THE THRONE: 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.
THE THRONE
Largest movements
- Tangible fixed assets +€559,895
up €559,895 (+27.3%), from €2.1m to €2.6m
- Other debts +€573,000
up €573,000 (+137.2%), from €417,578 to €990,578
- Profit (loss) carried forward -€116,550
down €116,550 (-449.6%), from -€25,923 to -€142,473
- Trade debts +€92,176
up €92,176 (+485.1%), from €19,003 to €111,179
- Financial charges +€89,282
up €89,282 (+190.1%), from €46,969 to €136,251
- Gross operating margin +€9,859
up €9,859 (+32.1%), from €30,681 to €40,540
- Depreciation +€7,758
new in 2025: €7,758
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 | €2,072,926 | €2,640,688 | +€567,762 | +27.4% |
| Fixed assets | 21/28 | €2,051,625 | €2,611,521 | +€559,895 | +27.3% |
| Tangible fixed assets | 22/27 | €2,051,625 | €2,611,521 | +€559,895 | +27.3% |
| Land and buildings | 22 | €2,051,625 | €2,611,521 | +€559,895 | +27.3% |
| Current assets | 29/58 | €21,301 | €29,167 | +€7,866 | +36.9% |
| Amounts receivable within one year | 40/41 | €18,000 | €13,000 | -€5,000 | -27.8% |
| Trade receivables | 40 | €18,000 | - | -€18,000 | |
| Other amounts receivable | 41 | - | €13,000 | +€13,000 | |
| Cash at bank and in hand | 54/58 | €3,301 | €16,167 | +€12,866 | +389.8% |
| Total equity and liabilities | 10/49 | €2,072,926 | €2,640,688 | +€567,762 | +27.4% |
| Equity | 10/15 | €1,346 | -€115,205 | -€116,550 | |
| Contributions | 10/11 | €24,789 | €24,789 | = | 0.0% |
| Reserves | 13 | €2,479 | €2,479 | = | 0.0% |
| Distributable reserves | 133 | €2,479 | €2,479 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€25,923 | -€142,473 | -€116,550 | -449.6% |
| Amounts payable | 17/49 | €2,071,580 | €2,755,892 | +€684,312 | +33.0% |
| Amounts payable within one year | 42/48 | €2,071,580 | €2,736,756 | +€665,176 | +32.1% |
| Financial debts | 43 | €1,635,000 | €1,635,000 | = | 0.0% |
| Credit institutions | 430/8 | €1,635,000 | €1,635,000 | = | 0.0% |
| Trade debts | 44 | €19,003 | €111,179 | +€92,176 | +485.1% |
| Suppliers | 440/4 | €19,003 | €111,179 | +€92,176 | +485.1% |
| Other amounts payable | 47/48 | €417,578 | €990,578 | +€573,000 | +137.2% |
| Accrued charges and deferred income | 492/3 | - | €19,136 | +€19,136 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | - | €7,758 | +€7,758 | |
| Other operating charges | 640/8 | €12,683 | €13,081 | +€399 | +3.1% |
| Gross operating margin | 9900 | €30,681 | €40,540 | +€9,859 | +32.1% |
| Operating profit (loss) | 9901 | €17,998 | €19,700 | +€1,703 | +9.5% |
| Financial charges | 65/66B | €46,969 | €136,251 | +€89,282 | +190.1% |
| Recurring financial charges | 65 | €46,969 | €136,251 | +€89,282 | +190.1% |
| Profit (loss) for the period before taxes | 9903 | -€28,971 | -€116,550 | -€87,580 | -302.3% |
| Profit (loss) for the period | 9904 | -€28,971 | -€116,550 | -€87,580 | -302.3% |
| Profit (loss) for the period to be appropriated | 9905 | -€28,971 | -€116,550 | -€87,580 | -302.3% |
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 30 September 2026 via checked.be.