THÉAM: 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.
THÉAM
Largest movements
- Receivables within one year +€1,045
up €1,045 (+454.3%), from €230 to €1,275
- Cash -€982
down €982 (-11.6%), from €8,473 to €7,491
mainly Other debts (-€7,162) and Current portion of long-term debt (-€2,778)
- Tangible fixed assets +€783
up €783 (+7.5%), from €10,479 to €11,262
of which Plant, machinery and equipment: +€5,581
- Profit (loss) carried forward +€10,766
up €10,766 (+47.9%), from -€22,454 to -€11,689
- Other debts -€7,162
down €7,162 (-50.5%), from €14,184 to €7,022
- Current portion of long-term debt -€2,778
no longer reported in 2025 (was €2,778)
- Trade debts +€510
up €510 (+340.5%), from €150 to €660
- Tax, wage and social debts -€490
down €490 (-8.3%), from €5,926 to €5,436
- Depreciation -€9,080
down €9,080 (-83.5%), from €10,879 to €1,799
- Gross operating margin +€4,572
up €4,572 (+49.1%), from €9,303 to €13,875
- Taxes +€156
up €156 (+36.6%), from €428 to €585
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 | €19,182 | €20,029 | +€846 | +4.4% |
| Fixed assets | 21/28 | €10,479 | €11,262 | +€783 | +7.5% |
| Tangible fixed assets | 22/27 | €10,479 | €11,262 | +€783 | +7.5% |
| Plant, machinery and equipment | 23 | €5,681 | €11,262 | +€5,581 | +98.2% |
| Furniture and vehicles | 24 | €4,798 | - | -€4,798 | |
| Current assets | 29/58 | €8,703 | €8,766 | +€63 | +0.7% |
| Amounts receivable within one year | 40/41 | €230 | €1,275 | +€1,045 | +454.3% |
| Trade receivables | 40 | €230 | €1,275 | +€1,045 | +454.3% |
| Cash at bank and in hand | 54/58 | €8,473 | €7,491 | -€982 | -11.6% |
| Total equity and liabilities | 10/49 | €19,182 | €20,029 | +€846 | +4.4% |
| Equity | 10/15 | -€3,854 | €6,911 | +€10,766 | |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€22,454 | -€11,689 | +€10,766 | +47.9% |
| Amounts payable | 17/49 | €23,037 | €13,117 | -€9,920 | -43.1% |
| Amounts payable within one year | 42/48 | €23,037 | €13,117 | -€9,920 | -43.1% |
| Current portion of amounts payable after more than one year | 42 | €2,778 | - | -€2,778 | |
| Trade debts | 44 | €150 | €660 | +€510 | +340.5% |
| Suppliers | 440/4 | €150 | €660 | +€510 | +340.5% |
| Taxes, remuneration and social security | 45 | €5,926 | €5,436 | -€490 | -8.3% |
| Taxes | 450/3 | €5,926 | €5,436 | -€490 | -8.3% |
| Other amounts payable | 47/48 | €14,184 | €7,022 | -€7,162 | -50.5% |
| Non-recurring operating income | 76A | - | €8,706 | +€8,706 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €10,879 | €1,799 | -€9,080 | -83.5% |
| Other operating charges | 640/8 | €605 | €671 | +€65 | +10.8% |
| Gross operating margin | 9900 | €9,303 | €13,875 | +€4,572 | +49.1% |
| Operating profit (loss) | 9901 | -€2,182 | €11,405 | +€13,587 | |
| Financial charges | 65/66B | €124 | €55 | -€69 | -55.7% |
| Recurring financial charges | 65 | €124 | €55 | -€69 | -55.7% |
| Profit (loss) for the period before taxes | 9903 | -€2,305 | €11,351 | +€13,656 | |
| Income taxes | 67/77 | €428 | €585 | +€156 | +36.6% |
| Profit (loss) for the period | 9904 | -€2,734 | €10,766 | +€13,500 | |
| Profit (loss) for the period to be appropriated | 9905 | -€2,734 | €10,766 | +€13,500 |
Source: filed annual accounts (NBB), fiscal years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 3 October 2026 via checked.be.