Thema Projects: 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.
Thema Projects
Largest movements
- Receivables within one year -€34,537
down €34,537 (-67.0%), from €51,570 to €17,033
of which Other amounts receivable: -€42,789
- Cash -€28,079
down €28,079 (-77.4%), from €36,281 to €8,203
mainly Trade debts (-€22,716) and Net result for the year (-€13,210)
- Deferred charges and accrued income -€7,785
down €7,785 (-37.0%), from €21,045 to €13,260
- Tangible fixed assets -€2,449
down €2,449 (-2.8%), from €88,080 to €85,632
of which Furniture and vehicles: -€2,337
- Trade debts -€22,716
down €22,716 (-87.8%), from €25,863 to €3,147
- Other debts -€11,703
down €11,703 (-28.7%), from €40,800 to €29,097
- Debts after one year -€9,978
down €9,978 (-49.0%), from €20,367 to €10,389
- Profit (loss) carried forward -€9,882
down €9,882, from €0 to -€9,882
- Tax, wage and social debts -€8,842
down €8,842 (-87.5%), from €10,110 to €1,267
of which Taxes: -€8,842
- Gross operating margin -€9,693
down €9,693 (-65.8%), from €14,733 to €5,040
- Depreciation +€2,728
up €2,728 (+29.7%), from €9,173 to €11,901
- Financial charges +€1,338
up €1,338 (+33.2%), from €4,026 to €5,364
- Other operating charges -€453
down €453 (-39.9%), from €1,134 to €681
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 | €196,976 | €124,128 | -€72,848 | -37.0% |
| Fixed assets | 21/28 | €88,080 | €85,632 | -€2,449 | -2.8% |
| Tangible fixed assets | 22/27 | €88,080 | €85,632 | -€2,449 | -2.8% |
| Plant, machinery and equipment | 23 | €65,192 | €63,665 | -€1,528 | -2.3% |
| Furniture and vehicles | 24 | €12,879 | €10,542 | -€2,337 | -18.1% |
| Other tangible fixed assets | 26 | €10,009 | €11,425 | +€1,416 | +14.1% |
| Current assets | 29/58 | €108,896 | €38,496 | -€70,400 | -64.6% |
| Amounts receivable within one year | 40/41 | €51,570 | €17,033 | -€34,537 | -67.0% |
| Trade receivables | 40 | €8,780 | €17,033 | +€8,253 | +94.0% |
| Other amounts receivable | 41 | €42,789 | €0 | -€42,789 | -100.0% |
| Cash at bank and in hand | 54/58 | €36,281 | €8,203 | -€28,079 | -77.4% |
| Deferred charges and accrued income | 490/1 | €21,045 | €13,260 | -€7,785 | -37.0% |
| Total equity and liabilities | 10/49 | €196,976 | €124,128 | -€72,848 | -37.0% |
| Equity | 10/15 | €82,252 | €69,042 | -€13,210 | -16.1% |
| Contributions | 10/11 | €3,000 | €3,000 | = | 0.0% |
| Reserves | 13 | €79,252 | €75,924 | -€3,328 | -4.2% |
| Distributable reserves | 133 | €79,252 | €75,924 | -€3,328 | -4.2% |
| Profit (loss) carried forward | 14 | €0 | -€9,882 | -€9,882 | |
| Amounts payable | 17/49 | €114,724 | €55,086 | -€59,638 | -52.0% |
| Amounts payable after more than one year | 17 | €20,367 | €10,389 | -€9,978 | -49.0% |
| Financial debts | 170/4 | €20,367 | €10,389 | -€9,978 | -49.0% |
| Amounts payable within one year | 42/48 | €94,357 | €44,697 | -€49,660 | -52.6% |
| Current portion of amounts payable after more than one year | 42 | €9,584 | €11,186 | +€1,601 | +16.7% |
| Financial debts | 43 | €8,000 | €0 | -€8,000 | -100.0% |
| Credit institutions | 430/8 | €8,000 | €0 | -€8,000 | -100.0% |
| Trade debts | 44 | €25,863 | €3,147 | -€22,716 | -87.8% |
| Suppliers | 440/4 | €25,863 | €3,147 | -€22,716 | -87.8% |
| Taxes, remuneration and social security | 45 | €10,110 | €1,267 | -€8,842 | -87.5% |
| Taxes | 450/3 | €10,110 | €1,267 | -€8,842 | -87.5% |
| Remuneration and social security | 454/9 | €0 | - | = | |
| Other amounts payable | 47/48 | €40,800 | €29,097 | -€11,703 | -28.7% |
| Non-recurring operating income | 76A | €124 | €0 | -€124 | -100.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €9,173 | €11,901 | +€2,728 | +29.7% |
| Other operating charges | 640/8 | €1,134 | €681 | -€453 | -39.9% |
| Gross operating margin | 9900 | €14,733 | €5,040 | -€9,693 | -65.8% |
| Operating profit (loss) | 9901 | €4,425 | -€7,542 | -€11,968 | |
| Financial income | 75/76B | €0 | €70 | +€70 | |
| Recurring financial income | 75 | €0 | €70 | +€70 | |
| Financial charges | 65/66B | €4,026 | €5,364 | +€1,338 | +33.2% |
| Recurring financial charges | 65 | €4,026 | €5,364 | +€1,338 | +33.2% |
| Profit (loss) for the period before taxes | 9903 | €399 | -€12,837 | -€13,236 | |
| Income taxes | 67/77 | €414 | €374 | -€41 | -9.8% |
| Profit (loss) for the period | 9904 | -€15 | -€13,210 | -€13,195 | -89038.0% |
| Profit (loss) for the period to be appropriated | 9905 | -€15 | -€13,210 | -€13,195 | -89038.0% |
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 29 September 2026 via checked.be.