THELMA: 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.
THELMA
Largest movements
- Financial fixed assets -€169,280
down €169,280 (-63.9%), from €264,800 to €95,520
- Cash +€115,334
up €115,334 (+1,697%), from €6,797 to €122,131
mainly Investment in fixed assets (net) (+€164,309) and Net result for the year (+€116,992)
- Receivables within one year +€89,078
up €89,078 (+36.0%), from €247,180 to €336,258
of which Other amounts receivable: +€227,452
- Reserves +€116,992
up €116,992 (+8,205%), from €1,426 to €118,418
- Debts after one year -€81,047
down €81,047 (-79.1%), from €102,434 to €21,387
- Tax, wage and social debts +€32,422
up €32,422 (+15.7%), from €207,106 to €239,528
- Short-term financial debts -€13,341
down €13,341 (-100%), from €13,341 to €0
- Trade debts -€9,820
down €9,820 (-35.3%), from €27,820 to €18,000
- Financial income +€195,746
up €195,746 (+516%), from €37,928 to €233,674
- Gross operating margin +€23,520
up €23,520 (+47.3%), from -€49,691 to -€26,171
- Taxes +€14,412
up €14,412 (+1,186%), from €1,215 to €15,628
- Other operating charges +€4,377
up €4,377 (+82.5%), from €5,304 to €9,681
From the 2021 result to the 2022 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 2021 and 2022 balance sheets and the 2022 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2021 | 2022 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €524,596 | €560,706 | +€36,110 | +6.9% |
| Fixed assets | 21/28 | €270,465 | €102,162 | -€168,302 | -62.2% |
| Tangible fixed assets | 22/27 | €5,665 | €6,642 | +€978 | +17.3% |
| Plant, machinery and equipment | 23 | - | €2,239 | +€2,239 | |
| Furniture and vehicles | 24 | €5,665 | €4,403 | -€1,262 | -22.3% |
| Financial fixed assets | 28 | €264,800 | €95,520 | -€169,280 | -63.9% |
| Current assets | 29/58 | €254,131 | €458,543 | +€204,412 | +80.4% |
| Amounts receivable within one year | 40/41 | €247,180 | €336,258 | +€89,078 | +36.0% |
| Trade receivables | 40 | €232,950 | €94,576 | -€138,374 | -59.4% |
| Other amounts receivable | 41 | €14,230 | €241,682 | +€227,452 | +1,598% |
| Cash at bank and in hand | 54/58 | €6,797 | €122,131 | +€115,334 | +1,697% |
| Deferred charges and accrued income | 490/1 | €154 | €154 | = | 0.0% |
| Total equity and liabilities | 10/49 | €524,596 | €560,706 | +€36,110 | +6.9% |
| Equity | 10/15 | €159,752 | €276,744 | +€116,992 | +73.2% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €1,426 | €118,418 | +€116,992 | +8,205% |
| Distributable reserves | 133 | €1,426 | €118,418 | +€116,992 | +8,205% |
| Profit (loss) carried forward | 14 | €139,726 | €139,726 | = | 0.0% |
| Amounts payable | 17/49 | €364,844 | €283,961 | -€80,882 | -22.2% |
| Amounts payable after more than one year | 17 | €102,434 | €21,387 | -€81,047 | -79.1% |
| Financial debts | 170/4 | €102,434 | €21,387 | -€81,047 | -79.1% |
| Amounts payable within one year | 42/48 | €262,410 | €262,574 | +€164 | +0.1% |
| Current portion of amounts payable after more than one year | 42 | €5,490 | €5,047 | -€443 | -8.1% |
| Financial debts | 43 | €13,341 | €0 | -€13,341 | -100% |
| Credit institutions | 430/8 | €13,341 | €0 | -€13,341 | -100% |
| Trade debts | 44 | €27,820 | €18,000 | -€9,820 | -35.3% |
| Suppliers | 440/4 | €27,820 | €18,000 | -€9,820 | -35.3% |
| Taxes, remuneration and social security | 45 | €207,106 | €239,528 | +€32,422 | +15.7% |
| Taxes | 450/3 | €207,106 | €239,528 | +€32,422 | +15.7% |
| Other amounts payable | 47/48 | €8,653 | €0 | -€8,653 | -100% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €3,599 | €3,993 | +€394 | +11.0% |
| Other operating charges | 640/8 | €5,304 | €9,681 | +€4,377 | +82.5% |
| Non-recurring operating charges | 66A | €0 | €51,573 | +€51,573 | |
| Gross operating margin | 9900 | -€49,691 | -€26,171 | +€23,520 | +47.3% |
| Operating profit (loss) | 9901 | -€58,594 | -€91,418 | -€32,824 | -56.0% |
| Financial income | 75/76B | €37,928 | €233,674 | +€195,746 | +516% |
| Recurring financial income | 75 | €37,928 | €233,674 | +€195,746 | +516% |
| Financial charges | 65/66B | €9,638 | €9,636 | -€2 | 0.0% |
| Recurring financial charges | 65 | €9,638 | €9,636 | -€2 | 0.0% |
| Profit (loss) for the period before taxes | 9903 | -€30,303 | €132,620 | +€162,923 | |
| Income taxes | 67/77 | €1,215 | €15,628 | +€14,412 | +1,186% |
| Profit (loss) for the period | 9904 | -€31,518 | €116,992 | +€148,511 | |
| Profit (loss) for the period to be appropriated | 9905 | -€31,518 | €116,992 | +€148,511 |
Source: filed annual accounts (NBB), financial years ended 31 December 2021 and 31 December 2022. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 17 October 2026 via checked.be.