THELMA & CO: 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 & CO
Largest movements
- Stocks and contracts +€41,239
up €41,239 (+50.1%), from €82,394 to €123,633
- Cash -€11,569
down €11,569 (-17.6%), from €65,862 to €54,293
mainly Stocks and contracts (-€41,239) and Short-term financial debts (-€25,000)
- Deferred charges and accrued income +€5,274
up €5,274 (+133%), from €3,958 to €9,232
- Tangible fixed assets -€4,911
down €4,911 (-24.5%), from €20,081 to €15,170
of which Furniture and vehicles: -€3,070
- Short-term financial debts -€25,000
down €25,000 (-100%), from €25,000 to €0
- Reserves +€24,930
up €24,930 (+55.4%), from €45,000 to €69,930
of which Distributable reserves: +€24,930
- Trade debts +€11,833
up €11,833 (+117%), from €10,151 to €21,984
- Other debts +€6,334
up €6,334 (+29.5%), from €21,438 to €27,772
- Tax, wage and social debts +€4,640
up €4,640 (+12.9%), from €35,929 to €40,569
of which Remuneration and social security: +€2,451
- Gross operating margin +€39,701
up €39,701 (+38.1%), from €104,154 to €143,855
- Staff costs +€22,032
up €22,032 (+41.8%), from €52,744 to €74,776
- Taxes +€4,304
up €4,304 (+1,024,702%), from €0 to €4,304
- Depreciation -€2,479
down €2,479 (-26.4%), from €9,376 to €6,897
- Financial charges +€1,625
up €1,625 (+18.5%), from €8,781 to €10,406
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 | €174,185 | €203,289 | +€29,105 | +16.7% |
| Fixed assets | 21/28 | €20,513 | €15,170 | -€5,342 | -26.0% |
| Intangible fixed assets | 21 | €432 | €0 | -€432 | -100% |
| Tangible fixed assets | 22/27 | €20,081 | €15,170 | -€4,911 | -24.5% |
| Plant, machinery and equipment | 23 | €321 | €231 | -€90 | -27.9% |
| Furniture and vehicles | 24 | €4,057 | €988 | -€3,070 | -75.7% |
| Other tangible fixed assets | 26 | €15,702 | €13,951 | -€1,751 | -11.2% |
| Current assets | 29/58 | €153,672 | €188,119 | +€34,447 | +22.4% |
| Stocks and contracts in progress | 3 | €82,394 | €123,633 | +€41,239 | +50.1% |
| Stocks | 30/36 | €82,394 | €123,633 | +€41,239 | +50.1% |
| Amounts receivable within one year | 40/41 | €1,458 | €961 | -€497 | -34.1% |
| Trade receivables | 40 | €1,165 | €0 | -€1,165 | -100% |
| Other amounts receivable | 41 | €293 | €961 | +€668 | +228% |
| Cash at bank and in hand | 54/58 | €65,862 | €54,293 | -€11,569 | -17.6% |
| Deferred charges and accrued income | 490/1 | €3,958 | €9,232 | +€5,274 | +133% |
| Total equity and liabilities | 10/49 | €174,185 | €203,289 | +€29,105 | +16.7% |
| Equity | 10/15 | €53,915 | €82,330 | +€28,415 | +52.7% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €45,000 | €69,930 | +€24,930 | +55.4% |
| Non-distributable reserves | 130/1 | €0 | - | = | |
| Reserves not available under the articles | 1311 | €0 | - | = | |
| Distributable reserves | 133 | €45,000 | €69,930 | +€24,930 | +55.4% |
| Profit (loss) carried forward | 14 | -€3,485 | €0 | +€3,485 | |
| Amounts payable | 17/49 | €120,270 | €120,960 | +€690 | +0.6% |
| Amounts payable within one year | 42/48 | €92,518 | €90,325 | -€2,193 | -2.4% |
| Current portion of amounts payable after more than one year | 42 | €0 | - | = | |
| Financial debts | 43 | €25,000 | €0 | -€25,000 | -100% |
| Credit institutions | 430/8 | €25,000 | €0 | -€25,000 | -100% |
| Trade debts | 44 | €10,151 | €21,984 | +€11,833 | +117% |
| Suppliers | 440/4 | €10,151 | €21,984 | +€11,833 | +117% |
| Taxes, remuneration and social security | 45 | €35,929 | €40,569 | +€4,640 | +12.9% |
| Taxes | 450/3 | €22,918 | €25,107 | +€2,189 | +9.6% |
| Remuneration and social security | 454/9 | €13,011 | €15,462 | +€2,451 | +18.8% |
| Other amounts payable | 47/48 | €21,438 | €27,772 | +€6,334 | +29.5% |
| Accrued charges and deferred income | 492/3 | €27,752 | €30,635 | +€2,882 | +10.4% |
| Remuneration, social security and pensions | 62 | €52,744 | €74,776 | +€22,032 | +41.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €9,376 | €6,897 | -€2,479 | -26.4% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €0 | - | = | |
| Other operating charges | 640/8 | €6,206 | €6,142 | -€65 | -1.0% |
| Gross operating margin | 9900 | €104,154 | €143,855 | +€39,701 | +38.1% |
| Operating profit (loss) | 9901 | €35,828 | €56,041 | +€20,213 | +56.4% |
| Financial income | 75/76B | €496 | €2,085 | +€1,589 | +321% |
| Recurring financial income | 75 | €496 | €2,085 | +€1,589 | +321% |
| Financial charges | 65/66B | €8,781 | €10,406 | +€1,625 | +18.5% |
| Recurring financial charges | 65 | €8,781 | €10,406 | +€1,625 | +18.5% |
| Profit (loss) for the period before taxes | 9903 | €27,543 | €47,719 | +€20,176 | +73.3% |
| Income taxes | 67/77 | €0 | €4,304 | +€4,304 | +1,024,702% |
| Profit (loss) for the period | 9904 | €27,542 | €43,415 | +€15,873 | +57.6% |
| Profit (loss) for the period to be appropriated | 9905 | €27,542 | €43,415 | +€15,873 | +57.6% |
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 28 October 2026 via checked.be.