THESLAU: 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.
THESLAU
Largest movements
- Tangible fixed assets -€36,399
down €36,399 (-57.0%), from €63,883 to €27,484
of which Plant, machinery and equipment: -€24,806
- Cash +€33,774
up €33,774 (+58.2%), from €57,988 to €91,762
mainly Trade debts (+€81,231) and Depreciation (+€44,957)
- Receivables within one year +€16,851
up €16,851 (+6.0%), from €281,900 to €298,751
of which Trade receivables: +€10,265
- Intangible fixed assets -€8,558
down €8,558 (-11.1%), from €77,158 to €68,600
- Trade debts +€81,231
up €81,231 (+116%), from €70,221 to €151,452
- Tax, wage and social debts -€30,556
down €30,556 (-61.2%), from €49,929 to €19,373
of which Taxes: -€29,779
- Debts after one year -€25,578
down €25,578 (-20.0%), from €128,083 to €102,505
- Profit (loss) carried forward -€19,977
down €19,977 (-9.7%), from €206,667 to €186,690
- Purchases and services +€390,470
up €390,470 (+99.6%), from €392,068 to €782,538
- Gross operating margin -€105,173
down €105,173 (-75.4%), from €139,460 to €34,287
- Taxes -€25,483
down €25,483, from €22,600 to -€2,883
- Staff costs -€2,507
down €2,507 (-81.7%), from €3,067 to €560
- Depreciation +€1,498
up €1,498 (+3.4%), from €43,459 to €44,957
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 | €480,929 | €486,597 | +€5,668 | +1.2% |
| Fixed assets | 21/28 | €141,041 | €96,084 | -€44,957 | -31.9% |
| Intangible fixed assets | 21 | €77,158 | €68,600 | -€8,558 | -11.1% |
| Tangible fixed assets | 22/27 | €63,883 | €27,484 | -€36,399 | -57.0% |
| Plant, machinery and equipment | 23 | €50,704 | €25,898 | -€24,806 | -48.9% |
| Furniture and vehicles | 24 | €13,179 | €1,586 | -€11,594 | -88.0% |
| Current assets | 29/58 | €339,888 | €390,513 | +€50,625 | +14.9% |
| Amounts receivable within one year | 40/41 | €281,900 | €298,751 | +€16,851 | +6.0% |
| Trade receivables | 40 | €223,865 | €234,130 | +€10,265 | +4.6% |
| Other amounts receivable | 41 | €58,035 | €64,621 | +€6,586 | +11.3% |
| Cash at bank and in hand | 54/58 | €57,988 | €91,762 | +€33,774 | +58.2% |
| Total equity and liabilities | 10/49 | €480,929 | €486,597 | +€5,668 | +1.2% |
| Equity | 10/15 | €207,667 | €187,690 | -€19,977 | -9.6% |
| Contributions | 10/11 | €1,000 | €1,000 | = | 0.0% |
| Contributions outside capital | 11 | €1,000 | - | -€1,000 | |
| Other | 1109/19 | €1,000 | - | -€1,000 | |
| Profit (loss) carried forward | 14 | €206,667 | €186,690 | -€19,977 | -9.7% |
| Amounts payable | 17/49 | €273,262 | €298,907 | +€25,645 | +9.4% |
| Amounts payable after more than one year | 17 | €128,083 | €102,505 | -€25,578 | -20.0% |
| Financial debts | 170/4 | €128,083 | €102,505 | -€25,578 | -20.0% |
| Amounts payable within one year | 42/48 | €145,179 | €196,403 | +€51,223 | +35.3% |
| Current portion of amounts payable after more than one year | 42 | €24,507 | €25,578 | +€1,071 | +4.4% |
| Trade debts | 44 | €70,221 | €151,452 | +€81,231 | +116% |
| Suppliers | 440/4 | €70,221 | €151,452 | +€81,231 | +116% |
| Taxes, remuneration and social security | 45 | €49,929 | €19,373 | -€30,556 | -61.2% |
| Taxes | 450/3 | €49,152 | €19,373 | -€29,779 | -60.6% |
| Remuneration and social security | 454/9 | €777 | - | -€777 | |
| Other amounts payable | 47/48 | €523 | - | -€523 | |
| Goods, raw materials, services and sundry goods | 60/61 | €392,068 | €782,538 | +€390,470 | +99.6% |
| Remuneration, social security and pensions | 62 | €3,067 | €560 | -€2,507 | -81.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €43,459 | €44,957 | +€1,498 | +3.4% |
| Other operating charges | 640/8 | €2,327 | €1,172 | -€1,155 | -49.6% |
| Non-recurring operating charges | 66A | €677 | €361 | -€316 | -46.7% |
| Gross operating margin | 9900 | €139,460 | €34,287 | -€105,173 | -75.4% |
| Operating profit (loss) | 9901 | €89,930 | -€12,764 | -€102,693 | |
| Financial income | 75/76B | €183 | €210 | +€27 | +14.6% |
| Recurring financial income | 75 | €183 | €210 | +€27 | +14.6% |
| Financial charges | 65/66B | €9,391 | €10,306 | +€915 | +9.7% |
| Recurring financial charges | 65 | €9,391 | €10,306 | +€915 | +9.7% |
| Profit (loss) for the period before taxes | 9903 | €80,722 | -€22,860 | -€103,581 | |
| Income taxes | 67/77 | €22,600 | -€2,883 | -€25,483 | |
| Profit (loss) for the period | 9904 | €58,122 | -€19,977 | -€78,098 | |
| Profit (loss) for the period to be appropriated | 9905 | €58,122 | -€19,977 | -€78,098 |
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 24 October 2026 via checked.be.