Theadraal: 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.
Theadraal
Largest movements
- Receivables within one year +€30,154
up €30,154 (+88.9%), from €33,905 to €64,059
of which Trade receivables: +€26,560
- Cash -€7,220
down €7,220 (-56.5%), from €12,773 to €5,553
mainly Receivables within one year (-€30,154) and Deferred charges and accrued income (-€2,207)
- Deferred charges and accrued income +€2,207
up €2,207 (+429%), from €514 to €2,721
- Tangible fixed assets -€2,163
down €2,163 (-4.8%), from €44,755 to €42,592
- Reserves +€8,940
up €8,940 (+24.5%), from €36,450 to €45,389
- Other debts +€8,170
up €8,170 (+32.1%), from €25,425 to €33,595
- Trade debts +€5,862
up €5,862 (+2,153%), from €272 to €6,134
- Gross operating margin -€28,311
down €28,311 (-67.0%), from €42,252 to €13,941
- Taxes -€8,193
down €8,193 (-73.2%), from €11,200 to €3,007
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 | €91,947 | €114,925 | +€22,978 | +25.0% |
| Fixed assets | 21/28 | €44,755 | €42,592 | -€2,163 | -4.8% |
| Tangible fixed assets | 22/27 | €44,755 | €42,592 | -€2,163 | -4.8% |
| Land and buildings | 22 | €44,755 | €42,592 | -€2,163 | -4.8% |
| Current assets | 29/58 | €47,192 | €72,333 | +€25,141 | +53.3% |
| Amounts receivable within one year | 40/41 | €33,905 | €64,059 | +€30,154 | +88.9% |
| Trade receivables | 40 | €3,440 | €30,000 | +€26,560 | +772% |
| Other amounts receivable | 41 | €30,465 | €34,059 | +€3,594 | +11.8% |
| Cash at bank and in hand | 54/58 | €12,773 | €5,553 | -€7,220 | -56.5% |
| Deferred charges and accrued income | 490/1 | €514 | €2,721 | +€2,207 | +429% |
| Total equity and liabilities | 10/49 | €91,947 | €114,925 | +€22,978 | +25.0% |
| Equity | 10/15 | €55,050 | €63,989 | +€8,940 | +16.2% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €36,450 | €45,389 | +€8,940 | +24.5% |
| Distributable reserves | 133 | €36,450 | €45,389 | +€8,940 | +24.5% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €36,897 | €50,936 | +€14,038 | +38.0% |
| Amounts payable within one year | 42/48 | €36,897 | €50,936 | +€14,038 | +38.0% |
| Current portion of amounts payable after more than one year | 42 | €0 | - | = | |
| Trade debts | 44 | €272 | €6,134 | +€5,862 | +2,153% |
| Suppliers | 440/4 | €272 | €6,134 | +€5,862 | +2,153% |
| Taxes, remuneration and social security | 45 | €11,200 | €11,207 | +€7 | +0.1% |
| Taxes | 450/3 | €11,200 | €11,207 | +€7 | +0.1% |
| Other amounts payable | 47/48 | €25,425 | €33,595 | +€8,170 | +32.1% |
| Accrued charges and deferred income | 492/3 | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,163 | €2,163 | -€0 | 0.0% |
| Other operating charges | 640/8 | €628 | €750 | +€122 | +19.5% |
| Gross operating margin | 9900 | €42,252 | €13,941 | -€28,311 | -67.0% |
| Operating profit (loss) | 9901 | €39,461 | €11,027 | -€28,434 | -72.1% |
| Financial income | 75/76B | €2,054 | €1,694 | -€360 | -17.5% |
| Recurring financial income | 75 | €2,054 | €1,694 | -€360 | -17.5% |
| Financial charges | 65/66B | €391 | €775 | +€385 | +98.5% |
| Recurring financial charges | 65 | €391 | €775 | +€385 | +98.5% |
| Profit (loss) for the period before taxes | 9903 | €41,125 | €11,946 | -€29,179 | -71.0% |
| Income taxes | 67/77 | €11,200 | €3,007 | -€8,193 | -73.2% |
| Profit (loss) for the period | 9904 | €29,925 | €8,940 | -€20,985 | -70.1% |
| Profit (loss) for the period to be appropriated | 9905 | €29,925 | €8,940 | -€20,985 | -70.1% |
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 28 October 2026 via checked.be.