THEBES: 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.
THEBES
Largest movements
- Receivables within one year -€7,642
down €7,642 (-56.4%), from €13,541 to €5,899
of which Trade receivables: -€10,571
- Cash +€5,629
up €5,629 (+550.3%), from €1,023 to €6,652
mainly Receivables within one year (+€7,642) and Investment in fixed assets (net) (+€5,150)
- Tangible fixed assets -€5,150
down €5,150 (-100.0%), from €5,150 to €0
- Current portion of long-term debt -€4,476
down €4,476 (-100.0%), from €4,476 to €0
- Tax, wage and social debts -€2,538
down €2,538 (-52.2%), from €4,863 to €2,325
- Other debts +€1,096
up €1,096, from €0 to €1,096
- Debts after one year -€1,057
down €1,057 (-100.0%), from €1,057 to €0
of which Financial debts: -€693
- Trade debts -€346
down €346 (-100.0%), from €346 to €0
- Other operating charges +€5,170
up €5,170 (+6282.3%), from €82 to €5,252
- Depreciation -€4,331
down €4,331 (-100.0%), from €4,331 to €0
- Gross operating margin +€3,826
up €3,826 (+140.9%), from €2,715 to €6,541
- Taxes -€1,480
down €1,480 (-76.5%), from €1,934 to €455
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 | €19,713 | €12,551 | -€7,162 | -36.3% |
| Fixed assets | 21/28 | €5,150 | €0 | -€5,150 | -100.0% |
| Tangible fixed assets | 22/27 | €5,150 | €0 | -€5,150 | -100.0% |
| Furniture and vehicles | 24 | €5,150 | €0 | -€5,150 | -100.0% |
| Current assets | 29/58 | €14,564 | €12,551 | -€2,013 | -13.8% |
| Amounts receivable within one year | 40/41 | €13,541 | €5,899 | -€7,642 | -56.4% |
| Trade receivables | 40 | €10,571 | €0 | -€10,571 | -100.0% |
| Other amounts receivable | 41 | €2,970 | €5,899 | +€2,930 | +98.6% |
| Cash at bank and in hand | 54/58 | €1,023 | €6,652 | +€5,629 | +550.3% |
| Total equity and liabilities | 10/49 | €19,713 | €12,551 | -€7,162 | -36.3% |
| Equity | 10/15 | €8,972 | €9,131 | +€159 | +1.8% |
| Contributions | 10/11 | €32,250 | €32,250 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€23,278 | -€23,119 | +€159 | +0.7% |
| Amounts payable | 17/49 | €10,741 | €3,420 | -€7,321 | -68.2% |
| Amounts payable after more than one year | 17 | €1,057 | €0 | -€1,057 | -100.0% |
| Financial debts | 170/4 | €693 | €0 | -€693 | -100.0% |
| Other amounts payable | 178/9 | €364 | €0 | -€364 | -100.0% |
| Amounts payable within one year | 42/48 | €9,685 | €3,420 | -€6,265 | -64.7% |
| Current portion of amounts payable after more than one year | 42 | €4,476 | €0 | -€4,476 | -100.0% |
| Financial debts | 43 | €0 | - | = | |
| Credit institutions | 430/8 | €0 | - | = | |
| Trade debts | 44 | €346 | €0 | -€346 | -100.0% |
| Suppliers | 440/4 | €346 | €0 | -€346 | -100.0% |
| Taxes, remuneration and social security | 45 | €4,863 | €2,325 | -€2,538 | -52.2% |
| Taxes | 450/3 | €4,863 | €2,325 | -€2,538 | -52.2% |
| Other amounts payable | 47/48 | €0 | €1,096 | +€1,096 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €4,331 | €0 | -€4,331 | -100.0% |
| Other operating charges | 640/8 | €82 | €5,252 | +€5,170 | +6282.3% |
| Gross operating margin | 9900 | €2,715 | €6,541 | +€3,826 | +140.9% |
| Operating profit (loss) | 9901 | -€1,698 | €1,289 | +€2,987 | |
| Financial income | 75/76B | €0 | €0 | -€0 | -100.0% |
| Recurring financial income | 75 | €0 | €0 | -€0 | -100.0% |
| Financial charges | 65/66B | €667 | €676 | +€9 | +1.4% |
| Recurring financial charges | 65 | €667 | €676 | +€9 | +1.4% |
| Profit (loss) for the period before taxes | 9903 | -€2,364 | €613 | +€2,978 | |
| Income taxes | 67/77 | €1,934 | €455 | -€1,480 | -76.5% |
| Profit (loss) for the period | 9904 | -€4,299 | €159 | +€4,457 | |
| Profit (loss) for the period to be appropriated | 9905 | -€4,299 | €159 | +€4,457 |
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 3 October 2026 via checked.be.