THEMA MANAGEMENT: 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.
THEMA MANAGEMENT
Largest movements
- Cash +€66,658
up €66,658 (+265%), from €25,178 to €91,835
mainly Trade debts (+€27,658) and Net result for the year (+€24,189)
- Tangible fixed assets -€27,207
down €27,207 (-10.3%), from €265,208 to €238,002
of which Furniture and vehicles: -€21,191
- Receivables within one year -€6,044
down €6,044 (-96.3%), from €6,275 to €231
of which Trade receivables: -€6,069
- Deferred charges and accrued income -€4,327
down €4,327 (-18.2%), from €23,833 to €19,506
- Debts after one year -€32,505
down €32,505 (-25.0%), from €129,841 to €97,336
- Trade debts +€27,658
up €27,658 (+2,175%), from €1,271 to €28,929
- Tax, wage and social debts +€24,178
up €24,178 (+194%), from €12,465 to €36,643
- Other debts +€18,562
up €18,562 (+30.6%), from €60,706 to €79,267
- Reserves -€9,000
down €9,000 (-14.3%), from €62,750 to €53,750
- Gross operating margin +€8,445
up €8,445 (+12.7%), from €66,331 to €74,776
- Depreciation -€6,873
down €6,873 (-24.9%), from €27,628 to €20,755
- Other operating charges +€6,669
up €6,669 (+99.3%), from €6,718 to €13,387
- Taxes -€2,748
down €2,748 (-18.6%), from €14,781 to €12,033
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 | €320,494 | €349,574 | +€29,081 | +9.1% |
| Fixed assets | 21/28 | €265,208 | €238,002 | -€27,207 | -10.3% |
| Tangible fixed assets | 22/27 | €265,208 | €238,002 | -€27,207 | -10.3% |
| Land and buildings | 22 | €215,424 | €208,377 | -€7,047 | -3.3% |
| Furniture and vehicles | 24 | €49,784 | €28,593 | -€21,191 | -42.6% |
| Other tangible fixed assets | 26 | - | €1,031 | +€1,031 | |
| Current assets | 29/58 | €55,285 | €111,572 | +€56,287 | +102% |
| Amounts receivable within one year | 40/41 | €6,275 | €231 | -€6,044 | -96.3% |
| Trade receivables | 40 | €6,069 | - | -€6,069 | |
| Other amounts receivable | 41 | €206 | €231 | +€25 | +12.3% |
| Cash at bank and in hand | 54/58 | €25,178 | €91,835 | +€66,658 | +265% |
| Deferred charges and accrued income | 490/1 | €23,833 | €19,506 | -€4,327 | -18.2% |
| Total equity and liabilities | 10/49 | €320,494 | €349,574 | +€29,081 | +9.1% |
| Equity | 10/15 | €83,705 | €74,894 | -€8,811 | -10.5% |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Reserves | 13 | €62,750 | €53,750 | -€9,000 | -14.3% |
| Distributable reserves | 133 | €62,750 | €53,750 | -€9,000 | -14.3% |
| Profit (loss) carried forward | 14 | €955 | €1,144 | +€189 | +19.7% |
| Amounts payable | 17/49 | €236,788 | €274,681 | +€37,892 | +16.0% |
| Amounts payable after more than one year | 17 | €129,841 | €97,336 | -€32,505 | -25.0% |
| Financial debts | 170/4 | €129,841 | €97,336 | -€32,505 | -25.0% |
| Amounts payable within one year | 42/48 | €106,947 | €177,345 | +€70,397 | +65.8% |
| Current portion of amounts payable after more than one year | 42 | €32,505 | €32,505 | = | 0.0% |
| Trade debts | 44 | €1,271 | €28,929 | +€27,658 | +2,175% |
| Suppliers | 440/4 | €1,271 | €28,929 | +€27,658 | +2,175% |
| Taxes, remuneration and social security | 45 | €12,465 | €36,643 | +€24,178 | +194% |
| Taxes | 450/3 | €12,465 | €36,643 | +€24,178 | +194% |
| Other amounts payable | 47/48 | €60,706 | €79,267 | +€18,562 | +30.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €27,628 | €20,755 | -€6,873 | -24.9% |
| Other operating charges | 640/8 | €6,718 | €13,387 | +€6,669 | +99.3% |
| Gross operating margin | 9900 | €66,331 | €74,776 | +€8,445 | +12.7% |
| Operating profit (loss) | 9901 | €31,986 | €40,634 | +€8,648 | +27.0% |
| Financial charges | 65/66B | €4,446 | €4,412 | -€34 | -0.8% |
| Recurring financial charges | 65 | €4,446 | €4,412 | -€34 | -0.8% |
| Profit (loss) for the period before taxes | 9903 | €27,540 | €36,222 | +€8,682 | +31.5% |
| Income taxes | 67/77 | €14,781 | €12,033 | -€2,748 | -18.6% |
| Profit (loss) for the period | 9904 | €12,759 | €24,189 | +€11,430 | +89.6% |
| Profit (loss) for the period to be appropriated | 9905 | €12,759 | €24,189 | +€11,430 | +89.6% |
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 25 October 2026 via checked.be.