THLON: 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.
THLON
Largest movements
- Tangible fixed assets +€1.0m
up €1.0m (+61.2%), from €1.7m to €2.7m
of which Land and buildings: +€1.2m
- Receivables within one year -€830,910
down €830,910 (-22.7%), from €3.7m to €2.8m
of which Other amounts receivable: -€933,663
- Cash -€70,782
down €70,782 (-43.0%), from €164,453 to €93,671
mainly Investment in fixed assets (net) (-€1.3m) and Current portion of long-term debt (-€139,514)
- Debts after one year +€423,437
up €423,437 (+87.8%), from €482,337 to €905,774
- Current portion of long-term debt -€139,514
down €139,514 (-40.1%), from €347,992 to €208,478
- Trade debts -€111,029
down €111,029 (-6.8%), from €1.6m to €1.5m
- Short-term financial debts -€58,396
down €58,396 (-85.8%), from €68,069 to €9,673
- Gross operating margin -€212,020
down €212,020 (-10.0%), from €2.1m to €1.9m
- Financial income +€175,012
up €175,012 (+54691150.0%), from €0 to €175,012
- Staff costs +€98,026
up €98,026 (+6.8%), from €1.4m to €1.5m
- Taxes -€41,141
down €41,141 (-50.5%), from €81,506 to €40,365
- Other operating charges +€34,262
up €34,262 (+687.1%), from €4,987 to €39,248
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 | €5,497,708 | €5,612,469 | +€114,761 | +2.1% |
| Fixed assets | 21/28 | €1,652,160 | €2,662,524 | +€1.0m | +61.2% |
| Tangible fixed assets | 22/27 | €1,650,960 | €2,661,324 | +€1.0m | +61.2% |
| Land and buildings | 22 | €195,555 | €1,347,543 | +€1.2m | +589.1% |
| Plant, machinery and equipment | 23 | €1,431,243 | €1,294,623 | -€136,620 | -9.5% |
| Furniture and vehicles | 24 | €24,162 | €19,157 | -€5,005 | -20.7% |
| Financial fixed assets | 28 | €1,200 | €1,200 | = | 0.0% |
| Current assets | 29/58 | €3,845,548 | €2,949,946 | -€895,602 | -23.3% |
| Stocks and contracts in progress | 3 | €13,502 | €16,252 | +€2,750 | +20.4% |
| Stocks | 30/36 | €13,502 | €16,252 | +€2,750 | +20.4% |
| Amounts receivable within one year | 40/41 | €3,657,977 | €2,827,067 | -€830,910 | -22.7% |
| Trade receivables | 40 | €125,136 | €227,889 | +€102,753 | +82.1% |
| Other amounts receivable | 41 | €3,532,841 | €2,599,178 | -€933,663 | -26.4% |
| Current investments | 50/53 | €226 | - | -€226 | |
| Cash at bank and in hand | 54/58 | €164,453 | €93,671 | -€70,782 | -43.0% |
| Deferred charges and accrued income | 490/1 | €9,390 | €12,956 | +€3,566 | +38.0% |
| Total equity and liabilities | 10/49 | €5,497,708 | €5,612,469 | +€114,761 | +2.1% |
| Equity | 10/15 | €2,451,392 | €2,494,454 | +€43,062 | +1.8% |
| Contributions | 10/11 | €1,356,200 | €1,356,200 | = | 0.0% |
| Reserves | 13 | €1,095,192 | €1,138,254 | +€43,062 | +3.9% |
| Non-distributable reserves | 130/1 | €135,620 | €135,620 | = | 0.0% |
| Reserves not available under the articles | 1311 | €135,620 | €135,620 | = | 0.0% |
| Distributable reserves | 133 | €959,572 | €1,002,634 | +€43,062 | +4.5% |
| Amounts payable | 17/49 | €3,046,316 | €3,118,015 | +€71,700 | +2.4% |
| Amounts payable after more than one year | 17 | €482,337 | €905,774 | +€423,437 | +87.8% |
| Financial debts | 170/4 | €482,337 | €905,774 | +€423,437 | +87.8% |
| Amounts payable within one year | 42/48 | €2,563,979 | €2,212,241 | -€351,738 | -13.7% |
| Current portion of amounts payable after more than one year | 42 | €347,992 | €208,478 | -€139,514 | -40.1% |
| Financial debts | 43 | €68,069 | €9,673 | -€58,396 | -85.8% |
| Credit institutions | 430/8 | €68,069 | €9,673 | -€58,396 | -85.8% |
| Trade debts | 44 | €1,640,219 | €1,529,191 | -€111,029 | -6.8% |
| Suppliers | 440/4 | €1,640,219 | €1,529,191 | -€111,029 | -6.8% |
| Taxes, remuneration and social security | 45 | €484,462 | €442,463 | -€41,999 | -8.7% |
| Taxes | 450/3 | €168,548 | €98,460 | -€70,088 | -41.6% |
| Remuneration and social security | 454/9 | €315,914 | €344,003 | +€28,089 | +8.9% |
| Other amounts payable | 47/48 | €23,237 | €22,437 | -€800 | -3.4% |
| Remuneration, social security and pensions | 62 | €1,443,347 | €1,541,373 | +€98,026 | +6.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €310,913 | €328,016 | +€17,104 | +5.5% |
| Other operating charges | 640/8 | €4,987 | €39,248 | +€34,262 | +687.1% |
| Gross operating margin | 9900 | €2,112,856 | €1,900,836 | -€212,020 | -10.0% |
| Operating profit (loss) | 9901 | €353,610 | -€7,801 | -€361,411 | |
| Financial income | 75/76B | €0 | €175,012 | +€175,012 | +54691150.0% |
| Recurring financial income | 75 | €0 | €175,012 | +€175,012 | +54691150.0% |
| Financial charges | 65/66B | €69,281 | €83,784 | +€14,503 | +20.9% |
| Recurring financial charges | 65 | €69,281 | €83,784 | +€14,503 | +20.9% |
| Profit (loss) for the period before taxes | 9903 | €284,329 | €83,427 | -€200,902 | -70.7% |
| Income taxes | 67/77 | €81,506 | €40,365 | -€41,141 | -50.5% |
| Profit (loss) for the period | 9904 | €202,823 | €43,062 | -€159,762 | -78.8% |
| Profit (loss) for the period to be appropriated | 9905 | €202,823 | €43,062 | -€159,762 | -78.8% |
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 12 October 2026 via checked.be.