THEB: 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.
THEB
Largest movements
- Cash +€29,509
up €29,509 (+53.5%), from €55,129 to €84,637
mainly Net result for the year (+€17,965) and Trade debts (+€12,943)
- Deferred charges and accrued income +€2,995
up €2,995 (+764%), from €392 to €3,387
- Receivables within one year +€2,539
up €2,539 (+16.4%), from €15,461 to €17,999
of which Other amounts receivable: +€3,637
- Reserves +€17,965
up €17,965 (+14.3%), from €125,653 to €143,617
- Trade debts +€12,943
up €12,943 (+118%), from €10,979 to €23,921
- Other debts +€2,969
up €2,969 (+184%), from €1,610 to €4,579
- Accrued charges and deferred income +€2,238
new in 2025: €2,238
- Gross operating margin -€30,004
down €30,004 (-25.6%), from €117,267 to €87,263
- Other operating charges +€17,819
up €17,819 (+325%), from €5,489 to €23,308
- Taxes -€6,306
down €6,306 (-41.9%), from €15,036 to €8,730
- Financial charges -€3,869
down €3,869 (-59.2%), from €6,538 to €2,669
- Financial income +€1,804
up €1,804 (+20,996%), from €9 to €1,812
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 | €161,660 | €197,963 | +€36,303 | +22.5% |
| Fixed assets | 21/28 | €18,637 | €19,428 | +€790 | +4.2% |
| Tangible fixed assets | 22/27 | €18,637 | €19,428 | +€790 | +4.2% |
| Plant, machinery and equipment | 23 | €12,526 | €14,950 | +€2,424 | +19.4% |
| Other tangible fixed assets | 26 | €6,111 | €4,478 | -€1,634 | -26.7% |
| Current assets | 29/58 | €143,023 | €178,535 | +€35,513 | +24.8% |
| Amounts receivable after more than one year | 29 | €60,000 | €60,000 | = | 0.0% |
| Other amounts receivable | 291 | €60,000 | €60,000 | = | 0.0% |
| Stocks and contracts in progress | 3 | €12,041 | €12,511 | +€470 | +3.9% |
| Stocks | 30/36 | €12,041 | €12,511 | +€470 | +3.9% |
| Amounts receivable within one year | 40/41 | €15,461 | €17,999 | +€2,539 | +16.4% |
| Trade receivables | 40 | €12,137 | €11,039 | -€1,099 | -9.1% |
| Other amounts receivable | 41 | €3,323 | €6,961 | +€3,637 | +109% |
| Cash at bank and in hand | 54/58 | €55,129 | €84,637 | +€29,509 | +53.5% |
| Deferred charges and accrued income | 490/1 | €392 | €3,387 | +€2,995 | +764% |
| Total equity and liabilities | 10/49 | €161,660 | €197,963 | +€36,303 | +22.5% |
| Equity | 10/15 | €125,653 | €143,617 | +€17,965 | +14.3% |
| Reserves | 13 | €125,653 | €143,617 | +€17,965 | +14.3% |
| Distributable reserves | 133 | €125,653 | €143,617 | +€17,965 | +14.3% |
| Amounts payable | 17/49 | €36,007 | €54,346 | +€18,339 | +50.9% |
| Amounts payable within one year | 42/48 | €36,007 | €52,108 | +€16,100 | +44.7% |
| Financial debts | 43 | €25 | - | -€25 | |
| Credit institutions | 430/8 | €25 | - | -€25 | |
| Trade debts | 44 | €10,979 | €23,921 | +€12,943 | +118% |
| Suppliers | 440/4 | €10,979 | €23,921 | +€12,943 | +118% |
| Taxes, remuneration and social security | 45 | €23,394 | €23,608 | +€214 | +0.9% |
| Taxes | 450/3 | €21,856 | €21,727 | -€129 | -0.6% |
| Remuneration and social security | 454/9 | €1,537 | €1,881 | +€344 | +22.4% |
| Other amounts payable | 47/48 | €1,610 | €4,579 | +€2,969 | +184% |
| Accrued charges and deferred income | 492/3 | - | €2,238 | +€2,238 | |
| Remuneration, social security and pensions | 62 | €31,541 | €32,043 | +€501 | +1.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €4,306 | €4,361 | +€54 | +1.3% |
| Other operating charges | 640/8 | €5,489 | €23,308 | +€17,819 | +325% |
| Gross operating margin | 9900 | €117,267 | €87,263 | -€30,004 | -25.6% |
| Operating profit (loss) | 9901 | €75,930 | €27,552 | -€48,379 | -63.7% |
| Financial income | 75/76B | €9 | €1,812 | +€1,804 | +20,996% |
| Recurring financial income | 75 | €9 | €1,812 | +€1,804 | +20,996% |
| Financial charges | 65/66B | €6,538 | €2,669 | -€3,869 | -59.2% |
| Recurring financial charges | 65 | €6,538 | €2,669 | -€3,869 | -59.2% |
| Profit (loss) for the period before taxes | 9903 | €69,401 | €26,694 | -€42,706 | -61.5% |
| Income taxes | 67/77 | €15,036 | €8,730 | -€6,306 | -41.9% |
| Profit (loss) for the period | 9904 | €54,365 | €17,965 | -€36,400 | -67.0% |
| Profit (loss) for the period to be appropriated | 9905 | €54,365 | €17,965 | -€36,400 | -67.0% |
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 14 October 2026 via checked.be.