Téthys Naval: what changed
Téthys Naval
Largest movements
- Intangible fixed assets +€24,943
up €24,943 (+729%), from €3,423 to €28,366
- Receivables within one year +€22,441
up €22,441 (+5,394%), from €416 to €22,857
of which Trade receivables: +€19,856
- Cash -€2,865
down €2,865 (-59.1%), from €4,852 to €1,987
mainly Net result for the year (-€33,186) and Investment in fixed assets (net) (-€30,032)
- Tangible fixed assets +€1,237
new in 2026: €1,237
- Deferred charges and accrued income +€1,172
new in 2026: €1,172
- Other debts +€58,099
up €58,099 (+156%), from €37,159 to €95,259
- Profit (loss) carried forward -€33,186
down €33,186 (-66.4%), from -€49,962 to -€83,147
- Trade debts +€22,201
up €22,201 (+1,858%), from €1,195 to €23,396
- Gross operating margin +€18,348
up €18,348 (+39.9%), from -€46,035 to -€27,687
- Depreciation +€2,360
up €2,360 (+158%), from €1,492 to €3,852
- Other operating charges -€937
down €937 (-99.6%), from €941 to €4
- Financial charges +€879
up €879 (+732%), from €120 to €999
- Staff costs -€699
down €699 (-50.9%), from €1,373 to €675
Change in the result, 2025 to 2026
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Derived cash bridge
The bridge is derived from the 2025 and 2026 balance sheets and the 2026 result. There is no filed cash-flow statement. You see where the money came from and where it went.
Every line side by side
| Line | Code | 2025 | 2026 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €8,691 | €55,618 | +€46,927 | +540% |
| Fixed assets | 21/28 | €3,423 | €29,602 | +€26,180 | +765% |
| Intangible fixed assets | 21 | €3,423 | €28,366 | +€24,943 | +729% |
| Tangible fixed assets | 22/27 | - | €1,237 | +€1,237 | |
| Furniture and vehicles | 24 | - | €1,237 | +€1,237 | |
| Current assets | 29/58 | €5,268 | €26,016 | +€20,748 | +394% |
| Amounts receivable within one year | 40/41 | €416 | €22,857 | +€22,441 | +5,394% |
| Trade receivables | 40 | - | €19,856 | +€19,856 | |
| Other amounts receivable | 41 | €416 | €3,002 | +€2,586 | +621% |
| Cash at bank and in hand | 54/58 | €4,852 | €1,987 | -€2,865 | -59.1% |
| Deferred charges and accrued income | 490/1 | - | €1,172 | +€1,172 | |
| Total equity and liabilities | 10/49 | €8,691 | €55,618 | +€46,927 | +540% |
| Equity | 10/15 | -€44,962 | -€78,147 | -€33,186 | -73.8% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€49,962 | -€83,147 | -€33,186 | -66.4% |
| Amounts payable | 17/49 | €53,653 | €133,766 | +€80,113 | +149% |
| Amounts payable after more than one year | 17 | €15,000 | €15,000 | = | 0.0% |
| Financial debts | 170/4 | €15,000 | €15,000 | = | 0.0% |
| Amounts payable within one year | 42/48 | €38,653 | €118,654 | +€80,002 | +207% |
| Trade debts | 44 | €1,195 | €23,396 | +€22,201 | +1,858% |
| Suppliers | 440/4 | €1,195 | €23,396 | +€22,201 | +1,858% |
| Taxes, remuneration and social security | 45 | €298 | - | -€298 | |
| Remuneration and social security | 454/9 | €298 | - | -€298 | |
| Other amounts payable | 47/48 | €37,159 | €95,259 | +€58,099 | +156% |
| Accrued charges and deferred income | 492/3 | - | €112 | +€112 | |
| Remuneration, social security and pensions | 62 | €1,373 | €675 | -€699 | -50.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,492 | €3,852 | +€2,360 | +158% |
| Other operating charges | 640/8 | €941 | €4 | -€937 | -99.6% |
| Gross operating margin | 9900 | -€46,035 | -€27,687 | +€18,348 | +39.9% |
| Operating profit (loss) | 9901 | -€49,842 | -€32,218 | +€17,624 | +35.4% |
| Financial income | 75/76B | - | €31 | +€31 | |
| Recurring financial income | 75 | - | €31 | +€31 | |
| Financial charges | 65/66B | €120 | €999 | +€879 | +732% |
| Recurring financial charges | 65 | €120 | €999 | +€879 | +732% |
| Profit (loss) for the period before taxes | 9903 | -€49,962 | -€33,186 | +€16,776 | +33.6% |
| Profit (loss) for the period | 9904 | -€49,962 | -€33,186 | +€16,776 | +33.6% |
| Profit (loss) for the period to be appropriated | 9905 | -€49,962 | -€33,186 | +€16,776 | +33.6% |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 March 2025 and 31 March 2026. Green is a favourable move for that line, red an unfavourable one. Prepared on 2 November 2026 via checked.be.