade receivables: +€938,237
- Tangible fixed assets -€253,491
down €253,491 (-8.2%), from €3.1m to €2.8m
of which Plant, machinery and equipment: -€251,700
- Cash -€208,709
down €208,709 (-11.4%), from €1.8m to €1.6m
mainly Other debts (-€4.5m) and Receivables within one year (-€907,149)
- Stocks and contracts -€166,044
down €166,044 (-2.9%), from €5.7m to €5.5m
Equity and liabilities
- Other debts -€4.5m
down €4.5m (-98.4%), from €4.5m to €72,899
- Reserves +€2.0m
up €2.0m (+19.1%), from €10.4m to €12.4m
of which Distributable reserves: +€2.0m
Income statement
- Turnover +€4.6m
up €4.6m (+10.5%), from €44.3m to €48.9m
- Goods and materials +€2.9m
up €2.9m (+7.6%), from €37.8m to €40.6m
of which Purchases: +€3.4m
- Financial charges +€563,644
up €563,644 (+139%), from €405,514 to €969,159
of which Non-recurring financial charges: +€541,672
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.
Result 2024
€1.5m
Turnover
+€4.6m
Other operating income
+€6,741
Goods and materials
-€2.9m
Services and other goods
+€120,171
Staff costs
-€277,530
Depreciation
-€76,205
Write-downs
-€39,188
Other operating charges
+€3,310
Other operating items
-€176,588
Financial income
-€31,001
Financial charges
-€563,644
Taxes
-€188,790
Result 2025
€2.0m
raises the resultlowers the resultnot broken down further in the accounts
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.
From operations
-€2.4m
Investment
+€2.2m
Financing
-€36,575
Cash 2024
€1.8m
From operations (derived)
-€2.4m
Net result for the year
+€2.0m
Depreciation
+€734,627
Stocks and contracts
+€166,044
Receivables within one year
-€907,149
Smaller working-capital items
+€2,092
Trade debts
-€27,169
Tax, wage and social debts
+€87,357
Other debts
-€4.5m
Investment (derived)
+€2.2m
Investment in fixed assets (net)
-€474,834
Current investments
+€2.7m
Financing
-€36,575
Contributions, distributions and other
-€36,575
Cash 2025
€1.6m
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €16,077,055 | €13,646,634 | -€2.4m | -15.1% |
| Fixed assets | 21/28 | €3,158,173 | €2,898,380 | -€259,793 | -8.2% |
| Intangible fixed assets | 21 | €80,844 | €74,142 | -€6,702 | -8.3% |
| Tangible fixed assets | 22/27 | €3,075,822 | €2,822,332 | -€253,491 | -8.2% |
| Plant, machinery and equipment | 23 | €2,517,937 | €2,266,238 | -€251,700 | -10.0% |
| Furniture and vehicles | 24 | €506,024 | €522,022 | +€15,998 | +3.2% |
| Other tangible fixed assets | 26 | €51,861 | €34,072 | -€17,789 | -34.3% |
| Financial fixed assets | 28 | €1,506 | €1,906 | +€400 | +26.6% |
| Other financial fixed assets | 284/8 | €1,506 | €1,906 | +€400 | +26.6% |
| Amounts receivable and cash guarantees | 285/8 | €1,506 | €1,906 | +€400 | +26.6% |
| Current assets | 29/58 | €12,918,882 | €10,748,254 | -€2.2m | -16.8% |
| Stocks and contracts in progress | 3 | €5,665,421 | €5,499,378 | -€166,044 | -2.9% |
| Stocks | 30/36 | €5,665,421 | €5,499,378 | -€166,044 | -2.9% |
| Raw materials and consumables | 30/31 | €1,769,700 | €2,625,517 | +€855,817 | +48.4% |
| Finished goods | 33 | €826,359 | €834,548 | +€8,189 | +1.0% |
| Goods purchased for resale | 34 | €69,362 | €39,313 | -€30,049 | -43.3% |
| Advance payments | 36 | €3,000,000 | €2,000,000 | -€1.0m | -33.3% |
| Amounts receivable within one year | 40/41 | €2,671,489 | €3,578,637 | +€907,149 | +34.0% |
| Trade receivables | 40 | €2,128,386 | €3,066,624 | +€938,237 | +44.1% |
| Other amounts receivable | 41 | €543,102 | €512,014 | -€31,089 | -5.7% |
| Current investments | 50/53 | €2,700,000 | - | -€2.7m | |
| Other investments | 51/53 | €2,700,000 | - | -€2.7m | |
| Cash at bank and in hand | 54/58 | €1,836,093 | €1,627,385 | -€208,709 | -11.4% |
| Deferred charges and accrued income | 490/1 | €45,879 | €42,855 | -€3,025 | -6.6% |
| Total equity and liabilities | 10/49 | €16,077,055 | €13,646,634 | -€2.4m | -15.1% |
