THELIOS: 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.
THELIOS
Largest movements
- Tangible fixed assets -€1.1m
down €1.1m (-20.3%), from €5.5m to €4.4m
of which Land and buildings: -€1.1m
- Receivables after one year +€600,000
new in 2025: €600,000
- Cash -€344,162
down €344,162 (-49.5%), from €695,319 to €351,158
mainly Receivables after one year (-€600,000) and Debts after one year (-€310,248)
- Receivables within one year +€105,146
up €105,146 (+8.9%), from €1.2m to €1.3m
- Reserves -€348,560
down €348,560 (-5.3%), from €6.5m to €6.2m
of which Distributable reserves: -€348,560
- Debts after one year -€310,248
down €310,248 (-13.7%), from €2.3m to €2.0m
of which Financial debts: -€310,898
- Financial income -€388,241
down €388,241 (-68.6%), from €566,264 to €178,023
- Other operating charges +€129,415
up €129,415 (+469%), from €27,614 to €157,029
- Gross operating margin +€53,434
up €53,434 (+39.0%), from €137,092 to €190,526
- Depreciation -€25,464
down €25,464 (-10.2%), from €250,213 to €224,750
- Financial charges -€11,360
down €11,360 (-23.6%), from €48,086 to €36,726
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 | €9,346,353 | €8,631,343 | -€715,010 | -7.7% |
| Fixed assets | 21/28 | €6,420,173 | €5,281,630 | -€1.1m | -17.7% |
| Intangible fixed assets | 21 | €137,108 | €114,256 | -€22,851 | -16.7% |
| Tangible fixed assets | 22/27 | €5,497,658 | €4,381,966 | -€1.1m | -20.3% |
| Land and buildings | 22 | €5,426,604 | €4,334,221 | -€1.1m | -20.1% |
| Furniture and vehicles | 24 | €71,054 | €47,745 | -€23,309 | -32.8% |
| Financial fixed assets | 28 | €785,408 | €785,408 | = | 0.0% |
| Current assets | 29/58 | €2,926,180 | €3,349,713 | +€423,533 | +14.5% |
| Amounts receivable after more than one year | 29 | - | €600,000 | +€600,000 | |
| Other amounts receivable | 291 | - | €600,000 | +€600,000 | |
| Amounts receivable within one year | 40/41 | €1,176,735 | €1,281,881 | +€105,146 | +8.9% |
| Other amounts receivable | 41 | €1,176,735 | €1,281,881 | +€105,146 | +8.9% |
| Current investments | 50/53 | €1,044,819 | €1,095,068 | +€50,249 | +4.8% |
| Cash at bank and in hand | 54/58 | €695,319 | €351,158 | -€344,162 | -49.5% |
| Deferred charges and accrued income | 490/1 | €9,307 | €21,606 | +€12,299 | +132% |
| Total equity and liabilities | 10/49 | €9,346,353 | €8,631,343 | -€715,010 | -7.7% |
| Equity | 10/15 | €6,659,515 | €6,308,940 | -€350,575 | -5.3% |
| Contributions | 10/11 | €125,000 | €125,000 | = | 0.0% |
| Capital | 10 | €125,000 | €125,000 | = | 0.0% |
| Issued capital | 100 | €125,000 | €125,000 | = | 0.0% |
| Reserves | 13 | €6,532,500 | €6,183,940 | -€348,560 | -5.3% |
| Non-distributable reserves | 130/1 | €12,500 | €12,500 | = | 0.0% |
| Legal reserve | 130 | €12,500 | €12,500 | = | 0.0% |
| Distributable reserves | 133 | €6,520,000 | €6,171,440 | -€348,560 | -5.3% |
| Profit (loss) carried forward | 14 | €2,015 | €0 | -€2,015 | -100% |
| Amounts payable | 17/49 | €2,686,838 | €2,322,403 | -€364,435 | -13.6% |
| Amounts payable after more than one year | 17 | €2,261,486 | €1,951,238 | -€310,248 | -13.7% |
| Financial debts | 170/4 | €2,250,456 | €1,939,558 | -€310,898 | -13.8% |
| Other amounts payable | 178/9 | €11,030 | €11,680 | +€650 | +5.9% |
| Amounts payable within one year | 42/48 | €415,611 | €361,385 | -€54,226 | -13.0% |
| Current portion of amounts payable after more than one year | 42 | €333,166 | €336,660 | +€3,494 | +1.0% |
| Trade debts | 44 | €1,137 | €8,851 | +€7,713 | +678% |
| Suppliers | 440/4 | €1,137 | €8,851 | +€7,713 | +678% |
| Taxes, remuneration and social security | 45 | €8,807 | €895 | -€7,912 | -89.8% |
| Taxes | 450/3 | - | €72 | +€72 | |
| Remuneration and social security | 454/9 | €8,807 | €823 | -€7,984 | -90.7% |
| Other amounts payable | 47/48 | €72,500 | €14,980 | -€57,521 | -79.3% |
| Accrued charges and deferred income | 492/3 | €9,742 | €9,780 | +€39 | +0.4% |
| Non-recurring operating income | 76A | €16,183 | €0 | -€16,183 | -100% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €250,213 | €224,750 | -€25,464 | -10.2% |
| Other operating charges | 640/8 | €27,614 | €157,029 | +€129,415 | +469% |
| Gross operating margin | 9900 | €137,092 | €190,526 | +€53,434 | +39.0% |
| Operating profit (loss) | 9901 | -€140,735 | -€191,252 | -€50,517 | -35.9% |
| Financial income | 75/76B | €566,264 | €178,023 | -€388,241 | -68.6% |
| Recurring financial income | 75 | €566,264 | €178,023 | -€388,241 | -68.6% |
| Financial charges | 65/66B | €48,086 | €36,726 | -€11,360 | -23.6% |
| Recurring financial charges | 65 | €48,086 | €36,726 | -€11,360 | -23.6% |
| Profit (loss) for the period before taxes | 9903 | €377,443 | -€49,955 | -€427,398 | |
| Income taxes | 67/77 | €969 | €380 | -€589 | -60.8% |
| Profit (loss) for the period | 9904 | €376,474 | -€50,335 | -€426,809 | |
| Profit (loss) for the period to be appropriated | 9905 | €376,474 | -€50,335 | -€426,809 |
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 1 November 2026 via checked.be.