THEBA: 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.
THEBA
Largest movements
- Receivables within one year +€21,520
up €21,520 (+13.7%), from €156,601 to €178,121
of which Other amounts receivable: +€20,156
- Tangible fixed assets -€15,179
down €15,179 (-26.6%), from €57,085 to €41,907
of which Furniture and vehicles: -€10,976
- Cash +€4,473
up €4,473 (+3.2%), from €140,112 to €144,586
mainly Net result for the year (+€70,885) and Depreciation (+€14,026)
- Other debts +€10,499
up €10,499 (+4.9%), from €215,068 to €225,568
- Gross operating margin -€71,383
down €71,383 (-41.0%), from €173,991 to €102,609
- Taxes -€21,215
down €21,215 (-58.8%), from €36,059 to €14,844
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 | €355,363 | €366,432 | +€11,069 | +3.1% |
| Fixed assets | 21/28 | €57,085 | €41,907 | -€15,179 | -26.6% |
| Tangible fixed assets | 22/27 | €57,085 | €41,907 | -€15,179 | -26.6% |
| Plant, machinery and equipment | 23 | €1,840 | €392 | -€1,448 | -78.7% |
| Furniture and vehicles | 24 | €35,979 | €25,003 | -€10,976 | -30.5% |
| Other tangible fixed assets | 26 | €19,267 | €16,512 | -€2,755 | -14.3% |
| Current assets | 29/58 | €298,278 | €324,526 | +€26,247 | +8.8% |
| Amounts receivable within one year | 40/41 | €156,601 | €178,121 | +€21,520 | +13.7% |
| Trade receivables | 40 | €156,601 | €157,965 | +€1,364 | +0.9% |
| Other amounts receivable | 41 | - | €20,156 | +€20,156 | |
| Cash at bank and in hand | 54/58 | €140,112 | €144,586 | +€4,473 | +3.2% |
| Deferred charges and accrued income | 490/1 | €1,566 | €1,819 | +€254 | +16.2% |
| Total equity and liabilities | 10/49 | €355,363 | €366,432 | +€11,069 | +3.1% |
| Equity | 10/15 | €91,100 | €92,985 | +€1,885 | +2.1% |
| Contributions | 10/11 | €1,000 | €1,000 | = | 0.0% |
| Reserves | 13 | €90,100 | €90,100 | = | 0.0% |
| Distributable reserves | 133 | €90,100 | €90,100 | = | 0.0% |
| Profit (loss) carried forward | 14 | - | €1,885 | +€1,885 | |
| Amounts payable | 17/49 | €264,263 | €273,447 | +€9,184 | +3.5% |
| Amounts payable within one year | 42/48 | €264,263 | €273,447 | +€9,184 | +3.5% |
| Financial debts | 43 | €10,127 | €10,098 | -€29 | -0.3% |
| Credit institutions | 430/8 | €10,127 | €10,098 | -€29 | -0.3% |
| Trade debts | 44 | €985 | €1,797 | +€812 | +82.5% |
| Suppliers | 440/4 | €985 | €1,797 | +€812 | +82.5% |
| Taxes, remuneration and social security | 45 | €38,083 | €35,985 | -€2,098 | -5.5% |
| Taxes | 450/3 | €38,083 | €33,270 | -€4,814 | -12.6% |
| Remuneration and social security | 454/9 | - | €2,715 | +€2,715 | |
| Other amounts payable | 47/48 | €215,068 | €225,568 | +€10,499 | +4.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €14,235 | €14,026 | -€209 | -1.5% |
| Other operating charges | 640/8 | €914 | €943 | +€29 | +3.1% |
| Non-recurring operating charges | 66A | - | €1,152 | +€1,152 | |
| Gross operating margin | 9900 | €173,991 | €102,609 | -€71,383 | -41.0% |
| Operating profit (loss) | 9901 | €158,842 | €86,487 | -€72,355 | -45.6% |
| Financial income | 75/76B | €24 | - | -€24 | |
| Recurring financial income | 75 | €24 | - | -€24 | |
| Financial charges | 65/66B | €943 | €759 | -€184 | -19.5% |
| Recurring financial charges | 65 | €943 | €759 | -€184 | -19.5% |
| Profit (loss) for the period before taxes | 9903 | €157,923 | €85,729 | -€72,194 | -45.7% |
| Income taxes | 67/77 | €36,059 | €14,844 | -€21,215 | -58.8% |
| Profit (loss) for the period | 9904 | €121,864 | €70,885 | -€50,979 | -41.8% |
| Profit (loss) for the period to be appropriated | 9905 | €121,864 | €70,885 | -€50,979 | -41.8% |
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 9 October 2026 via checked.be.