NTheo: 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.
NTheo
Largest movements
- Cash -€75,452
down €75,452 (-48.3%), from €156,086 to €80,634
mainly Net result for the year (-€59,471) and Stocks and contracts (-€14,664)
- Stocks and contracts +€14,664
up €14,664 (+18.3%), from €80,157 to €94,821
- Reserves -€59,471
down €59,471 (-16.4%), from €361,869 to €302,398
- Gross operating margin +€21,280
up €21,280 (+26.9%), from -€79,121 to -€57,841
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 | €388,050 | €325,791 | -€62,259 | -16.0% |
| Fixed assets | 21/28 | €2,043 | €981 | -€1,062 | -52.0% |
| Tangible fixed assets | 22/27 | €2,043 | €981 | -€1,062 | -52.0% |
| Plant, machinery and equipment | 23 | €2,043 | €981 | -€1,062 | -52.0% |
| Current assets | 29/58 | €386,007 | €324,810 | -€61,196 | -15.9% |
| Stocks and contracts in progress | 3 | €80,157 | €94,821 | +€14,664 | +18.3% |
| Stocks | 30/36 | €80,157 | €94,821 | +€14,664 | +18.3% |
| Amounts receivable within one year | 40/41 | €4,769 | €4,568 | -€201 | -4.2% |
| Trade receivables | 40 | €35 | €4,454 | +€4,419 | +12736.3% |
| Other amounts receivable | 41 | €4,735 | €114 | -€4,621 | -97.6% |
| Current investments | 50/53 | €144,339 | €144,339 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €156,086 | €80,634 | -€75,452 | -48.3% |
| Deferred charges and accrued income | 490/1 | €654 | €447 | -€207 | -31.6% |
| Total equity and liabilities | 10/49 | €388,050 | €325,791 | -€62,259 | -16.0% |
| Equity | 10/15 | €380,469 | €320,998 | -€59,471 | -15.6% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €361,869 | €302,398 | -€59,471 | -16.4% |
| Distributable reserves | 133 | €361,869 | €302,398 | -€59,471 | -16.4% |
| Amounts payable | 17/49 | €7,581 | €4,793 | -€2,788 | -36.8% |
| Amounts payable within one year | 42/48 | €7,581 | €4,793 | -€2,788 | -36.8% |
| Trade debts | 44 | €4,203 | €579 | -€3,623 | -86.2% |
| Suppliers | 440/4 | €4,203 | €579 | -€3,623 | -86.2% |
| Taxes, remuneration and social security | 45 | €3,378 | €4,214 | +€836 | +24.7% |
| Taxes | 450/3 | €701 | €4,214 | +€3,512 | +500.7% |
| Remuneration and social security | 454/9 | €2,676 | - | -€2,676 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,062 | €1,062 | = | 0.0% |
| Other operating charges | 640/8 | €932 | €785 | -€146 | -15.7% |
| Gross operating margin | 9900 | -€79,121 | -€57,841 | +€21,280 | +26.9% |
| Operating profit (loss) | 9901 | -€81,115 | -€59,689 | +€21,426 | +26.4% |
| Financial income | 75/76B | €250 | €380 | +€130 | +51.7% |
| Recurring financial income | 75 | €250 | €380 | +€130 | +51.7% |
| Financial charges | 65/66B | €95 | €162 | +€66 | +69.5% |
| Recurring financial charges | 65 | €95 | €162 | +€66 | +69.5% |
| Profit (loss) for the period before taxes | 9903 | -€80,960 | -€59,471 | +€21,489 | +26.5% |
| Income taxes | 67/77 | -€2 | - | +€2 | |
| Profit (loss) for the period | 9904 | -€80,958 | -€59,471 | +€21,487 | +26.5% |
| Profit (loss) for the period to be appropriated | 9905 | -€80,958 | -€59,471 | +€21,487 | +26.5% |
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 5 October 2026 via checked.be.