THIEL: 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.
THIEL
Largest movements
- Cash +€142,645
up €142,645 (+78.7%), from €181,139 to €323,785
mainly Net result for the year (+€152,872) and Depreciation (+€72,478)
- Current investments -€63,177
down €63,177 (-38.6%), from €163,578 to €100,401
- Tangible fixed assets -€35,971
down €35,971 (-12.0%), from €299,750 to €263,779
of which Other tangible fixed assets: -€51,434
- Receivables within one year -€33,859
down €33,859 (-91.6%), from €36,957 to €3,098
of which Other amounts receivable: -€23,817
- Reserves -€74,809
down €74,809 (-20.3%), from €368,031 to €293,222
- Tax, wage and social debts +€72,248
up €72,248 (+795.4%), from €9,083 to €81,331
- Other debts +€12,199
up €12,199 (+5.3%), from €229,062 to €241,262
- Gross operating margin +€113,208
up €113,208 (+53.3%), from €212,465 to €325,673
- Taxes +€70,363
up €70,363 (+200.6%), from €35,070 to €105,432
- Financial income +€7,453
up €7,453 (+211.9%), from €3,518 to €10,972
- Other operating charges +€4,387
up €4,387 (+366.4%), from €1,197 to €5,584
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 | €684,425 | €694,063 | +€9,638 | +1.4% |
| Fixed assets | 21/28 | €302,750 | €266,779 | -€35,971 | -11.9% |
| Tangible fixed assets | 22/27 | €299,750 | €263,779 | -€35,971 | -12.0% |
| Land and buildings | 22 | €173,269 | €155,852 | -€17,416 | -10.1% |
| Furniture and vehicles | 24 | €5,090 | €37,970 | +€32,879 | +645.9% |
| Other tangible fixed assets | 26 | €121,392 | €69,957 | -€51,434 | -42.4% |
| Financial fixed assets | 28 | €3,000 | €3,000 | = | 0.0% |
| Current assets | 29/58 | €381,674 | €427,284 | +€45,610 | +11.9% |
| Amounts receivable within one year | 40/41 | €36,957 | €3,098 | -€33,859 | -91.6% |
| Trade receivables | 40 | €13,139 | €3,098 | -€10,041 | -76.4% |
| Other amounts receivable | 41 | €23,817 | - | -€23,817 | |
| Current investments | 50/53 | €163,578 | €100,401 | -€63,177 | -38.6% |
| Cash at bank and in hand | 54/58 | €181,139 | €323,785 | +€142,645 | +78.7% |
| Total equity and liabilities | 10/49 | €684,425 | €694,063 | +€9,638 | +1.4% |
| Equity | 10/15 | €446,279 | €371,470 | -€74,809 | -16.8% |
| Contributions | 10/11 | €12,860 | €12,860 | = | 0.0% |
| Reserves | 13 | €368,031 | €293,222 | -€74,809 | -20.3% |
| Distributable reserves | 133 | €368,031 | €293,222 | -€74,809 | -20.3% |
| Profit (loss) carried forward | 14 | €65,388 | €65,388 | = | 0.0% |
| Amounts payable | 17/49 | €238,145 | €322,593 | +€84,447 | +35.5% |
| Amounts payable within one year | 42/48 | €238,145 | €322,593 | +€84,447 | +35.5% |
| Trade debts | 44 | €0 | €0 | = | |
| Suppliers | 440/4 | €0 | €0 | = | |
| Taxes, remuneration and social security | 45 | €9,083 | €81,331 | +€72,248 | +795.4% |
| Taxes | 450/3 | €9,083 | €81,331 | +€72,248 | +795.4% |
| Other amounts payable | 47/48 | €229,062 | €241,262 | +€12,199 | +5.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €69,380 | €72,478 | +€3,098 | +4.5% |
| Other operating charges | 640/8 | €1,197 | €5,584 | +€4,387 | +366.4% |
| Gross operating margin | 9900 | €212,465 | €325,673 | +€113,208 | +53.3% |
| Operating profit (loss) | 9901 | €141,888 | €247,611 | +€105,723 | +74.5% |
| Financial income | 75/76B | €3,518 | €10,972 | +€7,453 | +211.9% |
| Recurring financial income | 75 | €3,518 | €10,972 | +€7,453 | +211.9% |
| Financial charges | 65/66B | €276 | €278 | +€2 | +0.7% |
| Recurring financial charges | 65 | €276 | €278 | +€2 | +0.7% |
| Profit (loss) for the period before taxes | 9903 | €145,130 | €258,304 | +€113,174 | +78.0% |
| Income taxes | 67/77 | €35,070 | €105,432 | +€70,363 | +200.6% |
| Profit (loss) for the period | 9904 | €110,060 | €152,872 | +€42,812 | +38.9% |
| Profit (loss) for the period to be appropriated | 9905 | €110,060 | €152,872 | +€42,812 | +38.9% |
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 7 October 2026 via checked.be.