THIALGO: 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.
THIALGO
Largest movements
- Receivables within one year +€257,464
up €257,464 (+225.6%), from €114,107 to €371,571
of which Other amounts receivable: +€354,264
- Tangible fixed assets +€245,317
up €245,317 (+101744.6%), from €241 to €245,558
of which Land and buildings: +€152,230
- Receivables after one year -€12,720
down €12,720 (-8.3%), from €154,099 to €141,379
- Cash +€11,335
up €11,335 (+8.1%), from €139,547 to €150,882
mainly Net result for the year (+€319,478) and Other debts (+€275,361)
- Reserves -€350,000
down €350,000 (-69.9%), from €500,875 to €150,875
- Profit (loss) carried forward +€319,478
new in 2025: €319,478
- Other debts +€275,361
up €275,361 (+2121.7%), from €12,978 to €288,340
- Debts after one year +€178,276
new in 2025: €178,276
- Tax, wage and social debts +€49,698
up €49,698 (+489.1%), from €10,161 to €59,859
- Financial income +€323,265
new in 2025: €323,265
of which Financial income: +€322,760
- Gross operating margin -€31,290
down €31,290 (-36.8%), from €85,026 to €53,735
- Depreciation +€26,902
up €26,902 (+6478.5%), from €415 to €27,317
- Other operating charges +€22,781
up €22,781 (+4015.2%), from €567 to €23,349
- Taxes -€14,150
down €14,150 (-88.2%), from €16,048 to €1,899
From the 31-12-2024 result to the 31-12-2025 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 31-12-2024 and 31-12-2025 balance sheets and the 31-12-2025 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 31-12-2024 | 31-12-2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €546,276 | €1,048,972 | +€502,696 | +92.0% |
| Fixed assets | 21/28 | €138,522 | €385,139 | +€246,617 | +178.0% |
| Intangible fixed assets | 21 | - | €1,300 | +€1,300 | |
| Tangible fixed assets | 22/27 | €241 | €245,558 | +€245,317 | +101744.6% |
| Land and buildings | 22 | - | €152,230 | +€152,230 | |
| Plant, machinery and equipment | 23 | €241 | €759 | +€518 | +215.0% |
| Leasing and similar rights | 25 | - | €92,568 | +€92,568 | |
| Financial fixed assets | 28 | €138,281 | €138,281 | = | 0.0% |
| Current assets | 29/58 | €407,753 | €663,832 | +€256,079 | +62.8% |
| Amounts receivable after more than one year | 29 | €154,099 | €141,379 | -€12,720 | -8.3% |
| Other amounts receivable | 291 | €154,099 | €141,379 | -€12,720 | -8.3% |
| Amounts receivable within one year | 40/41 | €114,107 | €371,571 | +€257,464 | +225.6% |
| Trade receivables | 40 | €96,800 | - | -€96,800 | |
| Other amounts receivable | 41 | €17,307 | €371,571 | +€354,264 | +2047.0% |
| Cash at bank and in hand | 54/58 | €139,547 | €150,882 | +€11,335 | +8.1% |
| Total equity and liabilities | 10/49 | €546,276 | €1,048,972 | +€502,696 | +92.0% |
| Equity | 10/15 | €520,875 | €490,353 | -€30,522 | -5.9% |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Reserves | 13 | €500,875 | €150,875 | -€350,000 | -69.9% |
| Distributable reserves | 133 | €500,875 | €150,875 | -€350,000 | -69.9% |
| Profit (loss) carried forward | 14 | - | €319,478 | +€319,478 | |
| Amounts payable | 17/49 | €25,401 | €558,618 | +€533,218 | +2099.2% |
| Amounts payable after more than one year | 17 | - | €178,276 | +€178,276 | |
| Financial debts | 170/4 | - | €178,276 | +€178,276 | |
| Amounts payable within one year | 42/48 | €25,401 | €380,343 | +€354,942 | +1397.4% |
| Current portion of amounts payable after more than one year | 42 | - | €29,732 | +€29,732 | |
| Trade debts | 44 | €2,262 | €2,412 | +€150 | +6.6% |
| Suppliers | 440/4 | €2,262 | €2,412 | +€150 | +6.6% |
| Taxes, remuneration and social security | 45 | €10,161 | €59,859 | +€49,698 | +489.1% |
| Taxes | 450/3 | €10,161 | €59,859 | +€49,698 | +489.1% |
| Other amounts payable | 47/48 | €12,978 | €288,340 | +€275,361 | +2121.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €415 | €27,317 | +€26,902 | +6478.5% |
| Other operating charges | 640/8 | €567 | €23,349 | +€22,781 | +4015.2% |
| Gross operating margin | 9900 | €85,026 | €53,735 | -€31,290 | -36.8% |
| Operating profit (loss) | 9901 | €84,043 | €3,069 | -€80,974 | -96.3% |
| Financial income | 75/76B | - | €323,265 | +€323,265 | |
| Recurring financial income | 75 | - | €322,760 | +€322,760 | |
| Non-recurring financial income | 76B | - | €505 | +€505 | |
| Financial charges | 65/66B | €131 | €4,957 | +€4,826 | +3695.0% |
| Recurring financial charges | 65 | €131 | €4,957 | +€4,826 | +3695.0% |
| Profit (loss) for the period before taxes | 9903 | €83,912 | €321,377 | +€237,465 | +283.0% |
| Income taxes | 67/77 | €16,048 | €1,899 | -€14,150 | -88.2% |
| Profit (loss) for the period | 9904 | €67,864 | €319,478 | +€251,614 | +370.8% |
| Profit (loss) for the period to be appropriated | 9905 | €67,864 | €319,478 | +€251,614 | +370.8% |
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 6 October 2026 via checked.be.