THEM DESIGN MARKET: 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.
THEM DESIGN MARKET
Largest movements
- Receivables within one year +€19,814
up €19,814 (+90.9%), from €21,798 to €41,612
of which Trade receivables: +€18,587
- Tangible fixed assets -€5,138
down €5,138 (-16.3%), from €31,474 to €26,337
of which Plant, machinery and equipment: -€4,635
- Stocks and contracts +€4,704
up €4,704 (+12.5%), from €37,552 to €42,256
- Cash +€3,447
up €3,447 (+1,931%), from €179 to €3,626
mainly Other debts (+€16,995) and Trade debts (+€11,307)
- Formation expenses -€1,915
down €1,915 (-12.7%), from €15,104 to €13,189
- Other debts +€16,995
up €16,995 (+38.9%), from €43,726 to €60,721
- Trade debts +€11,307
up €11,307 (+62.5%), from €18,090 to €29,396
- Debts after one year -€6,498
down €6,498 (-85.5%), from €7,603 to €1,104
- Tax, wage and social debts -€3,392
down €3,392 (-77.5%), from €4,377 to €985
- Gross operating margin -€1,937
down €1,937 (-16.0%), from €12,140 to €10,204
- Financial charges -€812
down €812 (-65.4%), from €1,242 to €430
- Other operating charges -€423
no longer reported in 2025 (was €423)
- Depreciation +€286
up €286 (+3.4%), from €8,398 to €8,684
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 | €113,315 | €132,596 | +€19,281 | +17.0% |
| Formation expenses | 20 | €15,104 | €13,189 | -€1,915 | -12.7% |
| Fixed assets | 21/28 | €38,683 | €31,913 | -€6,769 | -17.5% |
| Intangible fixed assets | 21 | €7,209 | €5,577 | -€1,632 | -22.6% |
| Tangible fixed assets | 22/27 | €31,474 | €26,337 | -€5,138 | -16.3% |
| Plant, machinery and equipment | 23 | €27,410 | €22,775 | -€4,635 | -16.9% |
| Furniture and vehicles | 24 | €4,064 | €3,561 | -€503 | -12.4% |
| Current assets | 29/58 | €59,529 | €87,494 | +€27,965 | +47.0% |
| Stocks and contracts in progress | 3 | €37,552 | €42,256 | +€4,704 | +12.5% |
| Stocks | 30/36 | €37,552 | €42,256 | +€4,704 | +12.5% |
| Amounts receivable within one year | 40/41 | €21,798 | €41,612 | +€19,814 | +90.9% |
| Trade receivables | 40 | €21,798 | €40,385 | +€18,587 | +85.3% |
| Other amounts receivable | 41 | - | €1,227 | +€1,227 | |
| Cash at bank and in hand | 54/58 | €179 | €3,626 | +€3,447 | +1,931% |
| Total equity and liabilities | 10/49 | €113,315 | €132,596 | +€19,281 | +17.0% |
| Equity | 10/15 | €33,234 | €33,891 | +€657 | +2.0% |
| Contributions | 10/11 | €30,000 | €30,000 | = | 0.0% |
| Reserves | 13 | €1,198 | €1,198 | = | 0.0% |
| Distributable reserves | 133 | €1,198 | €1,198 | = | 0.0% |
| Profit (loss) carried forward | 14 | €2,036 | €2,693 | +€657 | +32.2% |
| Amounts payable | 17/49 | €80,081 | €98,705 | +€18,624 | +23.3% |
| Amounts payable after more than one year | 17 | €7,603 | €1,104 | -€6,498 | -85.5% |
| Financial debts | 170/4 | €7,603 | €1,104 | -€6,498 | -85.5% |
| Amounts payable within one year | 42/48 | €72,478 | €97,601 | +€25,123 | +34.7% |
| Current portion of amounts payable after more than one year | 42 | €6,285 | €6,498 | +€213 | +3.4% |
| Trade debts | 44 | €18,090 | €29,396 | +€11,307 | +62.5% |
| Suppliers | 440/4 | €18,090 | €29,396 | +€11,307 | +62.5% |
| Taxes, remuneration and social security | 45 | €4,377 | €985 | -€3,392 | -77.5% |
| Taxes | 450/3 | €4,377 | €985 | -€3,392 | -77.5% |
| Other amounts payable | 47/48 | €43,726 | €60,721 | +€16,995 | +38.9% |
| Remuneration, social security and pensions | 62 | €90 | - | -€90 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €8,398 | €8,684 | +€286 | +3.4% |
| Other operating charges | 640/8 | €423 | - | -€423 | |
| Gross operating margin | 9900 | €12,140 | €10,204 | -€1,937 | -16.0% |
| Operating profit (loss) | 9901 | €3,229 | €1,519 | -€1,710 | -52.9% |
| Financial charges | 65/66B | €1,242 | €430 | -€812 | -65.4% |
| Recurring financial charges | 65 | €1,242 | €430 | -€812 | -65.4% |
| Profit (loss) for the period before taxes | 9903 | €1,987 | €1,089 | -€898 | -45.2% |
| Income taxes | 67/77 | €553 | €433 | -€120 | -21.7% |
| Profit (loss) for the period | 9904 | €1,435 | €657 | -€778 | -54.2% |
| Profit (loss) for the period to be appropriated | 9905 | €1,435 | €657 | -€778 | -54.2% |
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 30 October 2026 via checked.be.