Thielex: 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.
Thielex
Largest movements
- Cash -€32,990
down €32,990 (-63.7%), from €51,819 to €18,829
mainly Contributions, distributions and other (-€24,391) and Receivables within one year (-€18,931)
- Receivables within one year +€18,931
up €18,931 (+207.6%), from €9,120 to €28,050
of which Trade receivables: +€17,976
- Tangible fixed assets -€2,370
down €2,370 (-38.5%), from €6,147 to €3,778
of which Plant, machinery and equipment: -€1,530
- Other debts -€9,324
down €9,324 (-21.0%), from €44,346 to €35,022
- Tax, wage and social debts -€5,504
down €5,504 (-41.1%), from €13,407 to €7,903
- Debts after one year -€2,020
down €2,020 (-49.8%), from €4,060 to €2,040
- Gross operating margin -€32,809
down €32,809 (-46.4%), from €70,724 to €37,915
- Taxes -€4,696
down €4,696 (-34.2%), from €13,742 to €9,045
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 | €67,086 | €50,657 | -€16,430 | -24.5% |
| Fixed assets | 21/28 | €6,147 | €3,778 | -€2,370 | -38.5% |
| Tangible fixed assets | 22/27 | €6,147 | €3,778 | -€2,370 | -38.5% |
| Plant, machinery and equipment | 23 | €2,011 | €481 | -€1,530 | -76.1% |
| Other tangible fixed assets | 26 | €4,136 | €3,296 | -€840 | -20.3% |
| Current assets | 29/58 | €60,939 | €46,879 | -€14,060 | -23.1% |
| Amounts receivable within one year | 40/41 | €9,120 | €28,050 | +€18,931 | +207.6% |
| Trade receivables | 40 | €8,857 | €26,833 | +€17,976 | +203.0% |
| Other amounts receivable | 41 | €263 | €1,217 | +€955 | +363.6% |
| Cash at bank and in hand | 54/58 | €51,819 | €18,829 | -€32,990 | -63.7% |
| Total equity and liabilities | 10/49 | €67,086 | €50,657 | -€16,430 | -24.5% |
| Equity | 10/15 | €2,000 | €2,000 | = | 0.0% |
| Contributions | 10/11 | €2,000 | €2,000 | = | 0.0% |
| Amounts payable | 17/49 | €65,086 | €48,657 | -€16,430 | -25.2% |
| Amounts payable after more than one year | 17 | €4,060 | €2,040 | -€2,020 | -49.8% |
| Financial debts | 170/4 | €4,060 | €2,040 | -€2,020 | -49.8% |
| Amounts payable within one year | 42/48 | €61,027 | €46,617 | -€14,410 | -23.6% |
| Current portion of amounts payable after more than one year | 42 | €2,000 | €2,020 | +€20 | +1.0% |
| Trade debts | 44 | €1,275 | €1,673 | +€398 | +31.2% |
| Suppliers | 440/4 | €1,275 | €1,673 | +€398 | +31.2% |
| Taxes, remuneration and social security | 45 | €13,407 | €7,903 | -€5,504 | -41.1% |
| Taxes | 450/3 | €13,407 | €7,903 | -€5,504 | -41.1% |
| Other amounts payable | 47/48 | €44,346 | €35,022 | -€9,324 | -21.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,747 | €2,370 | +€623 | +35.7% |
| Other operating charges | 640/8 | €538 | €556 | +€18 | +3.3% |
| Gross operating margin | 9900 | €70,724 | €37,915 | -€32,809 | -46.4% |
| Operating profit (loss) | 9901 | €68,439 | €34,989 | -€33,450 | -48.9% |
| Financial charges | 65/66B | €1,963 | €1,552 | -€411 | -20.9% |
| Recurring financial charges | 65 | €1,963 | €1,552 | -€411 | -20.9% |
| Profit (loss) for the period before taxes | 9903 | €66,476 | €33,437 | -€33,039 | -49.7% |
| Income taxes | 67/77 | €13,742 | €9,045 | -€4,696 | -34.2% |
| Profit (loss) for the period | 9904 | €52,734 | €24,391 | -€28,342 | -53.7% |
| Profit (loss) for the period to be appropriated | 9905 | €52,734 | €24,391 | -€28,342 | -53.7% |
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 7 October 2026 via checked.be.