Thea: 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.
Thea
Largest movements
- Intangible fixed assets +€3.5m
new in 2025: €3.5m
- Financial fixed assets -€3.2m
down €3.2m (-32.6%), from €9.9m to €6.7m
- Receivables within one year +€355,574
up €355,574 (+2395.4%), from €14,844 to €370,418
of which Trade receivables: +€265,252
- Cash -€231,488
down €231,488 (-74.1%), from €312,463 to €80,974
mainly Current portion of long-term debt (-€6.0m) and Investment in fixed assets (net) (-€593,260)
- Current portion of long-term debt -€6.0m
down €6.0m (-89.7%), from €6.7m to €684,552
- Debts after one year +€3.4m
new in 2025: €3.4m
- Contributions +€2.4m
up €2.4m (+66.7%), from €3.6m to €6.0m
- Profit (loss) carried forward +€345,837
up €345,837, from -€57,028 to €288,809
- Trade debts +€150,026
up €150,026 (+906.2%), from €16,556 to €166,583
- Gross operating margin +€736,360
up €736,360, from -€56,186 to €680,174
- Depreciation +€285,509
new in 2025: €285,509
- Financial income +€215,161
new in 2025: €215,161
- Taxes +€123,509
new in 2025: €123,509
- Financial charges +€103,021
up €103,021 (+467849.8%), from €22 to €103,043
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 | €10,193,288 | €10,625,503 | +€432,216 | +4.2% |
| Fixed assets | 21/28 | €9,865,981 | €10,173,732 | +€307,751 | +3.1% |
| Intangible fixed assets | 21 | - | €3,521,274 | +€3.5m | |
| Financial fixed assets | 28 | €9,865,981 | €6,652,458 | -€3.2m | -32.6% |
| Current assets | 29/58 | €327,307 | €451,771 | +€124,465 | +38.0% |
| Amounts receivable within one year | 40/41 | €14,844 | €370,418 | +€355,574 | +2395.4% |
| Trade receivables | 40 | €3,025 | €268,277 | +€265,252 | +8768.6% |
| Other amounts receivable | 41 | €11,819 | €102,141 | +€90,322 | +764.2% |
| Cash at bank and in hand | 54/58 | €312,463 | €80,974 | -€231,488 | -74.1% |
| Deferred charges and accrued income | 490/1 | - | €379 | +€379 | |
| Total equity and liabilities | 10/49 | €10,193,288 | €10,625,503 | +€432,216 | +4.2% |
| Equity | 10/15 | €3,520,750 | €6,251,774 | +€2.7m | +77.6% |
| Contributions | 10/11 | €3,577,778 | €5,962,965 | +€2.4m | +66.7% |
| Profit (loss) carried forward | 14 | -€57,028 | €288,809 | +€345,837 | |
| Amounts payable | 17/49 | €6,672,537 | €4,373,729 | -€2.3m | -34.5% |
| Amounts payable after more than one year | 17 | - | €3,435,495 | +€3.4m | |
| Financial debts | 170/4 | - | €3,435,495 | +€3.4m | |
| Amounts payable within one year | 42/48 | €6,672,537 | €908,302 | -€5.8m | -86.4% |
| Current portion of amounts payable after more than one year | 42 | €6,655,981 | €684,552 | -€6.0m | -89.7% |
| Trade debts | 44 | €16,556 | €166,583 | +€150,026 | +906.2% |
| Suppliers | 440/4 | €16,556 | €166,583 | +€150,026 | +906.2% |
| Taxes, remuneration and social security | 45 | - | €30,442 | +€30,442 | |
| Taxes | 450/3 | - | €25,172 | +€25,172 | |
| Remuneration and social security | 454/9 | - | €5,270 | +€5,270 | |
| Other amounts payable | 47/48 | - | €26,724 | +€26,724 | |
| Accrued charges and deferred income | 492/3 | - | €29,932 | +€29,932 | |
| Remuneration, social security and pensions | 62 | - | €36,650 | +€36,650 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | - | €285,509 | +€285,509 | |
| Other operating charges | 640/8 | €819 | €788 | -€31 | -3.8% |
| Gross operating margin | 9900 | -€56,186 | €680,174 | +€736,360 | |
| Operating profit (loss) | 9901 | -€57,006 | €357,227 | +€414,233 | |
| Financial income | 75/76B | - | €215,161 | +€215,161 | |
| Recurring financial income | 75 | - | €215,161 | +€215,161 | |
| Financial charges | 65/66B | €22 | €103,043 | +€103,021 | +467849.8% |
| Recurring financial charges | 65 | €22 | €103,043 | +€103,021 | +467849.8% |
| Profit (loss) for the period before taxes | 9903 | -€57,028 | €469,346 | +€526,373 | |
| Income taxes | 67/77 | - | €123,509 | +€123,509 | |
| Profit (loss) for the period | 9904 | -€57,028 | €345,837 | +€402,865 | |
| Profit (loss) for the period to be appropriated | 9905 | -€57,028 | €345,837 | +€402,865 |
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 3 October 2026 via checked.be.