THELIS: 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.
THELIS
Largest movements
- Receivables within one year -€424,725
down €424,725 (-35.3%), from €1.2m to €777,698
of which Other amounts receivable: -€436,565
- Receivables after one year +€400,000
new in 2025: €400,000
- Cash -€162,485
down €162,485 (-58.8%), from €276,474 to €113,989
mainly Receivables after one year (-€400,000) and Accrued charges and deferred income (-€376,011)
- Stocks and contracts -€17,536
down €17,536 (-7.0%), from €251,991 to €234,455
- Accrued charges and deferred income -€376,011
down €376,011 (-80.1%), from €469,656 to €93,645
- Other debts +€137,245
up €137,245 (+573.6%), from €23,927 to €161,171
- Provisions +€74,545
new in 2025: €74,545
- Trade debts +€39,959
up €39,959 (+37.4%), from €106,703 to €146,662
- Tax, wage and social debts -€36,949
down €36,949 (-19.2%), from €192,045 to €155,096
of which Remuneration and social security: -€42,208
- Gross operating margin -€214,783
down €214,783 (-15.5%), from €1.4m to €1.2m
- Provisions +€74,545
new in 2025: €74,545
- Write-downs -€35,585
down €35,585, from €34,445 to -€1,140
- Other operating charges +€23,938
up €23,938 (+684.8%), from €3,496 to €27,434
- Depreciation -€14,340
down €14,340 (-90.0%), from €15,933 to €1,593
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 | €1,741,402 | €1,549,864 | -€191,538 | -11.0% |
| Fixed assets | 21/28 | €2,276 | €7,733 | +€5,457 | +239.7% |
| Tangible fixed assets | 22/27 | €1,682 | €89 | -€1,593 | -94.7% |
| Plant, machinery and equipment | 23 | €914 | - | -€914 | |
| Furniture and vehicles | 24 | €769 | €89 | -€679 | -88.4% |
| Financial fixed assets | 28 | €594 | €7,644 | +€7,050 | +1187.0% |
| Current assets | 29/58 | €1,739,126 | €1,542,131 | -€196,995 | -11.3% |
| Amounts receivable after more than one year | 29 | - | €400,000 | +€400,000 | |
| Other amounts receivable | 291 | - | €400,000 | +€400,000 | |
| Stocks and contracts in progress | 3 | €251,991 | €234,455 | -€17,536 | -7.0% |
| Stocks | 30/36 | €251,991 | €234,455 | -€17,536 | -7.0% |
| Amounts receivable within one year | 40/41 | €1,202,423 | €777,698 | -€424,725 | -35.3% |
| Trade receivables | 40 | €461,351 | €473,190 | +€11,839 | +2.6% |
| Other amounts receivable | 41 | €741,072 | €304,508 | -€436,565 | -58.9% |
| Cash at bank and in hand | 54/58 | €276,474 | €113,989 | -€162,485 | -58.8% |
| Deferred charges and accrued income | 490/1 | €8,238 | €15,988 | +€7,750 | +94.1% |
| Total equity and liabilities | 10/49 | €1,741,402 | €1,549,864 | -€191,538 | -11.0% |
| Equity | 10/15 | €937,525 | €918,746 | -€18,779 | -2.0% |
| Contributions | 10/11 | €75,000 | €75,000 | = | 0.0% |
| Capital | 10 | €75,000 | €75,000 | = | 0.0% |
| Issued capital | 100 | €75,000 | €75,000 | = | 0.0% |
| Reserves | 13 | €208,600 | €208,600 | = | 0.0% |
| Non-distributable reserves | 130/1 | €33,600 | €33,600 | = | 0.0% |
| Legal reserve | 130 | €33,600 | €33,600 | = | 0.0% |
| Distributable reserves | 133 | €175,000 | €175,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €653,925 | €635,146 | -€18,779 | -2.9% |
| Provisions and deferred taxes | 16 | - | €74,545 | +€74,545 | |
| Provisions for liabilities and charges | 160/5 | - | €74,545 | +€74,545 | |
| Other liabilities and charges | 164/5 | - | €74,545 | +€74,545 | |
| Amounts payable | 17/49 | €803,877 | €556,574 | -€247,304 | -30.8% |
| Amounts payable within one year | 42/48 | €334,221 | €462,929 | +€128,708 | +38.5% |
| Current portion of amounts payable after more than one year | 42 | €11,547 | - | -€11,547 | |
| Trade debts | 44 | €106,703 | €146,662 | +€39,959 | +37.4% |
| Suppliers | 440/4 | €106,703 | €146,662 | +€39,959 | +37.4% |
| Taxes, remuneration and social security | 45 | €192,045 | €155,096 | -€36,949 | -19.2% |
| Taxes | 450/3 | €36,210 | €41,469 | +€5,259 | +14.5% |
| Remuneration and social security | 454/9 | €155,835 | €113,627 | -€42,208 | -27.1% |
| Other amounts payable | 47/48 | €23,927 | €161,171 | +€137,245 | +573.6% |
| Accrued charges and deferred income | 492/3 | €469,656 | €93,645 | -€376,011 | -80.1% |
| Non-recurring operating income | 76A | €4,168 | - | -€4,168 | |
| Remuneration, social security and pensions | 62 | €877,923 | €888,621 | +€10,697 | +1.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €15,933 | €1,593 | -€14,340 | -90.0% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €34,445 | -€1,140 | -€35,585 | |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | - | €74,545 | +€74,545 | |
| Other operating charges | 640/8 | €3,496 | €27,434 | +€23,938 | +684.8% |
| Non-recurring operating charges | 66A | €7,714 | - | -€7,714 | |
| Gross operating margin | 9900 | €1,386,303 | €1,171,520 | -€214,783 | -15.5% |
| Operating profit (loss) | 9901 | €446,793 | €180,468 | -€266,325 | -59.6% |
| Financial income | 75/76B | €662 | €5,123 | +€4,461 | +673.4% |
| Recurring financial income | 75 | €662 | €5,123 | +€4,461 | +673.4% |
| Financial charges | 65/66B | €16,636 | €14,151 | -€2,485 | -14.9% |
| Recurring financial charges | 65 | €16,636 | €14,151 | -€2,485 | -14.9% |
| Profit (loss) for the period before taxes | 9903 | €430,819 | €171,440 | -€259,378 | -60.2% |
| Income taxes | 67/77 | €30,644 | €40,220 | +€9,575 | +31.2% |
| Profit (loss) for the period | 9904 | €400,175 | €131,221 | -€268,954 | -67.2% |
| Profit (loss) for the period to be appropriated | 9905 | €400,175 | €131,221 | -€268,954 | -67.2% |
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 4 October 2026 via checked.be.