| Equity | 10/15 | €10,483,284 | €12,469,000 | +€2.0m | +18.9% |
| Contributions | 10/11 | €98,832 | €98,832 | = | 0.0% |
| Capital | 10 | €65,472 | €65,472 | = | 0.0% |
| Issued capital | 100 | €65,472 | €65,472 | = | 0.0% |
| Contributions outside capital | 11 | €33,360 | €33,360 | = | 0.0% |
| Share premium | 1100/10 | €33,360 | €33,360 | = | 0.0% |
| Reserves | 13 | €10,384,452 | €12,370,000 | +€2.0m | +19.1% |
| Non-distributable reserves | 130/1 | €9,883 | €9,883 | = | 0.0% |
| Legal reserve | 130 | €9,883 | €9,883 | = | 0.0% |
| Tax-exempt reserves | 132 | €9,000 | €9,000 | = | 0.0% |
| Distributable reserves | 133 | €10,365,569 | €12,351,117 | +€2.0m | +19.2% |
| Profit (loss) carried forward | 14 | - | €169 | +€169 | |
| Amounts payable | 17/49 | €5,593,772 | €1,177,634 | -€4.4m | -78.9% |
| Amounts payable within one year | 42/48 | €5,591,247 | €1,176,042 | -€4.4m | -79.0% |
| Trade debts | 44 | €760,971 | €733,802 | -€27,169 | -3.6% |
| Suppliers | 440/4 | €760,971 | €733,802 | -€27,169 | -3.6% |
| Taxes, remuneration and social security | 45 | €281,984 | €369,342 | +€87,357 | +31.0% |
| Taxes | 450/3 | €33,416 | €88,630 | +€55,214 | +165% |
| Remuneration and social security | 454/9 | €248,568 | €280,711 | +€32,143 | +12.9% |
| Other amounts payable | 47/48 | €4,548,292 | €72,899 | -€4.5m | -98.4% |
| Accrued charges and deferred income | 492/3 | €2,524 | €1,592 | -€932 | -36.9% |
| Operating income | 70/76A | €44,527,513 | €49,008,699 | +€4.5m | +10.1% |
| Turnover | 70 | €44,291,801 | €48,925,501 | +€4.6m | +10.5% |
| Change in stocks of work in progress, finished goods and contracts in progress | 71 | €160,299 | €8,189 | -€152,110 | -94.9% |
| Other operating income | 74 | €66,067 | €72,809 | +€6,741 | +10.2% |
| Non-recurring operating income | 76A | €9,347 | €2,200 | -€7,147 | -76.5% |
| Operating charges | 60/66A | €42,436,381 | €45,586,179 | +€3.1m | +7.4% |
| Goods for resale, raw materials and consumables | 60 | €37,779,924 | €40,642,947 | +€2.9m | +7.6% |
| Purchases | 600/8 | €38,106,847 | €41,468,714 | +€3.4m | +8.8% |
| Change in stocks: decrease (increase) | 609 | -€326,923 | -€825,767 | -€498,844 | -153% |
| Services and other goods | 61 | €2,343,929 | €2,223,759 | -€120,171 | -5.1% |
| Remuneration, social security and pensions | 62 | €1,620,133 | €1,897,663 | +€277,530 | +17.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €658,422 | €734,627 | +€76,205 | +11.6% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | €39,188 | +€39,188 | |
| Other operating charges | 640/8 | €33,478 | €30,168 | -€3,310 | -9.9% |
| Non-recurring operating charges | 66A | €495 | €17,827 | +€17,332 | +3,504% |
| Operating profit (loss) | 9901 | €2,091,132 | €3,422,520 | +€1.3m | +63.7% |
| Financial income | 75/76B | €310,427 | €279,426 | -€31,001 | -10.0% |
| Recurring financial income | 75 | €310,427 | €279,426 | -€31,001 | -10.0% |
| Income from current assets | 751 | €90,520 | €38,308 | -€52,212 | -57.7% |
| Other financial income | 752/9 | €219,907 | €241,118 | +€21,211 | +9.6% |
| Financial charges | 65/66B | €405,514 | €969,159 | +€563,644 | +139% |
| Recurring financial charges | 65 | €405,514 | €427,487 | +€21,972 | +5.4% |
| Other financial charges | 652/9 | €405,514 | €427,487 | +€21,972 | +5.4% |
| Non-recurring financial charges | 66B | - | €541,672 | +€541,672 | |
| Profit (loss) for the period before taxes | 9903 | €1,996,046 | €2,732,788 | +€736,743 | +36.9% |
| Income taxes | 67/77 | €521,707 | €710,497 | +€188,790 | +36.2% |
| Taxes | 670/3 | €521,707 | €710,497 | +€188,790 | +36.2% |
| Profit (loss) for the period | 9904 | €1,474,339 | €2,022,291 | +€547,952 | +37.2% |
| Profit (loss) for the period to be appropriated | 9905 | €1,474,339 | €2,022,291 | +€547,952 | +37.2% |
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 14 October 2026 via checked.be.