THEATECH: 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.
THEATECH
Largest movements
- Cash -€171,439
down €171,439 (-61.9%), from €276,877 to €105,437
mainly Trade debts (-€165,671) and Receivables within one year (-€132,907)
- Receivables within one year +€132,907
up €132,907 (+56.2%), from €236,493 to €369,400
of which Trade receivables: +€119,304
- Tangible fixed assets -€57,835
down €57,835 (-3.6%), from €1.6m to €1.6m
of which Plant, machinery and equipment: -€46,350
- Trade debts -€165,671
down €165,671 (-72.1%), from €229,900 to €64,229
- Reserves +€55,480
up €55,480 (+10.7%), from €518,842 to €574,322
- Debts after one year -€36,269
down €36,269 (-3.1%), from €1.2m to €1.1m
- Tax, wage and social debts +€33,164
up €33,164 (+42.9%), from €77,260 to €110,425
of which Taxes: +€38,572
- Accrued charges and deferred income +€24,049
up €24,049 (+2152.2%), from €1,117 to €25,167
- Other operating charges -€143,886
down €143,886 (-90.9%), from €158,349 to €14,463
- Gross operating margin -€92,540
down €92,540 (-11.9%), from €779,291 to €686,751
- Depreciation +€51,291
up €51,291 (+38.4%), from €133,730 to €185,021
- Staff costs +€25,259
up €25,259 (+7.6%), from €333,849 to €359,108
- Financial charges +€17,576
up €17,576 (+58.5%), from €30,023 to €47,600
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 | €2,134,435 | €2,052,586 | -€81,850 | -3.8% |
| Fixed assets | 21/28 | €1,617,689 | €1,559,854 | -€57,835 | -3.6% |
| Tangible fixed assets | 22/27 | €1,613,689 | €1,555,854 | -€57,835 | -3.6% |
| Land and buildings | 22 | €1,402,124 | €1,357,952 | -€44,172 | -3.2% |
| Plant, machinery and equipment | 23 | €186,788 | €140,437 | -€46,350 | -24.8% |
| Furniture and vehicles | 24 | €16,501 | €53,997 | +€37,496 | +227.2% |
| Leasing and similar rights | 25 | €8,276 | €3,468 | -€4,808 | -58.1% |
| Financial fixed assets | 28 | €4,000 | €4,000 | = | 0.0% |
| Current assets | 29/58 | €516,747 | €492,732 | -€24,015 | -4.6% |
| Amounts receivable within one year | 40/41 | €236,493 | €369,400 | +€132,907 | +56.2% |
| Trade receivables | 40 | €212,239 | €331,543 | +€119,304 | +56.2% |
| Other amounts receivable | 41 | €24,255 | €37,857 | +€13,603 | +56.1% |
| Cash at bank and in hand | 54/58 | €276,877 | €105,437 | -€171,439 | -61.9% |
| Deferred charges and accrued income | 490/1 | €3,376 | €17,894 | +€14,518 | +430.0% |
| Total equity and liabilities | 10/49 | €2,134,435 | €2,052,586 | -€81,850 | -3.8% |
| Equity | 10/15 | €546,442 | €601,922 | +€55,480 | +10.2% |
| Contributions | 10/11 | €27,600 | €27,600 | = | 0.0% |
| Reserves | 13 | €518,842 | €574,322 | +€55,480 | +10.7% |
| Distributable reserves | 133 | €518,842 | €574,322 | +€55,480 | +10.7% |
| Profit (loss) carried forward | 14 | €0 | - | = | |
| Amounts payable | 17/49 | €1,587,993 | €1,450,664 | -€137,329 | -8.6% |
| Amounts payable after more than one year | 17 | €1,169,731 | €1,133,462 | -€36,269 | -3.1% |
| Financial debts | 170/4 | €1,169,731 | €1,133,462 | -€36,269 | -3.1% |
| Amounts payable within one year | 42/48 | €417,145 | €292,036 | -€125,109 | -30.0% |
| Current portion of amounts payable after more than one year | 42 | €109,984 | €117,382 | +€7,398 | +6.7% |
| Trade debts | 44 | €229,900 | €64,229 | -€165,671 | -72.1% |
| Suppliers | 440/4 | €229,900 | €64,229 | -€165,671 | -72.1% |
| Taxes, remuneration and social security | 45 | €77,260 | €110,425 | +€33,164 | +42.9% |
| Taxes | 450/3 | €47,011 | €85,583 | +€38,572 | +82.1% |
| Remuneration and social security | 454/9 | €30,250 | €24,842 | -€5,408 | -17.9% |
| Accrued charges and deferred income | 492/3 | €1,117 | €25,167 | +€24,049 | +2152.2% |
| Non-recurring operating income | 76A | €272 | €13,200 | +€12,928 | +4759.7% |
| Remuneration, social security and pensions | 62 | €333,849 | €359,108 | +€25,259 | +7.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €133,730 | €185,021 | +€51,291 | +38.4% |
| Other operating charges | 640/8 | €158,349 | €14,463 | -€143,886 | -90.9% |
| Non-recurring operating charges | 66A | €7,909 | €6,298 | -€1,611 | -20.4% |
| Gross operating margin | 9900 | €779,291 | €686,751 | -€92,540 | -11.9% |
| Operating profit (loss) | 9901 | €145,453 | €121,861 | -€23,592 | -16.2% |
| Financial income | 75/76B | €7,553 | €2,921 | -€4,631 | -61.3% |
| Recurring financial income | 75 | €7,553 | €2,921 | -€4,631 | -61.3% |
| Financial charges | 65/66B | €30,023 | €47,600 | +€17,576 | +58.5% |
| Recurring financial charges | 65 | €30,023 | €47,600 | +€17,576 | +58.5% |
| Profit (loss) for the period before taxes | 9903 | €122,983 | €77,183 | -€45,800 | -37.2% |
| Income taxes | 67/77 | €35,878 | €21,703 | -€14,175 | -39.5% |
| Profit (loss) for the period | 9904 | €87,105 | €55,480 | -€31,625 | -36.3% |
| Profit (loss) for the period to be appropriated | 9905 | €87,105 | €55,480 | -€31,625 | -36.3% |
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 4 October 2026 via checked.be.