Thiels Invest Group: 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.
Thiels Invest Group
Largest movements
- Tangible fixed assets -€17,525
down €17,525 (-40.7%), from €43,020 to €25,495
- Debts after one year -€52,503
down €52,503 (-35.7%), from €147,080 to €94,576
- Reserves +€25,775
up €25,775 (+72.1%), from €35,738 to €61,513
- Other debts +€10,308
up €10,308 (+5.5%), from €188,654 to €198,962
- Financial charges +€6,088
up €6,088 (+115%), from €5,311 to €11,399
- Gross operating margin -€4,012
down €4,012 (-6.0%), from €66,456 to €62,443
- Taxes -€2,049
down €2,049 (-22.8%), from €8,988 to €6,939
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 | €431,684 | €419,141 | -€12,543 | -2.9% |
| Fixed assets | 21/28 | €418,020 | €400,495 | -€17,525 | -4.2% |
| Tangible fixed assets | 22/27 | €43,020 | €25,495 | -€17,525 | -40.7% |
| Leasing and similar rights | 25 | €43,020 | €25,495 | -€17,525 | -40.7% |
| Financial fixed assets | 28 | €375,000 | €375,000 | = | 0.0% |
| Current assets | 29/58 | €13,663 | €18,645 | +€4,982 | +36.5% |
| Amounts receivable within one year | 40/41 | - | €2,294 | +€2,294 | |
| Trade receivables | 40 | - | €2,294 | +€2,294 | |
| Cash at bank and in hand | 54/58 | €11,365 | €15,354 | +€3,989 | +35.1% |
| Deferred charges and accrued income | 490/1 | €2,298 | €998 | -€1,301 | -56.6% |
| Total equity and liabilities | 10/49 | €431,684 | €419,141 | -€12,543 | -2.9% |
| Equity | 10/15 | €38,238 | €64,013 | +€25,775 | +67.4% |
| Contributions | 10/11 | €2,500 | €2,500 | = | 0.0% |
| Reserves | 13 | €35,738 | €61,513 | +€25,775 | +72.1% |
| Distributable reserves | 133 | €35,738 | €61,513 | +€25,775 | +72.1% |
| Amounts payable | 17/49 | €393,446 | €355,128 | -€38,318 | -9.7% |
| Amounts payable after more than one year | 17 | €147,080 | €94,576 | -€52,503 | -35.7% |
| Financial debts | 170/4 | €147,080 | €94,576 | -€52,503 | -35.7% |
| Amounts payable within one year | 42/48 | €246,366 | €260,551 | +€14,185 | +5.8% |
| Current portion of amounts payable after more than one year | 42 | €51,242 | €52,503 | +€1,262 | +2.5% |
| Trade debts | 44 | €2,980 | €4,689 | +€1,709 | +57.3% |
| Suppliers | 440/4 | €2,980 | €4,689 | +€1,709 | +57.3% |
| Taxes, remuneration and social security | 45 | €3,490 | €4,397 | +€907 | +26.0% |
| Taxes | 450/3 | €3,490 | €4,397 | +€907 | +26.0% |
| Other amounts payable | 47/48 | €188,654 | €198,962 | +€10,308 | +5.5% |
| Non-recurring operating income | 76A | €4,539 | - | -€4,539 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €17,525 | €17,525 | = | 0.0% |
| Other operating charges | 640/8 | €669 | €805 | +€136 | +20.3% |
| Gross operating margin | 9900 | €66,456 | €62,443 | -€4,012 | -6.0% |
| Operating profit (loss) | 9901 | €48,261 | €44,113 | -€4,148 | -8.6% |
| Financial charges | 65/66B | €5,311 | €11,399 | +€6,088 | +115% |
| Recurring financial charges | 65 | €5,311 | €11,399 | +€6,088 | +115% |
| Profit (loss) for the period before taxes | 9903 | €42,950 | €32,714 | -€10,236 | -23.8% |
| Income taxes | 67/77 | €8,988 | €6,939 | -€2,049 | -22.8% |
| Profit (loss) for the period | 9904 | €33,962 | €25,775 | -€8,187 | -24.1% |
| Profit (loss) for the period to be appropriated | 9905 | €33,962 | €25,775 | -€8,187 | -24.1% |
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 23 October 2026 via checked.be.