i-Theses 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.
i-Theses Group
Largest movements
- Cash -€240,673
down €240,673 (-39.8%), from €604,470 to €363,796
mainly Contributions, distributions and other (-€295,000) and Other debts (-€121,191)
- Receivables within one year +€73,006
up €73,006 (+13.7%), from €531,250 to €604,256
of which Trade receivables: +€67,853
- Tangible fixed assets -€35,332
down €35,332 (-27.4%), from €129,108 to €93,775
of which Furniture and vehicles: -€23,890
- Intangible fixed assets -€26,014
down €26,014 (-23.5%), from €110,839 to €84,825
- Deferred charges and accrued income +€17,900
up €17,900 (+63.0%), from €28,409 to €46,310
- Other debts -€121,191
down €121,191 (-29.1%), from €416,191 to €295,000
- Accrued charges and deferred income -€77,461
down €77,461 (-100%), from €77,461 to €0
- Tax, wage and social debts +€35,163
up €35,163 (+64.1%), from €54,868 to €90,031
of which Remuneration and social security: +€34,233
- Current portion of long-term debt +€31,489
up €31,489 (+140%), from €22,563 to €54,053
- Reserves -€29,622
down €29,622 (-5.6%), from €524,957 to €495,335
of which Distributable reserves: -€29,622
- Gross operating margin -€210,142
down €210,142 (-17.0%), from €1.2m to €1.0m
- Staff costs +€79,522
up €79,522 (+16.3%), from €489,020 to €568,542
- Taxes +€45,574
up €45,574 (+5,859%), from €778 to €46,352
- Depreciation -€44,986
down €44,986 (-19.8%), from €226,840 to €181,854
- Financial charges -€33,857
down €33,857 (-71.7%), from €47,253 to €13,395
of which Financial charges: -€33,857
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 | €1,406,813 | €1,195,700 | -€211,114 | -15.0% |
| Fixed assets | 21/28 | €242,684 | €181,338 | -€61,346 | -25.3% |
| Intangible fixed assets | 21 | €110,839 | €84,825 | -€26,014 | -23.5% |
| Tangible fixed assets | 22/27 | €129,108 | €93,775 | -€35,332 | -27.4% |
| Plant, machinery and equipment | 23 | €43,676 | €32,234 | -€11,442 | -26.2% |
| Furniture and vehicles | 24 | €85,432 | €61,541 | -€23,890 | -28.0% |
| Financial fixed assets | 28 | €2,738 | €2,738 | = | 0.0% |
| Current assets | 29/58 | €1,164,129 | €1,014,362 | -€149,767 | -12.9% |
| Amounts receivable within one year | 40/41 | €531,250 | €604,256 | +€73,006 | +13.7% |
| Trade receivables | 40 | €395,834 | €463,687 | +€67,853 | +17.1% |
| Other amounts receivable | 41 | €135,416 | €140,569 | +€5,152 | +3.8% |
| Current investments | 50/53 | €0 | - | = | |
| Cash at bank and in hand | 54/58 | €604,470 | €363,796 | -€240,673 | -39.8% |
| Deferred charges and accrued income | 490/1 | €28,409 | €46,310 | +€17,900 | +63.0% |
| Total equity and liabilities | 10/49 | €1,406,813 | €1,195,700 | -€211,114 | -15.0% |
| Equity | 10/15 | €535,762 | €506,139 | -€29,622 | -5.5% |
| Contributions | 10/11 | €10,804 | €10,804 | = | 0.0% |
| Reserves | 13 | €524,957 | €495,335 | -€29,622 | -5.6% |
| Tax-exempt reserves | 132 | €44 | €44 | = | 0.0% |
| Distributable reserves | 133 | €524,914 | €495,291 | -€29,622 | -5.6% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €871,052 | €689,560 | -€181,491 | -20.8% |
| Amounts payable after more than one year | 17 | €59,613 | €37,190 | -€22,423 | -37.6% |
| Financial debts | 170/4 | €59,613 | €37,190 | -€22,423 | -37.6% |
| Amounts payable within one year | 42/48 | €733,977 | €652,370 | -€81,607 | -11.1% |
| Current portion of amounts payable after more than one year | 42 | €22,563 | €54,053 | +€31,489 | +140% |
| Trade debts | 44 | €240,354 | €213,286 | -€27,068 | -11.3% |
| Suppliers | 440/4 | €240,354 | €213,286 | -€27,068 | -11.3% |
| Taxes, remuneration and social security | 45 | €54,868 | €90,031 | +€35,163 | +64.1% |
| Taxes | 450/3 | €5,541 | €6,471 | +€930 | +16.8% |
| Remuneration and social security | 454/9 | €49,327 | €83,560 | +€34,233 | +69.4% |
| Other amounts payable | 47/48 | €416,191 | €295,000 | -€121,191 | -29.1% |
| Accrued charges and deferred income | 492/3 | €77,461 | €0 | -€77,461 | -100% |
| Remuneration, social security and pensions | 62 | €489,020 | €568,542 | +€79,522 | +16.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €226,840 | €181,854 | -€44,986 | -19.8% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €5,505 | €0 | -€5,505 | -100% |
| Other operating charges | 640/8 | €9,283 | €3,889 | -€5,394 | -58.1% |
| Gross operating margin | 9900 | €1,238,788 | €1,028,646 | -€210,142 | -17.0% |
| Operating profit (loss) | 9901 | €508,141 | €274,362 | -€233,779 | -46.0% |
| Financial income | 75/76B | €25,706 | €50,763 | +€25,057 | +97.5% |
| Recurring financial income | 75 | €25,706 | €50,763 | +€25,057 | +97.5% |
| Financial charges | 65/66B | €47,253 | €13,395 | -€33,857 | -71.7% |
| Recurring financial charges | 65 | €47,253 | €13,395 | -€33,857 | -71.7% |
| Non-recurring financial charges | 66B | €0 | - | = | |
| Profit (loss) for the period before taxes | 9903 | €486,595 | €311,730 | -€174,864 | -35.9% |
| Income taxes | 67/77 | €778 | €46,352 | +€45,574 | +5,859% |
| Profit (loss) for the period | 9904 | €485,817 | €265,378 | -€220,439 | -45.4% |
| Profit (loss) for the period to be appropriated | 9905 | €485,817 | €265,378 | -€220,439 | -45.4% |
Source: filed annual accounts (NBB), financial years ended 31 March 2024 and 31 March 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 18 October 2026 via checked.be.