THEAS: 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.
THEAS
Largest movements
- Receivables within one year +€26,236
up €26,236 (+75.1%), from €34,929 to €61,165
of which Trade receivables: +€13,607
- Cash -€21,658
down €21,658 (-27.0%), from €80,241 to €58,583
mainly Contributions, distributions and other (-€36,000) and Receivables within one year (-€26,236)
- Tax, wage and social debts +€8,764
up €8,764 (+54.9%), from €15,973 to €24,737
- Other debts -€6,656
down €6,656 (-17.6%), from €37,768 to €31,112
- Gross operating margin -€5,294
down €5,294 (-9.1%), from €58,093 to €52,799
- Other operating charges +€2,218
up €2,218 (+535.9%), from €414 to €2,632
- Taxes -€758
down €758 (-6.5%), from €11,738 to €10,980
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 | €121,832 | €126,143 | +€4,311 | +3.5% |
| Fixed assets | 21/28 | €4,014 | €3,363 | -€651 | -16.2% |
| Tangible fixed assets | 22/27 | €4,014 | €3,363 | -€651 | -16.2% |
| Other tangible fixed assets | 26 | €4,014 | €3,363 | -€651 | -16.2% |
| Current assets | 29/58 | €117,818 | €122,780 | +€4,962 | +4.2% |
| Stocks and contracts in progress | 3 | €1,432 | €1,890 | +€458 | +32.0% |
| Stocks | 30/36 | €1,432 | €1,890 | +€458 | +32.0% |
| Amounts receivable within one year | 40/41 | €34,929 | €61,165 | +€26,236 | +75.1% |
| Trade receivables | 40 | €32,743 | €46,350 | +€13,607 | +41.6% |
| Other amounts receivable | 41 | €2,187 | €14,815 | +€12,628 | +577.6% |
| Cash at bank and in hand | 54/58 | €80,241 | €58,583 | -€21,658 | -27.0% |
| Deferred charges and accrued income | 490/1 | €1,216 | €1,142 | -€74 | -6.0% |
| Total equity and liabilities | 10/49 | €121,832 | €126,143 | +€4,311 | +3.5% |
| Equity | 10/15 | €63,635 | €64,634 | +€999 | +1.6% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Reserves | 13 | €58,635 | €59,634 | +€999 | +1.7% |
| Distributable reserves | 133 | €58,635 | €59,634 | +€999 | +1.7% |
| Amounts payable | 17/49 | €58,197 | €61,509 | +€3,312 | +5.7% |
| Amounts payable within one year | 42/48 | €58,197 | €61,509 | +€3,312 | +5.7% |
| Trade debts | 44 | €4,456 | €5,660 | +€1,205 | +27.0% |
| Suppliers | 440/4 | €4,456 | €5,660 | +€1,205 | +27.0% |
| Taxes, remuneration and social security | 45 | €15,973 | €24,737 | +€8,764 | +54.9% |
| Taxes | 450/3 | €15,973 | €24,737 | +€8,764 | +54.9% |
| Other amounts payable | 47/48 | €37,768 | €31,112 | -€6,656 | -17.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €542 | €651 | +€108 | +20.0% |
| Other operating charges | 640/8 | €414 | €2,632 | +€2,218 | +535.9% |
| Gross operating margin | 9900 | €58,093 | €52,799 | -€5,294 | -9.1% |
| Operating profit (loss) | 9901 | €57,136 | €49,516 | -€7,621 | -13.3% |
| Financial income | 75/76B | €1 | €5 | +€4 | +430.0% |
| Recurring financial income | 75 | €1 | €5 | +€4 | +430.0% |
| Financial charges | 65/66B | €1,847 | €1,541 | -€305 | -16.5% |
| Recurring financial charges | 65 | €1,847 | €1,541 | -€305 | -16.5% |
| Profit (loss) for the period before taxes | 9903 | €55,291 | €47,980 | -€7,311 | -13.2% |
| Income taxes | 67/77 | €11,738 | €10,980 | -€758 | -6.5% |
| Profit (loss) for the period | 9904 | €43,552 | €36,999 | -€6,553 | -15.0% |
| Profit (loss) for the period to be appropriated | 9905 | €43,552 | €36,999 | -€6,553 | -15.0% |
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 4 October 2026 via checked.be.