THEION: 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.
THEION
Largest movements
- Cash +€364,437
up €364,437 (+331%), from €110,065 to €474,502
mainly Net result for the year (+€405,525) and Tax, wage and social debts (+€132,905)
- Current investments +€162,887
up €162,887 (+31.3%), from €520,768 to €683,656
- Tangible fixed assets -€19,485
down €19,485 (-97.6%), from €19,969 to €484
- Reserves +€347,630
up €347,630 (+70.9%), from €490,411 to €838,041
of which Distributable reserves: +€348,163
- Tax, wage and social debts +€132,905
up €132,905 (+495%), from €26,866 to €159,772
of which Taxes: +€132,695
- Other debts +€16,790
up €16,790 (+43.9%), from €38,274 to €55,064
- Gross operating margin +€446,779
up €446,779 (+257%), from €173,943 to €620,721
- Taxes +€158,537
up €158,537 (+329%), from €48,160 to €206,697
- Depreciation -€15,176
down €15,176 (-45.5%), from €33,386 to €18,209
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 | €650,802 | €1,158,642 | +€507,840 | +78.0% |
| Fixed assets | 21/28 | €19,969 | €484 | -€19,485 | -97.6% |
| Tangible fixed assets | 22/27 | €19,969 | €484 | -€19,485 | -97.6% |
| Furniture and vehicles | 24 | €19,969 | €484 | -€19,485 | -97.6% |
| Current assets | 29/58 | €630,833 | €1,158,158 | +€527,325 | +83.6% |
| Amounts receivable within one year | 40/41 | €0 | - | = | |
| Trade receivables | 40 | €0 | - | = | |
| Current investments | 50/53 | €520,768 | €683,656 | +€162,887 | +31.3% |
| Cash at bank and in hand | 54/58 | €110,065 | €474,502 | +€364,437 | +331% |
| Total equity and liabilities | 10/49 | €650,802 | €1,158,642 | +€507,840 | +78.0% |
| Equity | 10/15 | €490,412 | €838,042 | +€347,630 | +70.9% |
| Contributions | 10/11 | €1 | €1 | = | 0.0% |
| Reserves | 13 | €490,411 | €838,041 | +€347,630 | +70.9% |
| Tax-exempt reserves | 132 | €1,904 | €1,372 | -€532 | -28.0% |
| Distributable reserves | 133 | €488,506 | €836,669 | +€348,163 | +71.3% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Provisions and deferred taxes | 16 | €92,316 | €92,183 | -€133 | -0.1% |
| Provisions for liabilities and charges | 160/5 | €92,183 | €92,183 | = | 0.0% |
| Pensions and similar obligations | 160 | €92,183 | €92,183 | = | 0.0% |
| Deferred taxes | 168 | €133 | €0 | -€133 | -100% |
| Amounts payable | 17/49 | €68,074 | €228,417 | +€160,342 | +236% |
| Amounts payable within one year | 42/48 | €68,074 | €228,417 | +€160,342 | +236% |
| Trade debts | 44 | €2,934 | €13,581 | +€10,647 | +363% |
| Suppliers | 440/4 | €2,934 | €13,581 | +€10,647 | +363% |
| Taxes, remuneration and social security | 45 | €26,866 | €159,772 | +€132,905 | +495% |
| Taxes | 450/3 | €26,866 | €159,562 | +€132,695 | +494% |
| Remuneration and social security | 454/9 | - | €210 | +€210 | |
| Other amounts payable | 47/48 | €38,274 | €55,064 | +€16,790 | +43.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €33,386 | €18,209 | -€15,176 | -45.5% |
| Other operating charges | 640/8 | €1,676 | €1,699 | +€23 | +1.4% |
| Gross operating margin | 9900 | €173,943 | €620,721 | +€446,779 | +257% |
| Operating profit (loss) | 9901 | €138,881 | €600,813 | +€461,932 | +333% |
| Financial income | 75/76B | €7,413 | €12,605 | +€5,192 | +70.0% |
| Recurring financial income | 75 | €7,413 | €12,605 | +€5,192 | +70.0% |
| Financial charges | 65/66B | €990 | €1,329 | +€339 | +34.3% |
| Recurring financial charges | 65 | €990 | €1,329 | +€339 | +34.3% |
| Profit (loss) for the period before taxes | 9903 | €145,304 | €612,089 | +€466,784 | +321% |
| Transfer from deferred taxes | 780 | €240 | €133 | -€107 | -44.5% |
| Income taxes | 67/77 | €48,160 | €206,697 | +€158,537 | +329% |
| Profit (loss) for the period | 9904 | €97,384 | €405,525 | +€308,141 | +316% |
| Transfer from tax-exempt reserves | 789 | €960 | €532 | -€428 | -44.5% |
| Profit (loss) for the period to be appropriated | 9905 | €98,344 | €406,058 | +€307,713 | +313% |
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 25 October 2026 via checked.be.